Post-Q1: rising fear creates opportunities

In-line report a relief

Fairly in line volumes, EBIT, and Q2 guidance

Trough P/B multiples in prior cycles

Sector previews: A complex macro-cocktail

Q2e is the cash flow inflection point

Granges AB: 1 director

A director at Granges AB bought 4,500 shares at 135.267SEK and the significance rating of the trade was 70/100. 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...

Q4 wrap: strong reports, stronger reactions

Cash flow fears overblown

Volumes and EBIT above, FCF weak

Positive signs for copper & zinc, none for steel

Strong '25e volume growth at cheap valuation

In line Q3 and better Q4 volume guidance

Higher estimate risk from slowing end-markets

Strong performance is priced in

Q3e: higher volumes y-o-y, but headwinds from price/cost and FX. We raise EBIT estimates by 1-3% for '24e-'26e. Strong performance is priced in, so we keep HOLD.

Strong Q2 earnings and Q3 volume guidance

A steal of a deal, but too early to get excited

Shandong deal looks financially and strategically solid but likely no material EPS impact until '26e, so we keep HOLD. Q2e: +26% q-o-q EBIT growth, mainly on higher volumes.

Goes big in China

Strong run limits the upside, down to HOLD

Limited upside after share +38% L90D, down to HOLD (Buy). Volume recovery in '24e is factored into estimates. TP and org. estimates unchanged, EBIT down 1-2% on FX.

More growth is coming

Q2e moving parts: higher volumes, FX tailwind. Solid volume outlook for '24e as de-stocking subsides. We keep BUY with a new TP of SEK 140 (136).