The cold never bothered them anyway

Snow removal supports strong Q1 (7% EBITA growth), '24e-'26e EBITA up 2-1%; 6% CAGR '23-'26e, 11-9x EBITA '24e-'26e, 9-10% FCF yields

16% EBITA beat, strong Nordic performance

The German expansion continues

Q1 report Thu 25 Apr, '24e-'26e EBITA up 4-5%; 6% CAGR '23-'26e, 11-9x EBITA '24e-'26e, 9-10% FCF yields

Swedish challenges, German delights

Organic earnings under pressure, but solid M&A, '24e-'25e adj. EBITA down 2%, 5% CAGR '23-'26e, 10-9x EBITA '24e-'25e, 12-11% FCF yields

1% adj. EBITA beat, stronger M&A, lower organic

Earnings growth to trough early 2024

Q4 due 8 Feb, '23e-'25e EBITA down 3-1%; 10% CAGR '22-'25e, 12-10x EBITA '23e-'25e, 6-9% FCF yields.

Earn-outs: In the end, cash trumps EPS

Earn-outs: 0.6x of ND/EBITDA, and 25% of FCF, limited EPS impact (1-2%), but notable company deviations, FCF and debt impact more important than the earnings fluctuations.

M&A shines as Sweden takes a hit

36% adj. EBITA growth driven by Finland/Rest of EU, '23e-'25e adj. EBITA down 2-3%; 11% CAGR '22-'25e, 10-8x EBITA '23e-'25e, 7-10% FCF yields

+6% adj. EBITA beat, challenges in Sweden

A solid end to the summer

Q3 report due Thursday, 16 November at 07:00 CET. '23e-'25e EBITA down 0-3%. 10-8x EBITA '23e-'25e, 12% CAGR '22-'25e, 8-10% FCF yields.

The green M&A engine powers on

52% adj. EBITA growth driven by non-SE divisions. '23e-'25e adj. EBITA up 1/3/2%, 13% CAGR in '22-'25e. 11-8x EBITA '23e-'25e, 7-10% FCF yields.

8% adj. EBITA beat from non-SE divisions

Stable Nordics, recent German M&A in focus

Q2 report Thursday, 24 Aug. '23e EBITA down 1%, '24e-'25e EBITA up 1%. 11-9x EBITA '23e-'25e, 12% CAGR '22-'25e.

Enters Germany

Parks and accretion

A rapid consolidator in a steadily growing, fragmented market. 12% adj. EBITA CAGR '22-'25e, >20% M&A growth potential. 10-8x EV/EBITA '23e-'25e, 10-9% FCF yields. Fair value range of SEK 59-148.