We expect Europris to report Q4/20 EBITDA of NOK 583m, 3% above latest Factset consensus of NOK 565m. The record strong result is explained by our estimated Y/Y sales growth of 22.2% and LFL sales growth of 21.0%. With low margin groceries accounting for a large share of sales growth, we remain cautious on the Q4/20 gross margin (43.5% vs. cons. 45.2%). With strict social distancing measures still in place, we expect strong momentum to continue into 2021.
