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ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
INDT INDUTRADE AB
A2DRL9 SDIPTECH AB B
ADDT B ADDTECH AB CLASS B
LAGR B LAGERCRANTZ GROUP AB SERIES B
LIFCO B LIFCO AB
INSTAL INSTALCO AB
10/29/24 October 29, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
LAGR B LAGERCRANTZ GROUP AB SERIES B
10/27/24 October 27, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
LAGR B LAGERCRANTZ GROUP AB SERIES B
10/25/24 October 25, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
INDT INDUTRADE AB
A2DRL9 SDIPTECH AB B
ADDT B ADDTECH AB CLASS B
LAGR B LAGERCRANTZ GROUP AB SERIES B
LIFCO B LIFCO AB
INSTAL INSTALCO AB
10/11/24 October 11, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
LAGR B LAGERCRANTZ GROUP AB SERIES B
10/11/24 October 11, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
PREMIUM
LAGR B Lagercrantz Gro...

Growth to accelerate from here

In-line report supported by margin-accretive M&A, '24/'25e-'26/'27e EBITA up 3-5%; 8% CAGR '23-'26e, keep BUY, TP SEK 220 (200).

LAGR B LAGERCRANTZ GROUP AB SERIES B
07/18/24 July 18, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
LAGR B LAGERCRANTZ GROUP AB SERIES B
07/18/24 July 18, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
PREMIUM
INDT INDUTRADE AB
A2DRL9 SDIPTECH AB B ... (+6)

Serial acquirers: M&A in the driver's seat

M&A upside, organic rebound H2'24 and margin resilience. '24e-'26e EBITA/EPS roughly unchanged, '24 likely a slower year. Reinvestment & ROIC motivate 23x EBITA, ADDT/LAGR up to BUY.

INDT INDUTRADE AB
A2DRL9 SDIPTECH AB B
ADDT B ADDTECH AB CLASS B
LAGR B LAGERCRANTZ GROUP AB SERIES B
LIFCO B LIFCO AB
INSTAL INSTALCO AB
07/09/24 July 9, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
PREMIUM
LAGR B Lagercrantz Gro...

Secured growth, quality and M&A optionality

Up to BUY (Hold), TP SEK 200 (165). '24/'25e-'26/'27e EBITA down 0-1%; 7% CAGR '23-'26e. Calendar Q2 due Thursday 18 July.

LAGR B LAGERCRANTZ GROUP AB SERIES B
07/09/24 July 9, 2024 1 EN
ABGSC Small Cap Research ... (+2)
  • ABGSC Small Cap Research
  • Karl Bokvist
BAYN BAYN EUROPE AB
AF B AF POYRY AB CLASS B
INDT INDUTRADE AB
RATO B RATOS AB CLASS B
VIT B VITEC SOFTWARE GROUP AB
HPOL B HEXPOL AB CLASS B
ADDV A ADDVISE GROUP
MCAP MEDCAP
A2DRL9 SDIPTECH AB B
BHG BHG GROUP
ADDT B ADDTECH AB CLASS B
LAGR B LAGERCRANTZ GROUP AB SERIES B
SWEC B SWECO AB CLASS B
SF STILLFRONT GROUP AB
SINCH SINCH AB
VIMIAN VIMIAN GROUP AB
BEIJ B BEIJER REF AB
LIFCO B LIFCO AB
NIBE B NIBE INDUSTRIER AB
INSTAL INSTALCO AB
HTRO HEXATRONIC GROUP AB
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
VESTUM VESTUM AB
EMBRAC B EMBRACER GROUP AB
GREEN GREEN LANDSCAPING GROUP AB (PUBL)
06/20/24 June 20, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
PREMIUM
INDT INDUTRADE AB
A2DRL9 SDIPTECH AB B ... (+6)

Serial acquirers Q1 recap: organic slowdown continues

Q1 recap: lower volumes, but strong margins, 1-3% adj. EBITA miss, '24e-'26e EBITA down 1-0% post-Q1, sector up 13% YTD (EPS up 5%), now trading at ~22x F12m EV/EBITA, 25% above 10Y avg.

INDT INDUTRADE AB
A2DRL9 SDIPTECH AB B
ADDT B ADDTECH AB CLASS B
LAGR B LAGERCRANTZ GROUP AB SERIES B
LIFCO B LIFCO AB
INSTAL INSTALCO AB
05/22/24 May 22, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
PREMIUM
LAGR B Lagercrantz Gro...

Resilient earnings, reassuring outlook

Tougher market did not halt EBITA growth, '24/'25e-'26/'27e EBITA up 0-1%; 7% CAGR '23-'26e, keep HOLD, TP SEK 165 (150)

LAGR B LAGERCRANTZ GROUP AB SERIES B
05/17/24 May 17, 2024 1 EN
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
LAGR B LAGERCRANTZ GROUP AB SERIES B
05/17/24 May 17, 2024 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
LAGR B Lagercrantz Gro...

Lagercrantz Group - Quality performance now fairly valued; HOLD

HOLD (Buy), TP SEK 95, 19-18x EV/EBITA ’22e-‘24e ‘22/23e-‘24/25e EBITA +3-2%; 8% CAGR ’21/22-‘24/25e Fiscal Q2 EBITA +9% vs. cons, strong backlog into Q3

LAGR B LAGERCRANTZ GROUP AB SERIES B
10/26/22 October 26, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
LAGR B Lagercrantz Gro...

Lagercrantz Group - 9% EBITA beat, strong across the group

Sales +5%, EBITA +9% vs. cons, 11% organic growth Consensus to raise EBITA by 4-2% Strong report, should be up at least in line with revisions

LAGR B LAGERCRANTZ GROUP AB SERIES B
10/25/22 October 25, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
LAGR B Lagercrantz Gro...

Lagercrantz Group - Heads-up for report 25 October

Lagercrantz will report calendar Q3 (fiscal Q2) on Tuesday, 25 October, at 07:45 CET. A conf call will follow at 10:00, dial in: SE , UK 17, code: 332347#

LAGR B LAGERCRANTZ GROUP AB SERIES B
10/19/22 October 19, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
INDT INDUTRADE AB
A2DRL9 SDIPTECH AB B ... (+6)

Sector Report - Stronger for longer

Down to HOLD (Buy), TP SEK 150 (165) Calendar Q3 (fiscal Q2) report on Thursday, 27 October

INDT INDUTRADE AB
A2DRL9 SDIPTECH AB B
INSTAL INSTALCO AB
ADDT B ADDTECH AB CLASS B
LAGR B LAGERCRANTZ GROUP AB SERIES B
LIFCO B LIFCO AB
10/11/22 October 11, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
LAGR B Lagercrantz Gro...

Lagercrantz Group - BUY on weakness, growth story far from over

Up to BUY (Hold), TP SEK 95 (105), ~15% upside ‘22/’23e EBITA +4%, ‘23/’24e-‘24/’25e EBITA down 4-3% Calendar Q3 (fiscal Q2) report on Tuesday, 25 October

LAGR B LAGERCRANTZ GROUP AB SERIES B
10/11/22 October 11, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
LAGR B Lagercrantz Gro...

Lagercrantz Group - Down to HOLD after strong run, again

Adj. EBITA 8% above cons and margin up 0.3pp… …and weak OCF should be isolated to Q1 We downgrade to HOLD (Buy) following strong share run

LAGR B LAGERCRANTZ GROUP AB SERIES B
07/19/22 July 19, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
PREMIUM
LAGR B Lagercrantz Gro...

Lagercrantz Group - A strong start to a uncertain year

Sales and adj. EBITA 6% and 8% above cons Estimates up ~12-13% on est beat and M&A Share up low single digits today

LAGR B LAGERCRANTZ GROUP AB SERIES B
07/19/22 July 19, 2022 1 EN
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