Q1 miss, 4% below cons adj. EBITDA

Swedish Armed Forces places new CV90 order

Robotic players: better H2, but lower visibility

Prioritising growth over margins

22% organic sales growth y-o-y. Lower than expected gross margin. Price increases should help gross margin in Q2.

Weathering storms adeptly

Adj. EBIT +3% y-o-y, despite a 7% sales drop y-o-y. We make small estimate revisions. +16% adj. EBIT growth in '24e, 11x EV/EBIT adj.

2024 de-risked, looking towards 2025

Q1: 5% beat on adj. EBITDA but 29% miss on capex. 2024 margins should recover in a big way. Stock still ~15% below peer avg. on '25e EV/EBITDA-capex – BUY.

Renewable Weekly – 15 May 2024

This week, we take a preliminary look at Vestas' Q2 announced order intake quarter to date.

22% growth in Consumer

Q1 first take: good enough

Japan MT orders: downtick in April

Sinch (Buy, TP: SEK45.00) - 10% EFCF yield attractive

Q1 again disappointed on growth; organic gross profit growth was only 3% YOY, a level management expects to maintain throughout 2024. However, we believe Sinch is valued as a company without growth and see the current valuation offering good risk/reward. We reiterate our BUY, but have cut our target price to SEK45 (52).

Information on major UK contract now released

Strong growth quarters coming up

80% of the ATH order book to be delivered within 12 months. Higher opex to cut EBIT by 5-7% in 2024e-'26e. '24e elevated due to third-party order, trades at 31.1x EV/EBIT in '25e.

Margin trough in Q1, but recovery uncertain

Negative net recruitment limits quick growth comeback , but earnings comps get easier from Q2e. EBITA cut 1-2%, market remains challenging, stick to HOLD.

Out of fashion, and Q1 didn't change it

Rare 7% adj. EBITDA miss in Q1 reduces estimates by 2-4%. We still expect to see improved growth rates ahead, and argue that valuation is far too low in that case: BUY.

Renewable Weekly – 8 May 2024

This week, we look at key takeaways from GWEC's 2024 Global Wind Report.

Not very strong

Q1 EBITDA NOK -6m vs ABGSCe of NOK -1m, Q2 likely weaker. New targets more achievable - sales +22% in '25e vs '23. Estimates materially down, look towards '25.

Better-than-expected growth acceleration

25% organic growth, 13% ARR growth y-o-y. Slightly higher opex offset by better gross margin. Trading at 12-5x EV/EBITDA '24e-'26e.

We cautiously await evidence of improvement

Underwhelming Q1 sees us make significant estimate cuts. We believe the '24 guidance is too optimistic. Evidence of improvement is needed – keep HOLD, TP SEK 6 (8).