Kambi (Buy, TP: SEK200.00) - Increasingly de-risked 2025e

The Q4 earnings beat was overshadowed by a 2025 outlook implying negative EBIT YOY, prompting cuts to our 2025–2026e, but fairly stable consensus, we believe. We see potential for more client signings and cost savings to improve the outlook (following positive news flow YTD) as well as scope for higher share buybacks. We reiterate our BUY ahead of an increasingly de-risked 2025e, but have cut our target price to SEK200 (210).

'25 another tough year, but still good value

'25 EBITA guidance in line

Granges AB: 1 director

A director at Granges AB bought 4,500 shares at 135.267SEK and the significance rating of the trade was 70/100. 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 sh...

Balancing '25 headwinds and tailwinds

Unexciting US data in Q4

Elkem (Buy, TP: NOK30.00) - Preparing to unlock values

Q4 EBITDA was cNOK1.2bn, in line with our estimate and consensus. The company proposed a DPS of NOK0.3 for 2024, which was above our forecast of NOK0 and consensus of NOK0.09. We have made minor adjustments to our 2025–2026e EPS, and are 6% above consensus for 2026e EPS. We reiterate our BUY and NOK30 target price.

Elkem (Hold, TP: NOK30.00) - Preparing to unlock values

Q4 EBITDA was cNOK1.2bn, in line with our estimate and consensus. The company proposed a DPS of NOK0.3 for 2024, which was above our forecast of NOK0 and consensus of NOK0.09. We have made minor adjustments to our 2025–2026e EPS, and are 6% above consensus for 2026e EPS. We reiterate our BUY and NOK30 target price.

Q4 above, Q1 likely weaker

Q4 EBITDA in-line

Q4 wrap: strong reports, stronger reactions

Peab AB: 4 directors

Four Directors at Peab AB bought 163,500 shares at between 83.421SEK and 83.443SEK. The significance rating of the trade was 80/100. 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...

Lifco AB: 1 director

A director at Lifco AB bought 10,000 shares at 367.710SEK and the significance rating of the trade was 55/100. 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 sho...

Peab (Hold, TP: SEK85.00) - Mixed Q4, but boost from one-offs

Peab reported stronger-than-expected Q4 results on transaction gains in Property Development (PD) and one-offs in Industry (extra government funds in Finland). The underlying market recovered as we expected, with leading KPIs such group order intake and residential unit sales slightly above our forecasts. We have made minor changes to our 2025–2026e EPS, but believe consensus is still reflecting a too-bullish EBIT margin recovery. We reiterate our HOLD, but have raised our target price to SEK85 ...

Solid cash flow and order intake

Bonava (Hold, TP: SEK10.00) - KPIs lead the way

As we expected, Bonava’s Q4 results reflected the low cycle in the housing market. While adj. EBIT was 3% above our estimate and 11% above Infront consensus, it was down 38% YOY. We are concerned that 2025e and 2026e EPS will be negative due to a low cycle due to few deliveries. However, we expect key performance indicators (KPIs), such as sales and starts, to recover, just as they did in Q4. We believe there is still upside potential in the stock in a normalised housing market. However, the rec...

Margins a potential game changer

Coloplast (Hold, TP: DKK850.00) - 2024/25 likely back-end loaded

The Q1 headline results were broadly in line with our forecasts and consensus. We view 2024/25 as back-end loaded and expect a pick-up in organic growth and margins over the coming quarters. The company maintained its 2024/25 guidance for 8–9% organic sales growth and a c28% EBIT margin before special items. We reiterate our HOLD and DKK850 target price.

Solid Q1 on low expectations