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Linus Sigurdson
  • Linus Sigurdson

The weekly navigator

Our key takeaways from this week are: 1) Kinnevik hosted a pre-silent call; we expect its unlisted NAV to be revalued upwards by ~3–4% in its Q1 report; and 2) we see outperformance potential in VC-oriented investment companies in 2024, and Kinnevik is one of our top picks.

 PRESS RELEASE

HMS Networks publicerar årsredovisning för 2023

HMS Networks publicerar årsredovisning för 2023 HMS Networks årsredovisning för 2023 finns nu tillgänglig på koncernens hemsida: . Tryckt version av årsredovisningen kommer finnas tillgänglig i mitten av april. Beställning sker genom att skicka ett mejl till . Den svenska årsredovisningen finns även tillgänglig på HMS hemsida i European Single Electronic Format (ESEF). För mer information, vänligen kontakta:CEO Staffan Dahlström, telefon: 035-17 29 01 CFO Joakim Nideborn, telefon: 035-71 06 983 Denna information är sådan information som HMS Networks AB (publ) är skyldiga att offent...

 PRESS RELEASE

The Swedish and English version of HMS Network’s Annual Report 2023 is...

The Swedish and English version of HMS Network’s Annual Report 2023 is now available The Swedish and English version of HMS Networks’ Annual Report 2023 is now available on our website: . Printed reports will be available in mid-April and can be ordered by sending an e-mail to . The Swedish Annual Report is also available on the Group’s website in European Single Electronic Format (ESEF). For more information, please contact:CEO Staffan Dahlström, phone: CFO Joakim Nideborn, phone: 3 This information is such information that HMS Networks AB (publ) is obliged to make public purs...

Patrik Ling
  • Patrik Ling

Getinge (Hold, TP: SEK210.00) - More of the same

We expect Q1 revenues of cSEK7.7bn and an adj. EBITA margin of c9.8% – basically in line with consensus. Given the issues in Getinge, with packaging in ACT seemingly solved later than previously assumed, it is fair to assume the negative impact will continue into Q1 and Q2 at least. We reiterate our HOLD and SEK210 target price. The Q1 report is due at 08:00 CET on 22 April.

Carlsberg AS: 1 director

A director at Carlsberg AS sold 32,749 shares at 916.030DKK and the significance rating of the trade was 100/100. 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 ...

Simen Mortensen
  • Simen Mortensen

Insider transactions, SBB rating lowered and lease contracts

There were several insider transactions this week. Also, SBB offered to buy back certain hybrid and senior bonds, and credit agencies lowered their ratings in response. Corem announced new leases, and a large Norwegian real estate syndicate was taken over by one of its bondholders. The weighted-average implied EBITDA yields on the stocks we cover are 4.60% for 2024e and 4.86% for 2025e.

Simen Aas
  • Simen Aas

Axfood (Buy, TP: SEK330.00) - Volumes in the industry improving

We are neutral ahead of Axfood’s Q1 report (due at 07:00 on 25 April), as we expect continued strong sales growth for Willys and improved efficiency for Dagab supporting lower costs. We also expect focus to be on its ongoing ramp-up at Bålsta and its synergies for 2024–2025e. We reiterate our BUY and have raised our target price to SEK330 (320) on higher estimates. We still like the earnings momentum and strong discount position in Sweden.

 PRESS RELEASE

HMS Networks AB’s Annual General Meeting on April 23, 2024

HMS Networks AB’s Annual General Meeting on April 23, 2024 The shareholders of HMS Networks AB (publ), Reg. no. 556661-8954, are hereby invited to the Annual General Meeting, which will be held at 10.30 a.m on Tuesday April 23, 2024 at the HMS head office, Stationsgatan 37, Halmstad. Registration for the Annual General Meeting will begin at 9.30 a.m. Right to participate in the Annual General MeetingShareholders who wish to participate in the Annual General Meeting must be registered in the share register kept by Euroclear Sweden AB (the Swedish Central Securities Depository) on Monday Apr...

 PRESS RELEASE

HMS Networks AB:s årsstämma den 23 april 2024

HMS Networks AB:s årsstämma den 23 april 2024 Aktieägarna i HMS Networks AB (publ), org. nr. 556661-8954, kallas härmed till årsstämma tisdagen den 23 april 2024 klockan 10.30 i bolagets lokaler, Stationsgatan 37, Halmstad. Inregistrering för stämman börjar kl. 09.30. Rätt att delta vid årsstämmanAktieägare som önskar delta vid årsstämman ska dels vara införd i den av Euroclear Sweden AB förda aktieboken måndagen den 15 april 2024, dels anmäla sitt deltagande senast onsdagen den 17 april 2024, gärna före klockan 16.00. Anmälan ska ske via telefon 035-17 29 00, skriftligen til...

Linus Sigurdson
  • Linus Sigurdson

The weekly navigator

Our key takeaways from this week are: 1) we initiated regular coverage of VEF with a SEK3.4 target price, highlighting its structural growth and re-rating potential; 2) Kinnevik hosted an informative session about its software strategy; 3) VNV Global participated in Voi’s USD25m capital raise. The weekly navigator will be off next week and return the following week.

Alexander Aukner
  • Alexander Aukner

The quality report

Knowing who has the best farming locations, production areas and operations is key to assessing future performance potential. Our extensive asset quality research findings suggest SalMar has the best sites, and the best MAB portfolio, while Mowi has outperformed its benchmark the most and has the most conservative estimates versus our expectations. Grieg Seafood is the most undervalued and Lerøy Seafood has the highest margin rebound potential in our view.

Nicolas McBeath
  • Nicolas McBeath

Unveiling alpha

Our analysis concludes that adverse FX and valuation multiples trends have masked the banks’ superior underlying shareholder value creation versus other Swedish large caps in the past decade. Our scenario analysis, based on extrapolated underlying earnings, indicates 5%-points potential alpha per year versus the OMXS30 in the next 10 years, with further upside potential should banks’ valuation discounts narrow to historical levels. We prefer banks that can achieve balanced profitable growth to g...

 PRESS RELEASE

HMS Networks AB (publ) completes repurchase of shares

HMS Networks AB (publ) completes repurchase of shares HMS Networks AB (publ) has during the period February 23, 2024 – March 7, 2024, repurchased in total 25,000 own shares (ISIN SE0009997018) within the buyback program initiated by the Board of Directors in order to secure HMS’ obligations to deliver performance shares according to HMS’ Share Saving Plan. The weighted average price for the shares repurchased during the period amounts to SEK 449.02 per share. HMS Networks’ holdings of own shares amounts to 143,416 after the repurchase. The total number of outstanding shares in the company...

 PRESS RELEASE

HMS Networks AB har genomfört återköp av egna aktier

HMS Networks AB har genomfört återköp av egna aktier HMS Networks AB (publ) har under perioden 23 februari 2024 – 7 mars 2024 återköpt sammanlagt 25 000 egna aktier (ISIN SE0009997018) inom ramen för det återköpsprogram som initierats av styrelsen i syfte att säkerställa HMS åtagande att leverera prestationsaktier enligt HMS Aktiesparprogram. Det viktade genomsnittspriset för under perioden återköpta aktier uppgår till 449,02 kr per aktie. HMS Networks innehav av egna aktier uppgår efter återköpet till 143 416. Det totala antalet utestående aktier i bolaget är 46 818 868. Återköpet har ...

Simen Mortensen
  • Simen Mortensen

Modest 2024–2026 growth outlook

We expect flattish 2024–2025 NAVps growth for our Swedish coverage, due to too-low asset writedowns in 2023, but 7% in 2026e assuming stabilised yields. We forecast a 2024–2025 FFOps CAGR of 5%, held back by: 1) maturing interest rate hedges; 2) expected rental growth slow-down; and 3) deleveraging hurting investment capacity. However, we consider this priced in at a sector NAV median discount of 27%. We maintain a neutral sector stance, and our top picks are Catena, Castellum, Nyfosa and Pandox...

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