* A surprising sequential margin decline in Q4... * .
* Q4 results due on Thursday, 5 February * Estimates up 2-4% organically, but neutralised by FX * Margin expansion largely realised, now com...
* More margin gains, 12% target now looking conservative * Adj.
* Adj. EBITA SEK 274m (+4% vs. ABG, +2% vs. IR consensus) * We expect consensus adj.
* Q3e: Medical stable, but negative seasonality * EBITA estimates cut by 2-3%, mainly for Engineered * Share trading at 14x '26e EV/EBITA Q3...
Another impressive margin lift Nolato reported Q2 EBITA 5% and 7% above ABGSCe and IR consensus, respectively.
Q2 outcome Sales was SEK 2,395m (+2% vs. ABG 2,345m, +2% vs.
Q2e: FX headwinds, but continued strong margins We expect Nolato to report Q2 net sales of SEK 2,345m, a y-o-y decline of 4%, of which +2% i...
Impressive margin lift in both segments, EBITA +6% vs.
EBITA SEK 271m (+3% vs. ABG, +6% vs. IR cons) We expect cons EBITA upgrades of 3-4% for '25e 15-13x '25e-'26e EV/EBITA on pre-Q1 estimates ...
Q1e: a solid quarter with EBITA up 11% y-o-y Higher estimates following ambitious new targets Medical (~60% of EBITA) should be resilient in...
12% EBITA margin target looks doable... ...more uncertainty on the 8% org.
New targets: 8% org. growth, 12% EBITA margin, 15% ROCE Growth and margin targets imply 15%/12% upside to '26e ABGe/IR cons CMD at 13:00 CET...
Strong Q4 driven by Engineered Solutions EBITA up 2% organically, but cancelled out by weaker FX Share trading at 16-15x '25e-'26e EV/EBITA ...
EBITA SEK 240m (+2% vs. ABG, +3% vs. IR consensus) We expect cons EBITA to come up by ~1-2% Trading at 15x '25e EV/EBITA on pre-Q4 estimates...
Medical has stabilised following a period of volatile margins More margin expansion left, Medical to reach ~12% EBITA Share trading at 14.
- Q3 EBITA 3% above IR consensus, 5% above ABGSCe - Focus on continued strong trend in Medical Solutions - 15.
- EBITA SEK 235m (+5% vs. ABG, +3% vs. IR consensus) - Medical Solutions +5% vs.
Q3e: Medical stable, cyclical risk in Engineered Estimates lowered by 2% p.
- A sizeable margin improvement in both segments - EBITA estimates left largely unchanged - Trading at 15.
- EBITA SEK 245m (0% vs. ABGSCe, +2% vs. Modular Finance IR cons) - Company expects bigger vacation effect in Q3 than recent years - We expe...
- Q2e: Slight margin improvements expected - Org. estimates mostly unchanged, EBITA down 2-3% on FX - More ground to gain on margins, 19-16x...
21% EBITA beat vs. consensus mainly margin-driven Lower costs and favourable mix to persist, EBITA up by 10-7% Now trading at 17-15x '24e-'2...
EBITA SEK 238m (+22% vs. ABGSCe, +21% vs. FactSet cons) We expect cons.
Q1e: still some de-stocking weighing on Medical Minor revisions, '25e-'26e EBITA up by 1% on FX Strong recent performance, cons.
- Confirms a long-term obesity and diabetes device contract - No material impact next 2Y, ~SEK 700m sales p.
Underwhelming performance continues in Q4 EBITA down 7-3%, lower in both segments Share trading at 15x '24e EV/EBITA EBITA 9% below cons.
EBITA SEK 177m (-11% vs. ABGSCe, -9% vs. cons) We expect cons.
Q4e: first quarter since Q4'21 with positive y-o-y EBITA growth Gradual margin improvement expected throughout '24e Share trading at 15x '24...
A poor quarter, but Q4e should be better Adj. EBITA down 4-5% for '23e-'25e 14x '24e EV/EBITA, 19% '23e-'25e adj.
Adj. EBITA SEK 193m (-4% vs. ABGSCe, -3% vs. cons) We expect cons.
Escalating peer comments on GLP-1 obesity drugs No comment yet from Nolato, but there are some clues Speculative, but exciting given USD 100...
Gradual q-o-q margin improvement should continue New estimates reflect downsizing of tobacco business 13x '24e EV/EBITA, 19% '23e-'25e adj.
Will scale down VHP (tobacco) business by ~50% We expect initial revisions to be conservative (c.
• Less margin expansion than we hoped for in Q2 • EBITA down 9-7% (-3% FX), mostly from Integrated • Comps getting significantly easier in H...
• EBITA SEK 198m (-11% vs. ABGSCe, -8% vs. cons) • We expect cons.
• Q2 report due on Thursday, 20 July • Sequential earnings growth to continue, but down y-o-y • H2 comps looking easier, 16-12x '23e-'24e EV...
Sequential improvements signal start of the recovery journey Integrated at a "more stable situation", according to mgmt.
Q1 report due on Wednesday, 3 May We expect the earnings trend to turn positive in Q1e 16-12x '23e-'24e EV/EBITA, fair value SEK 50-80/sh (4...
Q4 a disappointment overall, but Medical beat expectations Nolato reported Q4 EBITA 15% below our expectations and 12% below FactSet consens...
Q4 15% below us on EBITA, but Medical beat expectations Integrated the main driver of estimate downgrades 15-12x '23e-'24e EV/EBITA, margin ...
Q4 report due on Wednesday, 8 February Lower FX and more cautious on margin recovery timeline 15x '23e EV/EBITA, ~20% '22e-'24e adj.
Nolato gets the VHP permit, reiterates Q4 guidance Nolato has announced that it has now been granted the permit to produce vaporiser heating...
Several factors weighed on Q3 margins We maintain our view on a ’23e margin recovery 11x ’22e EV/EBITA, fair value SEK 45-85 (50-90) Q3: Lo...
EBITA SEK 214m (-8% vs. cons. 232m) Consensus ’23e-’24e EBITA likely down by ~1-2% Trading at 11x ’23e EV/EBITA on pre-Q3 numbers Q3 outcom...
Stricter regulation of VHP in China Q4 Integrated sales SEK 0.
Oil coming down, ~60% of material costs linked to oil Valuation now just 5% above 2020 trough levels Q3 preview: margin pressure and FX ta...
Weak guidance for Integrated Solutions in Q3… …but the worst should be behind us Clarity on dual sourcing lowers risk of more downgrades Q2 ...
Adj. EBITA SEK 264m (+10% vs. Infront cons. 241m) Expect 4-6% cons.
Q2 report due on Wednesday, 20 July Adj. EBITA lowered by 5-3% for ’22e-’24e Trading at 14-11x ’22e-’24e EV/EBITA (adj.
Main growth opportunities in Medical and EMC Not looking to sign new customers in VHP Financial targets reiterated, as expected Aims to gro...
We expect focus on Medical Solutions and EMC Margin, cash conversion and leverage targets likely kept Look for news on dual-sourcing VHP and...
Guiding for -20% q-o-q growth in Integrated Solutions… …and largest customer might switch to dual sourcing 14x ’22e EV/EBITA, fair value SEK...
Adj. EBITA SEK 267m (+10% vs. Infront cons. 242m) Guides for -20% q-o-q growth in Integrated Solutions 14-11x ’22e-’23e EV/EBITA on pre-Q1 n...
Q2 results Sales SEK 2,786m (-2% vs ABGSCe 2,850m, -3% vs.
