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ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson

Signs of recovery, but some way to go

LatAm impresses and lower losses in North America. Upcoming cost reductions set up for margin recovery, but visibility is blurry and valuation fair at 9.4x EV/EBIT ('25e). HOLD.

ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm

Q2e: Pace of recovery in question

Orders, sales and earnings flat in Q2e and '24e. Stalling PMIs = '25e recovery risk, sector could flatline. Autoliv up to HOLD, Munters up to BUY; prefer Alfa, Metso, Sandvik.

ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson

Q2 preview: slight market improvements

Slightly healthier markets in Q2. We forecast 0% org. growth and adj. EBIT of SEK 85m. Reiterate HOLD, TP cut to SEK 95 (98) on lowered estimates.

ABGSC Capital Goods Research ... (+4)
  • ABGSC Capital Goods Research
  • Anders Idborg
  • Karl Bokvist
  • Olof Cederholm

In it together? Ownership alignment update

Management ownership has increased. Great alignment at ABB, good at Volvo, Alfa, Hexagon, and Metso. Low direct ownership at Epiroc and (despite some improvement) SKF.

ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson

LatAm saves the quarter

Losses a touch smaller than expected. Small deleveraging by FY'25e. EV/EBIT of 9.7x ('25e), reiterate HOLD.

ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson

ELECTROLUX AB suffers a double requalification, which weighs heavily o...

The independent financial analyst theScreener just downgraded the general evaluation of ELECTROLUX AB (SE), active in the Durable Household Products industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Slightly Negative. As of the ana...

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