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

Rock-solid

4.3% organic growth , adj. EBIT in line. EBIT revised down 1.7%-1.8% for '24e-'26e. BUY case confirmed, TP of SEK 60 unchanged.

Solid sales growth but sof on margins in Q1

Continued progress expected

Q1'24 results due 18 April. 4.3% organic sales growth and margin uplift in Q1e. Adj. EBITDA revised up 0.3%-0.6% mainly due to FX.

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.

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.

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

Strong ending to the year

Impressive gross margin uplift in Q4. Earnings momentum to continue in '24e. BUY case confirmed, TP of SEK 60 unchanged.

Gross margin and FCF shine in Q4

Earnings recovery continues

Q4'23 results due 30 January. 5.4% organic sales growth and margin uplift in Q4e. Adj EBITDA revised down 0.6%-4.9% mainly due to FX. BUY.

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.

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.

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).