Getinge (Buy, TP: SEK240.00) - Uncertainty regarding FDA issues

Getinge yesterday hosted a meeting to discuss its new long-term financial targets, where it also commented on the recent FDA communication to healthcare facilities in the US advising users to transition away from Getinge’s equipment in cardiopulmonary and cardiac assist. However, the company has limited visibility on the size of the financial impact. We reiterate our BUY, but have lowered our target price to SEK240 (255).

April sales: +2.8 comparable (positive calendar)

Mounting concerns

Increased uncertainty of earnings development. Adj. EBITA revised down 2.3%-4.5% for '24e-'26e. HOLD maintained, TP down to SEK 198 (225)

March: Pulp shipments +8% y-o-y

Renewable Weekly – 15 May 2024

This week, we take a preliminary look at Vestas' Q2 announced order intake quarter to date.

Corem (Hold, TP: SEK9.50) - Soft operations, rising vacancy rate

We see the key positives as Corem’s recent bond issues and our estimate that its bond repayments and capex are covered in 2024. However, a rising vacancy rate brought a top-line miss in Q1 (the economical vacancy rate was 14%, up from 11% in Q3 2023 and 13% in Q4 2023). We reiterate our HOLD and SEK9.5 target price.

New financial targets and business update

Royal Unibrew (Buy, TP: DKK625.00) - In a position of strength

Yesterday we attended Royal Unibrew’s CMD in the Netherlands. We found the event informative, especially about recent years’ acquisitions in Norway and the Netherlands. Our impression was that momentum is strong, and that the recent long-term organic EBIT target of 6–8% growth could be conservative. Following years of headwinds, the company seems to be emerging in a stronger position than ever. We reiterate our BUY and DKK625 target price.

Carlsberg AS: 1 director

A director at Carlsberg AS sold 13,517 shares at 941.660DKK and the significance rating of the trade was 100/100. 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 ...

A few good elements at CMD keep us positive

'24e EBIT lowered by 2%, '25e-'26e raised by 1-2%. More confidence in the development potential of Vrumona. TP raised to DKK 620 (520). BUY maintained.

Swedish policy rate cut, an upgrade and a downgrade

Sweden’s Riksbank cut the policy rate this week to 3.75% (4.0%); our estimates are based on another four cuts by end-2025. During the week we upgraded Veidekke to BUY, downgraded Castellum to HOLD, and reiterated our HOLD on Kojamo and SELL on Hufvudstaden and Sagax. The average implied EBITDA yields on the stocks we cover are 4.40% for 2024e and 4.79% for 2025e.

E-commerce traffic - April 2024

We have evaluated Similarweb data for April. Aggregated traffic to e-com sites up 4% y-o-y. Rugvista traffic growth continues, don't fear RVRC's -19% y-o-y.

Camurus (Buy, TP: SEK630.00) - US royalties higher than expected

Q1 earnings were much higher than we and consensus expected, despite a top-line miss. While Buvidal sales were c6% below our forecast, Brixadi royalties of SEK26m were well above our SEK15m estimate. The 2024 guidance was reiterated. Following the results we have raised our 2024–2026e EPS by 13% on average, and in turn our target price to SEK630 (550). We reiterate our BUY.

Renewable Weekly – 8 May 2024

This week, we look at key takeaways from GWEC's 2024 Global Wind Report.

CAMURUS reports Q1, showing encouraging sales uptake in the US

Camurus reported its Q1 2024 results, where i) total revenues came in at SEK 390m (vs css SEK 405m, -3.7%), of which SEK 364m product sales (+3% QoQ at CER), ii) profit before tax came in at SEK 97m (vs css 80.3m, +20%), and iii) a cash position at SEK 2,274m. We observe a steady increase in the nu

13 May CMD: What we will be looking for

Copper is golden - Sandvik up to BUY

Copper and gold rally will turn order growth around in H2. Also secular drivers benefiting both Epiroc and Sandvik. Sandvik has highest value upside - up to BUY.