* Adj. EBITA -6% vs ABGSC, -5% vs ModFin consensus * Org.
* Q3 report due on 23 October * We cut 2025e EBITA by 3% but raise 2026e-2027e by 3-2% * Share is trading at 10-9x EBITA on 2026e-2027e Q3 e...
We expect double-digit earnings growth from Q4 Q2 was characterised by a stable organic performance for the product units (Flow Technology a...
Q2 results Organic growth improved and was positive y-o-y, but earnings in service-related units weighed.
- Q2 report due Monday, 14 July - Adj. EBITA by 6-5% on '25e-'27e; 5% CAGR '24-'27e - Trading at 12-8x adj.
Positive organic growth in Q1 and acceleration Q2-Q4e Estimates cut on divestments; underlying more stable We raise our FVR to SEK 8-20 (7-1...
Adj. EBITA -12% vs cons, but organic growth better Est's down 3-4%, but better growth outlook maintained Reduced gearing allows the company ...
Two divestments and one acquisition announced Net effect: EBITA +4%, margins to increase from 9.
CMD feedback: Transformation done, now ready to accelerate High-quality Flow Technology segment will lead growth 15x EBITA for Flow Tech imp...
We cut underlying '25e-'26e EBITA by 5-4%, mainly in service units Positioned to accelerate M&A in margin-accretive business areas Trading a...
Adj. EBITA -11% vs ABG, -13% vs consensus Service companies drove the miss, products held up better We expect consensus to cut estimates by ...
Q4 report due Thursday, 13 February We cut adj. EBITA 4%/3%/3% on '24e/'25e/'26e Share is trading at 9-7x EBITA on '25e-'26e Q4 expectation...
Divests four service-oriented Infra units for SEK 714m consideration Accelerates transition to higher quality product businesses (now 60% pr...
- Strong performance in product companies behind EBITA beat.
- Sales -6%, adj. EBITA +5% vs cons in Q3 - Strong performance in product companies behind solid margins - More optimistic about 2025 growth...
11% adj. EBITA miss but improvement already in Q3 '24e adj.
Q2 details Growth and margins held back by challenging end-markets.
Acquires UK-based PDAS, adding ~4% to '25e EBITA A market leader in design, installation, and maintenance 60% of EBITA comes from a growing ...
Q2 report due 15 August '24e-'26e EBITA down 5-1%; 9% CAGR '23-'26e 10-6x EBITA '24e-'26e, 11-15% FCF yields Q2 expectations We believe tha...
Positive growth outlook for margin-accretive Water segment.
Decelerating org. growth but strong cash flow '24e-'26e adj.
Sales 0%, adj. EBITA -2% vs. cons, -4% org. sales Cons to lower '24e EBITA by 1-3% Strong cash flow but slower organic momentum Q1 details ...
Core objectives, including divestments and securing bond refinancing completed One new divestment announced, Plåtslagaren G.
A diversified M&A play on civic infrastructure 1) Rapid growth, 2) deleveraging, 3) 15% growth & 12% margins 9% adj.
