Sweden to spend 3.5% of GDP by 2030

SAAB AB: 1 director

A director at SAAB AB sold 4,000 shares at 354.290SEK and the significance rating of the trade was 54/100. 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 showing...

40% surge not warranted, down to SELL

Up to HOLD as valuation gap closes

Weak Q4 orders and EBIT, guidance in line

Heads-up for report 7 February

Estimates down on preliminary Q4 figures

Releases FY guidance update

Share reaction divorced from estimate impact

A solid beat in the smallest quarter

All eyes on cash flow

Sweden announces defence investments for '25

Peru confirms fighter jet acquisition budget

17th Swedish support package to Ukraine

Down 6% on solid report: expectations too high

Orders strong, EBIT in line, lease-adj. FCF still weak at SEK -2.5bn. Great Dynamics margin while Surveillance temporarily lags behind. Traded down 6% despite this, outperformance priced in: keep SELL.

EBIT in line and weak FCF

Q2'24 results fast comment

Strong Q2e, but expectations remain too high

Expect record Q2 orders, strong earnings, but weak cash flow. Larger and earlier orders with better mix drive 8-9% EBIT upgrades. Strong demand, but be wary of high margin expectations, keep SELL.

NATO publishes '24e defence spending figures

NATO ex. US to grow equipment expenditure by 40% (25%) in '24e. Near-term positive, but '24e very likely peak growth year. Share of equipment spending at all-time high, risk of mean reversion.

13.3bn support package to Ukraine

SEK 13.3bn focused on air defence, artillery and armour. 2 GlobalEye deliveries moved forward, 1 additional order. Share -5% today reflecting higher expectations for impact on Saab.

4:1 stock split

Company has implemented a 4:1 stock split. We adjust our numbers accordingly. SELL with new, post-split TP of SEK 170 (680 before split).