Sats (Hold, TP: NOK37.00) - Time for a breather

Q1 was slightly below expectations and the CMD targets were broadly in line with our forecasts and consensus. We have raised our target price to NOK37 (34) on higher estimates but have downgraded to HOLD (BUY), as we find the valuation fair following the recent strong share price performance.

Sweden needed for a homerun

Lundbeck (Buy, TP: DKK48.00) - Focus on Vyepti sales

We forecast Q1 sales c0.5% above consensus and an adj. EBITDA margin of 31.3%. We expect the strategic brands sales to rise by 18.3% YOY, including Vyepti sales of DKK913m (c2.2% above consensus). We forecast unchanged 2025 guidance for CER figures. From the pipeline, the FDA AdCom for Rexulti in PTSD is still unscheduled and the PROCEED trial has recently been expanded to additional IV doses. We reiterate our BUY, but have cut our target price to 48 (56).

EBIT 4% below, strong growth expected

EBIT 4% below on 4% higher cost. Members strong, +2% vs cons. Targets EPS of over NOK 3

XXL ASA (Hold, TP: NOK11.00) - Encouraging LFL growth

The Q1 results were below expectations, but we find the positive LFL growth encouraging amid challenging winter conditions and years of consecutive negative LFL growth. We have reinstated our recommendation at HOLD (NO REC) and target price at NOK11 (N/A), as the earnings trend remains subdued and near-term multiples and financial risk are high. However, this is partly offset by Frasers' NOK10 per share bid for the company.

Burning calories, stacking profits

XXL ASA (No_rec, TP: NOK) - Q1 below, but back to growth

We consider this a slightly negative report for XXL, including figures below expectations despite revenue growth in a quarter with challenging winter conditions. We expect consensus 2025e EBITDA to come down 3–5% and find a slight negative share price reaction warranted.

More to come

Coor Service Management (Buy, TP: SEK54.00) - Efficiencies gaining mom...

Promising signs of Coor’s self-improvement case gaining momentum were crystallised in sharp increases in earnings and FCF in Q1. This further improved the risk/reward in our view, combining internal efficiencies and a strengthening Nordic FM/IFM market, with Coor’s own portfolio largely derisked for 2025. After tweaking our 2025–2027e EPS, we reiterate our BUY and have raised our target price to SEK54 (52) on a strengthening turnaround case at an attractive valuation, in our view.

Better margins and strong cash flow

Coor Service Management (Buy, TP: SEK52.00) - Self-improvement case ma...

We see signs of Coor’s self-improvement case evolving in Q1, with efficiency actions detailed and a strong FCF reversal likely. In our view, this improves the risk/reward, with internal improvements gaining momentum as the underlying Nordic FM/IFM market remains supportive. After tweaking our 2025–2027e EPS, we reiterate our BUY and have raised our target price to SEK52 (48) on a strengthening turnaround case at an attractive valuation.

Moody's Ratings withdraws ratings of Citycon

Moody's Ratings  (Moody's) has today withdrawn Citycon OYJ's (Citycon) Ba1 long-term corporate family rating (CFR), Ba3 junior subordinated rating of Citycon OYJ (Citycon) and concurrently the backed senior unsecured MTN program rating rated (P)Ba1 and the Ba1 rated backed senior unsecured bonds of ...

Sats (Buy, TP: NOK34.00) - Time to raise the bar

Having largely achieved its medium-term adj. EBITDA target from the 2022 CMD, we expect SATS to raise the bar at its upcoming CMD. We forecast a medium-term EBITDA guidance of NOK1.1bn–1.2bn, with expectations of improved performance in Sweden as the key driver. We reiterate our BUY and NOK34 target price.

Coor Service Management Holding AB: 2 directors

Two Directors at Coor Service Management Holding AB bought/maiden bought 14,000 shares at between 33.000SEK and 33.260SEK. The significance rating of the trade was 68/100. 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 al...

Disappointing, but issues should be fixable

Sats (Buy, TP: NOK34.00) - Group training boosts profitability

SATS’s Q4 report was convincing, with figures above expectations and a strong outlook for higher membership and price growth. We reiterate our BUY and have raised our target price to NOK34 (29) on our positive estimate revisions. At our target price, the stock would be trading in line with its historical P/E of 14x.

Nailed the finish, fuelled for more

Impressive finish

Sales 0% better, EBIT 15% better on lower cost.Strong start to 2025. Buybacks to start in Feb, divi from Q3'25.Estm up 4-5%

XXL ASA (No_rec, TP: NOK) - Some early signs of recovery

XXL reported weak figures as pre-warned, but with signs of light as revenues and gross margins appear to have started to recover from low levels, supported by its strategic initiatives. We continue to find the balance sheet soft, but the NOK600m rights issue targeted for March should ease the situation somewhat.

Coor Service Management (Buy, TP: SEK48.00) - Signs of promising turna...

Q4 was weak across the board, but in line with Coor’s pre-announcement. We see promising signs of a turnaround in Q1, as its efficiency programme is enacted and the first working capital release should improve FCF. Coor is showing confidence in keeping a DPS (albeit lower) of SEK1.50 and detailing its first share buybacks (SEK50m). We have tweaked our 2025–2027e EPS, reiterating our BUY and SEK48 target price, seeing a solid turnaround case at an attractive valuation.