Q4'24 impressions
Nilörn reports Q4'24 sales of SEK 232m (+7% vs. ABGSCe 217m), gross profit SEK 107m (+16% vs. ABGSCe 93m), EBIT SEK 19m (+34% with ABGSCe 15m), net profit SEK 14m (+41% with ABGSCe 10m). Order bookings came in at SEK 238m, implying a y-o-y decline of 7%. This is only slightly better than our estimate of SEK 230m. The dividend was lower than we had expected (SEK 1.50 vs. ABGSCe 4.00), but this is likely due to balance sheet conservatism in connection with the upcoming investments in Bangladesh and Portugal that are estimated to require a capital outlay of some ~SEK 120m in the coming two years.