Husqvarna AB B

Husqvarna AB produces outdoor power products. Products include: robotic lawn mowers, chainsaws, handheld petrol-powered products such as clearing saws and trimmers, garden tractors, and lawn mowers. Co. is also engaged in providing consumer watering products, cutting equipment and diamond tools for the construction and stone industries. Co.'s products and solutions are sold via dealers and retailers. Co. has three business areas: Europe & Asia/Pacific and Americas, which provide forest, park and garden products to dealers and retailers in Europe and Asia/Pacific, and in North and Latin America, respectively; and Construction, which provides light construction products and diamond tools.
  • TickerHUSQ B
  • ISINSE0001662230
  • ExchangeNasdaq Nordic Stockholm
  • SectorHousehold Goods & Home Construction
  • CountrySweden
Karl Bokvist ...
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner – August 2020

Q2 surprised positively, adj. EBIT 44% was above expectations. On average, we left 2020-2021e EBIT unchanged, with good upgrades in Volvo, ABB, Alfa Laval. PMI’s are indicating a return to organic growth in Q4’20, we see upside to forecasts in some of the short-cycle names. The stronger SEK is a headwind and a risk to 2021e adj. EBIT of 4-7% for most companies. We continue to see attraction in mining equipment. Our key long ideas are: Sandvik, Volvo, Metso Outotec, Electrolux We are cautious on: Assa Abloy, Kone, Wärtsilä

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • David Martinsson
  • Håkon Astrup
  • Jimi Lehtonen
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo
  • Viktor Trollsten

Northern Lights

Aksel Øverland Engebakken ...
  • Anders Idborg
  • Daniel Thorsson
  • Karl Bokvist
  • Mads Thinggaard
  • Martin Melbye
  • Olof Cederholm
  • Patrik Brattelius
  • Peter Kurt Nielsen
  • Petter Nystrøm
  • Simon Granath
  • Tobias Kaj
  • Victor Forssell
  • Viktor Sundberg

Talking Points - Ringkjøbing Landbobank (Sell): Here we go again: Down to SELL on valuation

Balder (Buy) Post-result: Favourable exposure to low-risk properties A favourite for good reasons, but valuation appears off Downgrade to SELL (Hold); TP down to DKK 400 (410)

Christer Magnergård

Husqvarna (Buy, TP: SEK95.00) - Set for professional products boost

With the stay-at-home effect driving Gardena earnings in Q2, we believe a pick-up in demand for professional products, as well as for consumer products in the US, will likely be the main earnings growth driver in the coming quarters. Despite tough comparables for Gardena, we still see solid earnings growth potential for 2021–2022. We reiterate our BUY and SEK95 target price following the Q2 results.

Anders Idborg ...
  • Olof Cederholm

Husqvarna - Q2 as pre-announced, limited revisions

Q2 adj. EBIT of SEK 2.2bn, as pre-announced Limited changes, good earnings growth already in estimates Maintain HOLD and SEK 85 target price

1 director maiden bought

A director at Husqvarna Ab maiden bought 7,500 shares at 79.060SEK and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of...

Karl Bokvist ...
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner – August 2020

Q2 surprised positively, adj. EBIT 44% was above expectations. On average, we left 2020-2021e EBIT unchanged, with good upgrades in Volvo, ABB, Alfa Laval. PMI’s are indicating a return to organic growth in Q4’20, we see upside to forecasts in some of the short-cycle names. The stronger SEK is a headwind and a risk to 2021e adj. EBIT of 4-7% for most companies. We continue to see attraction in mining equipment. Our key long ideas are: Sandvik, Volvo, Metso Outotec, Electrolux We are cautious on: Assa Abloy, Kone, Wärtsilä

Aksel Øverland Engebakken ...
  • Anders Idborg
  • Daniel Thorsson
  • Karl Bokvist
  • Mads Thinggaard
  • Martin Melbye
  • Olof Cederholm
  • Patrik Brattelius
  • Peter Kurt Nielsen
  • Petter Nystrøm
  • Simon Granath
  • Tobias Kaj
  • Victor Forssell
  • Viktor Sundberg

Talking Points - Ringkjøbing Landbobank (Sell): Here we go again: Down to SELL on valuation

Balder (Buy) Post-result: Favourable exposure to low-risk properties A favourite for good reasons, but valuation appears off Downgrade to SELL (Hold); TP down to DKK 400 (410)

Christer Magnergård

Husqvarna (Buy, TP: SEK95.00) - Set for professional products boost

With the stay-at-home effect driving Gardena earnings in Q2, we believe a pick-up in demand for professional products, as well as for consumer products in the US, will likely be the main earnings growth driver in the coming quarters. Despite tough comparables for Gardena, we still see solid earnings growth potential for 2021–2022. We reiterate our BUY and SEK95 target price following the Q2 results.

Anders Idborg ...
  • Olof Cederholm

Husqvarna - Q2 as pre-announced, limited revisions

Q2 adj. EBIT of SEK 2.2bn, as pre-announced Limited changes, good earnings growth already in estimates Maintain HOLD and SEK 85 target price

Anders Idborg ...
  • Karl Bokvist
  • Olof Cederholm

Sector Report - Tough Q2, but June the start of the recovery

Q2 results on 22 July at 7:00 CET Expect orders -14%, margin 7.9% (11.5%) Ambitious targets, high all-in valuation

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • David Martinsson
  • Håkon Astrup
  • Jimi Lehtonen
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo
  • Viktor Trollsten

Northern Lights

Alexander Aukner ...
  • Christer Magnergård
  • Christoffer Wang Bjørnsen
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Huseby Karlsen
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Christer Magnergård ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Joachim Gunell
  • Martin Arnell
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Jesper Ingildsen
  • Jon Masdal
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Alexander Aukner ...
  • Christer Magnergård
  • Joachim Gunell
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Paul Harper
  • Simen Mortensen
  • Viktor Trollsten

Northern Lights

HUSQVARNA AB sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of HUSQVARNA AB (SE), a company active in the Durable Household Products industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 5, 2020, the closing price was SEK 74.26 and its potential was estimated at SEK 77.97.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Husqvarna – AGM 02 April

In general, Husqvarna is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting.   Under ITEM 10, the nomination committee proposes to increase the base fee of the members of the board of directors by 3.4%. In ECGS' view the current fees are already at the upper level of Swedish market practice for a company with the size and complexity of Husqvarna and it therefore does not approve of any increases without adequate justification. Since the proposal is not justified at all, ECGS recommends to vote OPPOSE.   Under ITEMS 11a (1)-1...

Expert Corporate Governance Service (ECGS)

Husqvarna April 09th, 2019

In general, Husqvarna is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 10, the nomination committee proposes to increase the remuneration of the board of directors by around 6%. In ECGS' view the current fees are already at the upper level of Swedish market practice for a company with the size and complexity of Husqvarna and it therefore does not approve of any increases without adequate justification. Since the proposal is not adequately justified, ECGS recommends to vote OPPOSE. Under ITEMS 11a(1)-11a(8), th...

HUSQVARNA – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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