Solid guidance from Dassault Systemes

Impressive recovery in DM to continue

Cost control in DM behind Q1 beat, adj. EBITA up 4%. We estimate 55% adj. EBITA growth in Q2e vs. 25% in Q1. M&A outlook positive, BUY on quality growth, TP SEK 135 (130).

Strong beat in Q1

Setback in US ABI in March

Addnode Group - Impressive execution, we stick to BUY

Broad-based beat in Q3 lifts adj. EBITA 6-16% Few signs of a slowdown; we are cautious about extrapolating 20.1x 2023e EV/EBITA, reiterate BUY, TP of SEK 120 (115)

Addnode Group - Massive EBITA beat in Q3

Broad based 23% org growth (ABGSCe 4%)… …and higher margins drive 26% adj. EBITA beat vs cons Estimates up 10%, share 10-15% today

Addnode Group - Impressively strong Q2, up to BUY (Hold)

11% organic growth & margin beat, adj. EBITA up 6-7% -9% share reaction unwarranted, take the opportunity Share rarely below 20x EV/EBITA, up to BUY (Hold)

Addnode Group - Broad based beat in Q2, EBITA +12% vs cons

Sales and margin beat across all three business units 11% org growth in Q2 better than expected (ABG -1%) Positive revisions of 5-10% and share should do same

Addnode Group - Eyes on the US expansion

Estimates up 7-9% post Q1 and M&A Organic growth facing tougher comps from Q2e Peers have come down, fair discount; TP SEK 100 (105)