Scandi Standard AB: 1 director

A director at Scandi Standard AB bought 28,563 shares at 94.450SEK and the significance rating of the trade was 50/100. 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 cl...

One step back before two more forward

Q2: A slight miss (-2% vs consensus)

Winner winner chicken dinner

Q1: 4% EBIT-beat driven by margins

There's a will, and there's a way

Q4: EBIT in line, DPS slightly below

Brings home the bacon

Steady, and steady is good

Q3: All-time high EBIT, as expected

Spreading its wings

Q3'24e EBIT of SEK 150m (Facts Set cons . SEK 151m). Recent M&A adds new dimension to the margin story. '25e-26e P/E 14x-11x: BUY , TP SEK 90 (85).

On the right track

'24e-'25e EBIT little changed as RTE recovery offsets RTC miss. Structural improvements to support continued margin expansion. '25e P/E 13x for 15% EPS CAGR and 15% ROE next 3-4 years.

Q2: EBIT 4% below, but RTE comeback is a positive

Q1: EBIT 6% above cons. We see a strong '24 margin outlook, and the DK turnaround continues positively. Expect limited changes to cons '24e EBIT, but we find the report case-supportive

Encouraging underlying margin growth

We keep our '24e-'25e EBIT largely unchanged. Margin expansion in RTC offsets prolonged RTE recovery. Positive momentum and undemanding valuation: BUY.

Q1: EBIT 6% above cons on better margins

Q1: EBIT 6% above cons. We see a strong '24 margin outlook, and the DK turnaround continues positively. Expect limited changes to cons '24e EBIT, but we find the report case-supportive

Scandi Standard (No_rec, TP: SEK) - Discontinuing coverage

We have discontinued coverage of Scandi Standard. Our last published recommendation, target price and estimates should no longer be relied upon.

Northern Lights

Scandi Standard (Buy, TP: SEK46.00) -

Scandi Standard (SCST SS, Buy) - (17 pages)

Scandi Standard (Buy, TP: SEK42.00) - Expecting continued headwinds

We expect a soft Q1 report from Scandi Standard (due at 07:30 CET on 4 May) as a result of raw material cost inflation, low realised prices in export markets, reduced bird intake in Sweden and Ireland, and continued losses in RTC Denmark, only partly offset by some price increases being passed on to customers. We reiterate our BUY, but have lowered our target price to SEK42 (46) on our negative estimate revisions.

Scandi Standard (Buy, TP: SEK46.00) - 2022 off to a bumpy start, but g...

Q4 sales were 4% above consensus, on Foodservice strength in the Ready-to-Eat segment. However, adjusted EBIT of SEK3m missed consensus, reflecting increased costs (particularly feed raw materials) and continued losses in Denmark. The company had pre-warned of a tough quarter – a trend set to continue in H1. Despite this, we find the improvement programme convincing and guidance reasonable, and expect the financial benefits to appear in H2. We reiterate our BUY and SEK46 target price.