Serial acquirers: Earnings trough, M&A in focus

Return to organic growth in Q3e, increased M&A activity likely. '24e-'26e EBITA/EPS up 3% (FX +1%, M&A +2%). ~21x EBITA limits upside, but mild downturn+M&A could offer support.

M&A, healthcare and stability – up to HOLD

Up to HOLD (Sell), TP SEK 255 (235). '24e-'26e EBITA up 2-3%; 5% CAGR '23-'26e. Q1 report Thursday, 25 April.

Demolition weakness still in focus

Q1 rep. Wed 24 Apr, 07:30 CET, '24e-'26e EBITA up 4-5%; 4% CAGR '23-'26e, keep SELL, TP SEK 245 (230)

Tough market persists in Q1

Q1 report Fri 3 May, '24e-'26e EBITA down 1-0%; 5% CAGR '23-'26e, keep HOLD, TP SEK 40 unchanged.

Solid top line, but softer earnings

Q1 report 25 April, 08:00 CET, '24e-'26e EBITA up 2%; 9% CAGR '23-'26e, keep BUY, TP SEK 340 (325)

Strong M&A-driven start to the year

Calendar Q1 report due Friday 17 May. '24e/'25e-'25e/'26e EBITA up 6%; 7% CAGR in '23-'26e. Keep HOLD, TP SEK 150 (130).

Organic decline no cause for alarm

Calendar Q1 due Thursday, 16 May. '24e/'25e-'25e/'26e EBITA up 3%; 6% CAGR '23-'26e. Keep HOLD, TP SEK 245 (225).

Negative data from SE plumbing market

SE market outlook: -3% '24e, +2% '25e

The merger we've been waiting for

Encouraging stability

Stable org. EBITA and good FCF, but lower margins, '24e-'25e EBITA unchanged, 5% CAGR '23-'26e, keep HOLD, TP SEK 40 unchanged.

5% adj. EBITA miss, stable org. EBITA, good FCF

Don't miss the positive trend

Strong demand, but softer org. earnings and FCF, '24e-'25e EBITA up 3%; 7% CAGR '23-'26e, Keep BUY, TP SEK 325

Strong sales, but 1% adj. EBITA miss

All is well on Addtech's front

In-line earnings, high quality and pos. org. growth, '23/'24e-'25/'26e EBITA up 1-3%; 4% CAGR cal. '23-'25e, keep HOLD, TP SEK 225 (215)

Fairly in-line, but better organic growth

Quality and M&A took centre stage

Slight EBITA miss, but solid quality and M&A outlook, '23/'24e-'25/'26e EBITA up 0-4%; 6% CAGR cal. '23-'25e, keep HOLD, TP SEK 130 (125)

In-line report, small (1%) adj. EBITA miss

Quality again, but not out of the woods

Strong earnings and M&A, but slower org. growth, '24e-'25e EBITA up 3%; 2% CAGR in '23-'26e, keep SELL, TP SEK 230 (220).

Strong margins, miss on org sales