reports
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Joachim Gunell
Hexagon (Buy, TP: SEK115.00) - Q1 results were a clearing event
Hexagon’s Q2e outlook was better than feared after its Q1 profit warning. We see an attractive risk/reward following the recent sell-off amid: 1) the organic sales growth and earnings momentum story unfolding with defensive traits (albeit bruised); 2) the ‘NewCo’ spin-off crystallising values; 3) new leadership starting on Monday, which should appeal to a broader investor base; and 4) an undemanding valuation on absolute and relative bases, near a historical trough. We reiterate our BUY but have...
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
- Patrik Ling
Getinge (Buy, TP: SEK250.00) - An in-line report, but global turbulenc...
Reported Q1 earnings were in line with consensus. However, we still believe the turbulent environment with tariffs, huge FX swings and geopolitical uncertainty could hurt the company. We suspect these factors could have a large effect from Q2. The stock market probably read the comments on the global environment as a risk, leading to the sell-off in the stock. We reiterate our BUY and SEK250 target price.
- ABGSC Healthcare Research
- Sten Gustafsson
- ABGSC Healthcare Research
- Sten Gustafsson
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
- ABGSC Healthcare Research
- Sten Gustafsson
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- ABGSC IT Research
- Daniel Thorsson
- Simon Granath
- Patrik Ling
Getinge (Buy, TP: SEK250.00) - FX and tariffs cause for concern
Given its geographical sales exposure, Getinge should see a strong tailwind from FX in Q1, but if spot rates stay as they are, this should turn abruptly into a significant headwind in Q2. Investors are also concerned about the potential impact from US tariffs and reciprocal actions in other markets, given that Getinge generates c40% of total sales (and c47% of the high-margin ACT sales) in the US. We reiterate our BUY, but have trimmed our target price to SEK250 (255).
- Joachim Gunell
Hexagon (Buy, TP: SEK137.00) - Multifaceted 2025 story unfolding
After recent market volatility, we see upside potential due to: 1) a long-awaited acceleration in organic growth (with defensive traits); 2) earnings momentum translating into YOY adj. EPS growth of 17% in 2025e; 3) the ‘NewCo’ spinoff (c25% of group EBIT) crystallising values; 4) new leadership appealing to a broader international investor base; 5) strong Q4 results that encouraged bulls and de-risked the 2025e case, potentially attracting new investors; and 6) undemanding valuation, in our opi...
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- Mattias Holmberg
Set for spicy growth
Our recent field trip to India (visiting Volvo, Epiroc, Trelleborg, Autoliv and others) alongside our analysis suggests the country is set to take centre stage as a global manufacturing hub over the coming decade, shifting from being the sixth- to the third-largest end-market for the Swedish Industrial sector. India’s strong economic growth trajectory and favourable demographics mean the companies: 1) see double-digit growth as sustainable; 2) are pursuing manufacturing capacity expansions; and ...
ABB ABB LTD.
ELUX B ELECTROLUX AB CLASS B
SAND SANDVIK AB
HUSQ B HUSQVARNA AB CLASS B
ALV AUTOLIV INC.
TREL B TRELLEBORG AB CLASS B
ASSA B ASSA ABLOY AB CLASS B
DOM DOMETIC GROUP AB
LIAB LINDAB INTERNATIONAL AB
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALIG ALIMAK GROUP AB
ALFA ALFA LAVAL AB
ATCO A ATLAS COPCO AB CLASS A
EPRO B ELECTROLUX PROFESSIONAL
HEXA B HEXAGON AB
SYSR SYSTEMAIR AB
EPI A EPIROC AB
VOLCARb VOLVO CARS
BEIJ B BEIJER REF AB
NIBE B NIBE INDUSTRIER AB
- ABGSC Small Cap Research
- Karl Bokvist
- Nikola Kalanoski
- Simon Jönsson
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
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