The little growth engine that could

+5% beat on rec. PTP and recent acquisitions, leading us to raise 2024e CEPS by 5%, and lift our TP to SEK 40 (35).

NP 3% below, cost cuts paused

Q1: Group EBITDA 0% vs cons: NP 3% below. Cost cuts paused until Media separation. Targets paused.

EBITDA 15% below cons

High Yield Bonds Daily

Oscar Properties/HL18,K2A, Pandion

Chile: March smolt release +24% y-o-y

March smolt release in Chile was 13.2m (+24% y-o-y), with smolt release for '25e harvest down 7% y-o-y (ABGSCe +2%). Chilean biomass down 2% y-o-y, suggesting muted harvest potential short-term

Weekly agenda 29 Apr - 3 May

Nordic reports: Novo Nordisk, Vestas, Danske bank, Maersk

ABGSC Shipping Daily 25 April

Mixed tanker and dry bulk market, LPG down. Shipping peer group trades at P/NAV 0.83x. DNORD: Trading reset implies upside.

Slightly lower losses and CEO resigns

Q1 first take: looks worse than it actually is

Sales below, good margins and cash flow

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).