Acquires Quad Lock at SEK 3.6bn

Solid performance despite tough macro

North America remains freezing cold

Soft Q3 results

Sales recovery and cost cuts ahead

Weathering through the storm

Dometic (Buy, TP: SEK75.00) - Factoring in a new (tougher) reality

Overall, Q3 was in line with the recent profit warning and consensus. However, we have updated our model (incorporating the profit warning and Q3 implications) and reduced adj. EBITA by c20% on average during 2024–2026e. We reiterate our BUY, but have cut our target price to SEK75 (100), as a result of our updated estimates. While the next few quarters are set to be tough, we believe this is reflected in the share price and that the risk/reward remains positive.

Q3 results ahead of consensus

Q3 report roughly in line with pre-announcement

Q3 results slightly better than feared, new cost savings

Expect broad-based softness

Profit warning points to a soft Q3

US consumers gearing up to spend in 2025

Accelerated cost savings

Slow growth but solid margin

Resilient to downgrades: upgrade to HOLD

Cons. '24e EBIT -22% L12M, stock +4%. Cons. '25e EBIT remains optimistic, but we expect the shares to remain resilient to downgrades.

Recovery turned into new lows

Q3 profit warning

Greener grass next year: upgrade to BUY (Hold)

Husqvarna (Sell, TP: SEK53.00) - Competitive pressure mounting

Following Tuesday’s Q3 profit warning, we see sales and EBIT coming under further pressure from weaker-for-longer consumer demand and increased competitive pressure, particularly from Chinese peers. We reiterate our SELL and have cut our target price to SEK53 (63).