Superior operating performance at a discount

EBIT forecasts revised by -1% to +2%. Management confident on market share gains. TP unchanged at DKK 1,300. BUY

Q1'24: An uphill struggle from here

Weaker earnings mix than expected implies lower adj. EPS estimates for 2024e-26e. Value support, but no near-term catalysts.

Buybacks to offset softer growth ahead

Growth slowing, but still much to like about the share. Adj. EBITDA estimates up 4-1% for '24e-'26e. Reiterate BUY, new TP of SEK 105 (100); 7-5x EBITA '24e-'25e

Out of the woods

We lift '24e sales by 11% and '25e by 5%. Further upside to '25-'26e: estimates still imply revenues below historical trend. BUY: TP up to NOK 135 (125)

Set for acceleration

Expansion investments weigh on Q1 margin, but great setup for solid outlook for remainder of '24e. Keep BUY — 17-14x '25e-'26e P/E and >5% FCF yield

Exciting times ahead

Still strong outlook, but later NB deliveries

Short-term estimates up slightly, '25e-'26e down on new NB schedule. 25% above cons. net profit for '25e. TP of NOK 181 (176) – BUY.

Copilot to acquire all shares at DKK 6.60/share

Highlighting H2 improvement

Solid Q1 numbers, in line Q2 guidance. No underlying changes, but adding M&A means +2% on '24e EBITA. Maintain HOLD and TP at SEK 375.

About to shift the gear to growth

1% below cons. adj. for one-offs. More forward-leaning from here on. Reiterate HOLD with a TP of SEK 135.

Prices sliding and poor cash flow outlook

Q2e moving parts: lower prices, higher volumes, strikes concluded. EBIT up 1-2%, but adding Luleå capex turns FCF ests. negative. Poor cash flow outlook and negative price trend, keep SELL.

NOK winner, and a Q1 beat

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.

In need of price hikes to offset wood costs

Q1 better – no wood is no good for Q2. Early-cyclicals improve, but paper still weak. Mid-cycle valuation points to SEK 135/share. BUY.

Satisfactory delivery in a slow market

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.

US peer Watsco sees positive trend

Cautious optimism ahead of Q2

-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.

A soft start to the year

No incremental news on restructuring and soft Q1 numbers. EBIT estimates intact for 2025e-26e. Unattractive risk/reward, SELL reiterated.

All-weather value compounder at work

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.

Costly sales weigh heavy on the bond

Slow start in Q1e