Q2 showed a resilient top-line but lower margins
We lower our ‘23-‘24e EBITA by 5%
Trading at ’22-‘24e EV/EBITA 19-10x
Q2 report in brief
Midsona’s Q2 was in line with our top-line estimates but below on profitability. While we had expected price hikes to improve profitability during Q2 vs. Q1 despite a lower top-line on price increases and cost savings, these efforts were not enough to quickly break the trend, resulting in adj. EBITDA of SEK 34m vs our expectations of SEK 60m. Adj. EBIT turned negative in the quarter, landing at SEK -7m. Whereas the company had guided for price hikes in June, these now seem set to take place in July and later in Q3 instead. Coupled with continuous execution on the cost savings programme, as well as other cost savings, margins should pick up from here.
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