reports
- ABGSC Services Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- Simon Jönsson
- ABGSC Services Research
- Karl Bokvist
- ABGSC Services Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- Simon Jönsson
- ABGSC Services Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Services Research
- Karl Bokvist
- ABGSC Small Cap Research
- Karl Bokvist
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- ABGSC Services Research
- Karl Bokvist
- Marcus Develius
Instalco (Buy, TP: SEK45.00) - Looking forward
Q1 earnings disappointed, but sales grew 0.3% YOY (ending 5% above consensus), including 0.2% organic, marking the first positive figure since autumn 2023. EBITA was SEK123m (12% below consensus), corresponding to a margin of 3.7%, while the adj. EBITA margin was 5.7%. Cash from operating activities was good, driven by a working capital release. We have cut our 2025e EBITA by 7% and 2026e by 4%, and lowered our target price to SEK45 (46), but reiterate our BUY.
- ABGSC Services Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- Simon Jönsson
- ABGSC Services Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
- Marcus Develius
Instalco (Buy, TP: SEK46.00) - Trough to Triumph
Following efforts to strengthen its long-term competitiveness in Q4, we expect a 4% YOY decline in organic growth in Q1 – but then a gradual recovery through 2025, led by a cautiously improving installation market, as highlighted in the Q4 CEO statements. We have cut our 2025e and 2026e EBITA by 3% respectively and thus lowered our target price to SEK46 (48), but with still-healthy upside potential, we reiterate our BUY.
- Marcus Develius
Instalco (Buy, TP: SEK48.00) - Soft as expected, but signs of upturn
Sales in Q4 fell 7% YOY (vs consensus -4%), of which organic growth was 7%. EBITA was SEK195m (15% above consensus), corresponding to an EBITA margin of 5.4%, while the adj. EBITA margin was 7.2%. FCF was strong, driven by a working capital release, as is normal at the end of the year. We have cut our 2025e EBITA by 5%, but raised our 2026e by 2%. We have lowered our target price to SEK48 (50), but reiterate our BUY.
- ABGSC Capital Goods Research
- Karl Bokvist
- ABGSC Capital Goods Research
- Karl Bokvist
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