Slight Q1 miss but outlook remain strong

Not the time to take profits

Strong performance to continue with >20% Q1e organic growth and estimates keep rising - '25e EBITA up 11%. Strong EPS growth to fuel more outperformance - keep BUY.

CMD feedback: expecting maintained growth momentum

Keeping growth momentum

We trim '24e adj. EBITA by 4% on higher admin costs. Keep BUY: 42% EPS growth and cash conversion >100% in '24e. CMD thoughts: dividend policy and potential raised growth target?

Strong organic growth remains

Share price run is not over yet

Q4e: >20% organic growth remains, EBIT to double y-o-y. Sharp decline in USD/SEK partly offset by org. upgrades. Share to continue up in line with NTM earnings – BUY.

Dynamite

Dynavox once again impressed us, delivering accelerated volume growth from an already solid Q2 level to ~18% in Q3, which coupled with price increases of 7% adds up to an appealing 25% organic growth rate.

Big beat on accelerating org. growth

Growth momentum continues

Q3e: momentum remains with 20% org. growth, adj. EBIT +58%. Small '23e-'25e adj. EBIT bumps – 13% above cons. on '24e EBIT. Keep BUY – appealing setup for continued outperformance.

Confident management proving resilience

Strong org. growth, margins and cash flow - high-quality Q2 beat. We raise '24e-'25e adj. EBITA by 3-4% - weaker FX offsets. Resilience proven - maintain BUY at 15-11x '24e-'25e EV/EBITA.

Big beat should send the share up >10%

FX and M&A adds 21% to '24e EBITA

Q2e: strong volumes plus price hikes kicking in, 17% org. growth. We raise '24e-'25e adj. EBITA by 21-20% on FX and M&A. BUY stellar earnings growth and improving cash conversion.

Appealing setup - we upgrade to BUY

Volumes holding up well, pricing supports NTM gross profits. Better conviction in estimates, 35% '22-'25e adj. EBITA CAGR. New TP of SEK 35 (26), ~17x '25e EV/EBIT - up to BUY (Hold).

Decent start to the year

Approaching margin trough

Margins to remain under pressure for a few more quarters. Limited underlying revisions, '23e adj. EBITA down 10% mainly on FX.