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

Nilörngruppen: Order intake growth triumphs cyberattack - ABG

Nilörngruppen

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

Download report (PDF)
- Sales -4% and EBIT -1% vs. ABGSCe
- Organic growth of +1%, below ABGSCe +5%
- Likely to see marginally positive consensus estimate revisions

Q3'24 impressions
Nilörn reports Q3'24 sales of SEK 208m (-4% vs. ABGSCe 217m), gross profit SEK 100m (+8% vs. ABGSCe 93m), Adj. EBIT SEK 20m (in line with ABGSCe 20m), net profit SEK 10m (in line with ABGSCe 10m). Order bookings came in at SEK 256m, implying y-o-y growth of +41%. This means that visibility into the coming quarters is better than we previously anticipated. Despite the cyberattack, Nilörn generated an exceptionally high gross thanks to a favourable mix and better sourcing as well as a strong order intake.

Thoughts and outlook
The strong order intake suggests that visibility is better than we previously anticipated and that demand is returning to a normalised level. The sports & outdoor client segment continues to display a positive trend in terms of business momentum, and it is likely that the trough is behind us. However, the growth within the luxury client segment is still muted. That said, we do not expect significant operating volatility in the luxury segment because those clients tend to display more operating inertia compared to sports & outdoor clients. Overall, our positive view of the business is maintained.

Mechanical impact on cons. earnings is limited
The total return YTD is 12% and Nilörn is trading at ~7x '25e EV/EBIT on our unrevised estimates. While the mechanical effect for consensus EBIT in '25e-'26e is limited, the strong order intake should support forward visibility.
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.