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ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
HUSQ.B-SE HUSQVARNA

Tough comps and a cautious market

We analyse the market outlook, and it looks soft. Tough comps for consumer robotics in Q1'24e. We reiterate HOLD at ~12.5x adj. EV/EBIT('24e).

04/11/24 April 11, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
BHG-SE BHG GROUP
BOOZT-SE BOOZT ... (+19)

Swedish sector top picks post Q4 reports

Soft org. growth but strong margin expansion among mid/large caps. E-commerce penetration back to growth. We highlight Axfood, H&M, Rugvista and RVRC as top picks.

BHG-SE BHG GROUP
BOOZT-SE BOOZT
LYKO.A-SE LYKO
RVRC-SE RVRC HOLDING
RUG-SE RUGVISTA GROUP
BMAX-SE BYGGMAX
EMBELL-SE EMBELLENCE GROUP
SVED.B-SE SVEDBERGS
ELUX.B-SE ELECTROLUX
HM.B-SE HENNES & MAURITZ
KESKOB-FI KESKO
AXFO-SE AXFOOD
HUSQ.B-SE HUSQVARNA
DOM-SE DOMETIC
MSON.B-SE MIDSONA
HUMBLE-SE HUMBLE GROUP
PNDORA-DK PANDORA
VIVA-SE VIVA WINE GROUP
THULE-SE THULE GROUP
03/08/24 March 8, 2024 1 EN
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
HUSQ.B-SE HUSQVARNA

Blurry view of the 2024 gardening season

Soft sales burdened by tough comps in robotics. We struggle to see growth in '24e. Good value but we lack short-term triggers, reiterate HOLD.

02/02/24 February 2, 2024 1 EN
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
02/02/24 February 2, 2024 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
HUSQ.B-SE HUSQVARNA

Limited growth but stronger margins ahead

Q4'23 preview: -15% org. growth. Gloomy outlook but upside to margins. We trim our '24e-'25e EPS by 6-5% and reiterate HOLD.

01/25/24 January 25, 2024 1 EN
ABGSC Consumer Goods Research ... (+4)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
  • Nikola Kalanoski
PREMIUM
RBREW-DK ROYAL UNIBREW
BHG-SE BHG GROUP ... (+16)

Swedish sector top picks post Q3 reports

Mid- and large cap durables missed expectations. Minor revisions to '24e earnings as visibility remains low. Opportunities within E-com and price/value players.

RBREW-DK ROYAL UNIBREW
BHG-SE BHG GROUP
BOOZT-SE BOOZT
DSNO-SE DESENIO HOLDING AB
LYKO.A-SE LYKO
RVRC-SE RVRC HOLDING
RUG-SE RUGVISTA GROUP
BMAX-SE BYGGMAX
HM.B-SE HENNES & MAURITZ
KESKOB-FI KESKO
AXFO-SE AXFOOD
HUSQ.B-SE HUSQVARNA
DOM-SE DOMETIC
CARL.B-DK CARLSBERG
PNDORA-DK PANDORA
VIVA-SE VIVA WINE GROUP
11/15/23 November 15, 2023 1 EN
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
HUSQ.B-SE HUSQVARNA

A few soft quarters ahead, reiterate HOLD

Organic growth of -15% vs. ABGSC est. -11%. A few soft quarters ahead, '23e-'25e EBIT down 5%-3%. Lacking short-term triggers, reiterate HOLD.

10/22/23 October 22, 2023 1 EN
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
10/20/23 October 20, 2023 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
HUSQ.B-SE HUSQVARNA

Clouds looming on the horizon

Q3'23 preview: -11% org. growth but decent margin. Q3'23e consensus EBIT looks fair to us. We trim our '24e-'25e EPS by 2-3% and TP to SEK 91 (94).

10/11/23 October 11, 2023 1 EN
ABGSC Consumer Goods Research ... (+4)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
  • Nikola Kalanoski
PREMIUM
RBREW-DK ROYAL UNIBREW
BHG-SE BHG GROUP ... (+16)

Sector top picks post Q2 reports

Mid- and large caps beat expectations and got paid for it. Small estimate revisions as visibility remains low. Valuations in the sector offer opportunities.

RBREW-DK ROYAL UNIBREW
BHG-SE BHG GROUP
BOOZT-SE BOOZT
DSNO-SE DESENIO HOLDING AB
LYKO.A-SE LYKO
RVRC-SE RVRC HOLDING
RUG-SE RUGVISTA GROUP
BMAX-SE BYGGMAX
HM.B-SE HENNES & MAURITZ
KESKOB-FI KESKO
AXFO-SE AXFOOD
HUSQ.B-SE HUSQVARNA
DOM-SE DOMETIC
CARL.B-DK CARLSBERG
PNDORA-DK PANDORA
VIVA-SE VIVA WINE GROUP
08/28/23 August 28, 2023 1 EN
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
07/18/23 July 18, 2023 1 EN
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
07/18/23 July 18, 2023 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
HUSQ.B-SE HUSQVARNA

We expect strong Q2 earnings

Q2'23 preview: -3% org. growth but stronger margin. Q2'23e cons. EBIT looks too conservative. We reiterate HOLD and our TP of SEK 94.

07/11/23 July 11, 2023 1 EN
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
HUSQ.B-SE HUSQVARNA

The grass is yet to start growing

Impressive organic growth of 8%. Strong growth in robotics. Consensus looks cautious, but the valuation seems fair.

04/20/23 April 20, 2023 1 EN
ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
04/20/23 April 20, 2023 1 EN
ABGSC Consumer Goods Research ... (+3)
  • ABGSC Consumer Goods Research
  • Benjamin Wahlstedt
  • Fredrik Ivarsson
PREMIUM
HUSQ.B-SE HUSQVARNA

We expect a decent start to the year

Q1'23 preview: -8% org. growth but stable margin. A decent FY'23e outlook as robotics recover. We reiterate HOLD and our TP of SEK 90.

04/12/23 April 12, 2023 1 EN
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