*Order picking as core growth engine *Vusion partnership broadens store digitalisation scope *Financial ambitions reiterated Today, StrongPo...
* Strong international growth offset by the Nordics * Short-term Pricer headwind * Fair value range of NOK 8-18 per share A mixed Q4 Strong...
* Q4 EBITDA of NOK 5m * Awaiting improved markets * '26e-'27e estimates down – fair value range of NOK 8-18.
* Q3 EBITDA of NOK 14m * Signs of improvement * Limited underlying estimate changes - DCF NOK 15/sh Q3 EBITDA of NOK 14m StrongPoint deliver...
* Q3 EBITDA NOK 14m vs ABGSCe NOK 9m * Awaiting stabilised markets * Only minor adjustments to estimates expected Q3: EBITDA of NOK 14m vs A...
* Q3e EBITDA of NOK 9m * Awaiting stabilised markets * '26e-'27e estimates down - DCF NOK 15/sh Q3e EBITDA of NOK 9m The last couple of year...
Q2 EBITDA of NOK 7m StrongPoint showed a positive development with sales +18% y-o-y, mostly driven by solid performances in UK & Ireland, Sw...
- Q2: Sales 6% above, EBITDA NOK 7m vs ABGSCe NOK 3m - Positive development in projects - Only minor adjustments to estimates expected Q2: E...
Market remains muted, but new contracts are positive Targets challenging (earnings likely to land below) Recovery postponed Q2e EBITDA of N...
Q1: Sales 4% below, EBITDA NOK 10m vs ABGSCe of NOK 4m Lower target range likely EBIT estimates largely unchanged Q1: EBITDA of NOK 10m vs ...
Q1: Sales 4% below, EBITDA NOK 10m vs ABGSCe NOK 4m NOK 10m lower opex explains beat.
Q1 likely flat, limited uptick in Q2e Targets challenging - likely to land below Recovery postponed amid contract delays Q1 likely flat, li...
Q4 largely in line, Q1 likely flat Contracts developing slowly - lower target range likely Weak '24 likely to spill over to '25 - more contr...
Q4: EBITDA of NOK 5m vs ABGSCe NOK 6m Lower target range likely Estimates likely unchanged Q4: EBITDA of NOK 5m vs ABGSCe NOK 6m StrongPoin...
Q4e soft, market remains muted Lower range of targets likely Recovery postponed, '25 also slow Q4e soft, market remains muted We expect Q4 ...
Q3: EBITDA of ~NOK 12m, Q4 likely flat New targets achievable, but lower range more likely Recovery postponed — '24 challenging, but '25 lik...
Q3: EBITDA of NOK 12m vs. our NOK 10m, on lower costs Still relatively low visibility Estimates likely unchanged Q3: EBITDA of NOK 12m vs A...
• Q3: EBITDA of ~NOK 10m • New targets achievable, but lower range more likely • Recovery postponed — '25e likely to improve at the expense ...
- Q2: Adj. EBITDA of NOK 1m - New targets more achievable — sales +22% in '25e vs '23 - Customers remain cautious — look beyond '24e Q2 larg...
- Q2: Adj. EBITDA of NOK 1m vs. our NOK -2m - New targets more achievable with Sainsbury's and Mercadona - Numbers largely in line, estimate...
Q2 likely similar to Q1 Q2 seems to have developed in a similar way to Q1, with the trend of longer decision cycles and customers holding ba...
Q1 EBITDA NOK -6m vs ABGSCe of NOK -1m, Q2 likely weaker New targets more achievable - sales +22% in '25e vs '23 Estimates materially down, ...
- Q1: Clean EBITDA NOK -6m - soft compared to our NOK -1m - Targets updated - more achievable - Estimates materially down amid sluggish H1 Q...
Spain's largest grocery retailer commits to StrongPoint Large market potential - EUR 250m in spain alone Much needed deal - earnings impact ...
Q4: Clean EBITDA NOK -2.7m - soft compared to our NOK 0m Customer postponing investment hitting profitability 2025 ambitions under pressure,...
Q4e revenue ~NOK 306m Sainsbury's contract a positive development, but more orders needed Estimates down, '24e adj.
Q3: EBITDA NOK 4m – soft but broadly in line with our NOK 5m 2025 ambitions kept, company needs larger project wins in Q4 '23 EPS down 3%.
Q3: EBITDA NOK 4m - soft but broadly in line with our NOK 5m Customer postponing investment hitting profitability 2025 ambition kept.
Q3e revenue ~NOK 312m Maxima order provides comfort for '24e, but more orders needed Estimates down, '23e adj.
• Q2: Soft sales hit profitability • Orders needed to add confidence to 2025 targets • Estimates down, '23e adj.
• Q2: A soft quarter: EBITDA NOK 2m (NOK 10m Q2'22) • Customer postponing investment hitting profitability • 2025 ambition reconfirmed, Q2: ...
Q1: EBIT NOK 4.0m in line with ABGSCe 4.0m 2025 ambition reconfirmed Expect smaller estimate changes Q1: EBIT in line with expectations Str...
Q4 de-risks 2023 estimates Strategy update: 2025 targets reiterated '23e adj.
Q4: better than expected driven by both revenues and opex StrongPoint reported Q4 revenues of NOK 405m, 10% above consensus NOK 375m.
Q4e: EBITDA of NOK 17.9m Margins set to rise in '23e on lower e-com investments '23e adj.
Signs distribution rights for Pricer ESLs in UK & Ireland Also expands current agreement in Spain Significant potential, supports 2025 targe...
Q3: revenues above, offset by lower margins E-com investments set to level off Resilient customer base – ‘23e adj P/E ~12x Q3: strong perfo...
Q3: EBITDA NOK 21m vs our NOK 24m E-com investment levels to come down from here Estimates likely lowered on slightly weaker margins Q3: EB...
Will install world’s first AutoStore with frozen zone Second win since becoming an AutoStore partner Smaller estimate effect, but proves p...
Q3e: back to organic EBITDA growth Investments in e-com continue ‘23e adj.
Q2: weaker profitability on lower GM and higher opex Continues to ramp up e-com investments Double-digit estimate cuts – ’23e adj.
Q2: EBITDA excl ALS ~NOK 7m vs our NOK 18m Continues ramping up e-com investments Estimates likely to be cut on lower GM and higher opex Q2:...
We keep our estimates unchanged ahead of Q2 Higher uncertainty for retailers, but long-term case intact ’23e adj P/E of ~10x Q2’22e: revenue...
Air Link acquired for GBP 9.5m (~NOK 115m) 2021 numbers imply EV/EBITDA of ~4x EPS estimate up 11% for ‘23e Acquires Air Link for ~NOK 115m...
Q1: solid sales momentum, offset by costs near-term ALS acquisition not closed yet 2025 ambitions imply a P/E of ~4.
Good sales momentum, +21% y-o-y Acquisition of Air Link still in DD phase - not closed ’22 adj EBITDA estimates likely down 5-15% Q1: Stron...
Adjusted EBITDA 44% above ABGSCe NOK 300 in orders announced in Q2 EV/EBIT will be 11x if it reaches break-even in Spain 15% organic growth ...
