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HanzaAB: 1 director

A director at HanzaAB sold 125,000 shares at 107.199SEK 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 showi...

Adrian Gilani ... (+3)
  • Adrian Gilani
  • Erik Cassel
  • Max Bacco

HANZA - Terminating coverage

ABGSC ceases coverage of HANZA… …due to the end of the contractual period Last published estimates are shown in this report

Adrian Gilani ... (+3)
  • Adrian Gilani
  • Erik Cassel
  • Max Bacco

HANZA - Strong demand, yet some margin pressure

Main Markets continue to perform despite a tough market ’23e-’24e EBITA up by 4%, ’22e kept as is Fair value raised to SEK 38-58 (35-55) per share

Adrian Gilani ... (+3)
  • Adrian Gilani
  • Erik Cassel
  • Max Bacco

HANZA - Impressive growth in difficult market

EBITA SEK 41m (in line with FactSet cons. 41m) Organic growth of 26% (ABGSCe 12%) 11x ’22e EV/EBITA on pre-Q1 numbers

Adrian Gilani ... (+3)
  • Adrian Gilani
  • Erik Cassel
  • Max Bacco

HANZA - Coming off a record year

Q1 report due on 3 Tuesday May Adj. EBITA lowered by 2% for ’22e, ’23e-’24e unchanged 12x ’22e EV/EBITA, ‘21-‘24e adj. EBITA CAGR of 14%

Adrian Gilani ... (+3)
  • Adrian Gilani
  • Erik Cassel
  • Max Bacco

HANZA - Margins under pressure, but demand is strong

Main Markets outperform, Other Markets lagging Adj. EBITA up by 1% for ’22e-’23e Share trading at 11x ’22e EV/EBITA (adj.)

Adrian Gilani ... (+3)
  • Adrian Gilani
  • Erik Cassel
  • Max Bacco

HANZA - Strong quarter despite challenging conditions

Adj. EBITA SEK 39m (-1% vs. ABGSCe 40m) ’22e will continue to be affected by material shortages 11x ’22e EV/EBITA (adj.) on pre-Q4 numbers

Adrian Gilani ... (+3)
  • Adrian Gilani
  • Erik Cassel
  • Max Bacco

HANZA - Expected to end 2021 on a high note

Q4 report due on Tuesday, 15 February We leave our adj. EBITA estimates unchanged 11x ’22e EV/EBITA (adj.), fair value SEK 35-55 (28-45)

Adrian Gilani ... (+3)
  • Adrian Gilani
  • Erik Cassel
  • Max Bacco

HANZA - Main Markets shines with impressive margins

Strong Q3 performance despite supply chain issues Slight margin revisions, but estimates mostly unchanged German expansion back on the agenda

Adrian Gilani ... (+3)
  • Adrian Gilani
  • Erik Cassel
  • Max Bacco

HANZA - In line on sales and adj. EBITA

Q3 adj. EBITA SEK 37m (-1% vs. ABGSCe 38m) Estimates likely unchanged on isolated numbers 8x ’22e EV/EBITA (adj.) on pre-Q3 numbers

Adrian Gilani ... (+3)
  • Adrian Gilani
  • Erik Cassel
  • Max Bacco

HANZA - Strong demand but difficulties delivering

Q3 report due on Tuesday, 9 November Beyers acquisition added to estimates 9x ’22e EV/EBITA, 40% ’20-’23e EBITA CAGR

Adrian Gilani ... (+3)
  • Adrian Gilani
  • Erik Cassel
  • Max Bacco

HANZA - One more step in the cluster strategy

HANZA acquires Helmut Beyers in Germany Adds 1% and 6% to ’21e and ‘22e sales, respectively Another step in building out the cluster strategy

Erik Cassel ... (+2)
  • Erik Cassel
  • Max Bacco

HANZA - Cluster strategy playing out

Q2 EBITA 12% better than ABGSCe on high margins EBITA estimates up 13-15% for ’21e-‘23e Fair value range raised to SEK 24-39 per share

Erik Cassel
  • Erik Cassel

HANZA - Reversed profit warning

Expects sales of more than SEK 600m, ABGSCe 629m Expects EBITA of more than SEK 35m, ABGSCe 29m EBITA more than 19% better than expectations

Erik Cassel
  • Erik Cassel

HANZA - Margins moving in the right direction

Adj. EBITA 14% better than ABGSCe We lift our ’21e-’23e adj. EBITA by 6-9% New fair value range of SEK 15-25 (12-22)

Erik Cassel
  • Erik Cassel

HANZA - Headed for calmer waters

EBITA 11% below ABGSCe We lower ‘21e-‘22e EBITA by 2-4% New fair value range, SEK 12-22/share

Erik Cassel
  • Erik Cassel

HANZA - Delivering on margins

EBITA 26% better than ABGSCe We lower ‘21e-‘22e sales by 4-3% on a slower recovery Well positioned for recovery, fair value SEK 12-24/share

Erik Cassel ... (+2)
  • Erik Cassel
  • Oskar Vikström

HANZA - Clearer skies on the horizon

Q2 sales +10% vs. ABGSCe Short-term challenges, better long-term prospects Sales, EBITA raised 2.4% and 15% for ‘20e respectively

Erik Cassel ... (+2)
  • Erik Cassel
  • Oskar Vikström

HANZA - Expect a weak second quarter

Q2’20e sales of SEK 509m, adj. EBITA of SEK 9m ’21 estimates and long-term story remain intact At low end of our value range, trading 8x ‘21e EV/EBITA

Oskar Vikström
  • Oskar Vikström

HANZA - ’20e a lost year, but the long-term story is there

Q1’20 sales +5% and EBITA +4% vs. ABGSCe Weakening demand continuing into Q2’20 Share is down 33% YTD, ‘21e EV/EBITA 8.1x

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