Medistim (Hold, TP: NOK190.00) - Sales in Americas weaken

Revenues grew 3.5% YOY in Q1 (currency-neutral total sales grew 2.2%), below our estimate c6%. The EBIT margin of 24% was almost back to normal and in our view shows the low margin in Q4 2023 (16.4%) should be seen as a one-off. However, we remain concerned about revenue growth, especially in the Americas, after the fifth consecutive quarter of declining currency-neutral sales. Thus, while we reiterate our HOLD, we have lowered our 2024–2026e sales by c3–8% and cut our target price to NOK190 (21...

Valmet (Buy, TP: EUR30.00) - Q1 on the weak side

Following a mixed but negatively skewed overall Q1, we have lowered our 2024–2026e clean EPS by c4% on average. We reiterate our BUY and EUR30 target price.

Valmet (Buy, TP: EUR30.00) - Soft legacy, inorganic support

We have raised our 2024–2026e clean EPS by c1% on average, following our reduced underlying assumptions but including recently completed M&A. We reiterate our BUY and EUR30 target price. For the Q1 report, we will focus on orders, profitability and the market outlook.

Medistim (Hold, TP: NOK210.00) - Decreased EBIT margin

Revenues were down in all regions in Q4, with currency-neutral total sales down c13.7% YOY. Due to various strategic initiatives, the EBIT margin was unusually low in the quarter, but we expect it to gradually come back to ‘normal’ levels of 25–30%. However, we have lowered our sales estimates, downgraded to HOLD and lowered our target price to NOK210 (260).

Valmet Oyj: 1 director

A director at Valmet Oyj sold 36,000 shares at 25.600EUR and the significance rating of the trade was 79/100. 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 show...

Valmet (Buy, TP: EUR30.00) - Solid Q4, optimism for 2024

We have raised our 2024–2025e clean EBITA by c2% on average, after an in-line Q4 as well as a reiterated outlook and a solid 2024 guidance. Our 3% clean EPS cuts relate to higher than estimated financial costs. We have raised our target price to EUR30 (28) and reiterate our BUY.

Valmet (Buy, TP: EUR30.00) - Focus on orders and guidance

Our 2024–2025e clean EPS is unchanged ahead of the Q4 results, due at 12:00 CET on 7 February, followed by a briefing at 13:00 CET. In the report we will focus on orders, the 2024 market outlook and guidance. We expect Valmet to guide for flat or slightly declining sales and clean EBITA YOY (organically down, but with support from M&A). We have raised our target price to EUR30 (28) and reiterate our BUY.

Medistim (Buy, TP: NOK260.00) - Currency tailwind

Medistim’s Q3 sales growth of 6.5% YOY was helped by favourable currency. Currency-neutral sales growth was negative, especially in the Americas, causing us to cut our sales estimates (especially in this region). Following adjustments of our sales forecasts, we have lowered our target price to NOK260 (290), but reiterate our BUY.

Valmet (Buy, TP: EUR28.00) - Widespread order misses

Following weaker-than-expected orders in Q3, including high-profitability businesses Services and Automation, we have cut our 2024–2025e clean EPS by c6%. We reiterate our BUY but have lowered our target price to EUR28 (30).

Valmet (Buy, TP: EUR30.00) - Focus on orders and outlook

In the upcoming Q3 results, we plan to focus on orders and market outlook commentary. We have made minor 2023–2025e clean EPS changes but have cut our target price to EUR30 (34). We reiterate our BUY as we see upside potential from the currently depressed share price and valuation.

Northern Lights

Medistim (Buy, TP: NOK290.00) - Growth boosted by currency effects

Medistim reported Q2 sales and EBIT above our estimates, but the company benefited from favourable currency effects. Despite the temporarily increased expenses related to the establishment of direct-sales operations, the EBIT margin remained above 30%. We reiterate our BUY and NOK290 target price.

Northern Lights

Valmet (Buy, TP: EUR34.00) - 2024e clean EPS to decline YOY

Our 2023e-tilted order cuts have led us to lower our 2024–2025e sales by c3% on average and clean EPS by c5% on average. We expect sales and clean EPS to decline YOY in 2024e. However, as orders are likely to trough in 2023e and recover in 2024e, we reiterate our BUY but have lowered our target price to EUR34 (36).

Valmet (Buy, TP: EUR36.00) - Substantial softening priced in

Ahead of Valmet’s Q2 results (due 26 July, time tbc), we have lowered our clean EPS by 3% for 2023e, 7% for 2024e, and 5% for 2025e. We reiterate our BUY but have cut our target price to EUR36 (40). The recent share price weakness suggests substantial cuts to consensus.

Medistim ASA: 1 director

A director at Medistim ASA sold 37,719 shares at 265.000NOK and the significance rating of the trade was 83/100. 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 s...

Northern Lights

Medistim (Buy, TP: NOK290.00) - Growth continues in 2023

While sales benefited from favourable currency effects, Medistim reported another strong quarter, with Q1 sales above our estimate. A weaker EBIT margin can partly be attributed to the company building direct sales forces in China and Canada and thus executing on its strategy. It now has direct sales representation in the largest markets in North America (US), Europe (Germany) and Asia (China). We reiterate our BUY and NOK290 target price.

Northern Lights

Valmet (Buy, TP: EUR40.00) - Undervalued quality

We have raised our 2023–2025e clean EPS by 6% on average, following strong Q1 orders and earnings. We have increased our target price to EUR40 (36) and reiterate our BUY. In our view, Valmet’s attractive sales and earnings mix as well as continued earnings quality improvements warrant multiples expansion.