Time to close the gap: BUY

Cash flow and cash distribution impressed in Q4. Organic growth to continue, adj. EBITA -2-3% 2024-25e. Outgrows Brink's but share lags; we reiterate BUY.

Strong CF, buybacks back, stock up

Estimate cuts into Q4e

We expect 5% organic growth in Q4e, adj. EBITA +5% y-o-y. Adj. EBITA/EPS down 5-15% on FX, higher net financials and taxes. Share has been weak into numbers, we keep BUY on value.

Share overreaction to one-offs

Adj. EBITA -2% '23e, +1-2% '24e-'25e, share -9% today looks hard. 3-4% org growth in Q4e and 2024e and margins to climb upwards. At 9.0x 2023e EV/adj. EBIT we stick to BUY and TP SEK 370.

Margin miss in Europe, stock down

Continues to be a solid BUY

Another good quarter coming up in Q3, adj. EBITA +11% y-o-y. We raise adj. EBITA 1-3% on higher organic growth in Europe. Recent US market share gains vs Brink's should be rewarded; BUY.

Share overreacted, in our view: BUY

Organic growth is normalising at ~3-5% ahead. -1% underlying adj. EBITA revisions, +0-1% when adding Cima. 9x 2023e EV/EBIT, we stick to BUY, TP SEK 350.

Small margin misses in Europe and US

Up to BUY after recent setback

Share -21% since mid-April, peer Brink's +3%. Adj. EBITA +2-3%, EPS -1-2% on higher net financials. 9x '23e EV/EBIT, up to BUY (Hold), TP maintained at SEK 350.

Organic growth to slow

Q1 was solid, comps getting tougher now. Adj. EBITA unchanged (

Good organic growth in Q1

Down to HOLD after strong performance

Slower organic growth and earnings growth from Q2'23e. Share +30% YTD, +55% in 1 year and has run ahead of Brink's. Time to take profits, down to HOLD (Buy)