Hoist reports Q1 on 7 May and we a expect a seasonally slower quarter. Our PBT estimate of SEK 341m, +20% y-o-y, is exactly in line with cons. though the composition differs. We make minor changes to estimates, with neutral effect on 2025e across the board. Hoist remains well-positioned and, in our view, the delay to obtaining SDR means the qualification will be reached in 2026 or 2027, which either way does not meaningfully change the investment case. We lower our target price to SEK 98 (SEK 10 ....
