Indutrade AB: 1 director

A director at Indutrade AB bought 160,000 shares at 260.657SEK and 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 last two years clearl...

Tough to close the gap when performance lags

Indutrade (Hold, TP: SEK295.00) - Building on stability

Sales grew 4% (consensus 6%) in Q1, of which organic growth was flat, while EBITA missed consensus by 6% and EPS by 9%. Process, Energy & Water saw the biggest deviation, partly explained by lower sales in comparable units and higher costs. The group EBITA margin was up 30bp YOY to 13.6% (consensus 14.2%). We have lowered our 2025–2026e EBITA by 6–2%, and our target price to SEK295 (300), while we reiterate our HOLD.

8% EBITA miss on easy comps

Serial acquirers: To prove their worth (again)

Starting the year with easy comps

Indutrade (Hold, TP: SEK300.00) - Consistency in action

We forecast 4% organic growth YOY for Q1, partly driven by a strong trend in Life Science. As the new organisational structure implemented in 2024 begins to take effect, we expect growth to gradually improve further (organic and acquired). We have cut our 2025–2026e EBITA by 4–3% and reiterate our HOLD and SEK300 target price.

A Constructive quarter

Indutrade (Hold, TP: SEK300.00) - Laying the groundwork

Sales growth was 7% (versus consensus of 5%), with a 2% beat versus consensus on EBITA and 6% on EPS. The higher EBITA was driven by improvement in Process, Energy & Water (PE&W) and Technology & Systems Solutions (T&SS), as well as a recovery in Infrastructure & Construction (I&C). The group EBITA margin was flat YOY at 14.6%, in line with our estimate. We have raised our 2025–2026e EBITA by 1% and our target price to SEK300 (290), while we reiterate our HOLD.

Solid report with better growth

Heads-up for report 30 January

Serial acquirers: M&A the main excitement

Time to pick up a high-quality laggard

Indutrade (Hold, TP: SEK290.00) - Adapting for future growth

We forecast organic growth of only 1% YOY for Q4 and a gradual improvement in 2025 on the back of falling interest rates and the implementation of the new organisational structure. Following a change of analyst, we have made minor divisional estimate changes and lowered our group 2025–2026e EBITA by 2%. We have downgraded Indutrade to HOLD (BUY) and cut our target price to SEK290 (350).

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.