Takeaways from the Q4 report
We were surprised by the pace with which the order bookings and the sales decline occurred, as overstocked clients stifled demand for Nilörn's products. With an 18% decline in order bookings as well as a -24% organic growth (albeit from all-time high comps), we estimate that H1'23e will be somewhat weaker and that y-o-y growth in H1'23e could approximately follow that of Q4'22. Nevertheless, there is hope for H2'23e, which not only has easier y-o-y comps but also comes with luxury segment tailwinds.
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