Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
AHLSELL (SE), a company active in the Industrial Machinery industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date February 15, 2019, the closing price was SEK 54.95 and its potential was estimated ...
Ahlsell’s Q4 results brought 8.1% organic growth YOY, suggesting the Nordic market leader continued to gain share in the supportive underlying market. Despite CVC’s proposed offer in our view undervaluing Ahlsell’s high-quality operation and strong FCF capacity, and not ruling out a higher competing offer, we reiterate HOLD with a target price of SEK55, in line with the cash offer.
Two Directors at Ahlsell Ab bought 29,000 shares at between 41.320SEK and 43.380SEK. The significance rating of the trade was 54/100. 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 las...
Q3 organic growth YOY was 6.9%, suggesting the Nordic market leader continued to gain share in the supportive underlying market. The collapse in the share price does not correlate with problems in the operation; quite the opposite in our view, and we see multiple opportunities for Ahlsell to move to the next level. We still like Ahlsell for its high-quality operation generating strong FCF and valuation far below the sector average. We reiterate our BUY and SEK70 target price.
On the back of strong preliminary market data from Sweden and recent acquisitions, our Q3 forecasts are 3% above consensus, with sales of SEK7.43bn (+4.9% organic growth YOY) and adj. EBITA of SEK686m (9.2% margin). We still see the attraction of Ahlsell as a high-quality operation valued below the sector average, and reiterate BUY with a target price of SEK70 ahead of the Q3 results, due at 07:30 CET on 26 October.
Ahlsell reported 6.9% organic growth YOY in Q1, suggesting the Nordic market leader continued to gain share in the supportive underlying market. Management said it saw a maturing acquisition pipeline, potentially driving the case further, in our view. We still like Ahlsell for its high-quality operation generating strong free cash flow, and a valuation far below the sector average. We reiterate our BUY and SEK70 target price.
With a negative Easter effect to account for, we still find Q1 trade statistics supportive (Sweden +4.2%, Finland +5.5%, and Norway -4.0%), with Ahlsell's track record of taking market share likely to continue. The Q1 report is due on 27 April at 07:30 CET, and we forecast sales of SEK7.05bn (+5.3% organic YOY) and adj. EBITA of SEK562m (8.0% margin). We still like Ahlsell as a high-quality operation valued below the sector average, and reiterate our BUY with a target price of SEK70.
Ahlsell’s Q4 results brought 10.8% organic growth YOY, suggesting the Nordic market leader continued to gain share in the supportive underlying market. Management also sees a maturing acquisition pipeline, potentially driving the case further. We still like Ahlsell for its high-quality operation generating strong free cash flow, and a valuation far below the sector average. We reiterate BUY, and have raised our target price to SEK70 (68).
Meeting Ahlsell’s management has assured us that it is able to balance a cooling new-residential market with its exposure to an accelerating industrial segment, which has structurally higher profit margins. We still like the company’s high-quality operations – generating strong FCF – its value-creating acquisition model and below-sector-average valuation. We reiterate our BUY recommendation and SEK68 target price.
Ahlsell's Q3 results (10.5% organic growth YOY) suggest to us the Nordic market leader continued to gain share in the supportive underlying market, with the group seeing a maturing acquisition pipeline potentially driving the case further. We still like Ahlsell as a high-quality operation generating strong free cash flow, and a valuation below the sector average. We reiterate our BUY recommendation and SEK68 target price.
Trade data continues to be supportive in Q3, with the heating and plumbing market in Sweden (Ahlsell’s largest) indicated to be up 9.7% workday-adjusted. Our Q3 forecasts are basically in line with consensus, with sales of SEK6.33bn (7.4% organic growth), adj. EBITA of SEK599m (9.5% margin). We still see Ahlsell as a high-quality operation valued below the sector average, and reiterate a BUY recommendation and target price of SEK68. Q3 results are due on 20 October at 07:30 CET.
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