* Underlying performance indicative of a brighter '26e * '26e-'27e adj.
* Adj. EBIT 29% above estimates at SEK 47m * '26e could bring both organic and structural growth * Consensus EBIT revisions likely up h.
* Q4e: soft growth, but margins supported by restructuring programme * Estimate cuts on FX and product mix * Trading at '26e EV/EBITA of ~7.
* Strong potential for margin improvements * Short term priorities presented * Favourable sales mix is the key driver for 8% margin Well-po...
* '25e-'27e adj. EBITA up 12-5% * Encouraging efficiency improvements and strategic initiatives * Trading at NTM EV/EBITA of ~8x A solid qu...
* 2% sales beat & adj. EBIT SEK 45m vs. ABGSCe 29m * Announces restructuring programme of SEK 20m p.
* Q3e: soft growth but GM improvements * Minor estimate cuts on FX and product mix * Trading at '26e EV/EBITA of ~7x What to expect in Q3'25...
Softer across the board The Q2 report was softer than we had expected with regard to all key line items, as sales and EBIT were respectively...
Q2'25 report The Q2 report was below expectations on both sales and adj.
'25e-'27e adj. EBIT down 8-2% Incident in Spain weighs on near-term momentum Trading at NTM EV/EBITA of ~8x What to expect in Q2'25 We antic...
Well-positioned in a growing market Reducing SKU's and suppliers to improve profitability Expect market to re-enter its consolidation phase ...
Limited estimate revisions We expect more solid growth from its own brands Trading at '25e EV/EBITA of ~10x Adj.
Sales -1% and adj. EBIT -18% vs. ABGSCe Operating cash flow significantly better than expected Likely slightly negative consensus estimate r...
Minor estimate changes Q1e: 2% organic growth and margin improvements Trading at NTM EV/EBITA of ~8x What to expect in Q1'25e We anticipate...
Minor positive estimate revisions Margin expansion to be increasingly driven by scale Trading at '25e EV/EBITA of ~8x Continues to beat exp...
Sales 0% and adj. EBIT +13% vs. ABGSCe Operating cash flow SEK 98m, vs ABGSCe SEK 6m Minor positive consensus estimate revisions Q4'24 repo...
Minor estimate changes Contract cancellations to carry negative impact on Q4 Trading at NTM EV/EBITA of ~8x What to expect in Q4'24e We ant...
Limited estimate revisions Growth appears more capital-light than history suggests Trading at '25e EV/EBITA of ~8x A report without surpris...
Sales +1% and adj. EBIT +2% vs. ABGSCe Operating cash flow SEK 42m, vs ABGSCe SEK -47m Minor positive consensus estimate revisions Q3'24 re...
Minor estimate changes Gross margin improvements set to continue Trading at NTM EV/EBITA of ~10x What to expect in Q3'24e We anticipate 1% ...
- We raise '24e-'26e adj. EBIT by 3-1% - Conducive conditions for organic growth - Trading at NTM EV/EBITA of ~11x Solid operating performan...
- Sales +3% and adj. EBIT +18% vs. ABGSCe - Operating cash flow SEK -19m, vs ABGSCe SEK -80m - Minor positive consensus estimate revisions Q...
- We cut '25e-'26e EBIT by 2%... - ...and still expect no organic growth in '24e - Trading at NTM EV/EBITA of ~9x What to expect in Q2'24e W...
We raise '25e-'26e adj. EBIT by 1% Continued gross margin recovery expected Trading at '24e EV/adj.
Sales +3% and adj. EBIT +17% vs. ABGSCe Operating cash flow SEK 21m, vs ABGSCe SEK -113m Turn-around success continues Q1'24 report The Q1 ...
We cut '24e-'26e adj. EBITA by 8-4% Should break seven-quarter negative org.
Targets 3-5% average annual organic growth Adj. EBIT margin above 8% by '27e No more than 2.
We cut '24e-'25e EBITA by 9-6% Margin recovery likely to be driven by better sales mix Trading at '24e EV/EBITA of ~10x On the right path a...
Sales +4% and adj. EBITDA -9% vs. ABGSCe Operating cash flow SEK 157m, vs ABGSCe SEK -1m Expects continued divestments of non-strategic bran...
We cut '23e-'25e adj. EBITA by 13-10% Inflation data for Q4 suggest negative-to-neutral volume/mix Trading at '24e EV/adj.
We raise '23e-'25e adj. EBITA by 9-2% Expect further discontinuations Trading at '23e-'24e EV/EBITA of ~14x-7x Takeaways from the report an...
Sales +2% and adj. EBITDA +16% vs. ABGSCe Operating cash flow 100% above ABGSCe Restructuring efforts start to bear fruit Q3'23 report The ...
We cut '23e-'25e adj. EBITA by 14-5% Negative price/mix from inflation data continues Trading at '23e-'24e EV/EBITA of ~15x-7x What to expe...
• We cut '23e-'25e adj. EBITA by 27-4% • Discontinuation of unprofitable products in full swing • '24e EV/EBITA ~8x & lease adj.
• Sales -8% vs. ABGSCe • Adj. EBITDA -44% vs. ABGSCe • Discontinuations have begun Q2'23 report The report came in below our sales and earni...
• We cut '23e-'25e adj. EBITA by 12-6% • Negative price/mix from inflation data continues • Trading at '23e-'24e EV/EBITA of ~10x-7x What to...
• Cost initiatives announced • One step closer to positive FCF • Trading at '23e EV/EBITDA of ~21x What to look for in Q2'23e For Q2, we exp...
We raise '23e-'25e EBITA by ~3% Strong cash flow in Q1'23 Discussed discontinuation of unprofitable brands Takeaways from the report and co...
Sales +1% vs. ABGSCe Adj. EBITDA +10% vs. ABGSCe Back to normalised gross margin levels Q1'23 report The report came in line with our sales...
We cut '23e-'25e EBITA by 15-3% CPI-PPI gap negative for the first time in ~3 years.
Fortsatt påverkade av kostnadsinflation... Nettoomsättningen ökade 1,5% y/y till 1027 mkr (1012), men den organiska tillväxten var -3,5%.
We cut '23e-'24e EBITA by 4% Management cautiously optimistic on price increases Macroeconomic conditions on the path to improvement Takeaw...
Sales -3% vs. ABGSCe Adj. EBITDA -13% vs. ABGSCe Solid working capital management Q4 report The report came in relatively well in line with...
Q4 estimate changes Q4'22e is likely to be similar to Q3 in a few ways, with a gross margin below 20% on a group level and limited price inc...
Macro indicators starting to turn in favour of Midsona'23e-'24e EBIT up 7-4%Trading at '23e EV/EBITA 7.
Rapporten i sig tämligen odramatisk Nettoomsättningen ökade y/y med 6% till 944 mkr.
Q3 report softer than anticipated We decrease our ’23e-‘24e EBITA ests.
Sales -6% vs. ABGSCe Adj. EBITDA -32% vs. ABGSCe SEK 600m rights issue Q3 report Midsona’s Q3 results were rather soft, due to a combinat...
Gross margins to indicate extent of pricing power ’22e-'23e EBIT down 6-5%, while ‘24e EBIT up 8% Q3 report due Tuesday, 25 October We ex...
God efterfrågan men inflationen tynger Omsättningen ökade med 5,9% y/y till 956 mkr varav organisk tillväxt var upp 0,4% vilket tyder på for...
Q2 showed a resilient top-line but lower margins We lower our ‘23-‘24e EBITA by 5% Trading at ’22-‘24e EV/EBITA 19-10x Q2 report in brief Mi...
Sales was in line with our expectations Effect from price hikes was partly delayed to Q3 We expect negative cons.
Det tuffa läget redan känt Omsättningen blev 972 mkr i Q1, marginellt bättre y/y även om den organiska tillväxten var ner -5,6%.
Price hikes and cost savings the theme in Q1 Confident message regarding debt levels We raise our ‘22e EBITDA by 3% Q1 report in brief Mids...
Sales -3% vs. ABGSCe Adj. EBITDA 14% vs. ABGSCe We expect cons.
Utmaningar i värdekedjan kostar Omsättningen i Q4'21 minskade med 6% jämfört med Q4 förra året i en marknad som var svag på totalen men där ...
Högre omsättning och vinst drivet av förvärv Omsättningen ökade med 8,8% jämfört med förra året, vilket var drivet av förvärv.
Tufft jämförelseår Omsättningen steg 5% till 903 mkr (859), men var under vår förväntan om 1033 mkr.
Key takes from the Q2’21 report Midsona’s Q2 report was on the softer side.
