reports
- 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.
- 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
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
ELUX B ELECTROLUX AB
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
SKF AB: 1 director
A director at SKF AB bought 10,000 shares at 207.100SEK 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 years clearly showi...
Assa Abloy AB: 1 director
A director at Assa Abloy AB sold 33,000 shares at 297.503SEK and the significance rating of the trade was 67/100. 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
- 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.
- 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
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.
- Mattias Holmberg
Atlas Copco (Buy, TP: SEK170.00) - Solid story lacking execution
The Q1 report was a bit soft, with orders in line, adj. EBIT 5% below consensus and a reduction of the outlook, now expecting weaker customer activity near-term. VT not missing consensus orders and margins was a relief, and a restructuring of the division is underway, with full margin recovery expected by 2026. Having trimmed our organic growth and adj. EBIT margin assumptions, we have lowered our 2025–2027e adj. EBIT by c3% on average. We reiterate our BUY, but have lowered our target price to ...
- 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
- Mattias Holmberg
Volvo Cars (Hold, TP: SEK17.60) - I roll…into the kitchen sink
Volvo Cars pulled the plug on 2025 and 2026 guidance, as returning CEO Håkan Samuelsson cited a “very challenging” environment. Q1 sales, margins, and cash flow missed expectations, with tariffs, weaker demand, and price pressure forcing a pivot to cost-cutting and regionalisation, including a SEK18bn cost and cash savings programme. We have lowered our 2025–2027e adj. EBIT by c23% on average and our target price to SEK17.6 (18.0). We reiterate our HOLD.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Douglas Lindahl
SKF (Buy, TP: SEK240.00) - Perception change potential
Q1 adj. EBIT was 3% stronger than we and consensus expected (driven by impressive margin resilience), while the outlook and organic growth seem to be tracking in line with our estimates. SKF’s pricing efforts look set to offset negative tariff implications, and its margin strength is undeniable. We have raised our 2025–2027e adj. EBIT by c4% on average, and our target price to SEK240 (225); we reiterate our BUY.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
AI AIR LIQUIDE SA
GET GETLINK SE
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
DGE DIAGEO PLC
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
ROG ROCHE HOLDING LTD
VOLV B VOLVO AB CLASS B
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
RI PERNOD RICARD SA
HO THALES SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
SZG SALZGITTER AG
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
SAN SANOFI
ERA ERAMET SA
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ASSA B ASSA ABLOY AB CLASS B
RIO RIO TINTO PLC
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
AMAG AMAG AUSTRIA METALL AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CPR DAVIDE CAMPARI-MILANO N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
AI AIR LIQUIDE SA
GET GETLINK SE
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
DGE DIAGEO PLC
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
ADS ADIDAS AG
APAML APERAM SA
LI KLEPIERRE SA
KPN ROYAL KPN NV
ROG ROCHE HOLDING LTD
VOLV B VOLVO AB CLASS B
OUT1V OUTOKUMPU OYJ
ORA ORANGE SA
RI PERNOD RICARD SA
HO THALES SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
GYC GRAND CITY PROPERTIES SA
SZG SALZGITTER AG
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
KER KERING SA
VNA VONOVIA SE
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
SAN SANOFI
ERA ERAMET SA
NDA AURUBIS AG
TEG TAG IMMOBILIEN AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
RIO RIO TINTO PLC
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
AMAG AMAG AUSTRIA METALL AG
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
CPR DAVIDE CAMPARI-MILANO N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
DSY DASSAULT SYSTEMES SA
SGSN SGS SA
- Delphine Brault
- Delphine Brault
- Mattias Holmberg
Assa Abloy (Hold, TP: SEK290.00) - Showing resilience
Assa Abloy’s Q1 was in line, but the call leaned slightly positive, with April activity trends steady compared with February–March, and no slowdown observed in US non-residential demand despite new tariffs. Some tariff-related pre-ordering in March should support Q2 sales, while Global Tech margin headwinds from M&A are expected to ease. We reiterate our HOLD, but have cut our 2025–2027e sales and adj. EBIT by 3% on average due to FX, and lowered our target price to SEK290 (345).
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