reports
- Emil Jonsson
Norion Bank (Buy, TP: SEK52.00) - (Buy)back in business
The Q4 report was solid, featuring low credit losses and the start of share buybacks. We continue to see upside potential from our expected c20% annual total yield, along with reductions in past-due loans. We reiterate our BUY and have raised our target price to SEK52 (50).
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Simon Granath
- ABGSC Telecom Equipment Research
- Oscar Rönnkvist
- Simon Granath
- Linus Sigurdson
The weekly navigator
Highlights from the past week were: 1) Kinnevik-owned TravelPerk raised USD200m in an externally led funding round c40% above Kinnevik’s Q3 valuation; 2) we lowered our target price for VEF to SEK2.9 following its Q4 report; while 3) we maintained our SEK68 target price for Flerie, and note recent insider purchases; and 4) VNV reported its Q4 NAV was up 1% QOQ as Voi reached adj. EBIT breakeven.
- Emil Jonsson
Norion Bank (Buy, TP: SEK50.00) - Funding uncertainty
We see low probability of dividend payments for 2024 due to increased risk after Avanza’s announced shutdown of its external deposits. This looks reflected in consensus though. We still see mid-term upside potential on the stock as stage 3 loans normalise. We reiterate our BUY but have reduced our target price to SEK50 (52).
- Delphine Brault
- Quentin Borie
ODDO : 2025 : potentiellement un meilleur cru que 2024
L’année 2025 verra, selon nous, une poursuite de la croissance du CA (5% estimé vs 1.5% en 2024e) et de l’amélioration de la marge (53 pb vs 14 pb en 2024e), à l’exception possible de quelques sociétés (marge optimisée ou risque lié aux hausses des droits de douane). Si quelques thématiques devraient rester inchangées (exposition USA, Green Capex, datacenters, etc), d’autres émergeront (construction, discrete automation) ou accélèreront (semiconducteurs) au cours de l’année. Dans ce contexte, no...
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
- Delphine Brault
- Quentin Borie
ODDO : 2025: set to potentially be a better year than 2024
2025 is in our view likely to see sales continue to grow (5% estimated vs 1.5% in 2024e) and margins continue to improve (53bp vs 14bp in 2024e), with the possible exception of a few companies (optimised margins or tariff risk). While some themes are likely to endure (US exposure, green capex, data centres, etc.), others will emerge (construction, discrete automation) or accelerate (semiconductors) over the year. In this context, our Top Picks are Alstom, Assa Abloy, Siemens and SKF. And we upgr...
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
Cargotec’s financial statements review 2024 to be published on Wednesd...
Cargotec’s financial statements review 2024 to be published on Wednesday, 12 February 2025 CARGOTEC CORPORATION, PRESS RELEASE, 29 JANUARY 2025 AT 9:30 AM (EET) Cargotec’s financial statements review 2024 to be published on Wednesday, 12 February 2025 Cargotec Corporation will publish its financial statements review 2024 on Wednesday, 12 February 2025 at approximately 9:00 a.m. EET. The report will be available at after publication. A live international telephone conference for analysts, investors and media will be arranged on the publishing day at 10:00 a.m. EET. The event will be held...
Cargotec julkaisee vuoden 2024 tilinpäätöstiedotteen keskiviikkona 12....
Cargotec julkaisee vuoden 2024 tilinpäätöstiedotteen keskiviikkona 12.2.2025 CARGOTEC OYJ, LEHDISTÖTIEDOTE, 29. TAMMIKUUTA 2025 KLO 9.30 Cargotec julkaisee vuoden 2024 tilinpäätöstiedotteen keskiviikkona 12.2.2025 Cargotec Oyj julkaisee vuoden 2024 tilinpäätöstiedotteen keskiviikkona 12.2.2025 noin klo 9.00. Raportti on saatavilla julkaisun jälkeen osoitteessa . Kansainvälinen puhelinkonferenssi analyytikoille, sijoittajille ja toimittajille järjestetään julkaisupäivänä klo 10.00. Tilaisuus on englanninkielinen. Raportin esittelevät Cargotecin toimitusjohtaja Casimir Lindholm, talous- ja...
- Tomi Railo
Quality rise warrants multiples uplift
Our analysis shows that Finnish industrials have improved their earnings quality over the past 10 years, supported by expanding Service profitability and shares of total sales and earnings. We believe this together with improved stability, visibility and financials should be better rewarded in the valuations. We have a positive sector stance and highlight Konecranes, Metso and Valmet on potential multiples expansion.
- 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
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.