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Lifco AB: 1 director

A director at Lifco AB bought 2,000 shares at 262.600SEK and the significance rating of the trade was 54/100. 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 show...

Erik Cassel ... (+2)
  • Erik Cassel
  • Karl Bokvist

Lifco - Top performer & lowest sector valuation; BUY

Rare discount of ~13% to peer group Expect >15% EBITA CAGR to continue Up to BUY (Hold); TP of SEK 200 reiterated

LIFCO B increases its risk exposure and slightly lowers to Neutral

LIFCO B (SE), a company active in the Medical Equipment industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 2 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date May 4, 2021, the closing price was SEK 890.00 and its ...

Erik Cassel ... (+2)
  • Erik Cassel
  • Karl Bokvist

Lifco - Solid execution, should outperform peers

12% EBITA beat vs. cons, all segments better EBITA up 5%, 2% and 2% for 21e, 22e and 23e Should outperform peers on discount valuation

Erik Cassel ... (+2)
  • Erik Cassel
  • Karl Bokvist

Lifco - Solid numbers and discount to peers

Sales 6% growth (2.7% organic, 7% M&A, -3% FX) EBITA +25% y-o-y at SEK 815m (+12% vs consensus) Quality beat from Dental and Demolition & Tools

Erik Cassel ... (+2)
  • Erik Cassel
  • Karl Bokvist

Lifco - Expect a solid start to the year

Q1 report due 23 April Expect growth of 7% y-o-y and record margins in Q1 Reiterate HOLD, new TP of SEK 980 (740)

Erik Cassel ... (+2)
  • Erik Cassel
  • Karl Bokvist

Lifco - Q4 profitability above expectations

Q4 EBITA 4% better than consensus Demolition & Tools margins up 538bp y-o-y Reiterate HOLD and TP of SEK 740

Erik Cassel ... (+2)
  • Erik Cassel
  • Karl Bokvist

Lifco - Weak sales but exceptional margins

Sales 0% growth (-2,1% organic, 5.9% M&A, -3.5% FX) EBITA 20% y-o-y at SEK 782m (+4% vs consensus) Exceptional margins of 26% in Demolition & Tools

Adam Karlsson ... (+3)
  • Adam Karlsson
  • Erik Cassel
  • Viktor Sundberg

Talking Points - Financials: Q4’20e – a good setup for 2021

PCI Biotech (BUY) News-driven com.: fimaVacc delivering on Ph I trial …mean that we still see value support in the sector Positive risk/reward in Danske Bank and Handelsbanken

Erik Cassel ... (+2)
  • Erik Cassel
  • Karl Bokvist

Lifco - Recovering markets point to growth in Q4

Report due 2 February EBITA up 2% ’20-22e Main focus on H1’21 market outlook

Aksel Øverland Engebakken ... (+17)
  • Aksel Øverland Engebakken
  • Daniel Vårdal Haugland
  • Derek Laliberté
  • Erik Moberg
  • Fredrik Ivarsson
  • Jan Erik Gjerland
  • John Olaisen
  • Karl Bokvist
  • Magnus Andersson
  • Martin Melbye
  • Olof Cederholm
  • Oskar Vikström
  • Øystein Elton Lodgaard
  • Patrik Brattelius
  • Peter Kurt Nielsen
  • Tobias Kaj
  • Viktor Sundberg

Talking Points - Collector: Q3 was a step in the right direction

Alfa Laval Post-results: Food (and water) for thought Q3 leads to positive estimate revisions Stock down to attractive levels in absolute terms – BUY

Karl Bokvist ... (+2)
  • Karl Bokvist
  • Oskar Vikström

Lifco - Improved profitability and growth

EBITA beat driven by better growth and lower cost base Continued recovery of European Dental markets Good report but valuation remains unattractive

Karl Bokvist ... (+2)
  • Karl Bokvist
  • Oskar Vikström

Lifco - EBITA-margin well above expectations

Sales 3% growth (-0.4% organic, 7% M&A, -3% FX) EBITA +17% y-o-y at SEK 699m (+25% vs consensus) Lower than expected sales and marketing costs

Erik Moberg ... (+6)
  • Erik Moberg
  • Jannick Lindegaard Denholt
  • Karl Bokvist
  • Martin Melbye
  • Oskar Vikström
  • Tobias Kaj

Talking Points -

Peab (Buy) Preview: Hidden value points to share price potential Starts to decline 38% y-o-y in Q3e Rating down to SELL (Hold) after recent strong run

Karl Bokvist ... (+2)
  • Karl Bokvist
  • Oskar Vikström

Lifco - Recovering Dental markets supportive in Q3

Report due 22 October Expect flat sales growth, EBITA margin of 17.5% Reiterate HOLD and TP of SEK 633

Karl Bokvist ... (+2)
  • Karl Bokvist
  • Oskar Vikström

Lifco - The train keeps a rollin’

Beat on estimates, margin stability above expectation System Solutions solid in Q2 and Dental recovery in June Estimates up, but valuation leaves us with HOLD

Karl Bokvist ... (+2)
  • Karl Bokvist
  • Oskar Vikström

Lifco - Q2 profitability above expectations

Sales -13% growth (-18% organic, 6% M&A, -1% FX) EBITA SEK 569m (+35% vs ABGSCe, +39% vs cons) Improved Dental markets in June supported profitability

Derek Laliberté ... (+5)
  • Derek Laliberté
  • Olof Cederholm
  • Oskar Vikström
  • Peter Kurt Nielsen
  • Tobias Kaj

Talking Points - Electrolux (Buy): Q2 better than expected on strong J...

Tele2 (Sell) Preview: Q2’20 preview We raise 2020 EBIT by 3%; FX takes 5% off 2021-2022 Maintaining BUY and SEK 200 TP; full report on 17 July

Karl Bokvist ... (+2)
  • Karl Bokvist
  • Oskar Vikström

Lifco - Expect Q2 to feel the pinch from COVID-19

COVID-19 hurting in the quarter, expect sales down 15% Estimate revisions: ‘21e sales and EBITA +2% Report due 17 July

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