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).

Swedish food retail market: flat in April

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

Assa Abloy : Feedback CMD : une stratégie rodée et réaffirmée

>Des objectifs financiers et une stratégie inchangés - Lors de son CMD, qui s’est tenu hier, Assa Abloy a confirmé, sans surprise, ses objectifs financiers : i/ une croissance du CA de 10% par an sur un cycle complet (5% en organique et 5% via les acquisitions) et ii/ une marge d’EBIT comprise entre 16% et 17%. Dès lors, le groupe prévoit d’atteindre un CA >220 MdSEK et un EBIT >35 MdSEK en 2028, ce qui se compare avec un CA de 144 MdSEK et un EBIT de 22.4 MdSEK ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2024

With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2024

Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...

Assa Abloy : Feedback from the CMD: tried and tested strategy reassert...

>Financial targets and strategy unchanged - At the yesterday’s CMD, Assa Abloy confirmed as expected its financial targets: i/ growth in revenues of 10% per year over a full cycle (5% organic growth and 5% from acquisitions) and ii/ an EBIT margin between 16% and 17%. Thus, group therefore aims to achieve sales of >SEK 220bn and EBIT of >SEK 35bn in 2028, compared with sales of SEK 144bn and EBIT of SEK 22.4bn in the last 12 months.The main growth drivers ar...

New financial targets and business update

CMD: HHI more growth tilted

NCC AB: 1 director

A director at NCC AB bought 430,237 shares at 131.880SEK and the significance rating of the trade was 68/100. 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...

CMD on 14 May

Weekly Real Estate Matrix

Performance and valuation data for Nordic real estate stocks as of 10 May 2024.

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.

Assa Abloy (Buy, TP: SEK355.00) - 50% rise in EBIT by 2028e

We expect limited share price-moving news, and financial targets to be unchanged (10% sales growth and 16–17% EBIT margin) at Assa Abloy’s CMD, which is set for 14–15 May in Prague. However, as it is on track to reach its 2026 ambition of SEK150bn in sales and SEK25bn in EBIT two years early, we believe it could launch new ambitions for 2028, 2029 or 2030 of cSEK223bn–269bn in sales and cSEK37bn–45bn in EBIT, implying a possible double-digit EBIT CAGR from 2024e. We have made small changes to ou...

Weekly Real Estate Matrix

Performance and valuation data for Nordic real estate stocks as of 3 May 2024.

On track

European occupancy continues up. Minor estimate changes for '25e-'26e. Trading above key peers, we reiterate HOLD.

Q1 reporting continues

This week, Castellum and Balder reported Q1 results, Wihlborgs announced a new lease, and SBB corrected 2023 profits and dissolved Unobo. Norges Bank has signalled interest rates might stay higher for longer. K2A has halted preference dividend payments. The weighted-average implied EBITDA yields on the stocks we cover are 4.69% for 2024e and 4.97% for 2025e.

Ncc (Buy, TP: SEK150.00) - Q1 in line with our expectations

Q1 is low season for NCC, but we believe the EBIT miss versus Infront consensus was likely due to some consensus participants overlooking the early Easter effect. With the Q1 results broadly in line with our estimates, we have made only minor forecast changes, and reiterate our BUY and SEK150 target price.