From the past week, we highlight: 1) Investor bought shares in EQT for the first time since its 2019 IPO; 2) ahead of Kinnevik’s 12 May AGM, we highlight the return of Cristina Stenbeck as chair and the potential for share buybacks at a 40% discount to NAV; and 3) Lundbergs bought shares in its existing holdings for SEK512m.
We have reduced our 2026-2027e Recycling EBITA by c6%, due to lower-than-expected Q1 EBITA and order intake. With several EU markets moving closer to implementing a deposit return system, we have raised our 2026–2027e Collection EBITA by c5%. The net effect is an increase of 2–3% for the group 2026–2027e EPS, and we have thus raised our target price to NOK130 (120). We reiterate our SELL, as we believe Tomra’s valuation does not reflect its growth prospects.
From the past week, we highlight: 1) we lowered our target price for Latour to SEK300 (340) following a Q1 report with a slight NAV decline but strong organic order intake growth; 2) Investor bought 6.3m Ericsson shares, and we highlight its successful top-ups in the name; 3) insider purchases at Investor are in our view a signal to look beyond a relatively small discount to NAV; and 4) Flat Capital reported Q1 NAV down 1% QOQ.
From the past week, we highlight: 1) we lowered our target price in Investor to SEK320 following a 9% write-down of Patricia Industries in its Q1 report; 2) we reduced our target price in Kinnevik to SEK100 to reflect macroeconomic headwinds, but remain positive ahead of Cristina Stenbeck’s return as chair; 3) we cut our VEF target price to SEK2.5 on FX movements and see re-rating potential from e.g. ongoing buybacks; and 4) we lowered our target price in Flerie to SEK57 given worsening funding ...
We expect a muted Q1 EBITA of EUR33m, as seasonality weakens the results along with a slowdown in sales to new markets for Collection. We have cut our 2026–2027e EPS by 2% on adjustments to margins and order backlog. We have not heard any announcements regarding upcoming DRS’ status during the quarter. We reiterate our SELL and NOK120 target price.
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