Adj. EBITA SEK 264m (+10% vs. Infront cons. 241m)
Expect 4-6% cons. downgrades on weak guidance
15x ’22e EV/EBITA, conference call at 14:45 CET
Q2 outcome
Sales were SEK 2.91bn (+13% vs. ABGSCe 2.56bn, +13% vs. Infront cons 2.58bn). EBITA was SEK 264m (+13% vs ABGSCe 234m, +10% vs. cons 241m), for a margin of 9.1% (ABGSCe 9.1%, cons 9.3%), which included no NRIs (ABGSCe 0m, cons. 0m). Net profit was SEK 190m (+13% vs. ABGSCe 168m, +9% vs cons 175m). Integrated Solutions was affected heavily by lost sales in Eastern Europe, but Q2 EBITA still came in ~10% above prior company guidance due to an earlier delivery being made in June (which was planned for July). Medical Solutions EBITA came in +14% vs. cons, but was affected by higher material costs that were not fully moved on to customers due to a lag effect.
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