reports
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- Douglas Lindahl
Beijer Ref (Hold, TP: SEK175.00) - Valuation stretched
Overall we view Q2 as somewhat stronger than forecast and expect H2 comparables to result in stronger organic growth YOY (relative to H1). We have slightly increased our 2024-2026e and raised our target price to SEK175 (166), mainly due to expanded peer multiples. However, we still find the valuation stretched, despite the growth potential, and reiterate our HOLD.
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- Douglas Lindahl
Beijer Ref (Hold, TP: SEK166.00) - Price tailwinds from the US
We estimate Q2 sales of SEK9,560m, organic growth of c1% YOY, and an adj. EBIT margin of 11.3%, leaving us 2% above Visible Alpha adj. EBIT consensus. We have raised our 2024–2026e adj. EBIT by c1% on average. In this note, we also address the US A2L regulation and its potential price impact on the US HVAC-R industry. We reiterate our HOLD, but have raised our target price to SEK166 (156) on updated peer multiples and estimates.
- ABGSC Small Cap Research
- Karl Bokvist
AF B AF POYRY AB CLASS B
INDT INDUTRADE AB
RATO B RATOS AB CLASS B
VIT B VITEC SOFTWARE GROUP AB
HPOL B HEXPOL AB CLASS B
ADDV A ADDVISE GROUP
MCAP MEDCAP
A2DRL9 SDIPTECH AB B
BHG BHG GROUP
ADDT B ADDTECH AB CLASS B
LAGR B LAGERCRANTZ GROUP AB SERIES B
SWEC B SWECO AB CLASS B
SF STILLFRONT GROUP AB
SINCH SINCH AB
VIMIAN VIMIAN GROUP AB
BEIJ B BEIJER REF AB
LIFCO B LIFCO AB
NIBE B NIBE INDUSTRIER AB
INSTAL INSTALCO AB
HTRO HEXATRONIC GROUP AB
ANOD B ADDNODE GROUP AKTIEBOLAG (PUBL)
VESTUM VESTUM AB
EMBRAC B EMBRACER GROUP AB
GREEN GREEN LANDSCAPING GROUP AB (PUBL)
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
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