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Third party research

Nilörngruppen: Strong SEK weighs on estimates - ABG

Nilörngruppen

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

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FX-driven estimate changes
Direct tariff impact likely minor
NTM EV/EBIT of just below 7x


What to look for in Q1'25e

In Q1'25e, we expect positive organic growth of 5%, which implies sales of SEK 244m and adj. EBIT of ~SEK 25m, corresponding to a margin of 10.2%. Our updated Q1 estimates therefore imply negative estimate revisions of -7% for Q1 sales and -22% for Q1 EBIT due to FX changes and slightly lower organic growth. We expect Nilörn's order intake to be ~SEK 240m, up 3% y-o-y. For reference, an order intake of SEK 240m is within the historical range.
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