Alleima (Buy, TP: SEK100.00) - Pricing power and excess cash

Reflecting overall deteriorating macro conditions and a worsened FX situation, we have cut our 2025–2026e adj. EBITDA by 7–13%. Nevertheless, with the majority of earnings from robust end-markets, underpinned by convincing megatrends, we find Alleima still looks set to generate attractive profits in most feasible scenarios. With the stock down c20% in the past month, our updated forecasts translate into attractive multiples, while we believe the company’s net cash position could facilitate bolt-...

Trough P/B multiples in prior cycles

Sector previews: A complex macro-cocktail

Volume growth and value support

Focus on Americas Q2 price guidance

Estimate risk keeps us cautious

Q2e is the cash flow inflection point

Raises SEK 3.75bn at 3.4% discount

CMD increased our conviction in the BUY-case

Pre-CMD release: expanding Garpenberg to 4.5mtpa

CMD 18 March: our focus is on Garpenberg

Re-rating case has played out

Market improving, but already priced in

Lower production announced in Aitik

Granges AB: 1 director

A director at Granges AB bought 4,500 shares at 135.267SEK and the significance rating of the trade was 70/100. 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 clearly sh...

Q4 wrap: strong reports, stronger reactions

Leverage concerns largely abated

Good earnings, even better cash flow

Heads-up for report 6 February

Cash flow fears overblown