Dometic (Buy, TP: SEK60.00) - Another organic growth hit in Q1e

We forecast Q1 sales of SEK5,863m, with c-12% organic growth YOY and adj. EBITA of SEK590m, c10% below consensus. We have reduced our 2025–2027e adj. EBIT by c11% on average, due to updated FX and lowered underlying estimates. As a result, we have reduced our target price to SEK60 (70) but reiterate our BUY, given the positive risk/reward.

Set for spicy growth

Our recent field trip to India (visiting Volvo, Epiroc, Trelleborg, Autoliv and others) alongside our analysis suggests the country is set to take centre stage as a global manufacturing hub over the coming decade, shifting from being the sixth- to the third-largest end-market for the Swedish Industrial sector. India’s strong economic growth trajectory and favourable demographics mean the companies: 1) see double-digit growth as sustainable; 2) are pursuing manufacturing capacity expansions; and ...

EU tariff summary for Swedish small caps

Thule Group (Buy, TP: SEK450.00) - On track

Following the Q4 results, we have more confidence in the speed and magnitude at which Thule should be able to achieve a structurally higher EBIT margin due to its mix-shift (supported by new category launches), record new product launches, and the Quad Lock acquisition. Consequently, we reiterate our BUY and have increased our target price to SEK450 (445).

Bright outlook well-reflected in the share price

Thule Group AB: 2 directors

Two Directors at Thule Group AB bought/maiden bought 1,550 shares at between 363.800SEK and 363.980SEK. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's dir...

Slightly stronger margin in a small quarter

Husqvarna (Sell, TP: SEK48.00) - Structural headwinds intensifying

Following the Q4 results, we see sales and EBIT under continued pressure from prolonged weak consumer demand, increased competitive pressure, and spillover effects from exiting petrol-powered legacy businesses. We reiterate our SELL, and have lowered our target price to SEK48 (50).

Stronger end-markets ahead: BUY

Slightly better than feared, partnership in the US

Recovery likely, but (too) many uncertainties

Happier campers ahead

Dometic (Buy, TP: SEK70.00) - Step in the right direction

Overall, Q4 was stronger than expected, even after adjusting EBITA for a SEK63m refund. On the conference call, CEO Juan Vargues expressed caution about H1 demand, which we see as fair given market uncertainty. We have raised our 2025–2026e adj. EBITA by c1%, and reiterate our BUY and SEK70 target price. We continue to see a positive risk/reward.

Q4 report stronger than feared

Q4 preview: decelerating growth due to RV

Q4 preview: sequential improvements

(Republished) Q4 preview: soft end to soft year

Dometic (Buy, TP: SEK70.00) - Way forward becoming clearer

We forecast Q4 sales of SEK4,574m, with c-15% organic growth YOY and adj. EBITA of SEK267m, c3% below consensus. We have reduced our 2025–2026e adj. EBIT by c3% on average, due to updated FX (positive effect) and lowered underlying estimates. As a result, we have reduced our target price to SEK70 (75), but reiterate our BUY, given the low valuation and mid-2025e market improvement.

Cost savings, divestments and '27e margin target

Greener grass in 2025