Executing well in a tough environment

Solid execution on margin improvement

Bufab (Hold, TP: SEK420.00) - Time to bolt in

Q1 sales rose by 2% YOY (Bloomberg consensus +1%), with flat organic growth, EBIT 7% above consensus and EPS 13% above, partly due to strength in Asia-Pacific and stability in Americas. The group EBITA margin was 13.1% (Q4 2024 12.1%) and the adj. EBITA margin 12.7% (12.1%). We have raised our 2025e EBITA by 4% on better-than-expected results in China and North & East, and made minor adjustments to our 2026e. We reiterate our HOLD but have lowered our target price to SEK420 (430) on continued ge...

Slight beat vs. cons. driven by gross margin

Heads-up for report 24 April

Bufab (Hold, TP: SEK430.00) - A component for every challenge

We forecast Q1 sales of SEK2.1bn (flat organic growth YOY), EBITA of SEK246m, an EBITA margin of 11.6%, and EBIT of SEK231m, c9% below Bloomberg consensus. We have reduced our 2025–2026e EBITA by 3–5% due to updated FX and our adjusted underlying estimates. We reiterate our HOLD and our target price of SEK430.

Organic view unchanged, but sales down on FX

Bufab Holding AB: 1 director

A director at Bufab Holding AB maiden bought 1,000 shares at 446.800SEK and the significance rating of the trade was 69/100. 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 yea...

Bufab (Hold, TP: SEK430.00) - Reflecting on Q4 results

Sales declined 4% YOY (Bloomberg consensus -5%), with a 20% miss versus consensus on EBIT and 13% on EPS. This was partly driven by increasing the obsolescence reserve, acquisition/divestment and restructuring costs, and negative currency effects. The group EBITA margin was 9.6% (Q4 2023 9.3%) and the adj. EBITA margin was 10.8% (11.8%). We have lowered 2025e EBITA by 5% following a slower US recovery, but have increased 2026e by 5%. We reiterate our HOLD, but have raised our target price to SEK...

Harsh share reaction vs. underlying result

Solid gross profit, one-offs obscure EBITA

Heads-up for report 6 February

The last quarter of organic sales contraction

Bufab (Hold, TP: SEK425.00) - One C-part at a time

We forecast flat organic growth in Q4, following six consecutive quarters of negative growth. We expect a gradual organic improvement in 2025–2026 and believe Bufab is well positioned to stand out in the current challenging market given its leading position. Following a change of analyst, we have made minor divisional estimate changes and increased our EBITA for 2025e by 4% and 2026e by 9%. We have increased our target price to SEK425 (415) to align with historical multiples, but reiterate our H...

Raise EBITA +11% post-VITAL acquisition

Back in the M&A business

Faster recovery & impressive cost improvement

Organic improvement faster than expected

Putting the bolt in bolt-on

Bufab (Hold, TP: SEK415.00) -

We reiterate our HOLD but have raised our target price to SEK415 (405) on higher peer multiples. Q2 sales and EBITA were in line with our estimates, while organic growth YOY improved from -11% to -7% compared to Q1, and management indicated a demand turnaround. While the sale of low-margin manufacturing units should improve profitability, we have cut our 2024–2025e adj. EBITA by 2–3% owing to the associated sales drop.