Q2 fairly in line with our expectations
Estimates intact on isolated numbers
8.6x f12m EV/EBIT, 16% below L5Y avg
Q2 results
NWG delivered a Q2 fairly in line with our expectations. Sales were SEK 1,255m (0% vs. ABGSCe 1,255m), up 18% y-o-y whereof 11% organic (ABGSCe 12%). Adj. EBIT was SEK 180m (-3% vs. ABGSCe 186m), corresponding to a margin of 14.4% (ABGSCe 14.8%), down 0.6 pp y-o-y. The org growth of 11% was driven by 13% price increases while volumes were down 2%. All in all, the Product & Solutions segment delivered in line with our expectations whereas the Installation Services segment was slightly softer. OCF was soft at SEK 38m (114m) due to build up in working capital. However, its balance sheet remains strong with ND/EBITDA R12m of 1.7x at the end of the period.
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