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Equity research Zinzino: Strong finish to 2023

7 Jan 2024

Zinzino has presented preliminary sales figures showing revenues of SEK 529.8 million in Q4 2023, corresponding to a strong growth of 23%. That was well above our previous expectations of 470 MSEK, corresponding to an increase of 17%. The Nordics continue its negative growth, while Europe and North America (incl. Mexico) continue to perform strong.

The year-end report for 2023 will be published on 27 February 2024. For Q4 2023, the focus will be on profitability. The dividend proposal and possible additional guidance for 2024 are other interesting points.

Our updated forecast for gross profit in Q4 is 193 MSEK (182), corresponding to a margin of 36%. We expect operating profit to land around 67 MSEK, corresponding to a margin of 13%. Given updated forecasts and a lower discount rate (reduced risk-free interest rate), we have adjusted our fair value to SEK 73.2 per share (62.9) in a base-case scenario.

Read our latest research update here.


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Equity research Zinzino: Strong finish to 2023