Solid start to the year

Higher orders and margins in Q1, but lower sales. Adj. EBITA revised up 1.0-3.0% for '24e-'26e. HOLD maintained, TP up to SEK 225 (212).

Higher margins on lower sales in Q1

Low growth and margin pressure in Q1e

1.6% organic sales growth and margins down in Q1e. Adj. EBITA revised up 0.5-1.7% for '24e-'26e. Target price up to SEK 212 (199), HOLD maintained.

Additional spending on quality improvements

Higher costs drove earnings miss in Q4. More costs for quality improvements to come. EPS cut 5.0-8.8% for '24e-'25e, target price down to SEK 199 (219). HOLD.

Weak Q4 and softer outlook

Solid Q4 in the cards, outlook more uncertain

4.4% organic sales growth expected, but margins down. Outlook in focus. Target price up to SEK 219 (203), HOLD maintained.

Catch-up on lost sales in Q3

19% beat on EBITA in Q3. Slowdown in organic sales growth in Q4e. Earnings recovery reflected in valuation, down to HOLD (Buy).

It should beat '23 guidance

'23 guidance highly achievable; we have 6% organic growth. Momentum will continue, adj. EBITA up 3-2%. Best alternative for healthcare recovery: TP to SEK 300 (280).

Large 21% beat on adj. EBITA

Upgraded guidances and strong data

Improving macro situation for higher capex demand and better elective surgery throughput.

Back to beating expectations

Should beat cons Q1e adj. EBITA by 6% on ACT strength. We lift '23e-'25e adj. EBITA by 6-8%. At 14 x '23e EV/EBIT with seemingly de-risked estimates.

New data points to a strong Q1

Improving macro situation for higher capex demand and better elective surgery throughput.