Sales -9% vs. ABGSCe, EBIT SEK 13m vs. ABGSCe 17m
* Organic growth of 18%, strong gross margin 60% (57% LY)
* We estimate opex includes ~SEK 2m for acquired and licensed tech
Q3 results
Sales came in at SEK 49m (-9% vs. ABGSCe 54m), +19% y-o-y (+18% org.). Growth was driven by the continued recovery at the second-largest customer and growth among smaller customers. The gross margin was 60% (57% LY), as the raw-material cost increases flagged earlier in the year have not materialised. EBIT was SEK 13m (vs. ABGSCe 17m), for a margin of +27% (ABGSCe +31%). Other external costs included the expensed purchase price for a newly acquired technology and the full annual minimum licence fee for a licensed technology. The amounts are not disclosed, but we estimate them at roughly SEK 2m in total based on the step-up vs. the H1 run rate.
Estimates and outlook
On numbers alone '26e-'28e sales and adj. EBIT change by -2%. On the EU process, member states are voting on the Commission’s proposal by written procedure between 7 and 21 October, and I-Tech says it has prepared to legally challenge a negative decision.
Valuation
The share has returned +10% L3M (vs. peer median +11% and OMXSSMAC -9%), and is currently trading at 14x-8x '26e-'28e P/E on our pre-report estimates vs. the peer median of 32x-16x. The company will host a presentation of the Q3 results at 13:00 CET.