reports
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Oscar Lindquist
HUFV A HUFVUDSTADEN AB CLASS A
OLT OLAV THON EIENDOMSSELSKAP ASA
CAST CASTELLUM AB
CATE CATENA AB
DIOS DIOS FASTIGHETER AB
EAST EASTNINE AB
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
A1W9VK PLATZER FASTIGHETER HOLDING AB CLASS B
STEF B STENDOERREN FASTIGHETER AB CLASS B
POX PANDOX AB CLASS B
A1T7SE AB SAGAX CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
NYF NYFOSA AB
FAST A FASTPARTNER AB
CIBUS CIBUS NORDIC REAL ESTATE AB
K2A B K2A KNAUST & ANDERSSON FASTIGHETER AB
KLARA B KLARABO SVERIGE AB
WIHL WIHLBORG FASTIGHETER AB(PUBL)
BALD B FASTIGHETS AB BALDER
WALL B WALLENSTAM AB
SLP B SWEDISH LOGISTIC PROPERTY AB
PUBLI PUBLIC PROPERTY INVEST
INTEA.B-SE INTEA FASTIGHETER
LOGI A ODD MOLLY INTERNATIONAL AB
- ABGSC Online Gaming Research
- Oscar Rönnkvist
- Simon Jönsson
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Trivium, TGS ASA, Intrum, Axactor, Virgin Media O2, Telecom Italia, Lottomatica (formerly Gamenet), Huhtamaki, Techem, Victoria, Teva, Encore Capital (formerly Cabot), Air Baltic
- Ola Øvrebø
Axactor (Hold, TP: NOK5.90) - Collection rebound
Through lower portfolio amortisation and improved funding costs, Axactor reported Q1 PTP of EUR13.5m, 41% higher YOY. Despite lower NPL collections following the portfolio sales in November, collection performance returned to above 100%, supported by the portfolio revaluation undertaken in Q4. Having repurchased an additional share of the ACR03 bond, Axactor appears better positioned to refinance in 2025. We have raised our 2026–2027e EPS by ~10%, and our target price to EUR5.9 (4.3), but reiter...
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Felix Fischer
- Jayanth Kandalam
- Si Yong Ng
- ABGSC Consumer Goods Research
- Alice Beer
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Construct. & Real Estate Research
- Fredrik Stensved
- Markus Henriksson
- Oscar Lindquist
HUFV A HUFVUDSTADEN AB CLASS A
OLT OLAV THON EIENDOMSSELSKAP ASA
CAST CASTELLUM AB
CATE CATENA AB
DIOS DIOS FASTIGHETER AB
EAST EASTNINE AB
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
A1W9VK PLATZER FASTIGHETER HOLDING AB CLASS B
STEF B STENDOERREN FASTIGHETER AB CLASS B
POX PANDOX AB CLASS B
A1T7SE AB SAGAX CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
NYF NYFOSA AB
FAST A FASTPARTNER AB
CIBUS CIBUS NORDIC REAL ESTATE AB
K2A B K2A KNAUST & ANDERSSON FASTIGHETER AB
KLARA B KLARABO SVERIGE AB
WIHL WIHLBORG FASTIGHETER AB(PUBL)
BALD B FASTIGHETS AB BALDER
WALL B WALLENSTAM AB
SLP B SWEDISH LOGISTIC PROPERTY AB
PUBLI PUBLIC PROPERTY INVEST
INTEA.B-SE INTEA FASTIGHETER
LOGI A ODD MOLLY INTERNATIONAL AB
- Simen Mortensen
More Q1 results and a proposed delisting
The Q1 reporting season is in full swing, with results from Catena, Entra, Pandox and Wihlborgs in the past week. In addition, Aurora Eiendom announced a proposal to delist from Euronext Growth Oslo. The weighted-average implied EBITDA yields on the stocks we cover are 5.00% for 2025e and 5.31% for 2026e.
OLT OLAV THON EIENDOMSSELSKAP ASA
BALD B FASTIGHETS AB BALDER CLASS B
CAST CASTELLUM AB
CATE CATENA AB
WALL B WALLENSTAM AB CLASS B
ATRLJ B ATRIUM LJUNGBERG AB CLASS B
ENTRA ENTRA ASA
POX PANDOX AB CLASS B
SBB B SAMHALLSBYGGNADSBOLAGET I NORDEN AB CLASS B
FABG FABEGE AB
WIHL WIHLBORGS FASTIGHETER AB
CORE B COREM PROPERTY GROUP (B)
KOJAMO KOJAMO OYJ
CTY1S CITYCON OYJ
NYF NYFOSA AB
SAGAB SAGAX
AURA AURORA EIENDOM
PUBLI PUBLIC PROPERTY INVEST
LOGIB LOGISTEA
- Martin Arnell
Evolution (Buy, TP: SEK1100.00) - Play it right in fencing
Despite intact 2025 EBITDA margin guidance, a soft Q1 and near-term uncertainties made us cut our 2025–2027e EPS by c10%. The step-up of focus on regulated markets supports the long-term case, although it comes with costs near-term. We reiterate our BUY but have cut our target price to SEK1,100 (1,440). We expect buybacks, expansion, new games, and growth improvements to strengthen the story later in 2025.
- ABGSC Online Gaming Research
- Oscar Rönnkvist
- Simon Jönsson
- Joachim Gunell
Hexagon (Buy, TP: SEK115.00) - Q1 results were a clearing event
Hexagon’s Q2e outlook was better than feared after its Q1 profit warning. We see an attractive risk/reward following the recent sell-off amid: 1) the organic sales growth and earnings momentum story unfolding with defensive traits (albeit bruised); 2) the ‘NewCo’ spin-off crystallising values; 3) new leadership starting on Monday, which should appeal to a broader investor base; and 4) an undemanding valuation on absolute and relative bases, near a historical trough. We reiterate our BUY but have...
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- Jacob Berg Nielsen
DSV (Buy, TP: DKK1750.00) - Unique earnings story unfolding
While Q1 EBIT beat consensus and DSV stand-alone guidance was maintained amid tariff concerns, the preliminary above-consensus Schenker cost synergies was the main positive. We still view DSV as an idiosyncratic earnings growth story with upside potential from hard-to-quantify commercial synergies. We reiterate our BUY, and have raised our target price to DKK1,750 (1,700) on the better-than-expected cost synergies.
Boozt AB: 1 director
A director at Boozt AB bought 1,200,000 shares at 82.659SEK and the significance rating of the trade was 73/100. 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 s...
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
- ABGSC Online Gaming Research
- Oscar Rönnkvist
- Simon Jönsson
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
DSV, 1155 - INTERIM FINANCIAL REPORT Q1 2025
DSV, 1155 - INTERIM FINANCIAL REPORT Q1 2025 Company Announcement No. 1155Higher earnings in Q1 2025 driven by improved gross profit The DSV Group achieved higher earnings in Q1 2025 compared to the same period last year in volatile and uncertain markets. The earnings growth was driven by improved gross profit, especially in Air & Sea.Gross profit for the period improved by 6.2% and EBIT before special items was 4.8% higher compared to the same period last year.Strong adjusted free cash flow generation in Q1 2025, which improved to DKK 3,165 million.Today, DSV completes the announced acqui...
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