Analyser av Nordic Waterproofing

Nordic Waterproofing: Better Q3, but market weakness persists - ABG

- Both segments performed above our expectations in Q3 - EBIT up 2-1%, market to remain weak in H1'25e - 15x '24e EV/EBIT on bottom-of-cycle...

ABG Sundal Collier • 25 Oct 11:37

Nordic Waterproofing: Market still weak, but now more stable - ABG

Q3e: EBIT +9% y-o-y, core bitumen operations stable Rate cuts should support gradual recovery from H2'25e 15x '24e EV/EBIT on bottom-of-cycl...

ABG Sundal Collier • 18 Oct 07:24

Nordic Waterproofing: Rough market conditions persist - ABG

- Q2 EBIT 4% below FactSet consensus on lower margin - We lower our '24e-'26e EBIT estimates by 7-3% - 15x EV/EBIT on depressed '24e earning...

ABG Sundal Collier • 18 Jul 09:16

Nordic Waterproofing: EBIT 4% below cons, mainly margin-driven - ABG

- EBIT SEK 131m (-11% vs. ABGSCe, -4% vs. FactSet cons) - We expect consensus EBIT to come down by 2-3% - Trading at 14-10x '24e-'25e EV/EBI...

ABG Sundal Collier • 17 Jul 08:36

Nordic Waterproofing: Market recovery looking sluggish - ABG

- Q2e: lower top-line y-o-y, but strong GM supports EBIT - EBIT down 5-4% on slower assumed market recovery - Share trading at 14-10x '24e-'...

ABG Sundal Collier • 15 Jul 08:48

Nordic Waterproofing: No drama despite Q1 miss - ABG

A miss, but keep in mind Q1 is ~5% of FY EBIT We cut '24e-'26e adj.

ABG Sundal Collier • 26 Apr 06:56

Nordic Waterproofing: Tough quarter, but Q1 is seasonally small - ABG

Adj. EBIT SEK -15m (ABGSCe -9m, FactSet cons -5m) Q1 a very small quarter, cons EBIT likely down 1-2% for '24e Trading at 12-10x '24e-'25e E...

ABG Sundal Collier • 25 Apr 09:16

Nordic Waterproofing: Should be no drama over seasonally small Q1 - ABG

Q1 is a small quarter; we estimate SEK -9m adj. EBIT Small, mostly FX-driven revisions Kingspan got only +4.

ABG Sundal Collier • 08 Apr 07:19

Nordic Waterproofing: The bid story continues, Board not satisfied - ABG

Board recommends shareholders to reject bid Q4 better than it looked at first glance 13x '24e EV/EBIT, 8% lease adj.

ABG Sundal Collier • 07 Feb 07:25

Nordic Waterproofing: Board recommends to reject Kingspan bid - ABG

Board recommends shareholders to REJECT Kingspan bid Increases the chance of a raised bid, in our view Q4: adj.

ABG Sundal Collier • 06 Feb 08:49

Nordic Waterproofing: Most of the volume decline is likely behind us - ABG

Q4 report due on Tuesday 6 February No major estimate changes, bid still in focus 12x '24e EV/EBIT, 7-8% '23e-'25e FCF yield Q4e: poor mark...

ABG Sundal Collier • 02 Jan 14:50

Nordic Waterproofing: Decent Q3, bid situation remains the focus - ABG

Q3 mostly in line, but more volume decline to come EBIT down 3% for '23e-'25e, mainly on lower volumes Bid situation overshadows operational...

ABG Sundal Collier • 26 Oct 2023 14:58

Nordic Waterproofing: Bid situation overshadows Q3 numbers - ABG

Q3e: Price tailwind to wear off in H2, still neg. volume EBIT -5% on softer margin estimates Share trading above incoming SEK 160/sh bid Pr...

ABG Sundal Collier • 03 Oct 2023 07:22

Nordic Waterproofing: Kingspan to place SEK 160/sh bid - ABG

Kingspan passes 30% mandatory bid threshold Will bid SEK 160/sh, (13.

ABG Sundal Collier • 14 Sep 2023 08:13

Nordic Waterproofing: Delivering on promises without any fuss - ABG

• Q2 in line with prior mgmt. outlook statements • Only change to ests.

ABG Sundal Collier • 21 Jul 2023 08:37

Nordic Waterproofing: In line on org growth and EBIT - ABG

• EBIT SEK 143m (0% vs. ABGSCe 143m) • No material cons EBIT revisions expected • 11x '23e EV/EBIT (adj.

ABG Sundal Collier • 20 Jul 2023 08:49

Nordic Waterproofing: Difficult Q2 comps will get easier in H2e - ABG

Q2 report due on Thursday 20 July Price hikes fading, but volumes are still declining 11x '23e EV/EBITA on bottom-of-cycle earnings Difficu...

ABG Sundal Collier • 05 Jul 2023 07:40

Nordic Waterproofing: Slow start to '23, but Q1 is a small quarter - ABG

Q1 numbers softer, but it's a small quarter We push our market recovery assumptions back 11x '23e EV/EBIT (adj.

ABG Sundal Collier • 27 Apr 2023 12:39

Nordic Waterproofing: Slightly soft Q1, but no big impact on FY'23 - ABG

Adj. EBIT SEK 2.7m (ABGSCe 5.9m) Q1 numbers imply ~1% negative adj.

ABG Sundal Collier • 25 Apr 2023 09:23

Nordic Waterproofing: Weathering the storm - ABG

Q1 report due on Tuesday, 25 April Volatile weather should make for a soft quarter '23e trough earnings EV/EBIT of 12x, 10x for '24e Soft Q...

ABG Sundal Collier • 03 Apr 2023 15:49

Nordic Waterproofing: Prefab still weighing on margins - ABG

Prefab struggles, Installation Services better Lowered margin expectations in Products & Solutions 12.

ABG Sundal Collier • 08 Feb 2023 07:44

Nordic Waterproofing: Strong sales but softer margins - ABG

EBIT SEK 66m (-9% vs. ABGSCe SEK 72m) Q4 numbers imply EBIT downgrades of 2% Trading at 12x '23e EV/EBIT (on pre-Q4 numbers) Q4 outcome Sal...

ABG Sundal Collier • 07 Feb 2023 08:45

Nordic Waterproofing: Price still compensating for lower volumes - ABG

Q4 report due on Tuesday, 7 February We expect EBIT margin to bottom out at 9.

ABG Sundal Collier • 11 Jan 2023 07:57

Nordic Waterproofing: Lower newbuild activity leaving a mark - ABG

Volume decline and continued high input costs in Q3 EBIT lowered 3% for ’22e-’23e, ’24e mostly unchanged Trading at 10x EV/EBIT on est.

ABG Sundal Collier • 26 Oct 2022 10:15

Nordic Waterproofing: Volume decline hurts Q3 numbers - ABG

EBIT SEK 128m (-8% vs. ABGSCe 140m) Q3 numbers imply negative EBIT revisions of 3% Trading at 9x ’22e EV/EBIT on pre-Q3 estimates Q3 outc...

ABG Sundal Collier • 25 Oct 2022 10:03

Nordic Waterproofing: Renovation stable while newbuild declines - ABG

Q3 report due Tuesday, 25 October Price increases driving 7% org.

ABG Sundal Collier • 04 Oct 2022 14:13

Nordic Waterproofing: Better to sell products than to install them - ABG

Q2 in line with expectations, estimates intact Strong M&A pipeline and balance sheet 8x EV/EBIT, attractive LT earnings growth potential Pri...

ABG Sundal Collier • 20 Jul 2022 07:26

Nordic Waterproofing: Price increases driving organic growth - ABG

Q2 fairly in line with our expectations Estimates intact on isolated numbers 8.

ABG Sundal Collier • 19 Jul 2022 12:36

Nordic Waterproofing: Strong demand continues for now - ABG

Q2 report due Tuesday, 19 July High estimate uncertainty going into ‘23e… …but we find several reassuring elements Q2 expectations – strong...

ABG Sundal Collier • 21 Jun 2022 08:12

Nordic Waterproofing: Waterproof pricing power - ABG

EBIT 113% better than ABGSCe, partly driven by… …impressive pricing power with flat gross margin y-o-y Fair value range of SEK 185-240 Good...

ABG Sundal Collier • 27 Apr 2022 07:34

Nordic Waterproofing: Adj. EBIT 113% above our expectations - ABG

19% organic growth vs. ABGSCe at 10% Adj. EBIT 113% better than ABGSCe Adj.

ABG Sundal Collier • 26 Apr 2022 09:28

Nordic Waterproofing: Feedback from ABGSC investor day - ABG

We hosted NWG’s CEO at ABGSC’s investor day today Demand remains strong, but shortages of some materials Bitumen to remain the preferred cho...

ABG/Introduce • 15 Sep 2021 07:56

Nordic Waterproofing: Strong beat despite very tough comps - ABG

Q2 results beat extremely challenging comps Nordic Waterproofing (NWG) continues to beat expectations, with yet another exceptional quarter ...

ABG/Introduce • 21 Jul 2021 07:36

Nordic Waterproofing: Beating a billion and our expectations - ABG

Q2 results Sales came in at SEK 1,067m (+5% vs. ABGSCe 1,016m), +12% y-o-y of which 8% was organic (ABGSCe +3%).

ABG/Introduce • 20 Jul 2021 10:37

Nordic Waterproofing: Hot streak to continue in Q2 - ABG

Q2 report on Tuesday, 20 July at 08:00 CET EBITA up 6% ‘21e-‘23e on higher margin assumptions 12x EV/EBITA ‘22e and 6% lease adj.

ABG/Introduce • 08 Jul 2021 07:49

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