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)

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).

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

Healthy healthcare offset deceleration

Strong Life Science activity, in-line earnings, '24e-'25e EBITA up 2%; 4% CAGR '23-'26e, keep SELL, TP SEK 235 (225).

Better orders, lower organic sales/EBITA

Heads-up for report 2 February

Serial acquirers: Slowdown caps upside

Stable demand, but deceleration continues, '24e-'25e EBITA unchanged, neg. risk/reward after strong multiple uplift since Q3.

Rich valuation given cyclical risk

Down to SELL (Hold), TP SEK 220 (205), '23e-'25e EBITA up 2-0%; 6% CAGR, Q4 2 Feb

Downside risk following rerating

Down to SELL (Hold), TP SEK 225 (215), '23e-'25e EBITA down 0-3%; 7% CAGR '22-'25e, Q4 1 Feb

Quality remains, but valuation has come up

Down to HOLD (Buy), TP SEK 215 (205), '23/'24e-'25/'26e EBITA down 0-1%; 6% CAGR, cal. Q4 7 Feb

Sales slowdown, earnings growth continues

Q4 due 6 Feb, '23/'24e-'25/'26e EBITA up 1-2%; 7% CAGR, keep HOLD, TP SEK 125 (115).

Earn-outs: In the end, cash trumps EPS

Earn-outs: 0.6x of ND/EBITDA, and 25% of FCF, limited EPS impact (1-2%), but notable company deviations, FCF and debt impact more important than the earnings fluctuations.