Red Sea effect weighs more than expected

Q1e down on bigger Red Sea effect. 26% above cons. net profit for '25e. TP of NOK 176 (177) – BUY.

Strong finish to Q1 prompts increased outlook

EBIT estimates raised by 3-5%. Strong performance in Western Europe and International. TP raised to DKK 520 (485), up to BUY (Hold).

On the right track

EU sales to gain momentum in 2024. ConfIdeS study randomisation by mid-'24 seems challenging. Small adjustments post-share issue : BUY, TP SEK 98 (94).

Serial acquirers: Earnings trough, M&A in focus

Return to organic growth in Q3e, increased M&A activity likely. '24e-'26e EBITA/EPS up 3% (FX +1%, M&A +2%). ~21x EBITA limits upside, but mild downturn+M&A could offer support.

M&A, healthcare and stability – up to HOLD

Up to HOLD (Sell), TP SEK 255 (235). '24e-'26e EBITA up 2-3%; 5% CAGR '23-'26e. Q1 report Thursday, 25 April.

Demolition weakness still in focus

Q1 rep. Wed 24 Apr, 07:30 CET, '24e-'26e EBITA up 4-5%; 4% CAGR '23-'26e, keep SELL, TP SEK 245 (230)

Tough market persists in Q1

Q1 report Fri 3 May, '24e-'26e EBITA down 1-0%; 5% CAGR '23-'26e, keep HOLD, TP SEK 40 unchanged.

Solid top line, but softer earnings

Q1 report 25 April, 08:00 CET, '24e-'26e EBITA up 2%; 9% CAGR '23-'26e, keep BUY, TP SEK 340 (325)

Strong M&A-driven start to the year

Calendar Q1 report due Friday 17 May. '24e/'25e-'25e/'26e EBITA up 6%; 7% CAGR in '23-'26e. Keep HOLD, TP SEK 150 (130).

Organic decline no cause for alarm

Calendar Q1 due Thursday, 16 May. '24e/'25e-'25e/'26e EBITA up 3%; 6% CAGR '23-'26e. Keep HOLD, TP SEK 245 (225).

Minor changes

100%, 94% and 66% of the fleet fixed for '24, '25 and '26. In-line with cons ensus for Q1'24. TP of NOK 304 (303) – P/NAV 0.70x.

More newbuilds neither needed nor wanted

Investor concern over newbuild splash seems unwarranted. '25e EBITDA +20% vs. consensus. TP NOK 200 (194) – BUY.

Miss on sales and margins in Q1

Healthcare segment weighs on earnings. Adj. EBITDA revised down 2.2%-8.7% for '24e-'26e. BUY maintained, TP down to SEK 19 (21).

Re-rated, but a bit more to give

Solid Q1 across the board, acceleration in the right segments. Minor revisons on EBITDAaL, but we upgrade '26e FCF by 5%, which represents a ~9% yield and keep s us as BUYers.

Q1'24: Still a preferred choice in the sector

Minor net earnings revisions for 2024e-26e. 12% annual cash yields (incl. buybacks) in 2025e-26e. We keep our BUY rating with a TP of SEK 152. (152)

Rock-solid

4.3% organic growth , adj. EBIT in line. EBIT revised down 1.7%-1.8% for '24e-'26e. BUY case confirmed, TP of SEK 60 unchanged.

No fun in DMC

Solid Q1 expected

Report due 8 May, 7% EBITA growth y-o-y expected. FX main reason for positive revisions, '24e EBITA up 3%. We reiterate BUY with new TP to SEK 125 (120).

Operational improvement in sight

We think AcadeMedia will start to turn a corner in terms of profitability in Q3, after one and a half years of inflationary pressure that has been hurting profitability.

Profitability stars align - guides for 18% margin

Q1'24 op. EBITA margin of 17.9% - above expectations at ~16.5%. Keeps ~5% org. growth view for '24e, adds 18% op. EBITA ambition. We raise op. EBITA by 4-5% in '24e-'25e, reiterate HOLD.