HMS Networks AB (HMS) is a Sweden-based company engaged in the provision of communication technology for industrial automation. The Company provides solutions to connect industrial devices to networks and products enabling interconnection between different industrial networks. The Company's products are classified into two brands, namely Anybus and Netbiter. HMS, under the brand name Anybus, manufactures and markets intelligent communication technology for machines and electrically controlled equipment. Under the brand name Netbiter it develops and sells communication equipment that facilitates remote management through the Internet, either via the fixed telephony network or the mobile telephony network. The Company operates through numerous subsidiaries, including HMS Industrial Networks AB, IXXAT GmbH, a supplier of communication technology for industrial automation, machine manufacturing and the automotive industry, as well as eWON SA.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
The Q4 results were strong across the board, which has led us to raise our 2023–2024e EPS by 10%. We still believe HMS Networks can 1) overcome investor concerns on order deterioration for 2023e; 2) raise its medium-term financial targets; and 3) add ~27% to our base-case EPS forecast through M&A. Also, in our view, its strong execution at a 36% ROCE and pure automation growth exposure warrant high valuation multiples. As the company will see tougher YOY comparables for H1, while its share price has rallied 30%+ in the past month, we see limited upside for now. Thus, we have downgraded to HOLD...
The Board of HMS Networks AB (publ) has resolved to exercise authorization to repurchase shares Based on the authorization granted by the Annual General Meeting on April 21, 2022, the Board of Directors of HMS Networks AB (publ) ("HMS") has resolved to repurchase own shares in the company on Nasdaq Stockholm. Repurchase of the company’s own shares shall be carried out in a repurchase program with the purpose of securing HMS’ obligations to deliver performance shares according to HMS’ Share Saving Plan 2023-2026. The repurchases may commence on January 26, 2023 and will take place on one or...
Organic growth of c7% YOY and an EBIT margin of 29.1% despite an FX headwind illustrated a strong start to the year in a quarter that management flagged would be the toughest in 2022/23. We forecast higher organic growth in the coming quarters, and see Coloplast reaching the very top end of its guidance. An early launch of Luja is also positive, albeit with a limited impact on 2022/23 financials. We reiterate our HOLD but have raised our target price to DKK860 (850).
This week Atrium Ljungberg and JM reported Q4 results, Fabege announced a divestment and pre-announced Q4 net lettings, while Moody’s said it expects to conclude its ongoing credit rating downgrade review process of Balder after its Q4 results (due 10 February). The weighted-average implied EBITDA yields on the stocks we cover are 4.17% for 2022e and 4.62% for 2023e.
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