reports
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
Volvo AB: 3 directors
A director at Volvo AB maiden bought 15,000 shares at 262.000SEK and the significance rating of the trade was 91/100. 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 clea...
- Hannes Thorstensson
Alimak (Hold, TP: SEK125.00) - Order beat, earnings miss
We view the Q1 results as soft despite strong order growth of 16% organically YOY, with all divisions contributing to the beat. A miss on adj. EBITA was driven by lower sales and a weak Facade Access (FA) margin of 9.5% due to legacy projects and lower utilisation. Alimak stated that investment decisions for new tall buildings would continue to be postponed, and legacy projects phased out through 2025. We reiterate our HOLD, but have cut our target price to SEK125 (140), having lowered our 2025–...
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
AI AIR LIQUIDE SA
GET GETLINK SE
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KPN ROYAL KPN NV
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VOLV B VOLVO AB CLASS B
OUT1V OUTOKUMPU OYJ
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HO THALES SA
SSAB A SSAB AB CLASS A
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NOKIA NOKIA OYJ
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NESN NESTLE S.A.
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VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
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NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ASSA B ASSA ABLOY AB CLASS B
RIO RIO TINTO PLC
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
AMAG AMAG AUSTRIA METALL AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CPR DAVIDE CAMPARI-MILANO N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
AI AIR LIQUIDE SA
GET GETLINK SE
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
DGE DIAGEO PLC
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
ROG ROCHE HOLDING LTD
VOLV B VOLVO AB CLASS B
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
RI PERNOD RICARD SA
HO THALES SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
GYC GRAND CITY PROPERTIES SA
SZG SALZGITTER AG
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
KER KERING SA
VNA VONOVIA SE
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
SAN SANOFI
ERA ERAMET SA
NDA AURUBIS AG
TEG TAG IMMOBILIEN AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
RIO RIO TINTO PLC
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
AMAG AMAG AUSTRIA METALL AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CPR DAVIDE CAMPARI-MILANO N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
- Anthony Dick
- Michael Foundoukidis
- Anthony Dick
- Michael Foundoukidis
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Mattias Holmberg
Volvo (Sell, TP: SEK240.00) - Margin starting to crack
Q1’s punchy order intake was a positive. However, soft US Truck margins, “slightly” negative pricing, mix headwinds for VCE and FX all point to earnings pressure still not being reflected in consensus (we are c15–16% below on 2025–2026e adj. EBIT after lowering our estimates by another c7%). Although the stock is starting to look attractive fundamentally, we expect sentiment to get worse before it gets better, reiterate our SELL and have cut our target price to SEK240 (280).
- Chaima Ferrandon
- Sven Edelfelt
LR LEGRAND
BN DANONE SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
VOLV B VOLVO AB CLASS B
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ABB ABB LTD.
RXL REXEL SA
KBC KBC GROUP N.V.
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
BAYN BAYER AG
SUN SULZER AG
DOKA DORMAKABA HOLDING AG
ASSA B ASSA ABLOY AB CLASS B
ANDR ANDRITZ AG
SAP SAP SE
SIE SIEMENS AG
VOS VOSSLOH AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
AKZA AKZO NOBEL N.V.
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ATCO A ATLAS COPCO AB
- Benoit Valleaux
- Steven Gould
AXA AXA
LR LEGRAND
BN DANONE SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
VOLV B VOLVO AB CLASS B
FGR EIFFAGE SA
ABB ABB LTD.
RXL REXEL SA
KBC KBC GROUP N.V.
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
BAYN BAYER AG
SUN SULZER AG
DOKA DORMAKABA HOLDING AG
ASSA B ASSA ABLOY AB CLASS B
ANDR ANDRITZ AG
SAP SAP SE
SIE SIEMENS AG
VOS VOSSLOH AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
AKZA AKZO NOBEL N.V.
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
ATCO A ATLAS COPCO AB
- Anthony Dick
- Michael Foundoukidis
- Anthony Dick
- Michael Foundoukidis
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Hannes Thorstensson
Alimak (Hold, TP: SEK140.00) - Mean reversion
We are in line with post-Q4 consensus on Q1 sales and adj. EBITA, as we forecast sales of SEK1,800m and an adj. EBITA margin of 18.2% (Q1 2024 16.4%). We expect a sequential decline in the Facade Access adj. EBITA margin, as it was boosted by contingency releases booked in Q4, but a recovery in Construction. We have lowered our 2025–2027e sales by 5% and adj. EBITA by 7% on average due to FX. We reiterate our HOLD and SEK140 target price.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
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