reports
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
Resolutions at the Annual General Meeting in HMS Networks
Resolutions at the Annual General Meeting in HMS Networks HMS Networks AB (publ) held its Annual General Meeting on April 25, 2025. The Meeting resolved in favour of all matters in accordance with the proposals of the Board of Directors and the Nomination Committee. The main contents of the most important resolutions are described below. ALLOCATION OF EARNINGSThe Annual General Meeting resolved in accordance with the Board’s proposal that no dividend shall be paid to the shareholders for the 2024 financial year, and that the profit for 2024 plus the retained earnings carried forward from t...
Beslut vid årsstämman i HMS Networks
Beslut vid årsstämman i HMS Networks HMS Networks AB (publ) har den 24 april 2025 hållit årsstämma. I samtliga ärenden beslutade stämman i enlighet med styrelsens och valberedningens förslag. I det följande redogörs för de viktigaste beslutens huvudsakliga innehåll. VINSTDISPOSITIONÅrsstämman beslutade i enlighet med styrelsens förslag att någon vinstutdelning inte ska lämnas till aktieägarna för räkenskapsåret 2024 och att årets vinst jämte balanserade vinstmedel ska överföras i ny räkning. FASTSTÄLLANDE AV RESULTAT- OCH BALANSRÄKNING OCH ANSVARSFRIHET Årsstämman beslutade att fastställ...
- Johannes Grunselius
Norske Skog (Buy, TP: NOK30.00) - High risk, but potential high reward
Although we have lowered our 2025–2026e EBITDA by 17%–4% on higher ramp-up-related costs, we find the Q1 report positive overall. Besides slightly better underlying Q1 earnings compared to our forecast, management remains firm that the balance sheet situation is under good control at the same time as the long period of ambitious growth investment is ending in H2. Thus, we continue to see attractive cash flows from 2026e and a strong revaluation potential if our earnings forecasts materialise. We...
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Henrik Bartnes
- Martin Melbye
- Joachim Gunell
HMS Networks (Buy, TP: SEK615.00) - Broad-based beat shows promise
Q1 was better than feared on: 1) an intact demand story, with orders beating Visible Alpha consensus by 8%; 2) an inflection point for earnings momentum, with adj. EPS growth for the first time in six quarters; 3) strong FCF easing balance sheet concerns; and 4) we believe it remains well placed for the next industrial automation upcycle and potential reshoring initiatives. We have raised our 2025e EBIT by 4% and our target price to SEK615 (600), and reiterate our BUY.
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
Interim report: January – March 2025
Interim report: January – March 2025 First quarter Order intake for the first quarter increased by 97% to SEK 930 m (473). Organically, order intake increased by 12%, acquired growth was 89% and currency effects impacted by -4%Net sales increased by 44% to SEK 890 m (616). Organically, net sales decreased by 17%. Acquired growth was 59% and currency translations impacted by 2%Adjusted EBIT reached SEK 218 m (137), equal to a 24.5% (22.2) adjusted operating marginEBIT reached SEK 175 m (130), equal to a 19.6% (21.1) operating marginAdjusted profit after tax totaled SEK 159 m (113) and adjus...
Delårsrapport: januari – mars 2025
Delårsrapport: januari – mars 2025 Kvartalet Första kvartalets orderingång ökade med 97 % till 930 MSEK (473). Organiskt ökade orderingången med 12 %, förvärvad tillväxt var 89 % och valutaeffekter påverkade med -4 %Nettoomsättningen ökade med 44 % till 890 MSEK (616). Organiskt minskade nettoomsättningen med 17 %. Förvärvad tillväxt var 59 % och valutaeffekter påverkade med 2 %Justerad EBIT uppgick till 218 MSEK (137), motsvarande en justerad rörelsemarginal på 24,5 % (22,2)EBIT uppgick till 175 MSEK (130), motsvarande en rörelsemarginal på 19,6 % (21,1)Justerat resultat efter skatt uppgi...
- Johannes Grunselius
Norske Skog (Buy, TP: NOK30.00) - All eyes on the Golbey start-up
We have made relatively small changes to our estimates, with the largest impact coming from FX (weaker NOK). We believe the stock offers a favourable risk/reward for three reasons: 1) the stretched balance sheet is under control; 2) we expect strong earnings growth with the ramp-up of Golbey containerboard production; and 3) we do not rule out further actions, such as cost-cutting programmes or asset sales. We base our modelling on zero benefit from improving markets, but still see 2027e FCF of ...
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
Invitation to HMS Networks’ first quarter conference call 2025
Invitation to HMS Networks’ first quarter conference call 2025 HMS Networks AB (publ) will release its first quarter report of 2025 on Wednesday April 23, 2025, at approximately 07.30 AM CEST. On the same day, at 09.00 AM CEST, President and CEO Staffan Dahlström and CFO Joakim Nideborn present the report in a conference call for press and analysts. The presentation is in English and can be followed live via telephone or web. Slides used in the presentation will be made available on HMS’ website prior to the telephone conference. If you wish to participate via webcast, please use the lin...
Inbjudan till HMS Networks telefonkonferens för det första kvartalet 2...
Inbjudan till HMS Networks telefonkonferens för det första kvartalet 2025 HMS Networks AB (publ) offentliggör sin rapport för det första kvartalet 2025 onsdagen 23 april 2025 klockan 07.30. Samma dag klockan 09.00 arrangeras en telefonkonferens för press och aktiemarknad, där VD och koncernchef Staffan Dahlström samt finanschef Joakim Nideborn presenterar rapporten. Presentationen hålls på engelska och följs direkt via telefon eller via internet. De bilder som används under presentationen kommer finnas tillgängliga på HMS webbplats före telefonkonferensen. Om du önskar delta via webcaste...
- Joachim Gunell
HMS Networks (Buy, TP: SEK600.00) - Recovery story is real, but gradua...
We view HMS Networks’ Q1 results as a likely inflection point for our 2025e earnings momentum story: 1) we forecast adj. EPS growth of 72% YOY; 2) we are above Visible Alpha consensus for Q1e orders by 4% and EBIT by 11%; 3) we expect strong cash flows to de-lever the balance sheet; and 4) it remains well positioned for the next industrial automation upcycle and potential re-shoring initiatives, in our view. Having lowered our 2025e EBIT by 7% to factor in FX headwinds, we reiterate our BUY, but...
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
- ABGSC Pulp & Paper Research
- Ali Shemmari
- Martin Melbye
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