A reassuring quarter

Broad-based strength behind 10% adj. EBITA beat, '24e-'26e adj. EBITA up 4-2%; 4% CAGR '23-'26e, keep HOLD, TP SEK 340 (310)

10% broad-based EBITA beat

Serial acquirers: M&A in the driver's seat

M&A upside, organic rebound H2'24 and margin resilience. '24e-'26e EBITA/EPS roughly unchanged, '24 likely a slower year. Reinvestment & ROIC motivate 23x EBITA, ADDT/LAGR up to BUY.

Earnings likely negative in Q2

Calendar Q2 due Friday, 12 July. '24e-'26e EBITA up 1%; 4% CAGR '23-'26e, keep HOLD, TP SEK 310 (250)

The power of M&A compounding

Serial acquirers Q1 recap: organic slowdown continues

Q1 recap: lower volumes, but strong margins, 1-3% adj. EBITA miss, '24e-'26e EBITA down 1-0% post-Q1, sector up 13% YTD (EPS up 5%), now trading at ~22x F12m EV/EBITA, 25% above 10Y avg.

The worst is likely behind us

Up to HOLD (Sell), TP SEK 250 (245), '24e-'26e EBITA down 2-1%; 3% CAGR '23-'26e, Demolition weakness likely to persist until H2'24.

6% EBITA miss on slower Demolition

Lifco - Another treat, but with a toothache

7% EBITA beat as cyclical businesses continue to shine ‘22e-‘24e EBITA up 2%; -9% y-o-y ‘23e, +8% ‘24e Keep BUY, TP SEK 170 (170)

Lifco - 7% EBITA beat, but miss in Dental

Sales +2%, EBITA +7% vs. cons, miss in Dental Consensus to raise ‘22e EBITA 1-3%, ‘23e 0-2% Another solid report, but we fear it will not be enough

Lifco - Heads-up for report 21 October

Lifco will report Q3 on Friday, 21 October, at 07:30 CET. A conference call will follow at 09:00, dial in: SE , UK 31

Sector Report - Stronger for longer

Down to HOLD (Buy), TP SEK 150 (165) Calendar Q3 (fiscal Q2) report on Thursday, 27 October

Lifco - The quality pick

Up to BUY (Hold), TP SEK 170 (185), 15% upside ‘22e EBITA up 1%, ‘23e-‘24e EBITA down 7-4% Q3 report on Friday, 21 October, at 07:30 CET

Lifco - Reassuring earnings beat bodes well for Q3

Strong sales and better margins behind 12% EBITA beat Adj. EBITA up 5-3% ’22e-’24e (FX +1%) Keep HOLD, TP SEK 185 (180)

Lifco - Cyclical businesses continue to outperform

Sales +6%, adj. EBITA +13% vs. cons, good org growth Consensus likely to raise EBITA by 4-5% for 2022e Strong report, mid single-digit positive reaction warranted

Lifco - Heads-up for report 15 July

Lifco will report Q2 on Friday, 15 July, at 07:30 CET. A conference call will follow at 09:00, dial in: SE , UK 84, pin: 6562186#

Sector Report - Take away M&A and you still see quality

Q1’22/23 report due Friday, 15 July ‘22e-‘24e adj. EBITA up 2-0% on M&A and FX Up to BUY (Hold) – TP of SEK 160 (182)

Lifco - Strong industrial demand to continue in Q2

Q2 report on Friday, 15 July, 07:30 CET EBITA down 1/4/3% in ‘22-‘24e (+1-2% FX, +2-3% M&A) TP down on lower estimates and peer multiples; HOLD

Lifco - Comforting results

14% organic growth behind 8% EBITA beat ‘22e-‘24e EBITA up 4-2% Solid but fairly valued: HOLD, TP of SEK 230 (245)

Lifco - 8% EBITA beat on strong organic sales

Sales +7%, EBITA +8% vs. cons, strong organic growth Consensus likely to raise FY’22 EBITA by 3-5% Underperformer into numbers, small pos reaction likely