reports
- Alexander Aukner
- Antti Kansanen
- Christer Magnergård
- Håkon Astrup
- Helge André Martinsen
- Jon Masdal
- Karl-Johan Bonnevier
- Marius Knudssøn
- Martin Arnell
- Martin Huseby Karlsen
- Mattias Holmberg
- Mattias Montgomery
- Ole-Andreas Krohn
- Olof Larshammar
- Patrik Ling
- Rune Majlund Dahl
COOR COOR SERVICE MANAGEMENT HOLDING AB
GN GN STORE NORD A/S
ORI SDB ORIFLAME HOLDING AG
NOBI NOBIA AB
SOC SUBSEA 7 S.A.
LUNE LUNDIN ENERGY AB
SALM SALMAR ASA
OCY OCEAN YIELD ASA
KCR KONECRANES OYJ
JM JM AB
E65F VALARIS PLC CLASS A
VALMT VALMET CORP
ALIV AUTOLIV
NETb NETENT
PARB PARETO BANK
ESSITYB ESSITY
ELUX ELECTROLUX
HPOLB HEXPOL
RECIB RECIPHARM
ATORX ALLIGATOR BIOSCIENCE AB
SKFB SKF
HANDI HANDICARE GROUP AB
NODL NORTHERN DRILLING
- Christer Magnergård
Electrolux (Buy, TP: SEK285.00) - Price increases lag cost inflation
We keep our BUY recommendation but have cut our target price to SEK285 (300) following the Q1 report. As expected, cost inflation is hitting Electrolux; although we believe it will be able to offset this, price rises are lagging cost inflation somewhat. This should result in falling earnings in Q2e, but solid earnings growth in H2e.
- Antti Kansanen
- Christer Magnergård
- Eivind Sars Veddeng
- Helge André Martinsen
- Joachim Gunell
- Nicolay Dyvik
- Ole-Andreas Krohn
- Patrik Ling
- Simen Mortensen
- Stefan Gauffin
- Christer Magnergård
Electrolux (Buy, TP: SEK300.00) - Higher prices, both in and out
Appliance makers are not in fashion as raw materials prices are heading higher, and we expect Electrolux to raise its raw materials cost guidance for 2018. However, our proprietary selling price study shows clearly higher selling prices in North America, which is why we believe cost inflation should be offset and still see earnings growth in both Q1 and 2018. We reiterate our BUY but have lowered our target price to SEK300 (320) ahead of the Q1 report (due at 08:00 CET on 27 April).
- Christer Magnergård
- Frank Maaø
- Håkon Astrup
- Helge André Martinsen
- Jesper Ingildsen
- Karl-Johan Bonnevier
- Mattias Montgomery
- Nicolay Dyvik
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Olof Larshammar
- Paul Harper
- Rune Majlund Dahl
- Simen Mortensen
- Christer Magnergård
Electrolux (Buy, TP: SEK320.00) - Strong performance in L. America
Q4 earnings beat consensus expectations, mainly explained by 30% organic growth YOY for Latin America and considerably higher EBIT for the division than expected. We expect price increases in Latin America and North America to further support profitability in 2018e, and believe that Electrolux should be able achieve EBIT margins above 6%. On the back of higher estimates, we have raised our target price to SEK320 (310) and keep our BUY recommendation.
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