Nordic banks – Statistical update – Swedish bankruptcies April 2025

Nordic banks – Statistical update - Danish lending March 2025

Nordic banks – Statistical update - Norwegian lending March 2025

Nordic banks – Statistical update – Finnish lending, March 2025

SKF AB: 2 directors

Two Directors at SKF AB bought 915,300 shares at between 188.530SEK and 190.087SEK. 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...

Q1'25: Encouraging signs on costs

YIT (Sell, TP: EUR2.00) - 2025 guidance unchanged, we see EPS close to...

Q1 EBIT and EPS saw a healthy beat against our estimates and consensus, driven by a strong sales mix and internal efficiency gains. Unsold, completed apartments fell by 30% YOY, to their lowest level since Q3 2023. We have raised our 2025e EBIT, but do not see this as evidence of a broader recovery in Finnish residential markets. Our 2025e EBIT remains just above the guidance mid-point, with EPS hovering just below zero. We reiterate our SELL, but have raised our target price to EUR2 (1.75).

Nordic banks – Statistical update – Swedish lending, March 2025

Q1'25: Largely in line - minor revisions

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.

Admirable work, but market slide extending

Heads-up for Q1 report, 29 April

Good cost control, EBIT 3% better

SKF (Buy, TP: SEK225.00) - Resetting expectations

We estimate Q1 sales of SEK24,167m, organic growth of -1.5% YOY and adj. EBIT of SEK3,143m (c1% above consensus). We expect Q2 guidance of “weaker” organic sales (YOY), and have cut our 2025–2027e adj. EBIT by c15% on average having updated FX and factored in the macro backdrop, which has clearly deteriorated since our previous update in light of the US tariff debacle. We reiterate our BUY but have lowered our target price to SEK225 (270) on updated (contracting) peer valuations and our lowered ...

Heads-up for report 25 April

TSMC & ASML signals, Auto semi recovery, and more. The Tech Weekly Wra...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 14 names we followed last week, follow the link below.

Autoliv (Buy, TP: SEK1050.00) - Solid Q1 despite tough landscape

We view the balance of 2025 as highly uncertain given tariffs and the demand outlook, but view Autoliv’s solid Q1 and reiterated 2025 guidance as signs of confidence from the company. We believe Autoliv will have to carry at least some of the tariff costs (management says all will be passed on), and thus remain below the 10–10.5% EBIT margin guidance (we estimate 9.9%). We reiterate our BUY, as we see almost 40% EPS growth in 2024–2026e. We have raised our 2025e adj. EBIT by 6%, but cut our targ...

The Capital Goods Data Miner - April 2025

Bank Brunch/Covered bond activity, Swedbank ratings upgrade

Covered bond spreads resilience prompts primary market reopening. Moody's raises Swedbank ratings across the board

Bank Brunch/Covered bond activity, Swedbank ratings upgrade

Covered bond spreads resilience prompts primary market reopening. Moody's raises Swedbank ratings across the board