Keeps proving its M&A affinity

Geographical diversity gives resilience - UK grew 6% org. Thebalux delivered a strong 25% margin; first full quarter in the group. Share trading at 7x '24e EBITA vs historical avg. 7-11x NTM.

Thebalux hit the ground running

Svedbergs Group AB: 3 directors

Three Directors at Svedbergs Group AB sold/bought/sold after exercising options 523,472 shares at between 20.760SEK and 37.800SEK. The significance rating of the trade was 85/100. 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 trad...

Svedbergs - Quality is always in fashion

Q3 was a 10% beat on sales and 25% on EBITA We repeat that we are likely not in the all-clear yet We raise EBITA estimates by 3-5% for '23e-'24e

Svedbergs - The power of strong brands

Sales SEK 435m, 13% vs. ABGSC EBITA SEK 59m, 21% vs. ABGSC Broad beat, share trading on 6x-5x ’22e-‘24e EV/EBITA

Svedbergs - A diverse portfolio saves the day

Q3 report due 21 October We estimate sales of SEK 384m, EBITA SEK 49m Share trading at ’22e-‘24e EV/EBITA 5.4x-5.0x

Svedbergs - Showing continued strength in projects

Q2 beat on sales, below on EBITA We expect the project market to slow, starting in H1’23 We lower ’23e-’24e EBITA by 2%

Svedbergs - Continued strong top-line momentum

Sales +6% vs ABGSCe, 6% organic growth EBITA -2% vs ABGSCe We expect cons. estimates to be largely unchanged

Svedbergs - Staying resilient despite surging inflation

Double-digit beat on both sales and EBITA vs. ABGSCe Strong performance across all companies and markets Fair value range up to SEK 52-68 (47-65) per share

Svedbergs - A strong performance across the board

Sales +21% vs ABGSCe, with 13% organic growth EBITA +32% vs ABGSCe Roper Rhodes driving growth with 53% of group sales

Svedbergs - Stable start to the year expected

Q1 report due on April 22 We expect sales of SEK 402m and EBITA of 56m Share trading at EV/EBITA of 10.7x-8.5x in ‘22e-’24e

Svedbergs - Solid delivery in Q4, outlook remains positive

Q4 sales -1% vs ABGSCe, EBITA -4% vs ABGSCe Minor estimate revisions in ‘22e-‘23e Value range intact at SEK 50-87 per share

Svedbergs - In line sales - positive outlook adds confidence

Sales -1% vs ABGSCe EBITA -4% vs ABGSCe We expect low-single digits estimate revisions by cons.

Svedbergs - The beginning of a new era

Q4 report due on 4 February Roper Rhodes to become more visible from Q1’22e Share is trading at 12.6x-11.6x EV/EBITA in ‘22e-‘23e

Svedbergs - Entering Brittish territory

Acquiring UK based Roper Rhodes Adding 89-87% to sales and EBITA in ‘22e (ABGSCe) Adding confident to continued M&A strategy

Svedbergs - A solid foundation to build on

Double-digit beat of 11% on adj. EBITA vs. ABGSCe Estimates for adj. EBITA up by 2% in ’22-‘23e Fair value range lifted to SEK 49-86 (32-72)

Svedbergs - A solid performance with 11% beat on EBITA

Sales +1% vs ABGSCe Adj. EBITA +11% vs ABGSCe Solid growth backed by a strong end-market

Svedbergs - The heat is still on

Q3 report due on 21 October We expect sales of SEK 165m and adj. EBITA of 22m Fair value range unchanged at SEK 32-72

Svedbergs - Beating expectations

Q2 report was strong with organic growth of 19% Adj. EBITA estimates up by 11-7% in ‘21e-‘23e Fair value range lifted to SEK 32-72 (29-67) per share

Svedbergs - Q2 to reveal continued strong demand

Q2 due on Friday 16 July We expect sales of SEK 195m, adj. EBITA of SEK 26m Fair value range unchanged at SEK 29-67 per share