Solid Q1 expected

Report due 8 May, 7% EBITA growth y-o-y expected. FX main reason for positive revisions, '24e EBITA up 3%. We reiterate BUY with new TP to SEK 125 (120).

Foundation laid, time to execute

Reiterated financial targets at the CMD. Main focus is on how to reach its margin target. Has an exciting opportunity with its global clients.

Balance sheet now under control

Q4 EBITA 3% below consensus. Smaller estimate revisions offset by better balance sheet. Reiterate BUY, unchanged TP of SEK 120

Strong FCF decrease balance sheet risk

Focus on cash flow in Q4

10% EBITA growth y-o-y expected in Q4e. FX behind negative revisions, '24e EBITA down 3%. Reiterate BUY, and lower the TP to SEK 120 (125).

Slight miss on Q3 EBITA

WC release will be key in Q4

Q3 EBITA 1% below consensus. Slight negative revisions, '24e EBITA down 1%. Reiterate BUY, lower TP to SEK 125 (130).

Entering cash flow season

Argentina IAC to distort Q3 headline numbers. '24e EBITA up 2%, mainly from FX. Reiterate BUY, unchanged TP of SEK 130.

Swift recovery in Europe

Solid EBITA beat driven by Europe

European improvement already in Q2e

Solid numbers expected for Q2. '23e EBITA up 2% from FX, minor underlying changes. Reiterate BUY, unchanged TP of SEK 130.

Struggles in Europe transitory

North America (NA) performance bodes well. Minor revisions, L-T EBITA up 1% on higher sales. Reiterate BUY with unchanged TP of SEK 130.

Q1 done and dusted, better quarters ahead

Positive trend to continue in Q1

Long-term financing secured on solid terms, reiterate BUY, unchanged TP of SEK 130.