reports
- Karl-Johan Bonnevier
Bergman & Beving (Buy, TP: SEK200.00) - New target ‘500/10/45’ by 2025...
The Q3 report showed stronger profit margins and FCF generation, which we believe allows for a continued acquisition focus (six deals YTD), offsetting weaker demand indicators and FX. We have raised our 2023/24–2025/26e EPS by 4–7%. We see potential in the ‘focus model’ to reach a 10% EBIT margin and EBIT of SEK500m by 2025/26 and P/working capital of 45% by 2026/27, now in our value gap analysis. We reiterate our BUY and have raised our target price to SEK200 (170).
- Karl-Johan Bonnevier
Bergman & Beving (Buy, TP: SEK170.00) - Strong Q2 execution
The Q2 report showed strengthening profit margins and FCF generation, which we believe allows for a continued acquisition focus (four deals YTD), offsetting weaker demand indicators and FX. We have raised our 2023/24–2025/26e EPS by 1–4%. We see potential in the ‘focus model’ to grow EBIT to SEK500m by 2025/26, highlighting value creation from internal efficiencies and acquisitions, similar to our value gap analysis. We reiterate our BUY and have raised our target price to SEK170 (165).
- Karl-Johan Bonnevier
Bergman & Beving (Buy, TP: SEK165.00) - Much-improved FCF generation
The Q1 report matched our expectations. We believe the much-improved FCF generation allows for a renewed acquisition focus (three deals YTD), partly offsetting weakening demand indicators and FX, leading us to do only minor 2023/24–2025/26e EPS cuts. We see potential in the CEO’s ‘focus-model’ approach and ambition to grow EBIT to SEK500m by 2025/26, highlighting possible value-creation from internal efficiency and acquisitions, similar to our value gap analysis. We reiterate our BUY and SEK165 ...
- Karl-Johan Bonnevier
- Niklas Wetterling
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Karl-Johan Bonnevier
Bergman & Beving (Buy, TP: SEK165.00) - CEO’s focus strategy deliverin...
The Q4 report showed a strong finish to 2022/23, with the group’s focus strategy driving profit margin expansion and FCF generation, even with organic sales growth still in the red. We see potential in the CEO’s focus-model approach and ambition to grow EBITA to SEK500m by 2025/26, highlighting possible short- and long-term value-creation from internal efficiency and acquisitions, similar to our value gap analysis. We reiterate our BUY and have raised our target price to SEK165 (152).
Bergman & Beving acquires Kiilax
Bergman & Beving acquires Kiilax Press release Bergman & Beving acquires Kiilax Bergman & Beving has today acquired 75 per cent of the shares in Kiilax Oy. The company manufactures and sells primarily own building material products under the brand Kiilax, including its own patented inspection hatches and its plywood based products. The company sells primarily directly to customers within construction and industry, but also to builders merchants. Kiilax is based in Joensuu in Finland, has 24 employees and a turnover of approximately MEUR 9 with good profitability. “Kiilax has...
Bergman & Beving förvärvar Kiilax
Bergman & Beving förvärvar Kiilax Pressmeddelande Bergman & Beving förvärvar Kiilax Bergman & Beving har idag förvärvat 75 procent av aktierna i Kiilax Oy. Bolaget tillverkar och säljer främst egna produkter till byggmarknaden under varumärket Kiilax innefattande bland annat bolagets patenterade inspektionsluckor och plywoodbaserade produkter. Bolaget säljer mestadels direkt till kunder inom bygg och industri men även till byggåterförsäljare. Kiilax är lokaliserade i Joensuu i Finland, har 24 anställda och omsätter cirka 9 MEUR med god lönsamhet. ”Kiilax har skapat en stark position i Fi...
- Helene Kvilhaug Brøndbo
- Joachim Gunell
- Karl-Johan Bonnevier
- Martin Hoang Nguyen
- Martin Huseby Karlsen
- Mattias Holmberg
- Niclas Gehin
- Ole-Andreas Krohn
- Patrik Ling
- Rune Majlund Dahl
- Steffen Evjen
- Karl-Johan Bonnevier
Bergman & Beving (Buy, TP: SEK152.00) - Still a gap to 2025/26 ambitio...
The Q3 report showed continued solid delivery on the transformation programme, although FCF has yet to improve. We have tweaked our forecasts post-Q3, but updated our target price methodology, and rolled over our forecasts to 2025/26, matching the horizon for the CEO’s ambition of SEK500m in EBITA (our organic scenario still suggests further acquisitions would be needed to hit the target). We see potential in the CEO’s focus-model approach and reiterate our BUY with a raised target price of SEK1...
Bergman & Beving acquires A.T.E. Solutions
Bergman & Beving acquires A.T.E. Solutions Press release Bergman & Beving acquires A.T.E. Solutions Bergman & Beving has today acquired A.T.E. Solutions Ltd. A.T.E produce and deliver automated testing equipment to leading producers with high demands on testing, primarily in UK. The customers can be found within areas such as the defense-, aerospace- and power-industries. A.T.E.´s business is based in Northampton, UK. The company has 17 employees and an annual revenue of MGBP 2.5 with good profitability. ”A.T.E. has a market leading position within automated testing equipme...
Bergman & Beving förvärvar A.T.E. Solutions
Bergman & Beving förvärvar A.T.E. Solutions Pressmeddelande Bergman & Beving förvärvar A.T.E. Solutions Bergman & Beving har idag förvärvat A.T.E. Solutions Ltd. A.T.E. tillverkar och levererar automatiserad testutrustning till ledande producenter med höga krav på testning främst i Storbritannien. Kunderna återfinns inom exempelvis försvars-, flyg- och elkraftsindustrin. A.T.E.s verksamhet är belägen i Northampton, Storbritannien. Bolaget har 17 anställda och omsätter cirka 2,5 MGBP med god lönsamhet. ”A.T.E. har en marknadsledande position inom automatiserad testutrustning...
Bergman & Beving; Interim Report 1 April–31 December 2022
Bergman & Beving; Interim Report 1 April–31 December 2022 Press release Interim Report 1 April–31 December 2022 Third quarter (1 October–31 December 2022) Revenue rose by 7 percent to MSEK 1,239 (1,163).EBITA increased by 23 percent to MSEK 103 (84) and the EBITA margin improved to 8.3 percent (7.2).Net profit rose by 10 percent to MSEK 56 (51). Nine months (1 April–31 December 2022) Revenue rose by 4 percent to MSEK 3,512 (3,370).EBITA increased by 14 percent to MSEK 278 (243) and the EBITA margin improved to 7.9 percent (7.2).Net profit rose by 7 percent to MSEK 160 (149).Earnings pe...
Bergman & Beving; Delårsrapport 1 april–31 december 2022
Bergman & Beving; Delårsrapport 1 april–31 december 2022 Pressmeddelande Delårsrapport 1 april–31 december 2022 Tredje kvartalet (1 oktober–31 december 2022) Nettoomsättningen ökade med 7 procent till 1 239 MSEK (1 163).Resultatet (EBITA) ökade med 23 procent till 103 MSEK (84) och EBITA-marginalen stärktes till 8.3 procent (7,2).Resultatet efter skatt ökade med 10 procent till 56 MSEK (51). Nio månader (1 april–31 december 2022) Nettoomsättningen ökade med 4 procent till 3 512 MSEK (3 370).Resultatet (EBITA) ökade med 14 procent till 287 MSEK (243) och EBITA-marginalen stärktes till 7...
- Douglas Lindahl
- Håkon Astrup
- Hanna Lindbo
- Joachim Gunell
- Johannes Grunselius
- Karl-Johan Bonnevier
- Martin Hoang Nguyen
- Mattias Holmberg
- Niclas Gehin
- Nicolas McBeath
- Niklas Wetterling
- Ole-Andreas Krohn
- Patrik Ling
- Rune Majlund Dahl
- Simen Aas
- Stefan Gauffin
- Steffen Evjen
VOLV B VOLVO AB CLASS B
YAR YARA INTERNATIONAL ASA
TEL2 B TELE2 AB CLASS B
ABB ABB LTD.
NDA DKK NORDEA BANK AB
BERG B BERGMAN & BEVING
CAST CASTELLUM AB
AXFO AXFOOD AB
COLO B COLOPLAST A/S CLASS B
ALIG ALIMAK GROUP AB
BIOA B BIOARCTIC AB
FABG FABEGE AB
DNB DNB ASA
INVE B INVESTOR AB
BOL BOLIDEN AB
BEIJ B BEIJER REF AB
- Karl-Johan Bonnevier
Bergman & Beving (Buy, TP: SEK140.00) - FCF yield outlook at 11–13%
Underlying, the Q2 report broadly matched our expectations, with the group’s pricing initiatives helping to balance FX and cost inflation. Value-enhancing acquisitions have so far offset weakening demand indicators and negative FX effects, prompting limited forecast changes. We see potential in the CEO’s focus-model approach and reiterate our BUY but have cut our target price to SEK140 (145).
Bergman & Bevings delårsrapport 1 april-30 September 2022
Bergman & Bevings delårsrapport 1 april-30 September 2022 Pressmeddelande Bergman & Bevings delårsrapport 1 april–30 september 2022 Andra kvartalet (1 april–30 september 2022) Nettoomsättningen ökade med 6 procent till 1 073 MSEK (1 014) där leveransproblem till följd av IT-angrepp hos Lunas logistikleverantör påverkade negativt med cirka 30 MSEK.Resultatet (EBITA) ökade med 4 procent till 84 MSEK (81) och EBITA-marginalen uppgick till 7,8 procent (8,0). Leveransproblemen till följd av IT-angrepp hos Lunas logistikleverantör påverkade EBITA negativt med cirka 10 MSEK.Resultatet efter ska...
Bergman & Beving´s Interim Report 1 April-30 September 2022
Bergman & Beving´s Interim Report 1 April-30 September 2022 Press release Bergman & Beving’s Interim Report 1 April–30 September 2022 Second quarter (1 April–30 September 2022) Revenue rose by 6 percent to MSEK 1,073 (1,014), with delivery problems due to an IT attack on Luna’s logistics provider having a negative impact of approximately MSEK 30.EBITA increased by 4 percent to MSEK 84 (81) and the EBITA margin was 7.8 percent (8.0). The delivery problems due to the IT attack on Luna’s logistics provider had negative impact of approximately MSEK 10 on EBITA.Net profit totalled MSEK 49 (50...
Bergman & Beving: Deliveries resumed after IT attack at subsidiary Lun...
Bergman & Beving: Deliveries resumed after IT attack at subsidiary Luna´s external logistics supplier Press release Deliveries resumed after IT attack at subsidiary Luna's external logistics supplier The external logistical supplier to Luna has, as previously communicated, been exposed to an IT-attack. This has led to deliveries to Lunas customers have been paused. After hard work to remedy the problems, the deliveries are now back in operation from end of last week. Stockholm, 10 October 2022 Bergman & Beving AB (Publ) For further information, please contact:Magnus Söderlind, Preside...
Bergman & Beving: Leveranserna återupptagna efter IT-angrepp hos dotte...
Bergman & Beving: Leveranserna återupptagna efter IT-angrepp hos dotterbolaget Lunas externa logistikleverantör Pressmeddelande Leveranserna återupptagna efter IT-angrepp hos dotterbolaget Lunas externa logistikleverantör Koncernens dotterbolag Lunas externa logistikleverantör har, som tidigare kommunicerats, utsatts för ett IT-angrepp vilket har lett till att leveranser till Lunas kunder har varit pausade.Leveranserna återupptogs i slutet av förra veckan efter intensivt arbete med att åtgärda problemen. Stockholm 10 oktober 2022 Bergman & Beving AB (Publ) För ytterligare information k...
Bergman & Beving: IT-attack on external logistical supplier to subsidi...
Bergman & Beving: IT-attack on external logistical supplier to subsidiary Luna Press release IT-attack on external logistical supplier to subsidiary Luna The external logistical supplier to Luna has been exposed to an IT-attack. This has led to deliveries to Lunas customers currently being paused. The extent of the attack is currently being investigated by the logistical supplier. For the time being the supplier can not state when their operations will be continued. Lunas organisation works hard to minimize the affect on customers and the business. Stockholm, 23 Septe...
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