Ikke-uafhængig analyse: OrganoClick – Q3 NWT delay not a long-term issue

ABG har mod betaling udarbejdet denne analyse af OrganoClick: 

• NWT sales delayed, but rising in Q4
• ’21e, ’22e and ’23e sales lowered by 4%, 5% and 3%
• Our view of NWT’s long-term prospects is unchanged

Q3: FW in line, but NWT did not ramp up as expected
OrganoClick reported Q3 sales of SEK 22.6m (-10% vs. ABGSCe of SEK 25.2m), up 13.5% y-o-y. Sales in Functional Wood (FW) were in line with our expectations (SEK 14.3m vs. ABGSCe of SEK 14.2m), with the company continuing its work on transferring material price increases to customers in Q3; however, it says not all agreements can be renegotiated until year-end. The NWT segment did not ramp up as expected (SEK 0.2m vs. ABGSCe of SEK 1.5m) due to a delay in Duni’s rollout plan for its biobased product offering. In Q4, the company now says that deliveries are rising, also adding that the contract should reach full volumes (SEK 30m annual sales run-rate) in mid-2022, which is in line with what had previously been said. EBIT was SEK -8.1m (ABGSCe at SEK -6.7m) with the deviation from a lower gross margin, as we expected a larger share of sales from high-gross-margin segments.

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