We see strong 2024 earnings growth for Patricia

5% EBITDA beat in Patricia prompts positive revisions. We see 2024e EBITDA growth of 8%. BUY on strong outlook and valuation.

Q1: solid quarter for Patricia Industries

Strong outlook after 13Y outperformance streak

Dividend increased in line with ABGSCe. Patricia EBITDA miss driven by chosen investments. BUY on strong outlook and valuation.

Strong end to another year of outperformance

CMD: strong foundations for resumed outperformance

Christian Cederholm announced as the new CEO

CMD to highlight first-class holdings

Mölnlycke Wound Care trends remain strong

CEO announcement has created opportunity

Earnings scenario reinforced

3% EBITDA beat in Patricia leads to minor revisions. We see 21% 2023e EBITDA growth. BUY on strong outlook and valuation.

Q3: strong in the right places

In excellent shape

Q2: Broad-based beat in Patricia

Meeting CEO - takeaways

Reinforced confidence in our Patricia scenario

Dynamite quarter from Mölnlycke

Winning formula

Public portfolio exudes quality and attractive defensive properties, and we see a strong period ahead for Patricia Industries. 15% NAV discount is attractive for Investor.