Serial acq Q3 recap: Quality shines also in darker times

Life Science the growth engine in softer Q3

3% adj. EBITA miss, but also lower orders and sales

Serial acquirers: Expectations up, slower cycle

Life Science improvement in focus

Q3 report Friday , 25 October. '24e-'26e EBITA down 1/2/1%; 5% CAGR '23-'26e. Keep HOLD, TP SEK 340 (345).

Indutrade (Buy, TP: SEK350.00) - Continued strong momentum

A strong performance in Q2 included sales 4% above our estimate and a 9% beat on adj. EBITA, with strong outperformances by Life Science and Technology Systems & Solutions (TS&S). The group adj. EBITA margin was flat YOY at 14.8%, 70bp above our estimate. We have raised our 2024–2025e EBITA by 6–5% and our target price to SEK350 (305), and reiterate our BUY.

Back on track

Solid margin rebound behind 9% EBITA beat, '24e-'26e EBITA up 5-3%; 5% CAGR '23-'26e, keep HOLD, TP SEK 345 (310).

9% EBITA beat, strong across the board

Serial acquirers: M&A in the driver's seat

M&A upside, organic rebound H2'24 and margin resilience. '24e-'26e EBITA/EPS roughly unchanged, '24 likely a slower year. Reinvestment & ROIC motivate 23x EBITA, ADDT/LAGR up to BUY.

Cost headwinds to gradually improve

Q2 report due Thursday, 18 July, '24e-'26e EBITA up 1%; 4% CAGR '23-'26e, keep HOLD, TP SEK 310 (255)

The power of M&A compounding

Indutrade - Initiation of coverage - Compounding reinvestments

With a history of reinvesting FCF into EPS growth and high capital returns, we believe Indutrade’s capital allocation stands out among Swedish industrial M&A compounders. Growing focus on organic growth combined with a proven acquisition agenda warrants a premium valuation, in our view, and we initiate coverage with a BUY and SEK305 target price.

Serial acquirers Q1 recap: organic slowdown continues

Q1 recap: lower volumes, but strong margins, 1-3% adj. EBITA miss, '24e-'26e EBITA down 1-0% post-Q1, sector up 13% YTD (EPS up 5%), now trading at ~22x F12m EV/EBITA, 25% above 10Y avg.

A bolt from the blue

Biggest miss in five years, but should not be extrapolated. '24e-'26e EBITA down 7-3%. We keep HOLD, TP of SEK 255 unchanged.

15% EBITA miss, weaker across the board

Indutrade AB: 1 director

A director at Indutrade AB bought 23,700 shares at 231.924SEK and the significance rating of the trade was 99/100. 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 last two years clearly...

Indutrade - Getting bigger, but not slower

Higher organic growth and 14% EBITA the key highlights Reassuring, but nothing that should move estimates Impressive, but too expensive and lags peers; SELL

Indutrade - Raised margin target ahead of today’s CMD

From 12% to 14% over the cycle, as expected All other targets (sales, ROCE, ND/E, payout) maintained Should be neutral to the share, presentations: 13.00 CET

Indutrade - Mind the cycle

7% adj. EBITA beat on 14% org growth, solid Q4 outlook ‘22e-‘24e adj. EBITA up 3%; 8% CAGR ’21-‘24e High premium despite LT performance below peers

Indutrade - 7% adj. EBITA beat as Q4 demand holds up

Sales +6%, adj. EBITA +7% vs. cons, 14% org growth Consensus to raise ‘22e-‘24e EBITA by 5-2% Solid, but so have peers; neutral-to-negative reaction