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.

Instalco (Buy, TP: SEK46.00) - Trough to Triumph

Following efforts to strengthen its long-term competitiveness in Q4, we expect a 4% YOY decline in organic growth in Q1 – but then a gradual recovery through 2025, led by a cautiously improving installation market, as highlighted in the Q4 CEO statements. We have cut our 2025e and 2026e EBITA by 3% respectively and thus lowered our target price to SEK46 (48), but with still-healthy upside potential, we reiterate our BUY.

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 ...

Instalco (Buy, TP: SEK48.00) - Soft as expected, but signs of upturn

Sales in Q4 fell 7% YOY (vs consensus -4%), of which organic growth was 7%. EBITA was SEK195m (15% above consensus), corresponding to an EBITA margin of 5.4%, while the adj. EBITA margin was 7.2%. FCF was strong, driven by a working capital release, as is normal at the end of the year. We have cut our 2025e EBITA by 5%, but raised our 2026e by 2%. We have lowered our target price to SEK48 (50), but reiterate our BUY.

On the road to recovery

Better than feared, relief warranted

Better momentum awaits in H1'25

EBITA in line, strong cash flow

Another sizeable acquisition

Energised

Small, but solid, beat on growth and margins

The compounding continues

Trust the System(s)

2% EBITA beat on higher sales

Solid org. growth, 3% EBITA beat

A Constructive quarter

Indutrade (Hold, TP: SEK300.00) - Laying the groundwork

Sales growth was 7% (versus consensus of 5%), with a 2% beat versus consensus on EBITA and 6% on EPS. The higher EBITA was driven by improvement in Process, Energy & Water (PE&W) and Technology & Systems Solutions (T&SS), as well as a recovery in Infrastructure & Construction (I&C). The group EBITA margin was flat YOY at 14.6%, in line with our estimate. We have raised our 2025–2026e EBITA by 1% and our target price to SEK300 (290), while we reiterate our HOLD.

Solid report with better growth

Heads-up for report 30 January

Instalco (Buy, TP: SEK50.00) - Minor model update

We have made minor opex adjustments to reflect the updated environment following the press release in December. We do not consider these changes material and we have not changed our BUY recommendation. We reiterate our SEK50 target price.