NY pulls 4GW offshore wind on GE turbine downsizing

Few near-term triggers when growth slows

Less of a price tailwind to be visible in lower organic growth ahead. We see some risk on Q2e, adj. EBITA cut 2-4%, FCF -4-12%. Reiterate H OLD on few re-valuation triggers, TP SEK 525 (575).

Heads-up for report 25 April

Q1'24: Improved exit activity key

Higher exit activity needed to defend estimates. Minor adj. EPS revisions for 2024e-26e. We keep our HOLD rating with a target price of SEK 280.

Q1 weaker than feared

Heads-up for report 24 April

Cities 2 mess continues

Calendar effect to hurt Q1

Q1 report due 16 May. We expect lower adj. EBITA y-o-y from Easter effect. Swedish KPIs support H2 improvements.

Heads-up for report 24 April

Weekly agenda 22 Apr - 26 Apr

Nordic reports: AstraZeneca, Equinor, Atlas Copco, DSV, Assa Abloy

High Yield Bonds Daily

Norske Skog, KMC, Diana, Prosafe, Oil

ABGSC Shipping Daily 19 April

Car shipping previews: GCC, HAUTO, WAWI. European car registrations down 3% y-o-y in March, YTD up 5%. "Hormuz closure" is very different from "Red Sea closure" (15 April 2024).

Q1 numbers a touch weaker, leverage up q-o-q

Strong MSR growth and IDS recovery

Q1 beat driven by lower costs

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.