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

Indutrade - Heads-up for report 28 October

Indutrade will report Q3 on Friday, 28 October at 07:30 CET. A conference call will follow at 09:30, dial in: SE , UK 84, pin: 00501170#

Sector Report - Stronger for longer

Down to HOLD (Buy), TP SEK 150 (165) Calendar Q3 (fiscal Q2) report on Thursday, 27 October

Indutrade - Steady progress into H2

Q3 report on Friday, 28 October ‘22e EBITA up 2%, ‘23e-‘24e EBITA down 4% Keep HOLD, TP SEK 170 (195)

Indutrade - The first billion-SEK EBITA quarter

Strong demand in Q2… …and it seems to be continuing near-term We keep HOLD with a TP of SEK 195 (180)

Indutrade - Confident about short-term

Sales and adj. EBITA 2% and 4% above cons Est. up 1-2%, postive short term outlook Share up low single digits warranted

Indutrade - Heads-up for report on 19 July

Indutrade will report Q2 on Tuesday, 19 July, at 09:30. A conference call will follow at 11:00, dial in: SE 6, UK 884, pin: 5655851#

Sector Report - Take away M&A and you still see quality

Q1’22/23 report due Friday, 15 July ‘22e-‘24e adj. EBITA up 2-0% on M&A and FX Up to BUY (Hold) – TP of SEK 160 (182)

Indutrade - Organic growth remains high for now

Q2 report due on Tuesday, 19 July ‘23e adj. EBITA down 2% HOLD, TP of SEK 180 (245)

Indutrade - Q1 was a delight – Q2 should be the same

Adj. EBITA 13% above Infront cons. Management upbeat on Q2 We keep HOLD, but expect outperformance near-term

Indutrade - Strong beat of 13% on adj. EBITA

Adj. EBITA 13% above cons estimates Cons. est. should come up ~5% Share to outperform market with mid-single digits

Indutrade - Heads-up for report on 29 April

Indutrade will report Q1 on Friday, 29 April. A conference call will follow at 09:30, dial in: SE: +46 8 566 427 03, UK: 64

Sector Report - Divergence between ST woes and LT gains

Q4’21/22 report due Tuesday 17 May Potentially the last quarter with double-digit organic growth 21x ’23/24e EV/EBITA in M&A scenario

Indutrade - Solid near term, less attractive long term

Q1 report on Friday, 29 April ‘22e-’24e adj. EBITA est. up 3% on M&A and FX Trading in line with peers at 25x f12m adj. EV/EBITA