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Third party research

Nilörngruppen: Order bookings provide comfort - ABG

Nilörngruppen

This is a third party research report and does not necessarily reflect our views or values

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The outdoor segment supports strong order bookings
Minor estimate revisions
'25e EV/EBIT ~7x


Outdoor segment: back to normal volumes

The Q1 report showed that sales were better than we expected, while EBIT was a bit softer than our forecast due to a higher opex base. Importantly, the order bookings figure of SEK 267m was ~11% better than we expected. Our understanding is that this was driven by the ongoing recovery in the outdoor segment. Moreover, the gross margin was strong at nearly 45%, which Nilörn attributes to its more efficient sourcing organisation.
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