Germany still weighs while US performs

Germany likely stagnant, but US strong

Germany better than feared

Prolonged market weakness in Germany

New financial targets ahead of CMD

Germany weighed more than expected

US likely stable while Germany struggles

German weakness persists, US outlook better

Rudd delivers SEK 60m EBIT in its first full quarter (ABGSCe 68m). EBIT down by 9-7% for '24e-'26e, lower top line but higher margin. 14x '24e EV/EBIT goes to 8x in '25e as Germany improves.

EBIT below in Rudd's first full quarter

Solid US demand expected, Germany weaker

Mixed markets; US strong but Germany weaker. '24e-'26e EBIT down 4-3% on lowered Germany estimates. Share trading at 14-9x '24e-'25e EV/EBIT.

Ferronordic Machines AB: 1 director

A director at Ferronordic Machines AB sold 8,000 shares at 72.125SEK and the significance rating of the trade was 50/100. 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 years ...

Ferronordic - Sales mix-driven margin beat

Gross margin up 5.2pp, mostly on Russia sales mix We increase adj. EBIT by 13-12% for ’22e-’24e We expect SEK 321m VCE payment to be reinvested

Ferronordic - Earnings hold up much better than expected

Adj. EBIT SEK 130m (+65% vs. ABGSCe 79m) Still looking to divest Russian business 1.3-4.8x ’22e-’23e EV/EBIT (adj.) on pre-Q3 estimates

Ferronordic - Aftermarket to hold up, equipment sales down

RU equipment sales to fall off, aftermarket stronger SEK 321m VCE payment added as a one-off We expect Germany to reach positive EBIT in Q4e

Ferronordic - Moving the Sandvik deal to Germany

Sandvik mobile crushers & screens deal in Germany Should ramp up to ~15% of German sales, says company We do not expect a compensation payment from Sandvik

Ferronordic - Positive cash effect of SEK 22 per share

Volvo CE terminates dealer agreement in Russia Ferronordic to receive SEK 321m payment from VCE Added cash effect would take fair value to SEK 50-69

Ferronordic - Russia exit seems increasingly likely

Mostly spare parts remain in Russian inventory Sales and earnings drop-off expected from Q3 German valuation implies 0.1-0.3x P/NAV for Russia

Ferronordic - Evaluating Russia divestment

Conducting business in Russia becoming more difficult Evaluating a potential divestment 2-7x ’22e-’23e EV/EBIT on pre-Q2 numbers

Ferronordic - Rising from the rub(b)le

Q2 report due on Wednesday, 17 August Major Q2 RUB rally partly offset by lower prices Fair value SEK 33-53, 6x ’23e EV/EBIT

Ferronordic - Uncertainties persist despite a strong Q1

’22e EBIT up 16% on strong Q1 numbers… …but ’23e-’24e outlook remains highly uncertain Fair value raised to SEK 30-50 (29-48) per share