Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Morning Review
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
    • Insider Transactions
  • inderesTV
  • Portfolio
  • Forum
  • Premium
  • Femme
  • Learn
    • Investing School
    • Q&A
    • Analysis School
  • About Us
    • Our Coverage
    • Team
Third party research

OrganoClick: NW&FT weakness to continue, set for better H2 - ABG

OrganoClick

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

Download report (PDF)
- Report out 18 July
- Q2e: sales SEK 37m, -3% y-o-y, EBIT SEK -0.1m
- Headwinds in NW&FT and FW, good momentum in GC&MP

Q2 expectations
We estimate Q2 sales of SEK 37m, -3% y-o-y and +6% q-o-q. We expect GC&MP will remain the growth driver (+9% y-o-y), driven by strong demand for OrganoClick's consumer products. For NW&FT and FW, we anticipate continued softness due to weak end-markets. NW&FT has been facing price pressure from fossil-based competitors, which led the company to reduce prices in Q2’24. However, with stabilising volumes, and with easier comps ahead, we expect NW&FT to return to growth in H2'25. On EBIT, we estimate SEK -0.4m (-0.1m). We estimate the company will end the quarter with a cash balance of SEK 1.6m, which can be compared to the lease-adj. R12m FCF of SEK -17m.

EBIT positive in '26e
Due to the continued weakness in the hotel, restaurant and construction markets, we lower '25e-'27e sales by 4-3% and '25e-'27e EBIT by SEK 4m. We expect the end-markets to gradually recover and NW&FT to regain momentum in H2'25 and OrganoClick to end FY'25e with positive growth, supported by good traction in the company's GC&MP segment. Furthermore, we expect EBIT to turn positive in '26e on improving volumes and the company's continued focus on cost control.

Valuation
The company is currently trading at 2.4x-1.8x '25e-'27e EV/Sales vs. peers at 4.2x-2.3x. As our long-term view of the company remains largely unchanged, we reiterate our fair value range of SEK 2.0-3.0.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • Instagram
  • X (Twitter)
  • Tiktok
  • Linkedin
Get in touch
  • info@inderes.fi
  • +358 10 219 4690
  • Porkkalankatu 5
    00180 Helsinki
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
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.