H & M Hennes & Mauritz AB: 1 director

A director at H & M Hennes & Mauritz AB bought 1,850,000 shares at 153.698SEK and 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 t...

AAK (Buy, TP: SEK360.00) - 2030 targets in focus

We are positive ahead of the CMD, scheduled to begin at 09:00 CET on 26 November, expecting AAK to raise its 2030 EBIT/kg target to >SEK3/kg and reiterate its ambition to outgrow the market in volumes and >10% EBIT growth p.a. We find consensus 2025–2026e EBIT low, at c3–5%, and believe clarity on structural margin improvements would be positive. We also expect focus on capital allocation, with AAK set to be net cash positive in early 2025e. We reiterate our BUY and SEK360 target price.

Targets in reach, but tissue looks tough

Swedish food retail market: +5% in October

E-commerce traffic - October 2024

Essity Aktiebolag (publ): 1 director

A director at Essity Aktiebolag (publ) bought 700,000 shares at 294.783SEK and the significance rating of the trade was 77/100. 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 two ...

September: Pulp shipments -10% y-o-y

Quality just got cheaper

Boozt (Hold, TP: SEK115.00) - Q3 miss highlights Q4 uncertainty

Despite the weak Q3 results, management reiterated its full-year guidance, implying a strong finish to the year. However, given its YTD performance and Q4 facing very tough YOY comparables, we see a risk of Boozt missing the mid-point of its adj. EBIT guidance (we expect it to be at the bottom end). We reiterate our HOLD, but have cut our target price to SEK115 (120), mainly on our lower estimates.

Boozt (Hold, TP: SEK120.00) - Weak Q3, unchanged guidance

We consider this a weak report for Boozt, including Q3 figures significantly below consensus, reflecting a weak gross margin, and unchanged 2024 guidance. We expect consensus 2024e adj. EBIT to come down c3–5% on the Q3 results and believe a negative share price reaction is warranted.

Guides for a strong end of year

6% FCF yield while waiting for a recovery

Rusta (Buy, TP: SEK88.00) - Expansion optionality not priced in

We are below consensus on Q2e adj. EBIT. In this report, we also look at the optionality of a potential successful European expansion, which we believe has close to zero value in Rusta today. We reiterate our BUY and SEK88 target price as we continue to like the long-term equity case.

Q3: Softer than expected on nearly all line items

AAK (Buy, TP: SEK360.00) - Strong prices lead to good profits

Q3 marked yet another strong quarter for AAK, with EBIT/kg above its 2030 ambition for the fifth quarter in a row along with continue strong volumes growth, especially for its CCF business, driven by cocoa butter alternatives. With cocoa prices still at record highs, we expect AAK to still benefit from this going into 2025. We reiterate our BUY and SEK360 target price.

Another jump in CCF EBIT/kg

Soft discount at a discount

Standing firm against headwinds

Clean EBITA 1% above

Clean EBITA SEK 5.1bn vs. cons SEK 5.06bn — 1% above. Margin 14.1% (vs. 14.7% in Q2) — target is >15%. Pulp prices moving down, while tissue has seen price hikes.

Volume growth all over, but approaching tougher comps