Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Portfolio
  • Forum
  • Q&A
  • About Us
    • Our Coverage
    • Team
Third party research

Humble Group: Red Sea prevents gross margin expansion - ABG

Humble Group

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

Download report (PDF)
'25e-'26e EBITA down 7-5%
Freight rate normalisation required for better gross margins
'25e EV/EBITA ~9x, ~40% below peers


What to expect in Q4'24

We expect sales of SEK 2,102m for Q4'24, implying 8% organic y-o-y growth in addition to a 0.7% FX tailwind. We anticipate a gross margin of 31%, which should be somewhat pressured by elevated freight rates. Our updated EBITA estimate is SEK 157m, which corresponds to an EBITA margin of 7.5%. We anticipate a significant working capital release in Q4, to the tune of SEK 130m.
Find us on social media
  • Inderes Forum
  • Youtube
  • Instagram
  • Facebook
  • X (Twitter)
Get in touch
  • info@inderes.se
  • +46 8 411 43 80
  • Vattugatan 17, 5tr
    111 52 Stockholm
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.