Resilient demand topped with M&A

Small relief in a long term growth story

Tough comps for Q4, but recovery in '26e

L E Lundbergforetagen AB: 1 director

A director at L E Lundbergforetagen AB sold 60,000 shares at 500.785SEK and the significance rating of the trade was 77/100. 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 yea...

New CEO appointed

Medtech back to growth

Solid numbers should trigger a relief

Fundamentals remain promising

MedTech disappoints, CEO is out

MedTech drives miss in Q2

Improving growth prospects

The power of M&A compounding: Part II

The weekly navigator

From the past week, we highlight: 1) Investor bought shares in EQT for the first time since its 2019 IPO; 2) ahead of Kinnevik’s 12 May AGM, we highlight the return of Cristina Stenbeck as chair and the potential for share buybacks at a 40% discount to NAV; and 3) Lundbergs bought shares in its existing holdings for SEK512m.

The weekly navigator

From the past week, we highlight: 1) we lowered our target price for Latour to SEK300 (340) following a Q1 report with a slight NAV decline but strong organic order intake growth; 2) Investor bought 6.3m Ericsson shares, and we highlight its successful top-ups in the name; 3) insider purchases at Investor are in our view a signal to look beyond a relatively small discount to NAV; and 4) Flat Capital reported Q1 NAV down 1% QOQ.

Vimian (Buy, TP: SEK55.00) - 2025 off to a good start

Q1 sales were largely in line with our forecast and consensus, while adj. EBITA beat by c8% and c6%, respectively. Margin gains were reported across business lines, also outperforming expectations. However, demand for expensive elective orthopaedic procedures remained muted in the US, although we expect it to come back from H2. We reiterate our BUY and SEK55 target price.

Sales growth set to accelerate

Solid Q1 should trigger positive reaction

The weekly navigator

From the past week, we highlight: 1) we lowered our target price in Investor to SEK320 following a 9% write-down of Patricia Industries in its Q1 report; 2) we reduced our target price in Kinnevik to SEK100 to reflect macroeconomic headwinds, but remain positive ahead of Cristina Stenbeck’s return as chair; 3) we cut our VEF target price to SEK2.5 on FX movements and see re-rating potential from e.g. ongoing buybacks; and 4) we lowered our target price in Flerie to SEK57 given worsening funding ...

US medtech holding back growth in Q1

The weekly navigator

From the past week, we highlight: 1) we are encouraged by the return of Cristina Stenbeck as chair of Kinnevik, and believe it could result in a lower discount to NAV; 2) VEF completed a milestone partial exit of Juspay at a 37% IRR, putting it on track to pay down debt and repurchase shares at a 50% discount to NAV in the near term; and 3) for Industrivärden, we recently reiterated our HOLD and lowered our target price to SEK345 (400), as we see risk to the earnings outlook of its portfolio com...