Getinge (Buy, TP: SEK250.00) - FX and tariffs cause for concern

Given its geographical sales exposure, Getinge should see a strong tailwind from FX in Q1, but if spot rates stay as they are, this should turn abruptly into a significant headwind in Q2. Investors are also concerned about the potential impact from US tariffs and reciprocal actions in other markets, given that Getinge generates c40% of total sales (and c47% of the high-margin ACT sales) in the US. We reiterate our BUY, but have trimmed our target price to SEK250 (255).

Vimian (Buy, TP: SEK55.00) - Last year with AOP

We believe focus will be on growth and cash flow for Q1. However, we highlight that Vimian is shrinking its annual ordering programme (AOP) for the medical technology division this year, affecting YOY sales and margin comparisons. We reiterate our BUY and SEK55 target price.

Two week agenda 31 March-11 April

Nordic reports: Dustin, Stolt-Nielsen, Industrivarden, Atrium Ljungberg, Europris, Tryg

Arjo (Hold, TP: SEK42.00) - Stable Q1 expected

We are slightly below consensus for Q1, but believe this is due to different FX assumptions and our inclusion of higher one-off costs. We see stable sales and improving growth in 2025, with a new CEO not expected until H2. We reiterate our HOLD, but have trimmed our target price to SEK42 (43) following our forecast adjustments.

A farewell to the melatonin comp

Two week agenda

Nordic reports: Hennes & Mauritz, SkiStar, Tivoli, Amaroq Minerals

EU tariff summary for Swedish small caps

Change of guard announced

The future continues to look good

BONESUPPORT: Closing a solid 2024

2024 saw BONESUPPORT further accelerate its market leadership with Q4 sales reaching SEK257m—up 49% YoY—driving FY sales to SEK898.7m (52% YoY), in line with guidance of 50% topline growth. In North America, CERAMENT G continued its strong performance, rising by approximately SEK22m QoQ to reach ar

Positive outlook for 2025

Elekta (Hold, TP: SEK65.00) - Earnings miss and guidance cut

Elekta reported weaker earnings than we forecast and reduced its 2024/25 guidance. The company expects flat revenues (from mid-single digit growth) and lower adj. EBIT margin (from increasing margins). Order intake was strong, with c21% growth YOY driven by Elekta Evo and Elekta ONE. The share price reaction (down c9% on the reporting day) reflects the stock market’s caution’s regarding Elekta’s growth and margin progression, we believe. We reiterate our HOLD, but have cut our target price to SE...

First signs of improvements, more needed

Miss on earnings, strong orders and FCF

Uneventful wait for the rights issue

In line with pre-announcement

Vimian (Buy, TP: SEK55.00) - Strong organic growth in Q4

Vimian reported higher-than-expected Q4 earnings, with strong organic growth of c15% YOY, a clear step-up from recent quarters. Cash flow was also stronger than we expected and the company is clearly continuing its focus on cash generation. In addition, the recently acquired iM3 operation was consolidated. We reiterate our BUY and SEK55 target price.

All segments now delivering organic growth

Impressive growth and cash flow generation

Elekta (Hold, TP: SEK70.00) - Focus on guidance for Q4

We are in line with consensus for Q3 and believe investors should focus on the guidance for Q4 and the full year, given the miss last year. 2024/25 is likely to be skewed towards Q4, which should be a ‘make or break’ quarter for the full year, despite the easy YOY comparable. We reiterate our HOLD and SEK70 target price.