Two big order announcements

In the middle of good growth momentum

Sales and orders grew nicely in Q4, but comps are getting tougher. We stick to ~15% annual growth ahead, EBIT cut 2-4% on lower GM. Several growth drivers ahead, share at 34x 2024e EV/EBIT.

Weak gross margin off-set by order intake beat

Demand remains good, FX hits estimates

We expect 22% organic growth in Q4 and EBIT up 35% y-o-y. 2024e-25e EBIT down 6% as FX shaves 2% off top line. Share trading at 32x 2024e EV/EBIT.

We leave EBIT unchanged post Q3

48% organic growth in Q3 and solid order intake. We raise sales estimates 4% and leave EBIT unchanged. Share -10% on the report, trades at 23.4x EV/EBIT in 2024e.

Strong deliveries, small order miss

No announced orders in Q3

No announced orders in Q3 puts some risk on order intake, but sales (+34%) and EBIT (+143%) should expand nicely y-o-y. EBIT +1%, share trades at 27.5x 2024e EV/EBIT.

Reiterates strong outlook

Q2 EBIT miss but order beat

Strong momentum and easy comps in Q2e

85% organic growth in Q2e and EBIT of SEK 61m. H1 announced orders +52% y-o-y supports 2023e growth.

ABGSC's Investor Days feedback

In a sweet spot

Q1 sales, EBIT and order intake beats, tailwinds continue. We raise estimates significantly, EBIT +26-90%. 34-24x EV/EBIT 2023-25e.

Very strong Q1 & guidance remains optimistic