We make only minor estimate changes ahead of the Q2 report. Demand and sales are in a positive trend, while costs are being kept under much better control than before. While wind power customers have still to recover, Nexam now has a much broader client portfolio than it did just a year ago, making the company more resilient to demand swings. We believe there is a very good chance Nexam will turn EBIT positive in H2, estimating SEK 2.7m in H2 EBIT, and with significant spare capacity at its production facilities, all that is needed to further increase profitability from there is additional volume.
Trading at 1.4-1.0x EV/Sales, in line with peers
The share has returned 25% L3M (vs. peers -6%, OMXSSMAC +5%) and is currently trading at 1.4-1.0x '24e-'26e EV/Sales, vs. peers at 1.3-0.9x. We maintain our fair value range at SEK 3.0-4.0.
Aktuellt
SENASTE
