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Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - Lower tide, but earnings wave should come

Temporary production disturbances behind sales miss More cautious on ballast; ’22e-’24e EBIT down 22-25% Reiterate BUY, TP of SEK 45 (50), ~80% upside

PSCAND PERMASCAND TOP HOLDING
11/14/22 November 14, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - Orders improving, surprisingly large EBIT mis...

Sales down q-o-q, 9% EBIT vs. ~23% avg Q3’21-Q2’22 Consensus ‘22e EBIT down 15-20%, ‘23e down 5-10% High-to-mid single digit negative reaction likely

PSCAND PERMASCAND TOP HOLDING
11/11/22 November 11, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - On track towards 50% sales growth in 2022e

Strong ramp-up behind 14% sales beat, ~70% EBIT beat ’22e EBIT up 10%, ’23e-’24e EBIT up 2-1% Reiterate BUY, TP of SEK 50 (45), ~60% upside

PSCAND PERMASCAND TOP HOLDING
08/19/22 August 19, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - Strong EBIT beat following delivery ramp-up

Miss on orders, sales +14%, EBIT +67% vs. cons Cons to raise ‘22e EBIT by c 10%, small ‘23e changes Positive reaction warranted given strong ramp-up

PSCAND PERMASCAND TOP HOLDING
08/18/22 August 18, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - Profitable sales ramp-up to continue

Q2 report on Thursday 18 August ‘22e EBIT up 3%, ‘23e-‘24e EBIT down 12-9% Reiterate BUY; TP of SEK 45 (55), ~60% upside

PSCAND PERMASCAND TOP HOLDING
08/08/22 August 8, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - Order write down within E&R

SEK 65m related to order back in 2018, we believe ~10% of backlog, could impact ~5% of cons ‘23e EBIT Expect small negative reaction on the day

PSCAND PERMASCAND TOP HOLDING
06/29/22 June 29, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - Good chemistry

Solid sales ramp-up behind significant EBIT beat ‘22e-‘24e EBIT up 8-4%; ~40% CAGR ‘20-‘25e Reiterate BUY; TP of SEK 55 (54), 60% upside

PSCAND PERMASCAND TOP HOLDING
05/10/22 May 10, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - Strong beat and positive outlook

Orders fairly in-line, sales +19%, EBIT +48% vs. cons Positive outlook, ballast water demand picking up Solid numbers, clear positive reaction warranted

PSCAND PERMASCAND TOP HOLDING
05/10/22 May 10, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - Activity turning into firm orders

Q1 report on Tuesday, 10 May Increased confidence in delivery ramp-up, EBIT up 8-3% Reiterate BUY; TP of SEK 54 (53), ~40% upside

PSCAND PERMASCAND TOP HOLDING
04/11/22 April 11, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - Still waiting for the tide to turn

Customer hesitancy behind lower orders, adj. EBIT +3% ‘22e-‘23e EBIT down 4-1%: ~40% CAGR ‘20-‘25e Reiterate BUY, TP SEK 53 (54), 65% upside

PSCAND PERMASCAND TOP HOLDING
02/10/22 February 10, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - Order hesitancy remained in the short-term

Continued low orders, in-line sales/EBIT vs. cons Cons likely to lower ‘22e EBIT by 2-4% Customer hesitancy expected to weigh on the share

PSCAND PERMASCAND TOP HOLDING
02/10/22 February 10, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - Stable finish to the year, growth from Q1e

Q4 report on Thursday, 10 February at 07:45 CET Adj. EBIT +2% ‘21e, +1% ‘22e, +3% ‘23e 50% adj. EBIT CAGR ’20-‘23e, 30-40% ROCE ‘22e-‘25e

PSCAND PERMASCAND TOP HOLDING
02/07/22 February 7, 2022 1 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - The case for a strong 2022 remains

Near-term challenges affecting sales, strong margins Adj. EBIT -23% ‘21e, -6% ‘22e, +1% ‘23e Keep BUY; TP SEK 54, 22-11x EV/EBIT ‘22e-‘23e

PSCAND PERMASCAND TOP HOLDING
11/10/21 November 10, 2021 12 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - Postponed deliveries, strong profitability

~40% lower sales and EBIT vs. consensus Number of factors behind temporarily lower deliveries Near-term uncertainty to initially weigh on the stock

PSCAND PERMASCAND TOP HOLDING
11/10/21 November 10, 2021 5 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - Strong quarter on orders, stable deliveries

Q3 report on Wednesday, 10 November at 07:45 CET Adj. EBIT -1% in ‘22e-‘23e BUY: 18-10x EV/EBIT ‘22e-‘23e, ~40% EBIT CAGR

PSCAND PERMASCAND TOP HOLDING
11/08/21 November 8, 2021 12 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - Recent order wins positive for the case

US expansion in Industrial, BWTS order from Erma First More about reassurance than additional upside BUY; 16-9x EV/EBIT ‘22e-‘23e, ~40% EBIT CAGR

PSCAND PERMASCAND TOP HOLDING
10/15/21 October 15, 2021 4 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - Orders to pick up in H2

Q2’21 adj. EBIT SEK 12m, above ABGSCe at SEK -1m We leave adj. EBIT roughly unchanged for ’21-‘23e Maintaining BUY and SEK 54 target price

PSCAND PERMASCAND TOP HOLDING
08/11/21 August 11, 2021 12 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - Good execution, awaiting growth in orders

Orders down y-o-y, stronger than expected on sales/EBIT 2021 to be back-end loaded, order growth in Q4’21e Good on execution, no changes to the long-term case

PSCAND PERMASCAND TOP HOLDING
08/11/21 August 11, 2021 5 EN
Karl Bokvist ... (+2)
  • Karl Bokvist
  • Olof Cederholm
PREMIUM
PSCAND Permascand Top ...

Permascand Top Holding - A green odyssey

Cleantech growth in ballast water and hydrogen Strong growth – ABGSCe adj. EBIT CAGR ’20-’25e of 39% Initiating coverage with BUY and TP of SEK 54

PSCAND PERMASCAND TOP HOLDING
07/14/21 July 14, 2021 86 EN
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