Arjo AB: 1 director

A director at Arjo AB bought 1,395,544 shares at 30.000SEK and the significance rating of the trade was 68/100. 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...

Cyber theft issues seem too stubborn

Asia drags down performance

Fundamentals remain despite soft growth

Soft on sales but strong OCF

Evidence of market-wide weakness

Improved sales momentum in Q3e

Added reassurance

Q2 better than feared

Good cost control in Q2

Solid Q2 with promising outlook for H2

Good opportunities in a pressured sector

Hitting the trough

Positive sales momentum in Q2e

Decent player activity in Q2 to date

Early Q2 players up 1% vs Q1

Evolution (Buy, TP: SEK1100.00) - Play it right in fencing

Despite intact 2025 EBITDA margin guidance, a soft Q1 and near-term uncertainties made us cut our 2025–2027e EPS by c10%. The step-up of focus on regulated markets supports the long-term case, although it comes with costs near-term. We reiterate our BUY but have cut our target price to SEK1,100 (1,440). We expect buybacks, expansion, new games, and growth improvements to strengthen the story later in 2025.

Big Q1 disappointment, but exaggerated reaction

Arjo (Hold, TP: SEK35.00) - Soft start to 2025

Q1 sales were broadly in line, but adj. EBITDA was c8% below our forecast and c6% below consensus. The main differences came from higher operating expenses than expected as well as a slightly lower gross margin. Product sales were weak, but service/spare parts and rental saw stronger sales than expected, a mix that is generally negative for the margin trend. We reiterate our HOLD and have cut our target price to SEK35 (42).

Big sales miss, concerning growth numbers