Interesting expansion in Pharma logistics

Better margins in Europe

Just what we wanted

We expect another solid quarter

From notes to necklaces

The US did the heavy lifting again

In line, but good growth and buybacks

Minor acquisition announced, adds 2%

Time to shine

EU tariff summary for Swedish small caps

Momentum to continue in H1'25

Loomis (Buy, TP: SEK520.00) - Entering 2025 in strong fashion

Loomis’ Q4 results showed return to historically good form, with still-strong organic growth, the US operation excelling and Europe making a greater contribution. We have raised our 2025–2027e EPS by 3–8%, still viewing Loomis as a well-financed roll-up case, with the resources to drive sector consolidation and shareholder-friendly capital allocation. We reiterate our BUY, and have raised our target price to SEK520 (450).

Strong beat and margin target reached

We expect solid earnings growth in Q4

Cash is still king

Single-digit valuation, double-digit growth

Loomis (Buy, TP: SEK450.00) - Flexing its FCF muscle

Loomis’s Q3 results were solid, with still-strong organic growth; the US operation excelled, and Europe and Latin America made greater contributions QOQ. With its strong FCF, Loomis is increasing its financial capacity, even as it executes on its share buyback programme (Q4 mandate SEK200m). We have raised our 2024–2026e EPS slightly, still viewing Loomis as a well-financed roll-up case, having the resources to drive sector consolidation and shareholder-friendly capital allocation. We reiterate ...

Solid report, new buybacks to support the share

More to come, BUY on recent weakness

Margin target now within reach

Margin recovery in Europe/LatAm bodes well for H2'24. We are now more confident in >12% margins in H2'24. Reiterate BUY, TP raised to SEK 350 (340).