Solid Q3, but focus on structural moves

Ratos AB: 1 director

A director at Ratos AB bought 15,000 shares at 32.460SEK and the significance rating of the trade was 61/100. 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 show...

One-offs, but adj. result better than expected

Structural plans add to near-term uncertainty

Knightec and Semcon merge, more to come

Plantasjen subsidiaries file for restructuring

Negative share reaction unwarranted

Sales -9% on construction weakness and weather, but EBITA up 2%. We raise EBITA by 2-1% on higher margins and strong C&S orders. Share reaction of -7% unwarranted, as EPS remains intact: BUY.

Margin holds up despite sales miss

Q2'24 results fast comment

Revenue slowdown, but earnings resilient

Q2e: sales -3% y-o-y, but adj. EBITA intact as margin expands. Want to see more M&A like the LEDil bolt-on in the quarter. BUY on slow but steady improvements and valuation support.

The power of M&A compounding

Improving margins in a weak market

Stronger-than-expected start to the year, but seasonally small quarter. Five new reporting segments make a more sensible structure. Hopeful on structural deals NTM, add-ons and minorities in meantime.

A beat across the board

Q1'24 results fast comment

Ratos - Ratos completes Semcon bid

96% bid acceptance ‘23e-‘24e sales up 7%, adj. EBITA up 8-9% Reiterate BUY with new TP of SEK 50 (56)

Ratos - Possible divestments ahead

Plantagen underperforms, construction & services shines Management opens up for divestments Reiterate BUY, TP to SEK 56 (53)

Ratos - Management opens up for divestments

Sales and adj. EBITA 4% and 3% vs. cons Cons. est to remain fairly intact Share to trade in line with market

Ratos - Heads-up for report 24 October

Ratos will report its Q3 on Monday 24, October. A conference call will follow at 09:00. The call can be followed on YouTube. Participants who wish to ask questions must pre-register.

Ratos - Q3 looks set to be decent

Flat organic growth and slightly lower margins in Q3e We lower ‘22e-‘24e adj. EBITA estimates by 6-10% Reduced TP of SEK 53 (75), 13x ‘23e EV/EBITA at TP

Ratos - Etteplan will not raise its offer for Semcon

Etteplan withdraws from the bidding process 52% of owners on board, 90% needed Bid at 12x ‘23e EV/EBIT, slightly above peer multiplies

Ratos - A brief look at Semcon

Aims to create a more homogenous group… …through further acquisitions and divestments Semcon could add 9% to ‘23e EBITA

Ratos - Enters the public market

Offers SEK 157 per share for Semcon… …corresponding to 12.5x ‘23e EV/EBIT (ABGSCe) Ratos trading at 8x f12m EV/EBITA