Slowdown in Germany, cautious outlook in NL

Improvement not without obstacles

Nibe Industrier (Hold, TP: SEK50.00) - The devil is in the details

Q3 marked a second consecutive quarter boosted by a positive contribution from weak-performing acquisitions. Heading into high season, we expect demand to pick-up and further margin improvement. However, having cut our 2024–2026e adj. EBIT by 6% on average and our target price to SEK50 (52), we reiterate our HOLD on limited upside potential.

A bit messy, but still an underlying 5% beat

The Capital Goods Data Miner – November 2024

Heads-up for report 15 November

BEIJ/NIBE: US HVAC - Sep shipments +18% y-o-y

Storskogen (Buy, TP: SEK11.70) - Establishing its future footprint

Storskogen has taken major steps to reestablish its investment credentials with its portfolio clean-up. Following the Q3 results, we have largely maintained our 2024–2026e EBITA but raised EPS by 3–6% on improved financials and lower financial costs. We see potential for the company to restart a more growth-oriented capital allocation focus in 2025, ending the deleveraging period. We reiterate our BUY on still-strong valuation support, and have raised our target price to SEK11.7 (11).

After capital spree, SMM still a drag

HVAC&R: Improving sentiment at the 'KVP' day

Q3 trends, estimates, valuation and top picks

Sandvik AB: 1 director

A director at Sandvik AB bought 1,000,000 shares at 212.986SEK and the significance rating of the trade was 67/100. 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 clearl...

Encouraging German HP market in September

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/22/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/10/2024

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Sandvik (Buy, TP: SEK265.00) - Buy on weakness

Although a weakening cycle has been a key focal point for investors since the summer, Sandvik’s soft Q3 report with weak demand for the cutting tools business on the back of a “weak macro environment” and high uncertainty for short-term demand, seem to have caught some off guard. We believe the short-term uncertainty is a buying opportunity as we see PMIs near a trough and an attractive risk/reward at a 2025e EV/EBIT of 12.1x. We have cut our 2024–2026e adj. EBITA by 2% on lower organic growth, ...

Sandvik : Persistent margin decline continues to be a cause for concer...

>Q3 2024: fall in short-cycle businesses and the margin (-70bp) - Sandvik reported its Q3 2024 results during trading on Monday (details on the following page).The order intake was up by 2% y-o-y on an organic basis (5.9% forecast by the consensus) with increases in the mining sector (SMR: +8% vs css +11.1%). Conversely, orders deteriorated in the industrial segment (SMM: -4% vs css +1.4%) and remained weak in infrastructure (SRP: +1% vs css -3.7%). Sales ...

Sandvik : Le recul de la marge persiste et continue d’inquiéter

>T3 2024 : recul des activités à cycle court et de la marge (-70 pb) - Sandvik a publié lundi, en journée, ses résultats T3 2024 (voir détails en page suivante).Les prises de commandes étaient en hausse organique de 2% yoy (5.9% attendu par le css) avec une hausse sur le secteur minier (SMR : +8% vs css à +11.1%). En revanche, les prises de commandes se sont détériorées sur le segment industriel (SMM : -4% vs css à +1.4%) et restent faibles sur celui des infrast...

Failing to inject excitement

A few % light, 8% mining growth underwhelms