* Q1e: Sales of SEK 1,143m (1,206m), EBIT of SEK 35m (13m) * US good but not great, Germany soft * Trading at 12-7x EV/EBIT '26e-'27e Q1 ex...
* Strong US performance more than offsets German weakness * EBIT up by 5-9% for '26e-'27e, driven by US and overhead costs * Trading at 12-8...
* Solid report driven by very strong U.S. performance * Adj.
* Q4e: US stable with Germany improving sequentially * U.
* Acquisition of Volvo Construction Equipment dealer in Iowa * Adds 8% to PF'26e EBIT, 13x acquisition EV/EBIT * Aligns with strategic ratio...
We increase 2026E-27E adj. EBIT by 6-7%, mainly owing to stronger performance in Germany – having reached near breakeven, versus SEK -40m in...
* Better-than-expected Q3 earnings, all segments up q-o-q * We raise our EBIT estimates by 4-3% for '26e-'27e * Trading at 12-8x '26e-'27e E...
We lower our group gross margin assumptions by 70bp for 2025 and 20-30bp for 2026-27, predominantly owing to tariff-induced headwinds in the...
* Q3e: some US improvement q-o-q, Germany remains negative * Estimate cuts driven by continued subdued demand in Germany * Trading at 14-10x...
We lower 2025E adjusted EBIT by 10% yet keep 2026E-27E adjusted EBIT largely intact (+2%), as we find weakness in Q2 partly due to temporary...
- Earnings disappointment in Q2, but strong cash flow - We lower our US and Germany EBIT estimates - Trading at 13-9x '26e-'27e EV/EBIT (pee...
Q2 report due on Thursday, 14 August Sales and margin downgrades in Germany weigh on estimates Trading at 13-10x '26e-'27e EV/EBIT Q2e: Ger...
We lower adjusted EBIT by 13% for 2025E and 6% for 2026E-27E.
Soft Q1 earnings driven by gross margin pressure in the US Weaker USD weighs on estimates, given US-heavy operations Net debt down sequentia...
We make limited revisions to our 2026-27 estimates, lowering adjusted EBIT by ~1%.
We downgrade our 2025-27 sales estimates by ~8%, owing to FX, while we downgrade 2025E-27E adjusted EBIT by 15-19%, mainly due to our expect...
Volvo delivered a mixed report, with EBIT 12% below Infront consensus.
Ferronordic reported a mixed set of Q4 2024 numbers, with sales clearly beating our expectation, largely due to significant (and price drive...
Germany weaker than expected, US stronger We make more cuts in Germany High leverage is the bottleneck for US expansion Q4: Germany especia...
We lower our 2025-26 sales estimates by 4%, mainly driven by Germany.
Q4e: Germany likely stagnant, US solid 12-9x '25e-'26e EV/EBIT, distributor peers at 14-13x De-leveraging in focus, then US expansion Q4e: ...
Some positive signs in Germany, but market still weak '25e-'26e EBIT raised by 11-12%, driven by Germany Take-aways for Ferronordic from Vol...
Ferronordic reported an overall encouraging set of Q3 2024 numbers.
We lower 2024E sales by ~4% and adjusted EBIT by 12%, driven by Germany, while we keep our estimates for the US mostly unchanged.
Q3e: Germany continues to weigh, US expected to be stable Lowered estimates in Germany on prolonged market weakness 11x '25e EV/EBIT, 23% be...
Yesterday (2 October), Ferronordic hosted its 2024 CMD.
New targets ahead of CMD at 13:00 CET 14% 5Y sales CAGR, 6% EBIT margin,
USA more stable, but poor result in Germany Negative EBIT revisions primarily driven by Germany Trading at 10.
Ferronordic presented a muted set of Q2 numbers below our expectations, with organic sales declining by 42% y/y, thus showing a clear sequen...
Q2e: US operations stable, Germany still struggling We expect Ferronordic to report Q2 net sales of SEK 1,205m, up 79% y-o-y due to the majo...
We upgrade adjusted EBIT by 2-3% for 2024-26E, encouraged by a continued healthy North American market and a return to a more normalised mar...
Yesterday (25 June) we hosted a group presentation with Ferronordic.
Rudd delivers SEK 60m EBIT in its first full quarter (ABGSCe 68m) EBIT down by 9-7% for '24e-'26e, lower top line but higher margin 14x '24e...
We make minor cuts to our estimates after Ferronordic's Q1 results.
EBIT SEK 21m (ABGSCe 30m, cons. 29m) We expect cons EBIT to come down by 6-7% for '24-'26e Trading at 14-9x '24-'25e EV/EBIT on pre-Q1 estim...
Mixed markets; US strong but Germany weaker '24e-'26e EBIT down 4-3% on lowered Germany estimates Share trading at 14-9x '24e-'25e EV/EBIT ...
Ferronordic's Q4 2023 results were a mixed bag, coming in somewhat below our expectations.
High costs in Germany to be scaled down, strong results in the US German downgrades outweigh US upgrades for '24e, '25e higher Trading at 12...
Adj. EBIT SEK -15m (ABGSCe -11m, cons -6m) Strong performance in Rudd: adj.
Costs in DE remain high, one month with Rudd in numbers We leave estimates mostly unchanged, FX the main mover Trading at 10x '24e EV/EBIT, ...
Ferronordic will report its Q4 2023 results on 22 February.
Adding Rudd to our estimates, sales +107-103% for '24e-'25e 9-7x '24e-'25e EV/EBIT and 2.
We view the Q3 report as weak, as the EBIT loss more than doubled q/q (to SEK -28m at the group level) owing to weaker performance in both G...
Acquires US-based VCE dealer Rudd (+124% to PF'23e sales) 6.
Ferronordic has entered into an agreement to purchase Rudd Equipment Company, Inc.
Ferronordic will report its Q3 results on 16 November.
- Q3e: SEK +15m segment EBIT, -7m after overhead - Organic estimates unchanged, only updated FX - Net cash risks shrinking while we wait for...
Strong growth in both segments EBIT up on higher top-line, but margin trimmed Net cash position now at SEK 539m (681m in Q1) Segment EBIT SE...
Ferronordic delivered a mixed Q2 report, growing sales 68% y/y (more than expected), but it is still loss-making at the EBIT level (SEK -10m...
We expect a decent Q2 report. While sales are set to grow by nearly 60% y/y, driven by good momentum amid easing supply chain constraints, w...
• Q2 report due on Thursday, 17 August • Solid performance in segments, OH costs still weigh • Needs to make an acquisition or scale down th...
Overhead costs too large for current operations Needs an acquisition to grow into the opex base, or scale down SEK 681m in net cash to use a...
Ferronordic reported a soft Q1, in our view, despite being profitable in Germany for the first time, which is important for the valuation go...
Segment EBIT SEK 12m (ABGSCe 10m), but OH costs -26m Sees strong outlook for both regions Net cash position SEK 681m (~50% of market cap) Q...
Report due on Thursday, 11 May Current OH costs too big for new, smaller operations Focus now is on the cash position Group costs an issue:...
We expect a solid Q1 report on 11 May, supported by the recent strong delivery and order intake figures for Volvo Trucks.
Company expects positive '23 Germany EBIT, ABGSCe SEK 22m Ferronordic reported Q4 EBIT from Germany of SEK -5m (ABGSCe -2m), somewhat below ...
Ferronordic presented a higher dividend and 47% stronger sales for Q4 than we forecast, due to market share gains in Germany and strong mome...
Germany sales above, EBIT in line Q4 numbers imply +9% to Germany sales 10x '24e EV/EBIT on pre-Q4 numbers Q4 results Ferronordic reported ...
Russian divestment leaves ~SEK 800m net cash On 23 December 2022, Ferronrodic announced the divestment of its Russian operations (~80% of sa...
We expect decent Q4 results, with Germany nearing breakeven.
Ferronordic has today sold its Russian business for SEK 1.
Divests its Russian operations, gains SEK 75 per share We had no value on Russia for '23e and beyond We expect more info on capital alloca...
Divests Russian business, SEK 75 cash effect per share Ferronordic announced today that it divests its Russian business for SEK 1,320m, or S...
Gross margin up 5.2pp, mostly on Russia sales mix We increase adj.
Ferronordic's Q3 report was better than we expected, driven by good sales mix in Russia/CIS.
Adj. EBIT SEK 130m (+65% vs. ABGSCe 79m) Still looking to divest Russian business 1.
RU equipment sales to fall off, aftermarket stronger SEK 321m VCE payment added as a one-off We expect Germany to reach positive EBIT in Q4e...
We expect a decent Q3 report on 11 November, with group adjusted EBIT down 33% y/y, as Russia/CIS continues to decline and Germany remains l...
