Limited estimate revisions We expect more solid growth from its own brands Trading at '25e EV/EBITA of ~10x Adj. EBIT slightly lower than expected on one-off cost Q1 was in line with our estimates for sales, but slightly below for EBIT. The EBIT miss...

Sales -1% and adj. EBIT -18% vs. ABGSCe Operating cash flow significantly better than expected Likely slightly negative consensus estimate revisions Q1'25 report The Q1 report was in line with expectations on sales, but a bit lower than expected on EBIT...

Minor estimate changes Q1e: 2% organic growth and margin improvements Trading at NTM EV/EBITA of ~8x What to expect in Q1'25e We anticipate 2% y-o-y organic growth in Q1'25, implying sales of SEK 942m and EBIT of SEK 45m, for a margin of 4.8%. The organic...

Minor positive estimate revisions Margin expansion to be increasingly driven by scale Trading at '25e EV/EBITA of ~8x Continues to beat expectations The Q4 numbers were in line with our estimates on sales but somewhat better on EBIT. According to management...

Sales 0% and adj. EBIT +13% vs. ABGSCe Operating cash flow SEK 98m, vs ABGSCe SEK 6m Minor positive consensus estimate revisions Q4'24 report The Q4 report was in line with expectations on sales, but stronger than expected on EBIT. Sales declined slightly...

Minor estimate changes Contract cancellations to carry negative impact on Q4 Trading at NTM EV/EBITA of ~8x What to expect in Q4'24e We anticipate a 3% y-o-y organic decline in Q4'24, implying sales of SEK 964m and EBIT of SEK 32m, or a margin of 3.3...