Growth momentum to improve from here

Treading water

Tough to close the gap when performance lags

Systems impressed again

Indutrade (Hold, TP: SEK295.00) - Building on stability

Sales grew 4% (consensus 6%) in Q1, of which organic growth was flat, while EBITA missed consensus by 6% and EPS by 9%. Process, Energy & Water saw the biggest deviation, partly explained by lower sales in comparable units and higher costs. The group EBITA margin was up 30bp YOY to 13.6% (consensus 14.2%). We have lowered our 2025–2026e EBITA by 6–2%, and our target price to SEK295 (300), while we reiterate our HOLD.

8% EBITA miss on easy comps

Demolition behind small EBITA beat

Serial acquirers: To prove their worth (again)

Momentum to improve while challenges persist

Diversified growth to continue in Q1

Acquired confidence

Starting the year with easy comps

Good M&A activity to support start of the year

Indutrade (Hold, TP: SEK300.00) - Consistency in action

We forecast 4% organic growth YOY for Q1, partly driven by a strong trend in Life Science. As the new organisational structure implemented in 2024 begins to take effect, we expect growth to gradually improve further (organic and acquired). We have cut our 2025–2026e EBITA by 4–3% and reiterate our HOLD and SEK300 target price.

Sdiptech AB : 1 director

A director at Sdiptech AB bought 2,000 shares at 196.880SEK and the significance rating of the trade was 58/100. 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 ...

Better momentum awaits in H1'25

EBITA in line, strong cash flow

Another sizeable acquisition

Energised

Small, but solid, beat on growth and margins