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Equity Research HANZA: First impression Q3, 2023

7 Nov 2023

This morning, HANZA reported its Q3 2023 earnings. Below are our first impressions of the report.

  • Earnings (EBITA) were SEK 89m (50), about 16 per cent better than we had expected. The positive surprise was again better sales and margins in the Main markets segment. HANZA cites a strong development in Germany. Group margins increased to 9.3 per cent (6.0), the highest level ever despite a seasonally weak quarter.
  • Organic growth in Q3 was 6 % (13 per cent in Q2), slightly lower compared to our expectations of around ten per cent. However, excluding lower sales from the extraordinary component or energy costs compared to the previous year, organic growth was still double-digit at ten per cent.
  • HANZA sees continued organic growth for 2024 from existing customers, especially in the Other markets segment, which has lagged Main markets in 2023.
  • Overall, we believe a positive share reaction from the strong earnings is in the cards and will review our earnings estimates for a possible upgrade following the report.

Read our latest update on Hanza here



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Equity Research HANZA: First impression Q3, 2023