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Third party research

I-tech: FX weighing on '25e-'27e - ABG

I-tech

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

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Report out 8 May at 08:00 CEST
Q1e: sales of SEK 52m +37% y-o-y, adj. EBIT of SEK 17m (10m)
'25e-'27e sales down 8-11% on FX movements


Q1 expectations

For Q1, we estimate sales of SEK 52m, up 37% y-o-y (+33% organic, +4% FX). Although Q4'24 was a strong quarter for I-Tech, we do not fully extrapolate this to Q1, as we believe it most likely included inventory build-up by customers. We estimate EBIT adj. of SEK 17m (SEK 10.4m in Q1'24) for a margin of 33% (27%). We estimate one-off costs related to the EU process at SEK 1.8m, roughly in line with previous quarters. This implies adj. EPS of SEK 1.36 (0.87) and FCF lease adj. of SEK 19m (SEK 14.5m).
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