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Equity research Zinzino, Q3 2023: Yet another quarter with impressive profitability

16 Nov 2023

Today Zinzino published its interim report for Q3 2023. Below is a compilation of our first impressions of the outcome, including deviations from our updated estimates.

  • Total revenues increased by 25% in Q3 2023 to SEK 437 million. Our updated estimate was SEK 430 million and the outcome was thus in line with our expectations.
  • Gross profit of SEK 167 million was better than our forecast of SEK 143 million. Year-over-year, the gross margin increased by 6.5 percentage points to 38.2%. Our updated forecast was 33.2%.
  • Year-over-year, the EBITDA result increased by 180% to SEK 71.2 million, corresponding to a margin of 16.3%. Our updated estimate was for SEK 42.1 million, corresponding to a margin of 9.8%.
  • Operating profit increased year-over-year by 251% to SEK 64a.5 million, corresponding to a margin of 12.2%. Our updated estimate was for SEK 35.2 million or 8.2%.

Yet another strong report with impressive profitability above our expectations. A positive share price reaction is expected.

We intend to provide an updated analysis on Zinzino shortly. Read the latest research update here.


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Equity research Zinzino, Q3 2023: Yet another quarter with impressive profitability