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Eksterne analyser

OrganoClick: Challenging Q3, but cost-cutting underway - ABG

OrganoClick

Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.

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* Q3 sales SEK 22m (-22% y-o-y), EBIT -6.4m (vs. ABGSCe -4.9m)* Lower volumes from two major customers due to timing effects* Cost savings program of ~SEK 14m announcedQ3 resultsSales came in lower than expected at SEK 22m (-18% vs. ABGSCe 27m), -22% y-o-y. Sales were primarily lower due to lower sales volumes and timing effects from two key customers. The gross margin was also lower at 18% (vs. ABGSCe 24%) due to the lower sales and product mix. This resulted in EBIT of SEK -6.4m (vs. ABGSCe -4.9m). During the quarter the company completed its rights issue of SEK 20m and also received a shareholder loan of SEK 10m, strengthening its near-term financial position. The company ended the quarter with a cash balance of SEK 5m and FCF lease adj. came in at SEK -13m (vs. ABGSCe -12m).Estimates and outlookOn numbers alone, '25e-'27e sales change by -4%, and EBIT adj. changes by SEK -1.5m. To improve profitability, the company announced a cost-cutting program of ~SEK 14m in connection with its Q3 report. Together with the previously announced SEK 4m efficiency programme for OrganoWood, this will lead to a total cost reduction of ~SEK 18m for the Group once fully implemented. On outlook, the company states that it is seeing signs of increasing demand from both existing and new customers, and that its goal is to achieve better results in 2026 with the help of improving volumes and its reduced cost base.ValuationThe share has returned -1% L3M (vs. peer median -21% and OMX Stockholm Allshare +7%), and is currently trading at 2.4x-1.9x '25e-'27e EV/Sales on our pre-report estimates vs. the peer median of 4.3x-1.4x.
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