Wood M&A lifts '24e-'26e EPS by 4-6%

Wood M&A lifts '24e-'26e EPS by 4-6%, EBITA up 12-17%. Share now trading at 9.1x '24e EV/EBITA. CEO Sonny Mirborn stepping down in Oct. 24.

Irish acquisition adds 16% to PF'24e EBITDA

Keeps the cash coming

Adjusted earnings in line, strong cash flow. Financial risk has come down notably. EBITA down 2% for '24e, but up 2% for '25e.

Strong cash flow, adjusted earnings in line

We expect a solid quarter despite soft FTTH

Q4 report due on Friday 23 February. '24e-'25e EBITA down 2-1%, UK raised but Germany lowered. Share +32% L90D, but still trading below its 5Y average.

Financial risk lower after strong cash flow

EBITA beat and very strong cash flow mitigate concerns of high leverage. Adj. EBITA raised by 1-5% for '23e-'25e.

EBITA beat on lower costs

Mixed near-term outlook

Q3 report due on Friday, 27 October. Data centres strong, FTTH outlook muted. Trading at 11x '23e EV/EBITA (adj.)

Slower market set to improve by year-end

8% margin-driven adj. EBITA miss. Expect some more margin headwinds on weak SEK. Company cautious near-term, expects improvements by YE.

Nordics slow down while Europe is growing

Data centres should hold up better than FTTH

Q2e: organic decline, weak SEK a margin headwind. We downgrade EBITA by 7-5% on trimmed margins. Near-term focus likely more on cash flows than growth.

Strong report despite weakness in Denmark

Denmark slows while UK continues its strong trend. Adj. EBITA down 4-2% on lowered Danish estimates. 11x '23e EV/EBITA (adj.), 18% '23e-'25e adj. EBITA CAGR.

Data centres perform, fibre slowing

FTTH deceleration fears, but we expect solid Q1

Raises capital to meet high demand