Q1 results a touch softer than expected

Strong data sales is the highlight

Adj. EBITA in line

16% EBIT beat on slightly lower sales

Strong B2B and CEECA driven beat

Good orders, low equipment sales drive margin mix

Unusually strong Q1 order intake

Q1'24 results fast comment

Enough is enough

The FABG share is down 25% YTD vs. the sector at -7%. Valuation support from both NAV and CEPS. Up to HOLD (Sell), TP of SEK 90 reiterated.

Q1 shows core SOBI sales model works

Strong Q1 numbers, 20% CER growth and 5-15% adj EBITA beat. Vonjo questions remain, but Q1 shows that SOBI sales model works. EPS +1-2% and unchanged BUY, as core case is reaffirmed.

Organic momentum impresses

>5% org. EBITA, ~20% total EBITA growth FY'24, '24e-'26e adj. EBITA up 4-3%; 10% CAGR '23-'26e, keep BUY, TP SEK 350 (340).

Decent margin despite lower auto volume

EBITA 8% below cons, cash flow solid

A bit on the soft side

Trading reset implies upside

Minor short-term adjustments, applying our newest dry bulk outlook. '25e EBITDA of USD 716m, cons. at USD 601m. TP DKK 459 (412) – P/SOP 0.71x.

Striving to improve margins - up to BUY

Weather weight as expected, but a more bullish margin story evolving. We increase our estimates by 5-10% from improved UW. Up to BUY (Hold) with TP NOK 195 (171); 10% upside.

The outlook remains positive

All-time-high earnings in Hemköp saved the quarter. 9% EPS CAGR in '24e-'25e. Reiterate BUY and our TP of SEK 320.

Brighter beyond Q2

Q1'24 EBIT 6% below our expectations, driven by BTT. Soft short-term outlook but brighter beyond Q2'24e. '24e-'26e down 4-3%, TP cut to EUR 17.5 (18.5), HOLD.

Riding on price tailwinds from Q2e

Solid Q1, but with adj. EBIT 3% below due to net recruitments. Fine-tuned sales, but '24e-'26e EBIT down 4-3% on higher opex. Share to benefit from improved organic growth: up to BUY (Hold).

Racing a tough market (and winning?)

Continued market softness, Q1 org. growth -14% y-o-y. Significant 260bp EBITA margin improvement y-o-y. We reiterate BUY, covenant relief until '26 gives leverage headroom.

Good value, but lacking positive triggers

Near-term outlook still muted (tough comps high cons.) but long-term sector winner with 25% EPS CAGR '23-'26e. Reiterate BUY, TP of SEK 200 (210); 13-11x EV/EBITDAC '25e-'26e.