Q2 resultsI-tech reported very strong Q2 numbers. Sales came in at SEK 59m (+21% vs. ABGSCe 48m) with 91% organic growth. The growth was driven by continued positive development among existing customers, as well as the recovery of the customer that saw volumes fall in 2025. EBIT adj. was SEK 21m (vs. ABGSCe 13m), for a margin of 36% (ABGSCe 27%); the gross margin held at 59% (59%) and the company writes that the raw-material cost pressure has so far been mitigated. FCF came in at SEK 23m (SEK 2.7m LY). Estimates and outlookOn numbers alone, '26e-'28e sales change by +5%, and EBIT adj. changes by +15%. CEO writes that strong H1 provides a solid foundation for the remainder of 2026, with continued focus on customer growth, regulatory and business development, and strengthening Selektope's market position. On the EU process, I-Tech notes the Commission's draft act proposes non-renewal of medetomidine, the WTO-TBT consultation began in July, and an SCBP vote is likely in Q4. ValuationThe share has returned +12% L3M (vs. peer median -1% and OMXSSMAC -9%), and is currently trading at 17x-9.1x '26e-'28e P/E on our pre-report estimates vs. the peer median of 30x-20x. The company will host a presentation of the Q2 results at 13:00 CET. |
