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ABGSC Services Research ... (+2)
  • ABGSC Services Research
  • Stefan Knutsson

Solid start to the year

More positive news for Scandpower. Profitability has always been volatile. Minor revisions with '24e EBIT down 1%.

Studsvik AB: 2 directors

Two Directors at Studsvik AB bought 3,202 shares at between 98.000SEK and 99.000SEK. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the las...

Stefan Knutsson
  • Stefan Knutsson

Studsvik - Solid top-line but lower profitability in Q2

Q2 sales growth of 1% y-o-y EBIT down 8-6% for ’22e-‘24e Business with Russia on pause for now

Stefan Knutsson
  • Stefan Knutsson

Studsvik - A decent Q1 but Russia worries remain

Q1 sales growth of 15% y-o-y, albeit lower EBIT Range of estimate adjustments, long-term EBIT -1% Working capital build-up to ease throughout 2022

Stefan Knutsson
  • Stefan Knutsson

Studsvik - Russia exposure a worry before the Q1 report

We forecast Russia sales exposure to be 4-5% in ‘22e Estimate revisions due to Russia exposure Long-term the energy crisis looks to benefit nuclear

Stefan Knutsson
  • Stefan Knutsson

Studsvik - A mixed end to 2021

F&MT is standing strong Some headwinds in Decommissioning New financial targets announced

Stefan Knutsson
  • Stefan Knutsson

Studsvik - Q4 boosted by renegotiated license deal

Waste Management will end the year robustly Small underlying estimate revisions Nuclear is included in the EU taxonomy

Stefan Knutsson
  • Stefan Knutsson

Studsvik - Q3 a bit soft, F&MT prepares for ramp-up

Sales can be lumpy on a quarterly basis Small revisions following the report Soaring energy prices put nuclear in better light

Stefan Knutsson
  • Stefan Knutsson

Studsvik - Solid Q2, beat from Germany operations

Decommissioning is running on full steam Positive estimate revisions, ‘22e EBIT up ~4% Share trading at P/E 10.1x on our revised ’22e

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Studsvik - Profitability excels in Q1

Order backlog of SEK 1bn in F&MT EBIT estimates up ~7% on higher margins Trades at P/E 12.4x on our ‘21e

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Studsvik - Year-end brings underlying improvement

Non-recurring events cloud a solid Q4 F&MT continues to win large orders Ongoing management changes

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Studsvik - Scandpower shines in Q3

Cost reductions continue to bite Positive EPS revisions of 7-6% for ’21e-’22e Operational momentum looking into 2021

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Studsvik - Gaining ground in Asia

Two major orders confirm long-term demand Nuclear is a growth market in Asia In a better position to reach its EBIT margin target

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Studsvik - Profitability improvements across the board

Sales beat on higher utilisation, EBIT ahead of estimates Positive long-term EBIT revision of 45-22% COVID-19 risks, but no real impact yet

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Studsvik - Delivering on cost initiatives

Surprisingly strong Q1 amid COVID-19 fears Positive revisions following Q1 deviation Share is trading at EV/EBIT 10.9x for ’21e

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Studsvik - German recovery delayed due to shutdown

COVID-19 effects mainly from Germany Sales to new customers might be harder Article reporting a substantial order from Norway

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Studsvik - Entering 2020 with a clean slate

Q4: Scandpower and Germany shine Germany mainly behind estimate increases Positive outlook for 2020

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Studsvik - Continued struggles, F&MT the positive

Net sales still in decline, EBIT surprise from Germany Restructuring lowers estimates Positive outlook for F&MT intact

Stefan Knutsson ... (+2)
  • Stefan Knutsson
  • Victor Forssell

Studsvik - The wait for medical isotopes

Challenges remain, net sales -8% y-o-y Negative revisions, mainly from Consultancy Services Elekta might be the saviour

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