Strong start in the US while Germany lags

High costs in Germany to be scaled down, strong results in the US. German downgrades outweigh US upgrades for '24e, '25e higher. Trading at 12x '24e EV/EBIT, which shifts to 7.5x for '25e.

Rudd impresses on its debut

One month of Rudd in the numbers

Costs in DE remain high, one month with Rudd in numbers. We leave estimates mostly unchanged, FX the main mover. Trading at 10x '24e EV/EBIT, peers at 12x.

A new frontier

Adding Rudd to our estimates, sales +107-103% for '24e-'25e. 9-7x '24e-'25e EV/EBIT and 2.0-1.4x ND/EBITDA. Q3 a disappointment on higher costs and NWC build-up.

Major acquisition of US-based VCE dealer

Allocation of net cash remains the focus

Q3e: SEK +15m segment EBIT, -7m after overhead. Organic estimates unchanged, only updated FX. Net cash decreasing while we wait for M&A.

Still waiting to pull the M&A trigger

Strong growth in both segments. EBIT up on higher top-line, but margin trimmed. Net cash position now at SEK 539m (681m in Q1).

Segment EBIT growth, but OH an issue

Q2 report due on Thursday, 17 August. Solid performance in segments, OH costs still weigh. Needs to make an acquisition or scale down the cost base.

It's time to go shopping

Overhead costs too large for current operations, company needs an acquisition to grow into the opex base, or to scale down. SEK 681m in net cash to use aggressively.

Solid segment EBIT, but high group costs

Segments EBIT-positive, overhead weighs

Report due on Thursday, 11 May. Current OH costs too big for new, smaller operations. Focus now is on the cash position.