reports
- Patrik Ling
Swedish Orphan Biovitrum (Buy, TP: SEK365.00) - Haemophilia the highli...
Q1 sales beat our forecast by 5% and adj. EBITA outperformed by 8%. Overall, we believe the highlight in the report was the stronger haemophilia result than expected, with solid growth in Altuvoct and a smaller decline for Elocta than forecast. The weak spot was Vonjo sales, which missed our estimate by 28% and consensus by 29%, with management citing stocking issues. We reiterate our BUY and SEK365 target price.
- ABGSC Healthcare Research
- Alexander Krämer
- Morten Larsen
- ABGSC Healthcare Research
- Alexander Krämer
- Morten Larsen
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- Johannes Grunselius
Stora Enso (Buy, TP: EUR12.00) - Reassuring Q1
After a series of negative earnings surprises, the Q1 results exceeded our expectations, mainly on progress in the key Consumer Packaging division. In addition, we found it reassuring that management reiterated that the forestry asset sale is ongoing, with completion expected before end-H1. We have made limited forecast changes, and reiterate our BUY and EUR12 target price.
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Henrik Bartnes
- Martin Melbye
- ABGSC Healthcare Research
- Alexander Krämer
- Morten Larsen
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- Johannes Grunselius
Stora Enso (Buy, TP: EUR12.00) - Headwinds versus intrinsic values
Reflecting escalating general macro uncertainty leading to softer prices for most of Stora Enso’s industries and FX headwinds (weaker USD and stronger SEK), we have reduced our 2025–2026e adj. EBITDA by 6% per year. Despite this, we still find the valuation discount too high, especially since we believe Stora Enso’s explicit plan of selling 12% of its Swedish forestland could be a potential positive catalyst. We reiterate our BUY, but have reduced our target price to EUR12 (13).
- ABGSC Healthcare Research
- Alexander Krämer
- Morten Larsen
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- Patrik Ling
Swedish Orphan Biovitrum (Buy, TP: SEK365.00) - Slightly below consens...
We forecast a decent quarter, despite some difficult revenue comparables, with no manufacturing revenues, lower Elocta sales and lower Beyfortus royalties YOY, unlikely to be fully compensated by new product growth, such as for Altuvoct. Meanwhile, the company continues to invest in its recently launched products (and coming launches), which should be well known by the market. We reiterate our BUY and SEK365 target price.
- Håkon Astrup
Storebrand (Buy, TP: NOK149.00) - Strong start to the year
Fuelled by strong AUM growth within Savings, and the effects of several rounds of insurance repricing, we forecast a Q1 PTP (before amortisation) of NOK1,166m, ~8% stronger YOY. With the new NOK1.5bn buyback underway, the company is offering an attractive payout yield of 6–7%. We believe the stock is attractively valued at a 2026e P/E of c10x, when adjusting for the excess capital to be distributed. We reiterate our BUY, and have raised our target price to NOK149 (140).
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- ABGSC Healthcare Research
- Alexander Krämer
- Morten Larsen
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
- Patrik Brattelius
- Mattias Holmberg
Who stands to benefit?
A potential peace deal between Russia and Ukraine could unlock one of the largest reconstruction efforts in modern history. The World Bank estimates Ukraine will need USD486bn in rebuilding efforts over the next decade, but we estimate this would add only c2% to annual European construction spending. While the direct earnings effect may be modest, we expect the “rebuild Ukraine theme” to drive investor sentiment. We see Volvo, Epiroc, Hexagon, Metso, Hiab and ABB as some of the primary beneficia...
UPM UPM-KYMMENE OYJ
VOLV B VOLVO AB CLASS B
SSAB A SSAB AB CLASS A
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
ELUX B ELECTROLUX AB CLASS B
SAND SANDVIK AB
STERV STORA ENSO OYJ CLASS R
FLS FLSMIDTH & CO. A/S
KEMIRA KEMIRA OYJ
ROCK B ROCKWOOL INTERNATIONAL A/S CLASS B
METSB METSA BOARD OYJ CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
BILL BILLERUDKORSNAS AB
KCR KONECRANES OYJ
LIAB LINDAB INTERNATIONAL AB
ALIG ALIMAK GROUP AB
ALFA ALFA LAVAL AB
ATCO A ATLAS COPCO AB CLASS A
VWS VESTAS WIND SYSTEMS
HEXA B HEXAGON AB
SYSR SYSTEMAIR AB
EPI A EPIROC AB
BEIJ B BEIJER REF AB
NIBE B NIBE INDUSTRIER AB
KALMAR KALMAR
- ABGSC Financials Research
- Fredrik Flørnes Støle
- Jan Erik Gjerland
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