Momentum improved meaningfully in Q2/26 with a better balance between sales and operational costs, while management highlighted a clear impr...
Berner reported sales above our expectations, but with adj.
We expect healthy demand to have continued into Q2/26, which, together with a more balanced cost base than in Q1/26, we estimate should supp...
Q1/26 reflects near-term cost headwinds from recent acquisitions masking improving underlying momentum.
Q1/26 adj. EBITA of SEK 20m was +3% y/y but 4% below our expectations, burdened by temporary costs stemming from the two most recent acquisi...
Q1 2026E is set to show improving profitability in Technology & Distribution, while Energy & Environment faces short-term cost pressure from...
Berner Industrier delivered another strong year in 2025, with margin gains and cost discipline lifting adj.
As we highlighted in our initiation of coverage report, Berner Industrier’s previous financial targets did not reflect its potential.
Berner Industrier continues to impress with a solid 62% y/y improvement in adj.
Berner Industrier has today signed an agreement to acquire the Norwegian company Typhonix, thereby strengthening its exposure in water treat...
* Q3 beat our expectations handily, EBITA 29% above * Raise '26e-'27e EBITA 15-14% on higher margin assumptions * Increased confidence in op...
* Orders +11%, sales -7%, adj. EBITA +29% vs. ABGSCe * Strong margin due to good mix in E&E and improvements in T&D * Another great quarter,...
* Q3e sales up 14% y-o-y, 7% organic, supported by order intake * Estimate seasonally strong 9.
A strong report across the board Berner Industrier delivered a strong Q2 report, with orders up 12% y-o-y (3% below our estimate), sales tha...
Q2 results Orders were up 12% y-o-y and 3% below our estimate.
- Expect continued order recovery but flat sales y-o-y - M&A resumed, 1.
Order momentum from Q4 continues, up 18% y-o-y, de-risking '25e Stronger margin in both segments, but we extrapolate only in T&D Margin expa...
Orders +7%, sales -1%, adj. EBITA +28% vs. our estimates Key takeaway is the continued order strength de-risking '25e Strong margin, but be ...
Q1e sales -2% y-o-y, orders +10%, adj. EBITA margin 6.
Weak order trend broken, orders +29% y-o-y, above our flat estimate '25e-'26e orders +7%, sales +4%, adj.
Orders recover sharply, +30% y-o-y, and sales beat our est.
Q4e: orders flat, sales -2%, EBITA margin -2.9pp y-o-y EU PMI remains below 50, push forward recovery Estimates: '25e-'26e sales down 5%, EB...
Demand weak as expected, but improved by quarter-end Comps also ease in Q4, return to order growth likely One-offs but underlying margin als...
Orders -2%, sales +1%, EBITA -18% vs. ABGSCe Unspecified non-recurring items related to improvement work in T&D Weak demand improved somewha...
Expect continued softness on orders, comps ease from Q4 Reduce '24e-'26e EBITA by 5-3% on delayed demand recovery Trading at 16-12x P/E vs.
- Sales grew 4%, but adj. EBITA margin down to 6.8% (7.
- EBITA adj. -11% vs. ABGSCe after -1.8m one-off - Gross profit in line with ABGSCe, but elevated costs hamper EBITA - One-off related to pe...
Q2e: limited developments In Q2, we expect SEK 279m in order intake, down 2% y-o-y, and sales of SEK 245m, in line with last year's figure.
Orders recover from Q4 low, NWC release supports fantastic FCF Some one-offs weigh on profitability, expect margins to improve Management se...
Orders -5%, sales +1%, adj. EBITA -7% vs. ABGSCe Some negative one-offs in quarter: system changes, strikes Management positive on outlook, ...
Q1e: orders -2%, sales +1% y-o-y, adj. EBITA margin 7.
Lower sales offset by margins as operational measures take effect EPS estimates largely intact due to lower opex and interest expenses Full ...
Sales235m (-19% vs. ABGSCe), adj. EBITA 16m (-14% vs.
Expect strong Q4 sales after order intake surprise in Q3 Estimates unchanged, growth and margin expansion in '24e-'25e Trading at 12-10x P/E...
Another strong quarter, order intake up 33%, EBITA margin 9.
Sales 224m (+1% vs. ABGSC), adj. EBITA 22m (+37% vs.
Q3e sales SEK 221m, up 11%, adj. EBITA margin 7.2% (8.
Decentralised, diversified B2B distribution and original product group New management aims to boost profitability, promising signs in H1'23 ...
• Another good quarter, 15% org. growth and 7.1% EBITA margin • Order intake still high, up 9% despite tough comps; outlook good • Share sti...
• Sales 246m (+0% vs. ABGSC), EBITA 18m (+5% vs. ABGSC) • 15% org.
Q2e: sales SEK 245m, EBITA 6.8%, EPS SEK 0.57 Expect order book realisation to continue, outlook promising Share trading 50-20% below peers,...
Q1: 31% organic sales growth and EBITA margin doubling We raise estimates on further signs of profitability progress Valuation still below p...
Sales and EBITA way above expectations (+26% and +120%) Organic growth of +31%, EBITA margin of 6.
Q1e: SEK 190m sales, +4.7% y-o-y; 6.5m EBITA, 3.4% margin Minor estimate changes; reiterate fair value range of SEK 30-40 Trading at 12-9x '...
27% organic growth, margin suffers from one-offs New management's efforts seem to have started having an effect 12x '23e adj.
Sales SEK 248m, EBITA 5m, margin 2.2% High organic growth of +27% EBITA suffers from increased costs (SEK 4m) Q4 results Sales came in at S...
Q4 report due on Thursday, 23 February Updated outlook following recent change of analyst Trading at 12x '23e P/E, fair value range SEK 20-3...
Q3 report due Thursday, 27 October We expect margins to be under continued pressure New FVR of SEK 19-28 (27-37) We expect a y-o-y margin...
Organic sales growth of 10.5% vs. ABGSCe of 5.7% Temporary gross margin pressure in H2’22e… …but optimistic signs of a return to M&A Good or...
Sales 7% above our expectations… …but adj. EBITA 23% below Management intends to ramp up M&A pace Q2 results CBTT delivered sales of SEK 21...
Q2 report due Thursday, 18 August Margins to improve 220bp y-o-y FVR of SEK 27-37 reiterated Final settlement of heating projects to suppor...
Adj. EBITA 12% above our expectations Q2’22 should be boosted by heating projects… …and strong L12m order intake should support H2’22 Order...
Adj. EBITA 12% above ABGSCe Strong order intake continues, up 28% y-o-y Estimates should stay intact Q1 results CBTT delivered sales 1% abo...
Q2 results: sales in line but margins lower than expected Sales were in line with our estimates at SEK 187m (2% vs ABGSCe 183m), up 13% y-o-...
