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Adrian Gilani ... (+2)
  • Adrian Gilani
  • Olof Cederholm
PREMIUM
CARY CARY GRP HLDG A...

Cary Group - Terminating coverage

ABGSC terminates coverage of Cary Group HOLD is our final recommendation SEK 70 is our final target price

CARY CARY GRP HLDG AB
09/27/22 September 27, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Olof Cederholm
PREMIUM
CARY CARY GRP HLDG A...

Cary Group - Offer raised to SEK 70 – down to HOLD

Teniralc raises offer to SEK 70 (65), board recommends While still a bit low, we think the deal will likely go through Down to HOLD (Buy), lower TP to SEK 70 (90)

CARY CARY GRP HLDG AB
09/07/22 September 7, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Olof Cederholm
PREMIUM
CARY CARY GRP HLDG A...

Cary Group - Good Q2, Board out with opinion on bid

Strong Q2 driven by M&A and Nordic margins We leave our estimates roughly unchanged Board recommends long-term investors not to accept bid

CARY CARY GRP HLDG AB
08/08/22 August 8, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Olof Cederholm
PREMIUM
CARY CARY GRP HLDG A...

Cary Group - Strong Q2 beats expectations by 3-7%

Adj. EBITA 3-7% better after adj. for earn-out effect Good cash flow, ND/EBITDA of 4.3x to decline from here No news on ongoing SEK 65 bid by Nordic Capital/CVC

CARY CARY GRP HLDG AB
08/05/22 August 5, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Olof Cederholm
PREMIUM
CARY CARY GRP HLDG A...

Cary Group - Entering high season

Q2 report due on 12 August Earnings stepping up in Q2 on seasonality and M&A Maintain BUY, adjusting TP to SEK 90 (100)

CARY CARY GRP HLDG AB
07/13/22 July 13, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Olof Cederholm
PREMIUM
CARY CARY GRP HLDG A...

Cary Group - Nordic Capital and CVC bid SEK 65 per share

Bid of SEK 65 – a 60% premium vs. yesterday’s close Multiples at SEK 65 roughly in line with peers We find the bid too low, doesn’t capture long-term values

CARY CARY GRP HLDG AB
06/29/22 June 29, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Olof Cederholm
PREMIUM
CARY CARY GRP HLDG A...

Cary Group - Margins to improve from Q2 onwards

Small Q1 miss, operational improvement ahead We lower ’22e-‘23e adj. EBITA by 1-2% Maintain BUY, lower TP to SEK 100 (115)

CARY CARY GRP HLDG AB
05/10/22 May 10, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Olof Cederholm
PREMIUM
CARY CARY GRP HLDG A...

Cary Group - Slightly lower margins hold back EBITA

Q1’22 adj. EBITA -6% vs. ABGSCe and consensus We see ‘22e adj. EBITA down by 1-3% Maintain BUY, conference call at 10.00 CET

CARY CARY GRP HLDG AB
05/10/22 May 10, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Olof Cederholm
PREMIUM
CARY CARY GRP HLDG A...

Cary Group - Strong earnings growth coming in ’22e

Lower-than-expected EBITA, mainly on Group costs Growth offsets margins, ests. roughly unchanged Keep BUY and SEK 115 TP, we see upside of >50%

CARY CARY GRP HLDG AB
02/13/22 February 13, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Olof Cederholm
PREMIUM
CARY CARY GRP HLDG A...

Cary Group - Strong sales, group costs held back EBITA

Adj. EBITA 36m vs. ABGSCe SEK 44m in small Q4 Good organic growth at 8% vs. ABGSCe 4% We see limited earnings revisions, keep BUY

CARY CARY GRP HLDG AB
02/11/22 February 11, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Olof Cederholm
PREMIUM
CARY CARY GRP HLDG A...

Cary Group - Acquisition potential proven in Q4

Q4’21 report due 11 February Estimates raised after acquisition spree Maintain BUY, raise TP to SEK 115 (110)

CARY CARY GRP HLDG AB
01/20/22 January 20, 2022 1 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Olof Cederholm
PREMIUM
CARY CARY GRP HLDG A...

Cary Group - Solid Q3, M&A pace set to increase

Q3’21 EBITA 15% ahead of ABGSCe Strengthened M&A pipeline, higher deal pace coming up Upgrade to BUY with SEK 110 (108) target price

CARY CARY GRP HLDG AB
11/15/21 November 15, 2021 11 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Olof Cederholm
PREMIUM
CARY CARY GRP HLDG A...

Cary Group - Weaker org growth, strong EBITA

Q3’21 EBITA SEK 82m +15% vs. ABGSCe Org decline of 2% on difficult comps (ABGSCe +6%) Strong margins bode well for the future

CARY CARY GRP HLDG AB
11/12/21 November 12, 2021 5 EN
Adrian Gilani ... (+2)
  • Adrian Gilani
  • Olof Cederholm
PREMIUM
CARY CARY GRP HLDG A...

Cary Group - Thinner glass, stronger growth

High growth in non-cyclical markets Sales and EBITA CAGRs of 15% and 21% in ’20-’25e Initiate coverage with HOLD and SEK 108 target price

CARY CARY GRP HLDG AB
11/03/21 November 3, 2021 97 EN
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