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ABGSC Construct. & Real Estate Research ... (+4)
  • ABGSC Construct. & Real Estate Research
  • Fredrik Stensved
  • Markus Henriksson
  • Viktor Stenlöf

Window shopping in Poland

We visited Poland with Eastnine last week. ~EUR 200m to spend on acquisitions, which could lower ’24e P/CEPS to 11x (45% discount to the sector).

ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Adrian Gilani
  • Karl Bokvist
ABGSC Renewable Energy Research ... (+8)
  • ABGSC Renewable Energy Research
  • Adrian Gilani
  • Åsne Holsen
  • Daniel Vårdal Haugland
  • Haakon Amundsen
  • John Olaisen
  • Olof Cederholm
  • Stian Wibstad

Renewable Weekly – 23 May 2024

This week we highlight the tight offshore wind transport and installation (T&I) segment.

Napatech AS: 1 director

A director at Napatech AS sold 5,500,000 shares at 32.000NOK and the significance rating of the trade was 79/100. 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 ...

ABGSC Telecom Operators Research ... (+3)
  • ABGSC Telecom Operators Research
  • Daniel Thorsson
  • Simon Granath
ABGSC IT Research ... (+3)
  • ABGSC IT Research
  • Simon Jönsson
  • Stefan Knutsson

Strong gross margin drives positive revisions

Adjusted EBITDA of GBP 1.6m, +29% vs. ABGSCe. We raise '24e-'26e EBITDA by 12-20%. Share is trading at 16-5x EV/EBIT on '24e-'26e (8-10% FCF yields).

Catella AB: 1 director

A director at Catella AB maiden bought 10,000 shares at 30.593SEK 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 cle...

ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Adrian Gilani

German weakness persists, US outlook better

Rudd delivers SEK 60m EBIT in its first full quarter (ABGSCe 68m). EBIT down by 9-7% for '24e-'26e, lower top line but higher margin. 14x '24e EV/EBIT goes to 8x in '25e as Germany improves.

ABGSC IT Research ... (+2)
  • ABGSC IT Research
  • Øystein Elton Lodgaard
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Adrian Gilani
ABGSC Renewable Energy Research ... (+8)
  • ABGSC Renewable Energy Research
  • Adrian Gilani
  • Åsne Holsen
  • Daniel Vårdal Haugland
  • Haakon Amundsen
  • John Olaisen
  • Olof Cederholm
  • Stian Wibstad

Renewable Weekly – 15 May 2024

This week, we take a preliminary look at Vestas' Q2 announced order intake quarter to date.

Johan Skoglund
  • Johan Skoglund

GARO (Hold, TP: SEK30.00) - Low voltage

We reiterate our HOLD and SEK30 target price following a weak Q1 report compared to our estimates, with negative EBIT for E-Mobility due to low demand and negative operational leverage, and Electrification still in a cyclically slow Nordic construction market. With net debt/EBITDA of c4.0x, we acknowledge the market’s increased concerns on liquidity, dependent on an inventory reduction near-term.

Elanders AB: 1 director

A director at Elanders AB bought 19,000 shares at 102.244SEK and the significance rating of the trade was 52/100. 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 ...

ABGSC Capital Goods Research ... (+3)
  • ABGSC Capital Goods Research
  • Adrian Gilani
  • Henric Hintze

Another decade of growth ahead

Enviable financials: 10% sales and 20% 10-year EPS CAGR. Shunned by funds, but ESG and electrification risks overblown. We forecast 8% sales and 13% EPS CAGR over coming decade.

ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Adrian Gilani

Solid US demand expected, Germany weaker

Mixed markets; US strong but Germany weaker. '24e-'26e EBIT down 4-3% on lowered Germany estimates. Share trading at 14-9x '24e-'25e EV/EBIT.

ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson

Good start but sales commission still too high

Solid start in Q1. Higher sales commissions weigh down on EBIT in '25e-'26e. Fair value revised down to SEK 8-15 (9-16).

ABGSC Services Research ... (+2)
  • ABGSC Services Research
  • Stefan Knutsson

Market challenges persist

Sales down 19% y-o-y in Q1. Cost initiatives keep EBITA positive. Signs of a better market later in '24.

Midsona AB: 1 director

A director at Midsona AB bought 35,000 shares at 7.999SEK and the significance rating of the trade was 52/100. 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...

ABGSC Healthcare Research ... (+2)
  • ABGSC Healthcare Research
  • Sten Gustafsson
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