Midsona: Decent operating delivery - ABG
Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.
Sales -1% and adj. EBIT -18% vs. ABGSCe
Operating cash flow significantly better than expected
Likely slightly negative consensus estimate revisions
Q1'25 report
The Q1 report was in line with expectations on sales, but a bit lower than expected on EBIT. Sales slightly improved y-o-y (+1.4% org. growth y-o-y, vs. ABGSCe 2%) and amounted to SEK 937m (-1% vs. ABGSCe). Adj. EBIT came in at SEK 37m (-18% vs. ABGSCe). The gross margin of 28.6% was 1pp below our estimate due to temporary promotional discounts, among other things. Cash flow from operations of SEK 35m (vs. ABGSCe -70m) as Midsona tied up far less working capital than we had anticipated.
Operating cash flow significantly better than expected
Likely slightly negative consensus estimate revisions
Q1'25 report
The Q1 report was in line with expectations on sales, but a bit lower than expected on EBIT. Sales slightly improved y-o-y (+1.4% org. growth y-o-y, vs. ABGSCe 2%) and amounted to SEK 937m (-1% vs. ABGSCe). Adj. EBIT came in at SEK 37m (-18% vs. ABGSCe). The gross margin of 28.6% was 1pp below our estimate due to temporary promotional discounts, among other things. Cash flow from operations of SEK 35m (vs. ABGSCe -70m) as Midsona tied up far less working capital than we had anticipated.