Analyser av Midsona

Midsona: External factors weigh on performance - ABG

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...

ABG Sundal Collier • I förrgår 23:52

Midsona - Soft Q2 puts a damper on 2025e - ABG

Q2'25 report The Q2 report was below expectations on both sales and adj.

ABG Sundal Collier • I förrgår 08:52

Midsona: Fire in Spain plant weighs on estimates - ABG

'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...

ABG Sundal Collier • 11 Jul 08:20

Midsona: Feedback from ABGSC Investor Days - ABG

Well-positioned in a growing market Reducing SKU's and suppliers to improve profitability Expect market to re-enter its consolidation phase ...

ABG Sundal Collier • 15 May 07:24

Midsona: Starting to invest more in its best brands - ABG

Limited estimate revisions We expect more solid growth from its own brands Trading at '25e EV/EBITA of ~10x Adj.

ABG Sundal Collier • 28 Apr 10:38

Midsona: Decent operating delivery - ABG

Sales -1% and adj. EBIT -18% vs. ABGSCe Operating cash flow significantly better than expected Likely slightly negative consensus estimate r...

ABG Sundal Collier • 25 Apr 11:38

Midsona: Expect a year of continued improvement - ABG

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...

ABG Sundal Collier • 17 Apr 07:24

Midsona: Conditions set for margin expansion in '25 - ABG

Minor positive estimate revisions Margin expansion to be increasingly driven by scale Trading at '25e EV/EBITA of ~8x Continues to beat exp...

ABG Sundal Collier • 03 Feb 07:19

Midsona: Earnings beat trend continues - ABG

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...

ABG Sundal Collier • 31 Jan 10:14

Midsona: Entering 2025 with a slimmed offering - ABG

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...

ABG Sundal Collier • 27 Jan 10:25

Midsona: Margin improvements continue - ABG

Limited estimate revisions Growth appears more capital-light than history suggests Trading at '25e EV/EBITA of ~8x A report without surpris...

ABG Sundal Collier • 24 Oct 2024 11:47

Midsona: Report in line with Q3 expectations - ABG

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...

ABG Sundal Collier • 23 Oct 2024 10:37

Midsona: Expect continued operating improvements - ABG

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% ...

ABG Sundal Collier • 15 Oct 2024 07:29

Midsona: Earnings recovery has only just begun - ABG

- We raise '24e-'26e adj. EBIT by 3-1% - Conducive conditions for organic growth - Trading at NTM EV/EBITA of ~11x Solid operating performan...

ABG Sundal Collier • 19 Jul 2024 08:44

Midsona: Delivers yet another beat - ABG

- Sales +3% and adj. EBIT +18% vs. ABGSCe - Operating cash flow SEK -19m, vs ABGSCe SEK -80m - Minor positive consensus estimate revisions Q...

ABG Sundal Collier • 18 Jul 2024 09:02

Midsona: Continues to benefit from stable conditions - ABG

- 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...

ABG Sundal Collier • 11 Jul 2024 07:51

Midsona: More efficiency on the horizon - ABG

We raise '25e-'26e adj. EBIT by 1% Continued gross margin recovery expected Trading at '24e EV/adj.

ABG Sundal Collier • 26 Apr 2024 10:17

Midsona: Beats on all items - ABG

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 ...

ABG Sundal Collier • 25 Apr 2024 09:20

Midsona: Margin recovery to continue - ABG

We cut '24e-'26e adj. EBITA by 8-4% Should break seven-quarter negative org.

ABG Sundal Collier • 19 Apr 2024 07:14

Midsona: New financial targets - ABG

Targets 3-5% average annual organic growth Adj. EBIT margin above 8% by '27e No more than 2.

ABG Sundal Collier • 07 Mar 2024 07:29

Midsona: Another step in the right direction - ABG

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...

ABG Sundal Collier • 02 Feb 2024 07:15

Midsona Q4'23: Exceptionally strong cash flow - ABG

Sales +4% and adj. EBITDA -9% vs. ABGSCe Operating cash flow SEK 157m, vs ABGSCe SEK -1m Expects continued divestments of non-strategic bran...

ABG Sundal Collier • 01 Feb 2024 09:59

Midsona: Continuing the product portfolio revamp - ABG

We cut '23e-'25e adj. EBITA by 13-10% Inflation data for Q4 suggest negative-to-neutral volume/mix Trading at '24e EV/adj.

ABG Sundal Collier • 29 Jan 2024 08:35

Midsona: Restructuring efforts starting to bear fruit - ABG

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...

ABG Sundal Collier • 27 Oct 2023 08:53

Midsona: Q3 beat on solid sales - ABG

Sales +2% and adj. EBITDA +16% vs. ABGSCe Operating cash flow 100% above ABGSCe Restructuring efforts start to bear fruit Q3'23 report The ...

ABG Sundal Collier • 26 Oct 2023 10:12

Midsona: Imperfect positioning - ABG

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...

ABG Sundal Collier • 17 Oct 2023 07:19

Midsona: H2'23e: Discontinuations and price hikes - ABG

• We cut '23e-'25e adj. EBITA by 27-4% • Discontinuation of unprofitable products in full swing • '24e EV/EBITA ~8x & lease adj.

ABG Sundal Collier • 21 Jul 2023 08:32

Midsona: Earnings miss due to terminated contracts - ABG

• Sales -8% vs. ABGSCe • Adj. EBITDA -44% vs. ABGSCe • Discontinuations have begun Q2'23 report The report came in below our sales and earni...

ABG Sundal Collier • 20 Jul 2023 09:12

Midsona Q2e: Price tailwind but weaker volumes likely - ABG

• 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...

ABG Sundal Collier • 13 Jul 2023 07:49

Midsona Q2e: Price tailwind but weaker volumes likely - ABG

• 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...

ABG Sundal Collier • 13 Jul 2023 07:07

Midsona: A return to normalcy - ABG

We raise '23e-'25e EBITA by ~3% Strong cash flow in Q1'23 Discussed discontinuation of unprofitable brands Takeaways from the report and co...

ABG Sundal Collier • 28 Apr 2023 09:55

Midsona: The gross margin is back with a vengeance - ABG

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...

ABG Sundal Collier • 27 Apr 2023 10:27

Midsona Q1e: A first taste of price increases - ABG

We cut '23e-'25e EBITA by 15-3% CPI-PPI gap negative for the first time in ~3 years.

ABG Sundal Collier • 21 Apr 2023 08:35

Midsona: Fortsatt påverkade av kostnadsinflation men börjar se ljusare ut - Penser

Fortsatt påverkade av kostnadsinflation... Nettoomsättningen ökade 1,5% y/y till 1027 mkr (1012), men den organiska tillväxten var -3,5%.

Penser • 03 Feb 2023 11:16

Midsona: 2023 looks set to be better - ABG

We cut '23e-'24e EBITA by 4% Management cautiously optimistic on price increases Macroeconomic conditions on the path to improvement Takeaw...

ABG Sundal Collier • 03 Feb 2023 08:32

Midsona Q4: Gross margins are holding up - ABG

Sales -3% vs. ABGSCe Adj. EBITDA -13% vs. ABGSCe Solid working capital management Q4 report The report came in relatively well in line with...

ABG Sundal Collier • 02 Feb 2023 09:10

Midsona - Mind the gap, it is shrinking - ABG

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...

ABG Sundal Collier • 29 Jan 2023 21:03

Midsona: Macro plays good crop, bad crop - ABG

Macro indicators starting to turn in favour of Midsona'23e-'24e EBIT up 7-4%Trading at '23e EV/EBITA 7.

ABG Sundal Collier • 14 Dec 2022 08:15

Midsona: Stora nedskrivningar och nyemission tog allt fokus - Penser

Rapporten i sig tämligen odramatisk Nettoomsättningen ökade y/y med 6% till 944 mkr.

Penser • 28 Oct 2022 11:06

Midsona: Strengthened balance sheet coming up - ABG

Q3 report softer than anticipated We decrease our ’23e-‘24e EBITA ests.

ABG Sundal Collier • 26 Oct 2022 10:11

Midsona: Soft Q3 with rights issue announced - ABG

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...

ABG Sundal Collier • 25 Oct 2022 10:05

Midsona: No pain, no grain - ABG

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...

ABG Sundal Collier • 11 Oct 2022 15:36

Midsona: God efterfrågan men inflationen tynger - Penser

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...

Penser • 21 Jul 2022 14:04

Midsona: Awaiting the H2 hockey stick - ABG

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...

ABG Sundal Collier • 20 Jul 2022 17:39

Midsona: Margin improvement delayed - ABG

Sales was in line with our expectations Effect from price hikes was partly delayed to Q3 We expect negative cons.

ABG Sundal Collier • 20 Jul 2022 08:56

Midsona: Ljusglimtar i mörkret - Penser

Det tuffa läget redan känt Omsättningen blev 972 mkr i Q1, marginellt bättre y/y även om den organiska tillväxten var ner -5,6%.

Penser • 29 Apr 2022 11:11

Midsona: Back on track? - ABG

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...

ABG Sundal Collier • 29 Apr 2022 07:43

Midsona: A step in the right direction - ABG

Sales -3% vs. ABGSCe Adj. EBITDA 14% vs. ABGSCe We expect cons.

ABG Sundal Collier • 28 Apr 2022 10:15

Midsona: Kostnadsinflation pressar marginalen på kort sikt - Penser

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 ...

Penser • 08 Feb 2022 11:30

Midsona Q3'21 - Penser

Högre omsättning och vinst drivet av förvärv Omsättningen ökade med 8,8% jämfört med förra året, vilket var drivet av förvärv.

Penser • 10 Nov 2021 11:05

Midsona: Motvind på flera plan - Penser

Tufft jämförelseår Omsättningen steg 5% till 903 mkr (859), men var under vår förväntan om 1033 mkr.

Penser • 02 Aug 2021 11:25

Midsona: The grass looks greener in H2 - ABG

Key takes from the Q2’21 report Midsona’s Q2 report was on the softer side.

ABG/Introduce • 23 Jul 2021 08:22