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