Miss on sales and margins in Q1

Healthcare segment weighs on earnings. Adj. EBITDA revised down 2.2%-8.7% for '24e-'26e. BUY maintained, TP down to SEK 19 (21).

Q1 miss on sales and margins

M&A-driven sales growth in Q1e

Q1'24 due 18 April. 41% sales growth from M&A, but soft organic growth. BUY case intact, TP down to SEK 21 (23)

BUY case intact despite miss on sales growth

Higher margins but lower sales growth in Q4. -2% EBITDA revisions, more on EPS due to tax. BUY case and TP of SEK 23 unchanged.

Higher margins on lower sales in Q4

M&A potential adds up

Serial acquirer of life science companies. Potential to grow EBITA at >30% p.a. including M&A. We initiate with BUY and TP SEK 23, implying ~70% upside.