Tough comps in NW&FT segment

Q1e sales SEK 43m, down 2% y-o-y, adj. EBIT SEK 0m (0m). Tough comps due to Duni product-launch inventory build-up in Q1'23. Liquidity of SEK 4.5m vs. R12m lease adj. FCF of SEK -17m (-37m).

Weaker NW&FT growth as seasonality emerges

Q4 sales SEK 27.9m, up 29% y-o-y, adj. EBIT SEK -6.1m (-19.7m). '24e-'26e down on weaker NW&FT as seasonality pattern emerges. Liquidity of SEK 23.8m vs. R12m lease adj. FCF of SEK -17m (-37m).

OrganoClick Q4'23 results fast comment

Q4'23 results fast comment

Continued growth but seasonal weakness

Q4e: sales of SEK 30m, up 37% y-o-y, adj. EBIT SEK -5m (-20m). Turning our eyes to '24e, where we expect positive developments. Trading at 2.4-2.1x EV/Sales, fair value SEK 2-4.

Nonwoven delivering above expectations

In Q3, sales were SEK 33.4m, up 50.3% y-o-y. Sales growth was driven mainly by the Nonwoven & Fiber Technologies (N&FT) segment, which delivered growth of 486% y-o-y, going from SEK 2.5m to SEK 14.7m in the quarter.

Growing in the right segment

OrganoClick Q3'23 results fast comment

Seasonal weakness ahead

Seasonal slowdown: Q3e sales SEK 30m, EBIT SEK -4m. We expect profitability in '25e: sales SEK 157m, 9% EBIT margin. DCF and peer valuation yield fair value range of SEK 2.0-4.0.

Good momentum, but cash still a worry

Improved margins and decent growth in Q2, but cash position remains slim at SEK 12m. Focus still on the balance sheet.

Non-woven driving growth while FW struggling

Q2 report due on Thursday, 17 August. Non-woven in high gear, FW likely to struggle. NWC release important in Q2 as cash position is slim.

ABGSC Investor Days feedback

NWT sales beat, cash the main uncertainty

Strong NWT sales, cash flow lags earnings. NWT boosted by customers building inventory. Share is trading at 24x EV/EBITDA on '24e.

Postive EBIT surprises, but cash flow lags

Long-term potential boosted by new contracts

We expect OrganoClick to deliver Q1 sales of SEK 39.2m, up 20% y-o-y, alongside a gross profit of SEK 10.2m for a margin of 26% (25%).

New non-woven contract with Glatfelter