Turning a corner

Awaiting pick-up in H2

Continued headwinds in Sweden

Pushing through a tough H1

Swedish market still awaiting tenders

Well-guided soft sales

Caution in the market to weigh on growth

Careium wins SEK 24m Norwegian contract

Solid end to a challenging year

Improved GM supports EBIT beat

Minor market improvements and light comps

The product sales waiting game

Dissapointing sales, but solid EBIT

Disappointing sales, but solid EBIT

Well-guided soft growth in Q3

Revised estimates amid market delays

We cut '24e-'26e sales by 5-3% on outlook downgrade. Delays should result in pent-up demand. Share is trading at 12x-8x '24e-'26e EV/EBITA adj.

Downgrades '24 outlook

Holding out for H2 acceleration

Q2: stable top line despite headwinds, margins keep improving y-o-y. Tweaked '24e, as we look for 15% adj. EBITA CAGR. Share is trading at 10-7x '24e-'26e EV/EBITA adj.

Solid growth despite external headwinds

Market delays remain a headwind

Q2e: 6% organic sales growth y-o-y, 9% adj. EBITA margin. Expect a softer Q2, partly on further market delays. Trading at 9.5x-8x '24e-'25e EV/EBITA adj.