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Third party research

Inission: A bit slower cost cuts, but reiterate H2 recovery - ABG

Inission

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

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Q1e sales flat q-o-q, slight margin improvement to 5.6% adj. EBITA
'25e-'27e adj. EBITA down ~7% on FX and slightly slower cost cuts
'25e adj. EBITA now in line with guidance; P/E 9-7x, peers 13-11x


Q1 expectations

For Q1 we expect sales in line with the Q4 level, contracting 9% y-o-y (-10% org.), and a book-to-bill of 1.1x, marking a bit of a normalisation after the unusually strong Q1 figure of 1.4x, which contained some longer-term orders that will not yet have been converted into sales. On the adj. EBITA margin, we expect 5.6% for a 0.4pp q-o-q increase as cost reductions initiated in H2'24 start taking effect. We expect SEK 4m in non-recurring costs related to the main-market listing process.
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