Research that is free to access for all investors. Companies commission these providers to write research about them.
Brokers who write research on their corporate clients and make it available through our main bundle offering.
Research that is paid for directly by asset managers. Only accessible to institutional investors permissioned for access.
Event in Progress:
Discover the latest content that has just been published on Research Tree
Our key long ideas are: Alfa Laval, Assa Abloy, Hexagon, Metso, Volvo. We are cautious on: Autoliv, Nibe, Wärtsilä
Companies: VOLVB HPOLB EPIA MTRS ATCOA SAND HEXAB NIBEB ALFA HEX HXG KKT ABB TRELB ALV KCR KNEBV METSO NIBE SKF TRELB 138610 ATCOA NIBEB HEXAB SAND ASSAB VOLVB ALFA VLPAC1 HPUR MTRS VOLCARB HPOLB SKFB HEX EPIA ALV
ABG Sundal Collier
Flat earnings as bad as it gets in mild downturn. Deep-cyclicals now partly de-risked, so value opportunities fewer. Epiroc and Hexpol down to HOLD; prefer Alfa, Assa, Metso, Hexagon, Volvo.
Companies: VOLVB HPOLB EPIA MTRS ATCOA SAND HEXAB NIBEB ELUXB ALFA HEX HXG KKT ABB TRELB ALV KCR KNEBV METSO NIBE SKF TRELB 138610 ATCOA EPROB NIBEB HEXAB SAND ASSAB VOLVB ALFA VLPAC1 HPUR MTRS VOLCARB HPOLB SKFB ELUXB HEX EPIA ALV
Q1'24 report due on 26 April at 8:00 CET. We forecast 6% org. growth, should improve throughout '24.Keep BUY, raise TP slightly to SEK 145 (135).
Companies: HEXAB HEX HXG HEXAB HPUR HEX
Our key long ideas are: Alfa Laval, Assa Abloy, Volvo. We are cautious on: Autoliv, Saab, Wärtsilä.
Companies: VOLVB HPOLB EPIA MTRS ATCOA SAND HEXAB NIBEB ABBV ALFA HEX HXG KKT ABT ABBV ABB ABA TRELB ABBY ALV KCR KNEBV METSO ABB NIBE BOOT SKF TRELB 138610 ATCOA NIBEB HEXAB SAND ASSAB ABBEYBDS 2256 BUDSNOK VOLVB ALFA ABOT VLPAC1 HPUR MTRS VOLCARB HPOLB ABT ABBY SKFB HEX EPIA ALV
Exceptional situations pass, new ones arise. XO items in 2023 a new record, 8% of adj. EBITA. Consistently low charges in NIBE, HPOL, ATCO, EPI, KONE.
Companies: VOLVB HPOLB EPIA MTRS ATCOA SAND HEXAB NIBEB ABBV ELUXB ALFA HEX HXG KKT ABT ABBV ABB ABA TRELB ABBY ALV KCR KNEBV ABB NIBE BOOT SKF TRELB 138610 ATCOA EPROB NIBEB HEXAB SAND ASSAB ABBEYBDS 2256 BUDSNOK VOLVB ALFA ABOT VLPAC1 HPUR MTRS VOLCARB HPOLB ABT ABBY SKFB ELUXB HEX EPIA ALV
Our key long ideas are: Alfa Laval, Assa Abloy, Volvo. We are cautious on: Autoliv, Wärtsilä.
Outside of construction, most end-markets were solid, pricing and margins held up, and cash flow was strong. We think Alfa Laval, SKF and Volvo look attractive in H1’24.
Companies: VOLVB HPOLB EPIA MTRS ATCOA SAND HEXAB ABBV ALFA HEX HXG KKT ABT ABBV ABB ABA TRELB ABBY ALV KCR KNEBV METSO ABB BOOT SKF TRELB ATCOA HEXAB SAND ABBEYBDS 2256 BUDSNOK VOLVB ALFA ABOT VLPAC1 HPUR MTRS VOLCARB HPOLB ABT ABBY SKFB HEX EPIA ALV
Q4'23 adj. EBITA 1% above expectations. Strong cash flow, good outlook comment. We raise '24-'25e adj. EBITA by 3-4%, keep BUY.
Earnings hold up on big backlogs; PMIs have turned, but only slowly. Meanwhile, stocks have bounced, multiples back to normal. We favour Alfa Laval, Epiroc, Metso, SKF and Volvo.
Companies: VOLVB HPOLB EPIA MTRS ATCOA SAND HEXAB NIBEB ABBV ELUXB ALFA HEX HXG KKT ABT ABBV ABB ABA TRELB ABBY ALV KCR KNEBV METSO ABB NIBE BOOT SKF TRELB 138610 ATCOA EPROB NIBEB HEXAB SAND ASSAB ABBEYBDS 2256 BUDSNOK VOLVB ALFA ABOT VLPAC1 HPUR MTRS VOLCARB HPOLB ABT ABBY SKFB ELUXB HEX EPIA ALV
Q4'23 report due on 1 February at 8:00 CET. We expect 6% org. growth with good profitability. Reiterate BUY and SEK 130 target price.
Our key long ideas are:Alfa Laval, Metso, Volvo. We are cautious on:Autoliv, Kone,Wärtsilä.
Our key long ideas are: Alfa Laval, Sandvik, SKF, Volvo. We are cautious on: Autoliv, Epiroc, Kone, Wärtsilä.
Hexagon to host CMD in London on 7 December. Focus on growth and transparency, expect reiteration of targets. Stock trading at ~15.5x '24e EV/EBITA, we reiterate BUY.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Hexagon. We currently have 28 research reports from 1 professional analysts.
