reports
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- Douglas Lindahl
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.
- Mattias Holmberg
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 ...
ABB ABB LTD.
ELUX B ELECTROLUX AB CLASS B
SAND SANDVIK AB
HUSQ B HUSQVARNA AB CLASS B
ALV AUTOLIV INC.
TREL B TRELLEBORG AB CLASS B
ASSA B ASSA ABLOY AB CLASS B
DOM DOMETIC GROUP AB
LIAB LINDAB INTERNATIONAL AB
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALIG ALIMAK GROUP AB
ALFA ALFA LAVAL AB
ATCO A ATLAS COPCO AB CLASS A
EPRO B ELECTROLUX PROFESSIONAL
HEXA B HEXAGON AB
SYSR SYSTEMAIR AB
EPI A EPIROC AB
VOLCARb VOLVO CARS
BEIJ B BEIJER REF AB
NIBE B NIBE INDUSTRIER AB
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- Douglas Lindahl
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.
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
- ABGSC Oil & Oil Services Research
- Haakon Amundsen
- John Olaisen
- Njål Kleiven
- Oliver Dunvold
- Stian Wibstad
EQNR EQUINOR ASA
AKAST AKASTOR ASA
PGS PGS ASA
KOG KONGSBERG GRUPPEN ASA
SOC SUBSEA 7 S.A.
PEN PANORO ENERGY ASA
ARCHERO ARCHER
AKER AKER ASA CLASS A
DNO DNO ASA CLASS A
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
ODL ODFJELL DRILLING
AKSOO AKER SOLUTIONS ASA
BWO BW OFFSHORE LIMITED
PRS PROSAFE
OKEA OKEA
BWE BW ENERGY
BORR BORR DRILLING LTD
VAR VAR ENERGI ASA
SEAPT-NO SEACREST PETROLEO
DOFG DOF GROUP ASA
- Douglas Lindahl
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.
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Fredrik Ivarsson
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.