Very much on track, but slightly lower '25e

FLSmidth (Buy, TP: DKK430.00) - Core continues to shine

We have raised our 2024–2025e clean EBITA by c4% and target price to DKK430 (420), and reiterate our BUY. We like the quality improvement, signals for future mining capital demand picking up, and a possible Cement exit.

Autostore (Sell, TP: NOK9.50) - Improved order intake needed

While we have lowered our 2024–2026e gross opex by 4–5% following the OpFCF beat in Q3, we continue to see downside risk to consensus given still-sluggish backlog growth (3% YOY) despite the longer backlog duration (as we understand it). We therefore reiterate our SELL, but have raised our target price to NOK9.5 (9) after increasing our earnings estimates.

FY'24 margin upgrade but orders weaker

Heads-up for report 12 November

Hit the dip, ready to rip

Sampo: 1 director

A director at Sampo sold 28,593 shares at 303.280DKK and the significance rating of the trade was 82/100. 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 years clearly showing ...

Sales 5% better, orders 1.4% below

Sales 5% vs cons, adj. EBITDA 7% on higher sales / GM. Orders -1.4% vs cons; '24 revenue guidance/outlook comments kept. '24e EBIT likely up ~3% on higher GM, stock up ~2%

Sampo Oyj (Buy, TP: EUR48.00) - Pricing power remains strong

Helped by strong growth in both Hastings and recently acquired Topdanmark, Sampo reported PTP 11% higher YOY in Q3. Underwriting performance continues to be strong in Hastings and If P&C, where the underlying claims ratio improved 0.3%-points YOY. We have made limited 2025–2026e EPS changes in light of the report. We reiterate our BUY and EUR48 target price.

Growing industry in a dip

Autostore (Sell, TP: NOK9.00) - Set for limited recovery support

While we are in line with the company’s 2024 sales guidance and see limited risk to the pre-announced Q3 sales, we remain cautious on Q3 order intake, as partner earnings suggest downside risk to our already soft forecast. We still see risk to consensus 2025e sales on a delayed market recovery, and reiterate our SELL and NOK9 target price.

Electrolux Professional (Hold, TP: SEK79.00) - Improving performance

Following the Q3 results, we have greater confidence in the company’s organic growth trends in Laundry and the US Food & Beverage segment (on growing sales to chains and institutional customer demand looking set to improve). This should support higher than previously estimated margin improvement. We reiterate our HOLD, but have raised our target price to SEK79 (71).

Swedish Orphan Biovitrum (Hold, TP: SEK355.00) - Strong quarter, raise...

SOBI reported a very strong Q3, with beats of 15% on the top line and c42% on adj. EBITA. The company increased its guidance for the 2024 top line but reiterated it for margins. The latter indicates higher operating costs in Q4, and this dampened the share price yesterday. We reiterate our HOLD but have raised our target price to SEK355 (335) on updated forecasts.

Igniting the Beyfortus booster

Q3: Beyfortus beats at the start of RSV season