reports
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Small Cap Research
- Karl Bokvist
- Nikola Kalanoski
- Simon Jönsson
CTT CTT SYSTEMS AB
PREV B PREVAS B
CATE CATENA AB
GENI GENERIC SWEDEN AB PUBL
DUST DUSTIN GROUP AB
EKTA B ELEKTA AB CLASS B
STEF B STENDOERREN FASTIGHETER AB CLASS B
BONEX BONESUPPORT HOLDING AB
MIPS MIPS AB
BOOZT BOOZT AB
A2DRL9 SDIPTECH AB B
2020 2020 BULKERS LTD
FRACTL FRACTAL GAMING GROUP AB
RUG RUGVISTA GROUP AB
PACT PROACT IT GROUP
SFAB SOLID FORSAKRINGSAKTIEBOLAG
NOLA B NOLATO AB
HEM HEMNET GROUP AB (PUBL)
SLP B SWEDISH LOGISTIC PROPERTY AB
ITECH I-TECH AB
VESTUM VESTUM AB
ACAST-SE ACAST
SECT.B-SE SECTRA
GREEN GREEN LANDSCAPING GROUP AB (PUBL)
- Johan Skoglund
Instalco AB (Buy, TP: SEK55.00) - Navigating through rough seas
Q2 sales were in line with consensus, and EBITA 3% below on a 30bp lower margin than expected, with a weaker performance in Sweden, but a strong margin in Rest of Nordic. We reiterate our BUY and SEK55 target price, but have edged down our 2024–2025e EBITA by 3–2% on slightly lower margin assumptions. We still see an attractive risk/reward, as falling interest rates should provide support for a market recovery.
- Johan Skoglund
Instalco AB (Buy, TP: SEK55.00) - Not expecting any drama in Q2
We forecast 5% negative organic growth YOY in Q2, but believe Q1 marked the trough and expect a gradual recovery and return to organic growth in Q1 2025. We see sector activity picking up towards end-2024 as interest rates come down. We still like the Instalco risk/reward, and reiterate our BUY while we have raised our target price to SEK55 (48).
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