Q1 EBITDA +3% above, higher volumes in '24. Potential for higher prices in '24: GP cut and pulp prices up. NOK winner: MTM EPS of NOK +12, long-term NOK +14.
Mostly in line; orders 4% below, EBIT 3% above. Specified guidance close to estimates; adj. EBIT +0-2%. Mildly reassuring resilience but limited excitement in stock.
-11% org. growth, partly due to normalised robotics sales. We see good prospects for improvements in Q2'24e. Lacking short-term triggers for re-rating, we reiterate HOLD.
Another Q1 bounce, orders 7% better, solid execution. Moving closer to semi bottom; adj. EBIT +3%. High P/E, but compounding means core holding for LT investors. HOLD.
Challenging market: EV sales down 18% y-o-y in key markets. Q1 sales of NOK 299m, up 13% y-o-y but weak profitability. Q1 likely to be close to the trough. BUY reiterated.
Q1'24 EBITDA of NOK 5.4bn, '24e-'26e EBIT up 2-3% post report. Market tightening rapidly in Q1 - demand up 5%, supply up 3%. Reiterate BUY — TP NOK 75.
Weak Q1: Sales down 10% y-o-y and soft CF. GM positive. BS/liquidity set to strengthen on cost cuts, WC and seasonality. Slower recovery, but ready when the market turns. BUY.
Q1 2 May with ABG +8% vs. cons. on low-visibility quarter. All days at potential new targets at CMD 7 May, little news on Q1. We stay BUYers on cheap turnaround potential.