reports
- Johan Skoglund
Bufab (Hold, TP: SEK375.00) - Please HOLD for a recovery
We reiterate our HOLD but have cut our target price to SEK375 (410) following the Q1 report, with sales missing our estimate by 4% and EBITA by 10% in a still-challenging market that weighed on growth and margins. Lower-than-expected organic growth has prompted us to delay our recovery assumptions, and we have reduced our 2024–2025e EBITA by 2–5%.
- Johan Skoglund
Bufab (Hold, TP: SEK410.00) - HOLDing on ahead of Q1 results
We expect a continued organic revenue decline YOY in Q1, but acknowledge Bufab’s focus on gross margin expansion through repricing of less-profitable customer contracts. We have made only minor adjustments to our estimates and reiterate our HOLD, but have raised our target price to SEK410 (390) on higher peer valuations.
Bufab Holding AB: 1 director
A director at Bufab Holding AB sold 2,000 shares at 422.400SEK 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 clearl...
- Johan Skoglund
Bufab (Hold, TP: SEK390.00) - Margins are holding up
We reiterate our HOLD and SEK390 target price following a Q4 with adj. EBITA 3% below our estimates. The negative organic growth worsened QOQ, indicating that Q3 did not mark a trough. However, the margin performance and cash flow were solid. We have edged down our 2024e adj. EBITA by 4% on lower growth, partly offset by higher margins.
- Johan Skoglund
Bufab (Hold, TP: SEK390.00) - HOLDing our breath ahead of Q4
Following an organic growth decline in Q3, we now expect YOY organic growth to have troughed and believe a continued inventory release has the potential to provide strong cash flows for Q4e. We have raised our target price to SEK390 (345) on higher peer multiples but have downgraded Bufab to HOLD (BUY) given the strong share price performance in recent months and the valuation relative to its history and peers. Q4 preview. We expect revenues of SEK2,038m, -2% YOY (-4%-points organic growth and +...
- Johan Skoglund
Bufab (Buy, TP: SEK345.00) - Organic growth dips, cash flow rips
Q3 revenue was in line with our estimate but EBITA was 16% below, due to earn-out remeasurements. Organic growth declined to -7%, as we expected, and management reiterated its cautious near-term outlook. However, cash flow was once again strong, adding confidence to the deleveraging story. We reiterate our BUY but have cut our target price to SEK345 (350).
Bufab Group: Interim report January – September 2023
Bufab Group: Interim report January – September 2023 Strong cash flow and stable underlying results Third quarter of 2023 Net sales declined by -2 percent to SEK 2,071 million (2,122). Organic growth was -7 percent and order intake was somewhat lower than net sales.Adjusted operating profit (EBITA) was SEK 260 million (274), corresponding to an operating margin of 12.6 percent (12.9).Operating profit (EBITA) was SEK 220 million (272) and the operating margin was 10.6 percent (12.8).Earnings per share decreased by 46 percent to SEK 2.56 (4.71).Operating cash flow a...
Bufab Group: Delårsrapport januari - september 2023
Bufab Group: Delårsrapport januari - september 2023 Starkt kassaflöde och stabilt underliggande resultat Tredje kvartalet 2023 Nettoomsättningen minskade med -2 procent till 2 071 (2 122) MSEK. Den organiska tillväxten var -7 procent och orderingången var något lägre än nettoomsättningenJusterat rörelseresultat (EBITA) uppgick till 260 (274) MSEK, motsvarande en rörelsemarginal om 12,6 (12,9) procentRörelseresultatet (EBITA) uppgick till 220 (272) MSEK och rörelsemarginalen uppgick till 10,6 (12,8) procentResultatet per aktie minskade med 46 procent till 2,56 (4,71) SE...
- Johan Skoglund
- Johan Skoglund
Bufab (Buy, TP: SEK375.00) - Decent underlying performance
Mixed Q2 results revealed revenues just below our estimate but a beat on EBITA and very strong operating cash flow. However, management gave a cautious outlook, triggering the large negative share price reaction, but we believe the Bufab long-term case is intact. We reiterate our BUY but have lowered our target price to SEK375 (390).
Bufab Group: Interim report January – June 2023
Bufab Group: Interim report January – June 2023 Strong operating profit and improved cash flow in the second quarter Second quarter of 2023 Net sales increased by 2 percent to SEK 2,280 million (2,241). Organic growth was -5 percent and order intake was in line with net salesOperating profit (EBITA) increased by 37 percent to SEK 319 million (233) and the operating margin was 14.0 percent (10.4). Adjusted for remeasured additional purchase considerations amounting to SEK 12 million (-80), operating profit (EBITA) decreased by -2 percent to SEK 307 million (313), corresponding to an oper...
Bufab Group: Delårsrapport januari - juni 2023
Bufab Group: Delårsrapport januari - juni 2023 Starkt rörelseresultat och förbättrat kassaflöde i det andra kvartalet Andra kvartalet 2023 Nettoomsättningen ökade med 2 procent till 2 280 (2 241) MSEK. Den organiska tillväxten var -5 procent och orderingången i nivå med nettoomsättningen Rörelseresultatet (EBITA) ökade med 37 procent till 319 (233) MSEK och rörelsemarginalen uppgick till 14,0 (10,4) procent. Justerat för omvärderade tilläggsköpeskillingar om 12 (-80) MSEK minskade rörelseresultatet (EBITA) med -2 procent till 307 (313) MSEK, motsvarande en rörelsemarginal om 13,...
- Alexander Aukner
- Johan Skoglund
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Patrik Ling
- Stefan Gauffin
- Johan Skoglund
Bufab (Buy, TP: SEK390.00) - Moderating growth expected
Following a strong EBITA margin beat versus our forecast in Q1, we expect continued revenue and EBITA growth in Q2, but that organic revenue growth will turn negative due to continued weak macro trends, tough YOY comparables, and a somewhat more difficult pricing environment. We reiterate our BUY and have raised our target price to SEK390 (380).
Bufab Group: Bufab utser Pär Ihrskog till Chief Financial Officer
Bufab Group: Bufab utser Pär Ihrskog till Chief Financial Officer PRESSMEDDELANDE, Värnamo 14 juni 2023 Bufab har utsett Pär Ihrskog till Chief Financial Officer (CFO). Han tillträder sin befattning den 14 augusti 2023. Pär Ihrskog har en lång och framgångsrik ledarkarriär inom SKF Group och under sin tid hos SKF har Pär arbetat i olika länder och positioner, inklusive Head of Group Business Controlling. Senast har Pär innehaft rollen som Group CFO/CIO för Embellence Group, noterad på Nasdaq First North. Pär har en MSc-examen från Handelshögskolan i Göteborg. "Vi är mycket glada ...
Bufab Group: Bufab appoints Pär Ihrskog as Chief Financial Officer
Bufab Group: Bufab appoints Pär Ihrskog as Chief Financial Officer PRESS RELEASE, Värnamo 14 June 2023 Bufab has appointed Pär Ihrskog as Chief Financial Officer (CFO). He will take up his position on August 14, 2023. Pär Ihrskog has a long and successful leadership career within the SKF Group and throughout his tenure with the SKF, Pär has worked in various countries and positions including serving as Head of Group Business Controlling. Most recently, Pär held the position as Group CFO/CIO for the Embellence Group listed on Nasdaq First North. Pär has a degree as MSc from the Goth...
- Frank Maaø
- Håkon Astrup
- Joachim Gunell
- Johan Skoglund
- Johannes Grunselius
- Jørgen Lian
- Mattias Holmberg
- Niclas Gehin
- Ole-Andreas Krohn
- Patrik Ling
- Johan Skoglund
Bufab (Buy, TP: SEK380.00) - Continued strong performance
Bufab reported solid Q1 results, with another EBITA beat versus our expectation and solid cash conversion. We believe the report confirms an improved margin profile compared to pre-covid, along with continued deleveraging from an ongoing working capital release. We reiterate our BUY and have raised our target price to SEK380 (340).
Bufab Group: The Board of Directors of Bufab has resolved to utilise i...
Bufab Group: The Board of Directors of Bufab has resolved to utilise its authorisation to repurchase own shares Värnamo, April 20, 2023 The Board of Directors of Bufab AB (publ) (“Bufab”) has resolved, pursuant to the authorisation granted by the annual general meeting held on April 20, 2023, to repurchase the company’s own shares on Nasdaq Stockholm. The purpose of the repurchase is to hedge Bufab’s future delivery of shares to the participants of Bufab’s long-term call option program which was resolved by the 2023 annual general meeting. The repurchase may commence on May 15, 20...
Bufab Group: Bufabs styrelse har beslutat att utnyttja bemyndigande om...
Bufab Group: Bufabs styrelse har beslutat att utnyttja bemyndigande om återköp av egna aktier Värnamo den 20 april 2023 Styrelsen i Bufab AB (publ) (”Bufab”) har beslutat, med stöd av bemyndigandet från årsstämman den 20 april 2023, att förvärva egna aktier på Nasdaq Stockholm. Syftet med återköpet är att säkerställa framtida leverans av aktier till deltagarna i Bufabs långsiktiga köpoptionsprogram som beslutades av årsstämman 2023. Återköpet får inledas den 15 maj 2023 och kommer att förvaltas av Svenska Handelsbanken AB som fattar sina handelsbeslut vad avser de tidpunkter då åter...
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