Q4'22 at first glance
Net sales were SEK 177m (-7% vs ABGSC SEK 190m), corresponding to y-o-y growth of 2% (-16.5% org.) supported by continued growth of 110% in the RoW segment after the Artscape acquisition, while Nordics declined by 24% and RoE remained flat. Embellence continues growing the premium share of sales due to a higher share of Europe segment sales, leading to higher gross margins, but a higher opex ratio y-o-y led to adj. EBITA of SEK 22 (-28% y-o-y) for a 12.4% margin, 7% below ABGSCe SEK 24m. The mechanical effect on our 2022 estimates is -2% on sales and -2% on adj. EBITA, pointing to a slightly softer momentum into '23e. A continued positive free cash flow of SEK 12m means that leverage is reduced further in this quarter for a quarter-end ND/EBITDA of 2.1x. The board has proposed a SEK 0.8 dividend per share, ~30% of net profits compared to the 30-50% dividend policy and last year's SEK 2.7 DPS.
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