China orders expected to bounce back in Q4

Strong FCF and continued margin expansion in Q3. Margin expansion to continue. Adj. EBIT down 0.3-2.8% for '23/24e-'25/26e.

Weak on orders but strong FCF generation

Continued margin improvements expected

China holding back order growth in Q3e. Adj. EBIT down 0.2-0.5% on FX. TP up to SEK 112 (108), BUY.

Solid report with strong cash flow generation

5% earnings beat in Q2. Improved gross margin YTD. EPS up 3-4% for '23/24e-'25/26e.

Strong on earnings and cash flow generation

Heads-up for Q2 report 30 November

Another strong quarter expected in Q2

Positive growth in orders expected despite China. Adj. EBIT down 2-4% on FX. TP unchanged at SEK 108, BUY reiterated.

Earnings recovery in the making

30% EPS CAGR until 2025/26e. Strong fundamentals unchanged. Attractive valuation, >40% upside to TP of SEK 108.

Sceptics tilting at windmills

Guidance confusion stole focus from 24% EBIT beat. We lift sales and lower gross margins, leaving EBIT unchanged. More upside as market prices in path to normal margins. BUY.

Resolving past issues for a 24% EBIT beat

Good reason to expect another beat

We are 7% above cons on Q4e adj. EBIT. We lift '22/23e adj. EBIT by 3%. Good value on '23/24e earnings at 14.5x EV/EBIT. BUY, TP of SEK 100.

Upgraded guidances and strong data

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

New data points to a strong Q1

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