Growth to recover

Q1e: 7% organic sales growth y-o-y, 10% adj. EBITA margin. Expect a stronger H2, partly on lighter comps. Trading at 7.6x-6.1x '24e-'25e adj. EV/EBITA.

A combination of highs and lows

Q4: flat organic growth but major FCF improvements. '24e sales and adj. EBITA estimates down by 3%. Trading at 7.8x '24e EV/EBITA.

Slow growth but cash flow relief

Back on track

Fruitful restructuring - we revisit the Careium story. Double-digit organic growth to persist in '24e, margins stabilising. FVR of SEK 21-36 (17-40), with 20% '24e-'25e adj. EBITA CAGR

The comeback chronicles

Q3 first take

Set to underline the recovery

Another solid quarter awaits after the turnaround in Q4'22. Limited revisions - we forecast a resilient outlook for Careium. Trading at 8-4x '23e-'25e adj. EV/EBITA.

A Q2 to care about

Reinitiating coverage, fair value range SEK 14-38. Q2: accelerating org. growth, coupled with margin up 3pp seq. Trading at 6x '24e EV/EBITA, FVR corresponds to 6-10x NTM.

Cash flow relief

Decent Q1, continuing to improve margins. '23e-'25e adj. EBITA up 4-3% on tweaked margins. Strong FCF of SEK 28m likely a relief for investors.

Set for positive FCF in Q1

5% Q1e adj. EBITA margin and 7% org. growth. Limited adj. EBITA upgrades, but net profit down slightly. Trading at 10x '23e EV/EBITA - share is up 78% YTD.