A stylish start to the year

Earnings beat on the back of strong GM. Improved sales momentum ahead. Positive earnings trend, reiterate BUY.

Strong Q1 print driven by higher GM

Entering earnings recovery

We expect improved momentum in February. Earnings recovery on track. Lower ests. due to recent COGS inflation, TP down to SEK 175 (180).

Swedish sector top picks post Q4 reports

Soft org. growth but strong margin expansion among mid/large caps. E-commerce penetration back to growth. We highlight Axfood, H&M, Rugvista and RVRC as top picks.

Sector top pick

Current share price weakness offers an attractive entry point. Q4: soft sales and CEO resignation. FY'24e: Stronger sales growth and 41% adj. EBIT growth.

Margin projection on track but sales stay slow

Earnings miss driven by write-downs. Soft start to Q1 but margins set to expand. CEO departure raises short-term uncertainties. BUY.

Softer Q4 results and CEO stepping down

Accelerating growth ahead

Q4 sales roughly in line with consensus

Q4’22 (September to November) came ina touch belowexpectations.

Accelerating tailwinds

We forecast Q4'23e lccy growth of -6%. Gross margin expansion to fuel earnings. Reiterate BUY, TP of SEK 195.

Swedish sector top picks post Q3 reports

Mid- and large cap durables missed expectations. Minor revisions to '24e earnings as visibility remains low. Opportunities within E-com and price/value players.

SEK 9.75 DPS seems more and more likely

Earnings recovery has started: adj. EBIT 4.7bn (+58% y-o-y). Minor changes to our '24e-'25e EPS, reiterate BUY and SEK 195 TP. Rationale to raise DPS to SEK 9.75 already for FY'23e.

Solid Q3 results and new buyback program initiated

Soft sales but strong cash flows ahead

Q3'23 lccy sales +0% y-o-y implies -4% to -5% in Jul-Aug. Underlying momentum decelerated significantly. Rationale to raise DPS to SEK 9.75, TP cut to SEK 195 (200).

Q3 sales below expectations

Q4’22 (September to November) came ina touch belowexpectations.

Sector top picks post Q2 reports

Mid- and large caps beat expectations and got paid for it. Small estimate revisions as visibility remains low. Valuations in the sector offer opportunities.

Enjoy the ride – reiterate BUY

External headwinds were softer than we anticipated. We expect strong earnings growth from Q3'23e. '23e-'24e EBIT adj. raised by 13%-6%.

A strong Q2 print

Summer has arrived at last

Q2'23 lccy sales +0% y-o-y implies -1% in Apr-May. Improved momentum. Approaching strong earnings growth, reiterate BUY.

Q2 sales a tocuh below expectations

Q4’22 (September to November) came ina touch belowexpectations.