Svedbergs: Operational excellence bearing fruit - Nordea

Svedbergs Group released a solid Q2, growing its top line by 23% y/y and adjusted EBITA by 31%, primarily driven by the margin-accretive Thebalux and continued solid performance in Roper Rhodes. Yet, as market conditions continue to be challenging, especially for the Svedbergs brand, we cut adjusted EBITA by 1-4% for 2024E-26E. Given the company's strict cost control and de-risked end-market exposure, though, we still believe that improved operational excellence and efficiencies should continue to yield results. We derive a slightly lower fair value range of SEK 39-58 (40-60), which translates to 2025E adjusted EV/EBIT of 7.5-10.5x. Marketing material commissioned by Svedbergs Group.

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