Better seasonality and cost reduction measures should support sequential earnings growth; we estimate Q2/24 adj. EBITA of SEK 18m. We believe improved cash flow will offset decreasing earnings y/y and expect leverage to remain fairly stable q/q. We expect 2024 to show trough earnings, from where strengthened end-markets and operational improvements should support improved volumes and earnings in 2025 and beyond.

https://research.sebgroup.com/corporate/reports/128075

SEB Research

This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.