Q1: growth recovery and margin improvements with solid FCF. We tweak our '24e sales and adj. EBITA estimates. Share is trading at 8.6x '24e EV/EBITA adj.
Sales 1% above ABGSCe – 15% organic growth ex. FX Weak margins mainly explained by UK cost pressure Ambition to increase annual EBIT by 60-80m by year-end
Sales up 29% y-o-y, but pressured profitability Write down of account receivable of SEK 15m due to UK UK-restructuring to improve profitability by SEK 35-40m
Sales in line, but challenges in the UK lower EBIT ’21-‘24e sales and adj. EBITDA CAGRs of 9% and 26% Share trading at ’22e-’23e EV/EBITA of 13.5x-8.2x