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Third party research

Nilörngruppen: A long-awaited return to normal volumes - ABG

Nilörngruppen

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

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Minor estimate revisions
To achieve run-rate output in new factories in H2'27e
'25e EV/EBIT 7-8x


Back to normal volumes in outdoor

In terms of sales and EBIT, Q4 was above our estimates. The order intake was slightly better than we had expected, but it has stabilised at a run-rate of ~SEK 930m-940m. This means that Nilörn has effectively returned to normal in terms of demand for its products, especially in the outdoor segment. We were a bit surprised by the strong gross margin, which Nilörn attributes to strong sourcing efforts. This may suggest that Nilörn has some bargaining power that we have underestimated.
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