Mrkt BUZZ Zinzino: Strong sales ahead of report

Equity Research Zinzino

Today (3 February 2023), preliminary sales figures for January 2023 were presented. At a group level, revenues of SEK 129.1 million were reported, corresponding to a growth of 17.5 per cent. That was 9.3 per cent above our forecast of SEK 118.1 million. The critical market of Central Europe grew by 55 per cent year-on-year, while revenues in the Nordics continued to fall.

On 28 February 2023, Zinzino will report figures for the fourth quarter of 2022. We expect revenues of SEK 420 million, corresponding to a growth of 5.0 per cent. The focus is on profitability. In terms of gross margin, we expect this to come in at 30 per cent. We expect EBITDA to come in at around SEK 24 million, corresponding to a margin of 5.7 per cent.

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