reports
- Benoit Valleaux
- Steven Gould
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
KNEBV KONE OYJ CLASS B
LI KLEPIERRE SA
COV COVIVIO SA
RI PERNOD RICARD SA
GFC GECINA SA
NXI NEXITY SA CLASS A
WTB WHITBREAD PLC
DAI DAIMLER AG
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
MERY MERCIALYS SA
GLE SOCIETE GENERALE S.A. CLASS A
WHA WERELDHAVE N.V.
TEP TELEPERFORMANCE SE
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SCHP SCHINDLER HOLDING AG PREF
BAS BASF SE
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
NEM NEMETSCHEK SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
CABK CAIXABANK SA
IBE IBERDROLA SA
VGP VGP NV
COLO B COLOPLAST A/S CLASS B
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
DWS DWS GROUP GMBH & CO. KGAA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
MRNA MODERNA INC.
WDP WAREHOUSES DE PAUW SCA
STLA STELLANTIS N.V.
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
TEN TENARIS S.A.
- Benoit Valleaux
- Steven Gould
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
KNEBV KONE OYJ CLASS B
LI KLEPIERRE SA
COV COVIVIO SA
RI PERNOD RICARD SA
GFC GECINA SA
NXI NEXITY SA CLASS A
WTB WHITBREAD PLC
DAI DAIMLER AG
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
MERY MERCIALYS SA
GLE SOCIETE GENERALE S.A. CLASS A
WHA WERELDHAVE N.V.
TEP TELEPERFORMANCE SE
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SCHP SCHINDLER HOLDING AG PREF
BAS BASF SE
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
NEM NEMETSCHEK SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
CABK CAIXABANK SA
IBE IBERDROLA SA
VGP VGP NV
COLO B COLOPLAST A/S CLASS B
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
DWS DWS GROUP GMBH & CO. KGAA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
MRNA MODERNA INC.
WDP WAREHOUSES DE PAUW SCA
STLA STELLANTIS N.V.
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
TEN TENARIS S.A.
- Oliver Metzger
- ABGSC Healthcare Research
- Morten Larsen
- Martin Arnell
MTG (Buy, TP: SEK130.00) - Encouraging organic growth trend
MTG’s 2025 organic growth outlook of 3–7% YOY was a key positive in an otherwise difficult market for mobile gaming, in our view. However, the adj. EBITDA margin guidance of 21–24% fell shy of our expectation. We have only finetuned our 2025–2026e sales, but cut adj. EBITDA by 18–7% on the margin outlook, with some upside potential if synergies from the Plarium acquisition should materialise in 2025. We reiterate our BUY, but have lowered our target price to SEK130 (140).
Coloplast A/S Revised guidance for FY 2024/25
Coloplast A/S Revised guidance for FY 2024/25 Coloplast revises financial guidance for FY 2024/25 and pre-announces H1 2024/25 key financial figures Coloplast revises the guidance on organic growth and EBIT margin before special items for FY 2024/25. The organic growth is now expected to be around 7%, from previously 8-9%. The EBIT margin before special items is now expected to be 27-28%, from previously around 28%. Key financial figures and developments in Q2: Group organic growth was 6% in Q2. The EBIT margin before special items was 27%.Organic growth rates by business area: Ostomy ...
- Jesper Ingildsen
Carlsberg (Buy, TP: DKK1075.00) - Soft Q1, but with bright spots
We consider the Q1 results slightly on the soft side (with organic volume misses across the board), albeit less so adjusted for the loss of the San Miguel contract. Despite the general weakness, there were a couple of bright spots, including positive commentary on the premium beer market in China. We reiterate our BUY and DKK1,075 target price.
- Mattias Holmberg
Alfa Laval (Buy, TP: SEK515.00) - Marine margin thesis playing out
Alfa Laval had an optically weak quarter, but it was clean in operational performance. Early signs of macro caution emerged through a newly introduced “cost prudence initiative” and repeated comments pointing to softer Marine order intake from Q2, but overall stable demand for the group. Still, margin execution was strong, with Marine reaching 21.8%, confirming our positive thesis in the stock, which is now one of the few in the sector where we expect earnings growth YOY in 2025. We have cut our...
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Consumer Goods Research
- Benjamin Wahlstedt
- Mikkel Kousgaard Rasmussen
- Jesper Ingildsen
Pandora (Buy, TP: DKK1400.00) - Still shining, but potential pressure
We expect Pandora to report a solid start to the year, with 6.4% LFL growth (consensus 5.6%) in Q1e, but believe focus is more likely to be on the implications (direct and indirect) of tariffs and higher silver prices. However, we believe these concerns are more than priced in after recent share-price weakness. We reiterate our BUY, but have lowered our target price to DKK1,400 (1,550).
- ABGSC Consumer Goods Research
- Ali Shemmari
- Petter Nystrøm
- Jesper Ingildsen
Carlsberg (Buy, TP: DKK1075.00) - Expect flat start to 2025e
We expect Carlsberg to report a slow start to the year, mainly related to the loss of the San Miguel contract and the timing of Easter. However, we believe this should not come as a surprise, and thus expect the 2025 guidance to be maintained. At a 12-month forward P/E of c14x, we still find the stock attractive, with further upside potential from better-than-expected execution of Britvic and any improvement in China. We reiterate our BUY and DKK1,075 target price.
- Rune Majlund Dahl
Coloplast (Hold, TP: DKK770.00) - Expecting another weak quarter
We expect another soft quarter (7.8% organic revenue growth YOY and a 27.5% EBIT margin), before then improving. We look for unchanged 2024/25 guidance of 8–9% organic sales growth and a c28% EBIT margin before special items. We have cut our 2024/25–2026/27e EPS by 2.8% on average and believe returning to a 30%+ EBIT margin hinges on external factors. We reiterate our HOLD, but have cut our target price to DKK770 (850).
Coloplast A/S - H1 2024/25 Earnings Release - Invitation to conference...
Coloplast A/S - H1 2024/25 Earnings Release - Invitation to conference call on 6 May 2025 at 11.00am CEST Tuesday, 6 May 2025 at 11.00 - 12.00am CESTIn connection with the publication of Coloplast’s interim financial results for H1 2024/25, to be released same day around 07.30am CEST, Coloplast will host a conference call to present the financial results and answer questions from investors and financial analysts. A presentation will be available on Coloplast’s website approximately 1 hour before the conference call.The webcast of the conference call will be available during and after the e...
- Martin Arnell
MTG (Buy, TP: SEK140.00) - First quarter including Plarium
Q1 will be the first quarter including the transformative Plarium acquisition (consolidated from 1 February), set to roughly double MTG’s revenue and adj. EBITDA. Our impression is organic growth trends have held up alright in Q1; however, the recent strengthening of the SEK has prompted a ~9% cut to our 2025–2026e revenue and EBITDA. We have lowered our target price to SEK140 (150) but reiterate our BUY.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Miika Ihamaki
Nokian Tyres (Hold, TP: EUR6.30) - No clear road
While we acknowledge Nokian Tyres’ ‘local-to-local’ approach in the US may shelter it from worst tariff impacts, we believe increased uncertainty on consumer sentiment in North America could lead to weaker demand for its high-value premium range in the short term, raising the risk of fixed-cost under-absorption and partly offsetting potentially better EBIT drop-through from Romania (Q2 onwards). We reiterate our HOLD, but have cut our target price to EUR6.3 (6.7), following a c9% clean EBIT cut ...
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