reports
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Simon Granath
- Joachim Gunell
Ericsson (Hold, TP: SEK84.00) - Gross margin cracks start to form
We expect Q1 adj. EBITA to beat Infront consensus by 10%. However, Ericsson’s challenges for 2025e are mounting: 1) gross margin headwinds (key for its share price); 2) faded earnings and FCF momentum with -2% adj. EBITA and -40% FCF growth YOY forecasts after a strong 2024; 3) a low likelihood of share buybacks in 2025, despite its overcapitalisation; and 4) the potential CEO succession could create a wait-and-see scenario. We have lowered our 2025e adj. EPS by 18% (mainly FX) and reiterate our...
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Simon Granath
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Simon Granath
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Simon Granath
- Ahmed Ben Salem
- Bruno Cavalier
- Marc Lavaud
- Youssef Besbes
PUB PUBLICIS GROUPE SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
AGS AGEAS SA/NV
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
BAS BASF SE
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
REP REPSOL SA
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
SHEL SHELL PLC
NOVO B NOVO NORDISK A/S
- Ahmed Ben Salem
- Bruno Cavalier
- Marc Lavaud
- Youssef Besbes
PUB PUBLICIS GROUPE SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
AGS AGEAS SA/NV
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
BAS BASF SE
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
REP REPSOL SA
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
SHEL SHELL PLC
NOVO B NOVO NORDISK A/S
- Maissa Keskes
- Stephane Houri
- Maissa Keskes
- Stephane Houri
- Joachim Gunell
Ericsson (Hold, TP: SEK93.00) - Earnings beat streak off course
Ericsson stock faced a high bar into Q4 earnings, and while headline adj. EBITA fell short of lofty expectations, we view it as a useful building block for the medium-term margin case. As we believe the share price now captures the near-term outlook, we have downgraded to HOLD (BUY), having lowered our target price to SEK93 (100) and cut our 2025e adj. EBITA by 4%.
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
- Baptiste Salaville
- Stefano Toffano
- Baptiste Salaville
- Stefano Toffano
- Maissa Keskes
- Stephane Houri
- Maissa Keskes
- Stephane Houri
- Pierre FerraguÊ
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Simon Granath
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