Low expectations for the coming report

EU tariff summary for Swedish small caps

Change of guard announced

The future continues to look good

BONESUPPORT: Closing a solid 2024

2024 saw BONESUPPORT further accelerate its market leadership with Q4 sales reaching SEK257m—up 49% YoY—driving FY sales to SEK898.7m (52% YoY), in line with guidance of 50% topline growth. In North America, CERAMENT G continued its strong performance, rising by approximately SEK22m QoQ to reach ar

Positive outlook for 2025

Elekta (Hold, TP: SEK65.00) - Earnings miss and guidance cut

Elekta reported weaker earnings than we forecast and reduced its 2024/25 guidance. The company expects flat revenues (from mid-single digit growth) and lower adj. EBIT margin (from increasing margins). Order intake was strong, with c21% growth YOY driven by Elekta Evo and Elekta ONE. The share price reaction (down c9% on the reporting day) reflects the stock market’s caution’s regarding Elekta’s growth and margin progression, we believe. We reiterate our HOLD, but have cut our target price to SE...

First signs of improvements, more needed

Miss on earnings, strong orders and FCF

Elekta (Hold, TP: SEK70.00) - Focus on guidance for Q4

We are in line with consensus for Q3 and believe investors should focus on the guidance for Q4 and the full year, given the miss last year. 2024/25 is likely to be skewed towards Q4, which should be a ‘make or break’ quarter for the full year, despite the easy YOY comparable. We reiterate our HOLD and SEK70 target price.

Operational improvements needed

Thule Group (Buy, TP: SEK450.00) - On track

Following the Q4 results, we have more confidence in the speed and magnitude at which Thule should be able to achieve a structurally higher EBIT margin due to its mix-shift (supported by new category launches), record new product launches, and the Quad Lock acquisition. Consequently, we reiterate our BUY and have increased our target price to SEK450 (445).

CTT Systems AB: 2 directors

Two Directors at CTT Systems AB bought 26,000 shares at between 227.500SEK and 228.950SEK. 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 t...

AM setback postpones acceleration

Bright outlook well-reflected in the share price

Thule Group AB: 2 directors

Two Directors at Thule Group AB bought/maiden bought 1,550 shares at between 363.800SEK and 363.980SEK. 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 dir...

Slightly stronger margin in a small quarter

Destocking still weighs on AM sales

Momentum to continue in H1'25

Loomis (Buy, TP: SEK520.00) - Entering 2025 in strong fashion

Loomis’ Q4 results showed return to historically good form, with still-strong organic growth, the US operation excelling and Europe making a greater contribution. We have raised our 2025–2027e EPS by 3–8%, still viewing Loomis as a well-financed roll-up case, with the resources to drive sector consolidation and shareholder-friendly capital allocation. We reiterate our BUY, and have raised our target price to SEK520 (450).