* We see 21% sales growth and an EBITA margin of 7.
* Adj. EBITA margin up 1.7pp as sales grew 15% ex. M&A * Likely to exceed conservative guidance in '26 * Belief that earnings trough is behi...
* Orders +4%, sales +6%, adj. EBITA +15% vs. ABGSCe * Guides for 2.
* Strong orders should continue to convert into sales growth (17%) * Enedo stabilising as comps ease and cost savings take effect * Earnings...
* Orders grow 25%, sales 14%, adj. EBITA margin up 0.
* Orders +8%, sales +1%, adj. EBITA -9% vs. ABGSCe * Sees recovery amongst customers, Enedo profitable from Q1 * 14% organic growth and marg...
* Return to growth in Q3 driven by both M&A and organic recovery * Enedo headwinds should be more than offset by Inission * We believe R12m ...
* Enedo drove the 6% Q2 adj. EBITA miss while Inission beat by 4% * 1.
* Orders -10%, sales +3%, adj. EBITA -6% vs. ABGSCe * Enedo drove EBITA miss, Inission beat; Enedo b-t-b reassuring 1.
- Sales to improve q-o-q, but still down y-o-y, growth in H2e - Raise '25e-'27e adj.
Sales 9% below us, but partly temporary; orders grew 61% Mixed outlook, reiterates guidance, but cites more uncertainty Cut '25e EBITA 7%, b...
Orders +4%, sales -9%, adj. EBITA -22% vs. our estimates EBITA miss driven by 3 high-volume delivery delays, opex better Maintains guidance,...
Q1e sales flat q-o-q, slight margin improvement to 5.
Surprisingly strong orders support view that cycle has bottomed Soft guidance, but we think company is being conservative Keep '25e adj.
Orders +41%, sales +0%, adj. EBITA +12% vs. ABGSCe High NRIs lower quality of beat, but orders indicate cycle bottom '25e guidance a bit sof...
Q4e sales -4% y-o-y (-11% org.), adj. EBITA margin 4.
Sales -9% (-16% ex. M&A), EBITA 5.7% (8.8%), but vs.
Sales -3%, EBITA +1% vs. ABGSCe, book-to-bill 0.99x Expects decline to decelerate from here, return to growth in H2'25 Cash flow weak partly...
Q3e sales -7% y-o-y (-12% org.), adj. EBITA 5.4% (8.
- FY sales SEK 2.1-2.2bn (prev. 2.4bn), EBITA margin 6% (prev.
Weak Q2 margin of 5.0% (7.3%), but book-to-bill improved to 0.
Sales +2%, but EBITA -24% vs. ABGSCe, driven by personnel costs Slower cost reductions than we had thought, should catch up in H2 Book-to-bi...
Q2e: EMS industry under pressure; Inission should fare relatively well '24 sales target challenging without further M&A, but margin doable 1...
Q1 EBITA +16% y-o-y while peers decline, 8.9% (7.9%) margin Strong start in weakened market increases our full-year confidence Order situati...
Sales-2% and adj. EBITA +11% vs. ABGSCe Stunning 9.
M&A to drive growth while organically flat, EBITA margin to hold up H1 weakness in EMS industry, but companies remain positive on H2 Underly...
Sales -6% due to Enedo despite high material sales in Inission comps EBITA margin 5.
Sales -3% and adj. EBITA -6% vs. ABGSCe Inission outperforms while Enedo underperforms vs.
Q4e: sales SEK 574m, -3% y-o-y, SEK 60m material sales in comps Tougher comps and an EMS slowdown after a great '22-'23 Makes good acquisiti...
Growth of 17.5% and strong adj. EBITA margin of 8.8% (4.
Sales +1% and adj. EBITA +28% vs. ABGSCe Improved factory efficiency leads to higher profitability Capacity issues solved, demand remains go...
Q3e: sales SEK 511m, up 17% y-o-y, adj. EBITA margin 6.
20% organic growth, 7.3% EBITA margin, 8% margin in Enedo Order intake still strong, investing to execute on order book 7-9% EBITA upgrades,...
Sales +0% and adj. EBITA +23% vs. ABGSCe EBITA beat driven by strong execution in Enedo Order intake remains good, M&A market waking up Q2 r...
• Expect continued growth in Q2e, but some margin headwinds • Nordic EMS demand remains strong, but expectations are high • Trading at 17x '...
26.5% organic sales growth, EBITA margin reaches 7.
Sales +9% and adj. EBITA +58% vs. ABGSCe Margin expansion in both segments: Inission 8.
EMS industry thriving on strong demand, fading shortages Expect continued growth in Q1e: sales SEK 517m, EBITA 28m 13x '23e P/E vs.
41% org. growth and 4.7% EBITA, but some adjustments are due We increase ests.
41% organic sales growth, adj. EBITA margin 5% First report using IFRS affects goodwill and leasing Sales estimates up 6% on numbers alone ...
Q4 report due on Wednesday, 22 February In-depth commentary on financial targets announced at CMD Fair value SEK 45-60 (35-55), trading at 1...
Targets SEK 2bn in revenue and adj. EBITA margin 6% in 2023 Targets 10% org.
M&A-driven EMS company with a solid track record '23e-'25e adj.
Inission delivered a decent Q2 report with strong sales and earnings growth, but negative cash flow due to working capital build-up.
We expect a solid Q2 for Inission, albeit still hampered by headwinds related to costs and supply.
Inission delivered a strong Q1, with sales up 42% y/y and adjusted EBIT growth of ~150%, significantly above our expectations due to lower o...
We expect a decent Q1 with sales up 27% y/y, but adjusted EBIT down 20%, from a low base.
Inission delivered a solid Q4 report, with sales up 3% y/y and adjusted EBIT up 30%.
Inission will release its Q4 report on 24 February.
Inission's Q3 report was soft, as expected, with a 10% sales decline y/y and an 11% drop in adjusted EBIT, although the latter was 17% above...
Inission will report its Q3 numbers on 11 November.
Inission delivered a mixed bag in Q2, with sales in line with our estimates but adjusted EBIT SEK 2m below, due to higher opex.
We expect Inission to present a Q2 still hampered by component shortages and tough y/y comparables, with net sales down 9% y/y and adjusted ...
