Progress materialising rapidly

Another great quarter

Q3e: acceleration in organic growth to continue

T&D looks set for healthier margins

Strong across the board

Set up for compounding

Another strong report

Order momentum continued in Q1

Return to the acquisition journey

First clear sign of demand improvement

A surprisingly strong finish to '24

Industrial recovery pushed forward

Soft orders and margin, but better from here

Improvement work in T&D weighs on margin

H2 looking a bit softer than expected

Q2 margin not quite up to scratch

Sales grew 4%, but adj. EBITA margin down to 6.8% (7.7%). T&D segment struggling, but action being taken; E&E demand strong. Estimate downgrades mainly for '24e-'25e, maintain long-term view.

Personnel changes weigh on margin

Q2'24 results fast comment

Calm Q2e, M&A opportunities in H2

Q2e: orders -2%, sales 0%, adj. EBITA +2% y-o-y. Hope for M&A in H2, market turning more active. P/E 15-12x vs. peers at 24-9x, fair value SEK 40-55.

Gradual improvements from Q4 low

Orders recover from Q4 low, NWC release supports fantastic FCF. Some one-offs weigh on profitability, expect margins to improve. Management seems upbeat on M&A market, acquisitions in '24 likely.

Slight miss but nothing to worry about

Q1'24 results fast comment