reports
- Alexander Aukner
- Christoffer Wang Bjørnsen
- Eivind Sars Veddeng
- Frank Maaø
- Karl-Johan Bonnevier
- Ole-Andreas Krohn
- Paul Harper
- Rune Majlund Dahl
- Stefan Gauffin
- Tomi Railo
NHY NORSK HYDRO ASA
WRT1V WARTSILA OYJ ABP
ERIC B TELEFONAKTIEBOLAGET LM ERICSSON CLASS B
SECU B SECURITAS AB CLASS B
FLS FLSMIDTH & CO. A/S
GN GN STORE NORD A/S
ATEA ATEA ASA
NOD NORDIC SEMICONDUCTOR ASA
MOWI MOWI ASA
CGCBV CARGOTEC OYJ CLASS B
KCR KONECRANES OYJ
BRG BORREGAARD
VALMT VALMET CORP
TELIA TELIA COMPANY AB
TEL2b TELE2
HANDI HANDICARE GROUP AB
ELISA ELISA OYJ CLASS A
BRAV BRAVADA INTERNATIONAL LTD
- Karl-Johan Bonnevier
Bravida (Buy, TP: SEK95.00) - Sustainability as business driver
Q3 looks set to be another strong quarter supported by recent acquisitions and with the Oras legacy contracts now finalised. We forecast 10.8% sales growth YOY in Q3, with 29bp EBIT margin expansion, implying 16% YOY adjusted EBIT growth. With the outlook for stable markets and a healthy order backlog supporting organic growth, the asset-light model should continue to deliver strong FCF. This indicates ample financial resources for further M&A, with 15 acquisitions completed YTD. We reiterate BU...
- Karl-Johan Bonnevier
Bravida (Buy, TP: SEK92.00) - Mixed quarter, but case intact
A mixed Q2 saw still-strong order intake but weaker sales and profit margins, although we continue to see a multi-year Nordic market consolidation case unfolding, with Bravida the prime consolidator. With the outlook for stable markets, and a record order backlog supporting organic growth, the asset-light model should continue to generate strong FCF. This indicates ample financial resources for further M&A, with 12 acquisitions closed YTD. We reiterate our BUY and SEK92 target price.
- Christer Magnergård
- Eivind Sars Veddeng
- Joachim Gunell
- Jon Masdal
- Karl-Johan Bonnevier
- Marius Knudssøn
- Martin Arnell
- Martin Hoang Nguyen
- Martin Huseby Karlsen
- Mattias Holmberg
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Simen Mortensen
- Stefan Gauffin
- Tomi Railo
SWMA SWEDISH MATCH AB
ALV AUTOLIV INC.
XXL XXL ASA
PEAB B PEAB AB CLASS B
E3G1 EVOLUTION GAMING GROUP AB
NOBI NOBIA AB
NCC B NCC AB CLASS B
TOM TOMRA SYSTEMS ASA
SOC SUBSEA 7 S.A.
KNVKF KINNEVIK AB CLASS B
SSO SCATEC ASA
CGCBV CARGOTEC OYJ CLASS B
LEO LEO RESOURCES INC
SHOT SCANDIC HOTELS
BETS B BETSSON AB CLASS B
DNA DNA
BRAV BRAVADA INTERNATIONAL LTD
ELK ELKEM
- Karl-Johan Bonnevier
Bravida (Buy, TP: SEK92.00) - Industrial roll-up case playing out
Q2 looks set to be another strong quarter, even as the last of Oras’ legacy contracts are finalised, as we forecast 8% YOY adjusted EBIT growth. With the outlook for stable markets and a healthy order backlog supporting organic growth, the asset-light model should continue to deliver strong FCF. This indicates ample financial resources for further M&A, with 11 acquisitions already announced YTD. We reiterate our BUY and SEK92 target price.
- Jon Masdal
- Karl-Johan Bonnevier
- Martin Huseby Karlsen
- Ole-Andreas Krohn
- Tomi Railo
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.