Q2e: return to growth as comps ease
For Q2, we expect sales of SEK 45m, up 10% y-o-y, marking a return to growth after a decline in Q1 due to extraordinarily tough comps in the NW&FT segment. The growth will be driven by the NW&FT (+30%) and GC&MP (+25%) segments continuing their strong momentum while the FW (-10%) segment will remain held back by the challenging construction and consumer markets. For adj. EBIT, we estimate SEK 1.8m (-0.4m) for a margin of 4.0% (-0.9%), as higher volumes and continued cost discipline drive profitability. We forecast SEK -6m (4m) in lease adj. FCF, leaving the company with total liquidity of SEK 12.3m compared to R12m lease adj. FCF of SEK -12.3m, but note that we expect positive cash flow in H2 due to WC effects.
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