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ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Karl Bokvist
  • Simon Jönsson
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Karl Bokvist
  • Simon Jönsson
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Karl Bokvist
  • Simon Jönsson
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Karl Bokvist
  • Simon Jönsson
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Karl Bokvist
  • Simon Jönsson
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Karl Bokvist
  • Simon Jönsson
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Karl Bokvist
  • Simon Jönsson
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Karl Bokvist
  • Simon Jönsson
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Karl Bokvist
  • Simon Jönsson
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Karl Bokvist
  • Simon Jönsson
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist

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).

ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist

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.

ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Karl Bokvist

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.

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