Q4e: sales and EBITA up 15% & 19% y-o-y

ICE 2025: what we learned

B2B tracker stable into November

Upgrade train keeps rolling

Small Q3 beat, share to outperform

Unchanged outlook – keep BUY

B2B tracker slowing somwehat in Q3

Momentum confirmed

Solid Q2, but supported by strong SB margin. We raise '24e-'26e EBIT by 3-4%, but higher tax offsets. Keep BUY at 13-15% '24e-'26e clean FCF yield.

Strong Q2, but largely as expected

Strong June sales in Sweden, up 30% y-o-y

Football bonanza in Q2

Busy Q2 with Copa America and Euros, 15% growth y-o-y despite tough comps from a very strong B2B Q2'23. Keep BUY at 15% '24e-'26e clean FCF yield.

Swedish revenue in May improving

April sales in Sweden improving slightly

Unappreciated resilience - up to BUY

Limited items to complain about in the Q1 report, making us upgrade '24e-'26e EBIT by 18-16%. Up to BUY (Hold): '25e P/E below 7x, ~15% FCF yield, net cash.

Strong B2B and CEECA driven beat

Growth decelerating

Q1e: soft B2B and tougher comps, EBITA up 10% y-o-y. We cut '24e-'26e EBIT by 8-5% on trimmed B2B sales. Poor timing makes us keep HOLD, but solid value support.

Swedish revenue remains soft in March