Q2 due on 14 August; we expect a quiet quarter. Tough comps but incremental trend for MSM is more positive. Reiterate BUY and TP of SEK 17, 7-3x EV/EBITA adj. in '24e-'26e.
Sales -6%, EBIT -22% vs. ABGSCe in Q1. Estimates down 19-12%, share trades at 4-2x EBITA on '24e-'26e. Interesting set-up ahead of announcements in H2'24, BUY.