Keeping the pace

Still the fittest in the room

Electrolux Professional (Hold, TP: SEK75.00) - Q4 looks set to be a repeat of Q3

We expect broadly similar market and divisional dynamics QOQ in Q4, but are less optimistic on growth in the US Food & Beverage segment (we now see the recovery materialising slightly later than initially envisaged). We forecast 6.0% growth YOY in group sales in Q4 and an adj. EBITA margin of 12.3%. We reiterate our HOLD, but have lowered our target price to SEK75 (79) based on our view of a delayed US Food & Beverage recovery as well as continued headwinds in the Middle East into 2025.

Electrolux (Hold, TP: SEK92.00) - Uncertainty remains high

In Q4, we forecast similar demand and market dynamics to Q3, with consumer downtrading, elevated promotional activity, a negative mix, price pressure, and weak consumer demand weighing on sales and EBIT. We expect a sales decline of 1.6% YOY (organic growth of 2.6%) and an adj. EBIT margin of 3.2%. We reiterate our HOLD, but have cut our target price to SEK92 (94).

Novo Nordisk (Buy, TP: DKK1040.00) - Disappointing CagriSema data

In REDEFINE-1, CagriSema reached a 22.7% product estimand weight loss, shy of expectations. We expect a launch in 2026, but have lowered our estimate of its sales potential. In our view, the flexible protocol affected efficacy, prompting Novo Nordisk to initiate a new phase III trial in 2025. We reiterate our BUY, but have cut our target price to DKK1,040 (1,150).