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Minor estimate revisions. Falling freight rates positive for Humble's gross margin. '25e EV/EBITA ~9x, ~40% below peers.
'24e-'25e EBITA down 2-3%. Capacity investments to aid organic growth. '25e lease adj. FCFE yield excl. earn-outs of ~9%.
Rising freight rates dilute the gross margin. '24e-'26e EBITA down 5-1%. '24e-'25e lease adj. FCFE yield excl. earn-outs of ~7%.
'24e-'26e EBITA down 7-1% primarily due to changes in capitalisation policy. '24e-'25e lease adj. FCFE yield excl. earn-outs of ~8%.
Gross margin est. down on continually elevated freight rates. '24e-'26e EBITA down 4-2%. '24e-'25e lease adj. FCFE yield excl. earn-outs of 8-10%.
‘23e-‘24e EBITA estimates up 5% Working capital build-up sets high Q4 expectations Share trading at EV/EBITA ‘23e-‘24e 9-7x
Sales of SEK 1,354m, +12% vs ABGSCe EBITA of SEK 108m, +18% vs ABGSCe We expect cons. to make positive estimate revisions
Q3’22 report due Wednesday, 23 November Transportation costs coming down Share trading at EV/EBITDA ’23e-‘24e of 7.9-6.2x
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