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Third party research

Nordic Waterproofing: Market still weak, but now more stable - ABG

Nordic Waterproofing Holding

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

Download report (PDF)
Q3e: EBIT +9% y-o-y, core bitumen operations stable
Rate cuts should support gradual recovery from H2'25e
15x '24e EV/EBIT on bottom-of-cycle earnings, 11x in '25e


Q3e: core bitumen operations stable, installations struggle

For Q3e, we expect Nordic Waterproofing (NWG) to report sales of SEK 1,138m, down 6% y-o-y, of which -4% is organic and -2% FX. At the segment level, we expect solid performance in Products & Solutions due to the core bitumen business remaining stable, as it has in prior quarters, and we see potential for gross margin expansion due to lower bitumen prices y-o-y. The Installation Services segment, however, is likely to face continued headwinds. All in all, we estimate Q3 EBIT of SEK 125m, up 9% y-o-y, for a margin of 11.0% (9.5%), and this puts us 2% above FactSet consensus at SEK 123m.