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ABGSC Construct. & Real Estate Research ... (+2)
  • ABGSC Construct. & Real Estate Research
  • Adrian Gilani
NWG NORDIC WATERPROOFING HOLDING AB
03/24/25 March 24, 2025 1 EN
ABGSC Construct. & Real Estate Research ... (+2)
  • ABGSC Construct. & Real Estate Research
  • Adrian Gilani
NWG NORDIC WATERPROOFING HOLDING AB
02/04/25 February 4, 2025 1 EN
ABGSC Construct. & Real Estate Research ... (+2)
  • ABGSC Construct. & Real Estate Research
  • Adrian Gilani
NWG NORDIC WATERPROOFING HOLDING AB
10/24/24 October 24, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+2)
  • ABGSC Construct. & Real Estate Research
  • Adrian Gilani
NWG NORDIC WATERPROOFING HOLDING AB
10/17/24 October 17, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+2)
  • ABGSC Construct. & Real Estate Research
  • Adrian Gilani
NWG Nordic Waterpro...

Rough market conditions persist

Q2 EBIT 4% below consensus on lower margin. We lower our '24e-'26e EBIT estimates by 7-3%. 15x EV/EBIT on depressed '24e earnings, 11x in '25e.

NWG NORDIC WATERPROOFING HOLDING AB
07/18/24 July 18, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+2)
  • ABGSC Construct. & Real Estate Research
  • Adrian Gilani
NWG NORDIC WATERPROOFING HOLDING AB
07/17/24 July 17, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+2)
  • ABGSC Construct. & Real Estate Research
  • Adrian Gilani
NWG Nordic Waterpro...

Market recovery looking sluggish

Q2e: lower top-line y-o-y, but strong GM supports EBIT. EBIT down 5-4% on slower assumed market recovery. Share trading at 14-10x '24e-'25e EV/EBIT.

NWG NORDIC WATERPROOFING HOLDING AB
07/15/24 July 15, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+2)
  • ABGSC Construct. & Real Estate Research
  • Adrian Gilani
NWG Nordic Waterpro...

No drama despite Q1 miss

A miss, but keep in mind Q1 is ~5% of FY EBIT. We cut '24e-'26e adj. EBIT by 3-1%, some risk of more price pressure. Share trading at 13-10x '24e-'25e EV/EBIT.

NWG NORDIC WATERPROOFING HOLDING AB
04/25/24 April 25, 2024 1 EN
ABGSC Construct. & Real Estate Research ... (+2)
  • ABGSC Construct. & Real Estate Research
  • Adrian Gilani
NWG NORDIC WATERPROOFING HOLDING AB
04/25/24 April 25, 2024 1 EN
Adrian Gilani
  • Adrian Gilani
PREMIUM
NWG Nordic Waterpro...

Nordic Waterproofing - Lower newbuild activity leaving a mark

Volume decline and continued high input costs in Q3 EBIT lowered 3% for ’22e-’23e, ’24e mostly unchanged Trading at 10x EV/EBIT on est. ’23e earnings trough

NWG NORDIC WATERPROOFING HOLDING AB
10/25/22 October 25, 2022 1 EN
Adrian Gilani
  • Adrian Gilani
NWG Nordic Waterpro...

Nordic Waterproofing - Volume decline hurts Q3 numbers

EBIT SEK 128m (-8% vs. ABGSCe 140m) Q3 numbers imply negative EBIT revisions of 3% Trading at 9x ’22e EV/EBIT on pre-Q3 estimates

NWG NORDIC WATERPROOFING HOLDING AB
10/25/22 October 25, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Max Bacco
NWG Nordic Waterpro...

Nordic Waterproofing - Renovation stable while newbuild declines

Q3 report due Tuesday, 25 October Price increases driving 7% org. growth in Q3 ’23-‘24e adj. EBIT down 12-9% on lower exp. newbuild

NWG NORDIC WATERPROOFING HOLDING AB
10/04/22 October 4, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
NWG Nordic Waterpro...

Nordic Waterproofing - Better to sell products than to install them

Q2 in line with expectations, estimates intact Strong M&A pipeline and balance sheet 8x EV/EBIT, attractive LT earnings growth potential

NWG NORDIC WATERPROOFING HOLDING AB
07/19/22 July 19, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
NWG Nordic Waterpro...

Nordic Waterproofing - Price increases driving organic growth

Q2 fairly in line with our expectations Estimates intact on isolated numbers 8.6x f12m EV/EBIT, 16% below L5Y avg

NWG NORDIC WATERPROOFING HOLDING AB
07/19/22 July 19, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
NWG Nordic Waterpro...

Nordic Waterproofing - Strong demand continues for now

Q2 report due Tuesday, 19 July High estimate uncertainty going into ‘23e… …but we find several reassuring elements

NWG NORDIC WATERPROOFING HOLDING AB
06/20/22 June 20, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
NWG Nordic Waterpro...

Nordic Waterproofing - Waterproof pricing power

EBIT 113% better than ABGSCe, partly driven by… …impressive pricing power with flat gross margin y-o-y Fair value range of SEK 185-240

NWG NORDIC WATERPROOFING HOLDING AB
04/26/22 April 26, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
NWG Nordic Waterpro...

Nordic Waterproofing - Adj. EBIT 113% above our expectations

19% organic growth vs. ABGSCe at 10% Adj. EBIT 113% better than ABGSCe Adj. EBIT margin up 3 pp y-o-y

NWG NORDIC WATERPROOFING HOLDING AB
04/26/22 April 26, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
NWG Nordic Waterpro...

Nordic Waterproofing - Seasonally small quarter, but strong

Price increases driving org. growth of 10% ‘22e-‘24e adj. EBIT estimates up 2-3% Strong balance sheet allowing for more M&A

NWG NORDIC WATERPROOFING HOLDING AB
03/31/22 March 31, 2022 1 EN
Christer Linde
  • Christer Linde
PREMIUM
OSSR OSSUR HF.
GOMX GS SWEDEN AB ... (+25)

Strategy Fast Comment - Summary of ABGSC Investor Days, 8-9 March

38 companies presented at the seminar Mostly Swedish small caps attending See links to all company recordings

OSSR OSSUR HF.
GOMX GS SWEDEN AB
BRG B BERGS TIMBER
RROS ROTTNEROS AB
PREC PRECISE BIOMETRICS AB A
INXL AVENSIA INNOVATION AB
FPIP FORMPIPE SOFTWARE AB
AWP ARISE AB
MAHA A MAHA ENERGY
STEF B STENDOERREN FASTIGHETER AB CLASS B
VEFL SDB VOSTOK EMERGING FINANCE LTD
TRIAN B FASTIGHETS AB TRIANON CLASS B
MTHH MT HOJGAARD HOLDING
ULTI ULTIMOVACS
BOUL BOULE DIAGNOSTICS AB
IVACC INTERVACC AB
FAST A FASTPARTNER AB
ADDT B ADDTECH AB CLASS B
THUNDR THUNDERFUL GROUP
SEAF SEAFIRE
NWG NORDIC WATERPROOFING HOLDING AB
ORN ORN SOFTWARE
IRLAB A IRLAB THERAPEUTICS
PTRK PHYSITRACK
SECARE SWEDENCARE AB
03/21/22 March 21, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Max Bacco
NWG Nordic Waterpro...

Nordic Waterproofing - Feedback from ABGSC Investor Day

We hosted NWG’s CEO at ABGSC’s investor day today Negligible exposure towards Russia and Ukraine Price increases continue

NWG NORDIC WATERPROOFING HOLDING AB
03/08/22 March 8, 2022 1 EN
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