Ahead of the Q2 results, due on 14 July, we have made minor earnings revisions reflecting mainly FX and slightly changed margin assumptions and we reiterate our mid-point equity value of SEK 75. We expect Q2 to largely mirror Q1 this year in terms of continued pressure in order intake (Q2E: -29% y/y), while cost savings should bolster EBIT (Q2E: 8.2% of sales, up 34 bp y/y). The equity remains trading at historically low valuation multiples.
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