ABGSC Investor Days feedback

Slow start to '25e, but consumer brands strong

Sales miss driven by NW&FT and FW

Last quarter of tough comps in NW&FT

Demand recovery in 2025

Better opex counters weaker sales

Weaker Q4 likely, but set up for a stronger H1

NW&FT return to growth delayed

Market headwinds force some price reductions

Several markets still weak, but one bright spot

NW&FT end-markets weaken further

Sales decline 6% y-o-y as EBIT remains at break-even. Weak restaurant and hotel market hamper NW&FT growth (-19%). We cut '24e-'26e sales by ~9% due to near-term market weakness.

Nonwoven hampered by restaurant weakness

Q2'24 results fast comment

Q2e a repeat of Q1 with easier comps

Q2e sales SEK 45m, +10% y-o-y, adj. EBIT SEK 1.8m (-0.4m). NW&FT and GC&MP drive growth, FW struggles with market. Expect to finish '24 with break-even EBIT, improve from there.

Better than expected, comps ease from here

GC&MP outperforms, NW&FT takes a breather, FW lags behind. Sales decline, but EBIT and cash flow better than expected. Liquidity stabilised, new customers and cost control bode well.

Stabilised by improving cost control and NWC

Q1'24 results fast comment

Organoclick - Cash was king in Q3, but growth was slow

Cash flow helped by ~SEK 8m NWC release NWT ramping up, but still a bit slower than expected Trading at 21-11x ’23e-’24e EV/EBITDA

Organoclick - Cash flow improved, but still strained

EBIT SEK -7.9m SEK vs. ABGSCe -5.0m NWT sales at SEK 2.5m (0.2m) vs. ABGSCe 4.0m 15-8x ’23e-’24e EV/EBITDA on pre-Q3 estimates

Organoclick - Small steps forward

Q3 report due on Thursday, 10 November We lower ‘22e-‘24e sales by 6%/10%/8% We foresee Duni contract at full run-rate in Q4e

Organoclick - Softer consumer demand in a tough market

Low demand for B2C products weighs on Q2 Baux outsourced and royalty model implemented Working capital build-up strains balance sheet

OrganoClick AB: 1 director

A director at OrganoClick AB bought 105,000 shares at 3.071SEK and the significance rating of the trade was 66/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...