Few near-term triggers when growth slows

Less of a price tailwind to be visible in lower organic growth ahead. We see some risk on Q2e, adj. EBITA cut 2-4%, FCF -4-12%. Reiterate H OLD on few re-valuation triggers, TP SEK 525 (575).

Slight miss and growth comes down

Fairly valued for slower growth ahead

Organic growth likely lower in 2024e vs 2023. Minor estimate revisions. We stick to HOLD, TP SEK 575, at 32x 2024e EV/EBIT.

Small revisions, we stick to HOLD

A slight Q4 miss, stock down today

We expect lower organic growth in 2024e

Q4e looks to be another strong quarter, adj. EBITA +38% y-o-y. We estimate 7% organic growth in 2024 from less price tailwind. Share +35% in three months, we downgrade to HOLD (Buy).

Earn-outs: In the end, cash trumps EPS

Earn-outs: 0.6x of ND/EBITDA, and 25% of FCF, limited EPS impact (1-2%), but notable company deviations, FCF and debt impact more important than the earnings fluctuations.

Valuation has become attractive; BUY (Hold)

Impressive Q3 beat driven by the broad portfolio and not only Enova. Solid Q4e and 2024e, Vitec should also benefit in this M&A market Adj. EBITA +3% in '24e-'25e, 25.6x '24e EV/EBIT, up to BUY (Hold).

5-10% share recovery justified today

We expect continued momentum in Q3e

FX and price increases support near-term earnings growth. Q3 looks strong, 2024 more normalised. Adj. EBITA +2-3% on Enova and M&A, we stick to HOLD.

Proving its resilient business model

13% organic growth and low cyclical effects in Q2. Sales and margin estimates coming up, adj. EBITA +7-8%. 39x '23e EV/adj. EBIT, keep HOLD but raise TP to SEK 550.

Impressive Q2, stock up 5-10%

Easy margin comps in Q2e

Price increases and volume to support organic growth of 11% in Q2e. We stick to HOLD on 42x 2023e EV/EBIT, TP SEK 490 (450).

Valuation remains unattractive: HOLD

Good growth and margins in Q1 but FCF a bit soft. Adj. EBITA +1-2%, return on capital remains low. We are not excited at 37x EV/EBIT 2023e: HOLD.

A solid start to 2023, share up slightly today

Solid performance expected to continue in 2023

We estimate 11% org growth in Q1e and 10% in 2023e. TP up to SEK 450 (420), but we stick to HOLD on valuation.