Earnings beat on adj. EBIT in Q4

Underlying earnings better than expected. 4.2% organic sales growth in Q4. Near-term uncertainty persists, but long-term potential unchanged.

Low growth but margin improvements expected

Q4'23 results due 6 February. Instrument sales to drive growth in Q4e. 27-33% below historical NTM P/E and NTM EV/EBITDA.

Return to positive growth in Q3

4.3% organic sales growth. Improved cash flow generation. Near-term uncertainty, but long-term potential unchanged.

Uncertain geopolitical situation

Geopolitical situation compromises Boule's performance. 5-part system sales pushed to '25 due to the need for improvements. Macro situation & GM pressure brings ABGSCe down for '23-'25.

Uncertainty due to macro situation

A good start to the year

Price adjustments and better supply chain lift gross margin. Leaving behind a turbulent 2022, it seems that Boule is back on track.

Component access lifts gross margin