Market has turned south, but still too cheap

30-40% NAV discount and yielding 15%

Minor changes to estimates. ABGSC '26e EBITDA +20% vs. consensus. TP of NOK 151 (155) – BUY.

Nokian Tyres (Hold, TP: EUR8.80) - Mixed Q3

Nokian Tyres reported a mixed Q3 as sales disappointed, while PCT’s (passenger car tyres’) clean EBIT margin was stronger on improved volumes and a continued raw-material tailwind, adjusted for inventory writedowns of delayed contract-manufactured tyres (related to the Red Sea crisis). We reiterate our BUY but have trimmed our target price to EUR8.8 (9.0), on minor estimate changes.

Airthings (Buy, TP: NOK2.80) - Still-upbeat despite Q3 misses

Q3 was on the weak side, with misses on sales, the gross margin and EBITDA. On a more positive note, the Q4 sales guidance of USD9.5m–12m was in line with consensus at the mid-point, although it could potentially include a one-off product recall headwind of USD1.2m. We thus remain on the optimistic side as radon and air quality awareness seems to be continuing to grow, at the same time as the execution of cost initiatives appears to be leaving Airthings on track for profitability in H2 2025e. We reiterate our BUY and NOK2.8 target price.

Alimak (Hold, TP: SEK130.00) - Facade Access: ‘man’ of the match

The Q3 report was mixed, with orders down 2% organically YOY (4% below consensus) and sales flat YOY (in line with consensus). Facade Access orders rose 25% organically YOY (supported by a large infrastructure order), albeit, offset by construction down 27% organically YOY. The highlight was the 5% adj. EBITA beat, driven by a 160bp margin beat in Facade Access. We reiterate our HOLD but have raised our target price to SEK130 (125), having increased our 2024–2026e adj. EBITA by 3% on FX changes and a 30–40bp higher margin.