Nexam Chemical: Continued weak market for PET foam additives - ABG
• Q2 should be burdened by weak PET foam market... • ...but Reactive Recycling should develop in the right direction • Trading at 1.3x EV/sales on '24e
ANNONS
Q2 expectations We expect Nexam to deliver Q2 sales of SEK 56m, up 1% y-o-y, with a gross profit of SEK 23m. We expect Performance Chemicals to see sales of SEK 22m (flat growth y-o-y), which despite a weak market should be mainly driven by sales of PET foam additives. We expect Performance Masterbatch to deliver sales of SEK 33m. Moreover, we foresee a gross margin for the group of 41.5% (39.7%) and adj. EBITDA of SEK 1m (-1m) with a margin of 2.5% (-1.7%). Finally, we expect a net profit of SEK -3m (-4m).
