reports
- ABGSC Services Research
- Stefan Knutsson
- ABGSC Services Research
- Ali Shemmari
- Petter Nystrøm
- Ole Martin Westgaard
- ABGSC Media Research
- Derek Laliberté
- Martin Arnell
Paradox Interactive (Buy, TP: SEK260.00) - Good entry point on negativ...
Q1 marked a soft start to 2024, which together with the recent negative news flow (game delays, technical issues in Cities: Skylines 2) has created a good entry point in the sector’s quality name. We are confident in the long-term profitability of the core portfolio, and like the optionality from new games like ‘Life by You’, set for release in Q2. We reiterate our BUY, but have trimmed our target price to SEK260 (270) on 7–5% lower 2024–2025e EBIT.
- ABGSC IT Research
- Oscar Rönnkvist
- Simon Jönsson
- ABGSC Media Research
- Derek Laliberté
- Mattias Holmberg
Atlas Copco (Hold, TP: SEK195.00) - In one word: Strong
Atlas Copco’s Q1 report impressed with a solid order beat and guidance that implies our estimates and consensus for orders are too low for the rest of 2024e. We view the comments on the semiconductor industry as cautiously optimistic. We have raised our 2024–2026e adj. EBIT by 5–7% and our target price to SEK195 (185), but reiterate our HOLD as the valuation looks full in our view at a 2024e EV/EBIT of 22.5x.
- ABGSC IT Research
- Oscar Rönnkvist
- Simon Jönsson
- Joachim Gunell
Storytel (Buy, TP: SEK75.00) - The plot thickens
We believe recent insider trading and EQT’s board representative not standing for re-election could signal a potential shift in the shareholder base and direction for Storytel, which could create some short-term uncertainty, but also trigger a strategic review. We reiterate our BUY and SEK75 target price as we see potential upside to Storytel’s 2024 EBITDA margin guidance with a step change in FCF generation driving an undemanding valuation, with a 2025e EV/EBITDA of 7x, P/E of 19x and OpFCF yie...
Storaktionærmeddelelse
Storaktionærmeddelelse Bang & Olufsen A/S har i henhold til kapitalmarkedslovens § 38 modtaget en storaktionærmeddelelse fra New Sparkle Roll International Group Limited, hvoraf det fremgår, at New Sparkle Roll International Group Limited’s indirekte besiddelse, gennem Sparkle Roll (Denmark) Limited, af aktier og stemmerettigheder per den 12. april er faldet til under 10 procent af de samlede antal aktier og stemmerettigheder i Bang & Olufsen A/S. New Sparkle Roll International Group Limited besidder per 12. april 2024 indirekte 12.241.123 aktier og stemmerettigheder i Bang & Olufsen A/S ...
Major shareholder announcement
Major shareholder announcement Bang & Olufsen A/S has pursuant to the Danish Capital Markets Act § 38 received a major shareholder announcement from New Sparkle Roll International Group Limited which states that New Sparkle Roll International Group Limited’s, through Sparkle Roll (Denmark) Limited, indirect holding of shares and voting rights as per 12 April 2024 is below 10 per cent of the total number of shares and voting rights in Bang & Olufsen A/S. As per 12 April 2024, New Sparkle Roll International Group Limited indirectly holds 12,241,123 shares and voting rights in Bang & Olufse...
- Martin Arnell
Paradox Interactive (Buy, TP: SEK270.00) - Focusing on Q2 releases
Q1 was fairly average for DLC and new releases, with ‘Cities: Skylines 2’ (CS2) DLC not enough to drive a resurgence in player activity. We have cut our 2024e EBIT by ~5% to reflect our lower near-term CS2 sales expectations, but remain confident Paradox will report strong earnings growth in 2024. We reiterate our BUY but have lowered our target price to SEK270 (280) ahead of the Q1 report, due at 08:00 CET on 25 April.
Delårsrapport 3. kvartal 2023/24: Solid udvikling i B&O’s bruttomar...
Delårsrapport 3. kvartal 2023/24: Solid udvikling i B&O’s bruttomargin bidrog til positiv indtjening i 3. kvartal trods lavere omsætning På trods af en omsætning på et lavere niveau end forventet, leverede B&O en positiv indtjening og endnu et kvartal med en rekordhøj bruttomargin. Det er et resultat af selskabets fortsatte arbejde med at implementere sin Luxury Timeless Technology-strategi og skabe en mere robust forretning. Vigtige elementer i denne transition er et styrket fokus på kundeoplevelsen i de brandede salgskanaler, positionering som luksusbrand og høj produktkvalitet. De ...
Interim report for Q3 2023/24: B&O’s strong gross margin performance ...
Interim report for Q3 2023/24: B&O’s strong gross margin performance contributed to positive earnings in Q3 despite lower revenue Despite a lower-than-expected revenue level, Bang & Olufsen generated positive earnings and delivered another quarter with a record-high gross margin. This is an outcome of the company’s continued work to implement its Luxury Timeless Technology strategy and build a more resilient business. Enhanced focus on the customer experience in branded channels, luxury positioning, and product excellence are key elements in this transition. The macroeconomic conditions...
- Mattias Holmberg
Atlas Copco (Hold, TP: SEK185.00) - Still waiting for semis
We are 2% above consensus on Q1 orders, 1% above on sales and in line on adjusted EBIT. We expect the guidance to be for unchanged demand into Q2 and for comments that management has not yet seen any improvement in demand from the semiconductor industry. Although our deviation versus consensus for Q1 is negligible on the group level, we find the margin assumptions for VT somewhat optimistic. We have raised our adjusted EBIT by 4% on average for 2024–2026e. We reiterate our HOLD but have raised o...
- Håkon Astrup
Scope for continued strong earnings
Seeing support from still-high interest rates and sound fundamentals, we expect solid NII and robust asset quality to contribute to continued strong earnings generation for the banks, despite the stable and eventually falling key policy rate trajectory. Trading at an average 2025e P/E of ~8.5x (adjusted for undistributed 2023 dividends), we continue to find the valuation undemanding. We maintain a positive view on the sector and highlight SVEG as our top pick.
- Ole Martin Westgaard
Sats (Buy, TP: NOK21.00) - Yields trump membership growth
Despite being marginally below consensus for Q1e, we are positive ahead of the report as we believe it should provide yet more evidence that SATS is on track to deliver on its medium-term targets to improve profitability. We reiterate our BUY and NOK21 target price, having made slight positive estimate revisions, as we continue to find the valuation attractive.
Bang & Olufsen offentliggør foreløbige tal for 3. kvartal og justerer ...
Bang & Olufsen offentliggør foreløbige tal for 3. kvartal og justerer forventninger til omsætningen for finansåret. Positiv indtjening forventes for hele året trods lavere omsætning Bang & Olufsens foreløbige resultat for koncernens omsætning i 3. kvartal 2023/24 er DKK 614 mio., et fald på 2 % år-over-år i lokal valuta og flad år-over-år vækst i omsætning relateret til produktsalg. Forventningerne til omsætning for regnskabsåret 2023/24 (ultimo 31. maj 2024) justeres som følge af, at salget er påvirket af de udfordrede makroøkonomiske forhold i selskabets væsentligste markeder i Europa, h...
Bang & Olufsen releases preliminary Q3 numbers and adjusts revenue out...
Bang & Olufsen releases preliminary Q3 numbers and adjusts revenue outlook for the financial year. Positive earnings expected for the full year despite lower revenue Bang & Olufsen’s preliminary Q3 2023/24 result for group revenue is DKK 614m, a 2% year-on-year decline in local currencies and flat year-on-year growth in product revenue. The revenue outlook for the financial year 2023/24 (ending 31 May 2024) is adjusted due the company’s sales being impacted by slower-than-expected improvement of macroeconomic conditions in the company’s key markets in Europe. Further, Bang & Olufsen does n...
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