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Third party research

I-tech: Even stronger growth than expected - ABG

I-tech

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

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Sales +9% and EBIT +14% vs. ABGSCe
Expect cons. to raise '25e-'27e sales by ~3-4%
USD/SEK movements expected to weigh on gross margin


Another quarter of strong growth

Sales came in at SEK 57m (+9% vs. ABGSCe 52m, +10% vs. cons. 52m), +49% y-o-y (+48% org.). EBIT was SEK 18m (+14% vs. ABGSCe 16m, +16% vs. cons. 15m), for a margin of 31% (24%). The company writes that external costs continue to be impacted by the EU regulatory process, but does not specify the exact figure; we estimate ~SEK 1.8m for the quarter. The company's gross margin came in higher at 56% (53%), partly as a result of the recent shift to dual sourcing from its suppliers. Furthermore, FCF lease adj. came in strong at SEK 26m (vs. ABGSCe 19m).
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Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.