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Next six months to show positive est. revisions. BUY the forward-leaning compounders with firepower. Pandox up to BUY (Hold), Hufvudstaden down to SELL (Hold)
Q3e IFPM set to beat consensus. Acquisitions to come in the near future. 2025e P/CEPS of ~17x, we remain at HOLD.
We reiterate our April view that financing improvements trump all other concerns. Balder and Nyfosa up to BUY, Castellum down to HOLD.
A few one-offs expected in Q2'24. Minor acquisition likely just the beginning. HOLD, TP of SEK 150 (135).
1% below cons. adj. for one-offs. More forward-leaning from here on. Reiterate HOLD with a TP of SEK 135.
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