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Third party research

Bergs Timber: Bye bye Laesti - ABG

Bergs Timber

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
• Clean EBITDA SEK 23m vs. ABGSCe SEK 22m
• Wood Solutions should have better EBITDA margin in H2
• Share is trading at ~5x P/E on 2024e

Q2'23 results
Bergs had sales of SEK 793m (ABGSCe SEK 753m) and clean EBITDA of SEK 23m (ABGSCe SEK 22m). Sawn Wood saw stronger sales than we had expected at SEK 287m and clean EBITDA at SEK 16m. Wood Solutions had weaker sales at SEK 254m, in addition to a slightly weaker clean EBITDA at SEK -15m compared to our forecast of SEK -11m. Moreover, Doors & Windows saw strong growth of 28% (we had expected 25%), which resulted in sales of SEK 199m and EBITDA of SEK 22m. The main event of the report was the decision to close the Laesti sawmill in Estonia, which impacted the results by SEK -40m due to impairment and the cost of closure. All in all, Bergs had a net profit of SEK -40m.
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