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
- Patrik Ling
Recipharm (Buy, TP: SEK140.00) - Upgraded to BUY after strong Q1
Recipharm reported stronger than forecast Q1 sales and earnings, and there were clear signs the expansion investments are coming to an end and starting to contribute to sales growth and profitability. We have updated our assumptions to factor in stronger growth and higher margins. As a result, we have upgraded Recipharm to BUY (HOLD) and lifted our target price to SEK140 (105).
- Antti Kansanen
- Christoffer Wang Bjørnsen
- Eivind Sars Veddeng
- Frank Maaø
- Håkon Astrup
- Martin Arnell
- Niclas Gehin
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Patrik Ling
- Simen Mortensen
- Patrik Ling
Recipharm (Hold, TP: SEK105.00) - Focus on growth initiatives
Recipharm is due to report Q1 2018 earnings at 07:45 CET on 27 April. We believe that the Q1 report will likely represent a small step in the right direction, but that the earnings trend should gradually improve more during the rest of the year as new growth initiatives start to ramp up and generate revenues rather than consume capex. We keep our HOLD recommendation and have adjusted our target price to SEK105 (SEK95) on the back of our forecast changes.
- Karl-Johan Bonnevier
- Marius Knudssøn
- Martin Huseby Karlsen
- Mattias Holmberg
- Nicolay Dyvik
- Ole-Andreas Krohn
- Patrik Ling
- Patrik Ling
Recipharm (Hold, TP: SEK95.00) - Q4 a mixed bag
Recipharm reported Q4 earnings on 22 February. We believe that the earnings were a mixed bag with sales in line with expectations, underlying EBITDA clearly better than expected but with very high one-off costs, and a skipped dividend. We reiterate our HOLD recommendation and have raised our target price to SEK95 (90) on the back of our forecast changes.
- Alexander Aukner
- Antti Kansanen
- Helge André Martinsen
- Jesper Ingildsen
- Mattias Holmberg
- Nicolas McBeath
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Patrik Ling
- Rune Majlund Dahl
- Patrik Ling
Recipharm (Hold, TP: SEK90.00) - A challenging quarter expected
With a disappointing Q3 and Recipharm announcing that it may not meet its FY 2017 guidance, we anticipate another lacklustre quarter. We expect the Swedish operational restructuring to significantly hit reported profit in Q4, and have factored in one-off costs of cSEK75m. At the same time, closing down several unprofitable product lines might take time, and some effects could carry over into FY 2018. We reiterate our HOLD recommendation and SEK90 target price ahead of the Q4 results due on 22 Fe...
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