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

Inission: Cost reductions lag, but book-to-bill improving - ABG

Inission

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

Download report (PDF)
Sales +2%, but EBITA -24% vs. ABGSCe, driven by personnel costs
Slower cost reductions than we had thought, should catch up in H2
Book-to-bill has recovered to 0.81 from Q4'23 low of 0.59


Q2 results

Sales came in at SEK 570m (+1.8% vs. ABGSCe 560m), +1.4% y-o-y. EBITA adj. was SEK 29m (-24% vs. ABGSCe 38m), for a margin of +5.0% (ABGSCe +6.8%). The EBITA miss was driven by higher personnel costs than we anticipated, likely due to the continuous cost reductions carried out by the company to adapt to demand not taking effect as quickly as we had thought. EPS adj. came in at SEK 0.65 (-39% vs. ABGSCe 1.1), -49% y-o-y. FCF lease adj. came in at SEK -29m (-172% vs. ABGSCe 40m), -233% y-o-y. The poor FCF was driven by NWC effects which we expect to reverse in H2.
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.