Higher expectations this time around, deceleration visible. '23e-'25e EBITA up 3-4% (FX 3%, M&A 1%), EPS up 2-3%. We remain neutral-to-slightly negative: LIFCO up to HOLD (Sell).

11 Jul 2023
Serial acquirers: Strong, but trending down
Addtech AB Class B (ADDT.B:OME), 0 | AddTech Hub Public Co., Ltd. (ADD:BKK), 0 | Indutrade AB (INDT:OME), 0 | Instalco AB (INSTAL:OME), 0 | Lagercrantz Group AB Class B (LAGR.B:OME), 0 | Lifco AB Class B (LIFCO.B:OME), 0 | Sdiptech Ab - B (SDIPB:STO), 0 | Sdiptech AB Class B (SDIP.B:OME), 0 | Addtech AB Class B (0QI7:LON), 0 | Indutrade AB Unsponsored ADR (IDTRY:OTC), 0 | Lagercrantz Group AB Class B (LG72:FRA), 0 | Lifco AB Class B (0R4P:LON), 17,965

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Serial acquirers: Strong, but trending down
Addtech AB Class B (ADDT.B:OME), 0 | AddTech Hub Public Co., Ltd. (ADD:BKK), 0 | Indutrade AB (INDT:OME), 0 | Instalco AB (INSTAL:OME), 0 | Lagercrantz Group AB Class B (LAGR.B:OME), 0 | Lifco AB Class B (LIFCO.B:OME), 0 | Sdiptech Ab - B (SDIPB:STO), 0 | Sdiptech AB Class B (SDIP.B:OME), 0 | Addtech AB Class B (0QI7:LON), 0 | Indutrade AB Unsponsored ADR (IDTRY:OTC), 0 | Lagercrantz Group AB Class B (LG72:FRA), 0 | Lifco AB Class B (0R4P:LON), 17,965
- Published:
11 Jul 2023 -
Author:
ABGSC Capital Goods Research | Karl Bokvist -
Pages:
83 -
Higher expectations this time around, deceleration visible. '23e-'25e EBITA up 3-4% (FX 3%, M&A 1%), EPS up 2-3%. We remain neutral-to-slightly negative: LIFCO up to HOLD (Sell).