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Third party research

OrganoClick: Positive sales in binders, weak elsewhere - ABG

OrganoClick

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

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* Q4 sales SEK 18m (-14% y-o-y), -16% vs. ABGSCe
* EBIT adj. of SEK -11m (vs. ABGSCe -5.5m)
* NW&FT showing signs of improvement, weaker GC&MP and FW


Q4 results

Sales came in at SEK 18m (-16% vs. ABGSCe 22m), -14% y-o-y (-14% org.). NW&FT increased sales y-o-y, while GC&MP and FW had a challenging quarter. Management writes that the positive effect in NW&FT was partly due to a volume shift from Q3 but also slightly improving end-markets. EBIT adj. was SEK -11m (vs. ABGSCe -5.5m). EBIT was adjusted for restructuring costs and write-downs of inventory totalling SEK 7.7m. FCF lease adj. came in at SEK -1.8m (vs. ABGSCe -4.1m). During the quarter, a savings programme of SEK 20m was implemented which management writes will have almost full effect from Jan '26.


Estimates and outlook

On numbers alone, '25e-'27e sales change by -3%, and EBIT adj. changes by SEK 5m. On outlook, management writes that it aims to deliver significantly improved 2026 earnings, supported by a lower cost base and improving volumes.


Valuation

The share has returned -3% L3M (vs. peer median +2% and OMX Stockholm Allshare +5%), and is currently trading at 2.2x-2.0x '26e-'27e EV/Sales on our pre-report estimates vs. the peer median of 2.2x-1.4x.
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