Sales came in at SEK 2,382m (+4% vs. ABG 2,289m, +2% vs. IR cons 2,326m), up 6% y-o-y, of which +5% organic (ABG +1%). EBITA was SEK 240m (+2% vs ABG 235m, +3% vs. cons 233m), for an EBITA margin of 10.1% (ABG 10.3%, cons 10.0%). Medical came in 2% above cons on EBITA, while Engineered was 6% above. FCF was very strong at 308m, or 189% of net profit. The Board proposes a dividend of SEK 1.50 (ABG 1.50, cons 1.63).
Estimate changes and outlook
The company gives no formal outlook, and on the back of the Q4 numbers we expect consensus EBITA to come up by ~1-2%
Valuation and conference call details
The share is up 8% YTD, in line with the broader market, and on our pre-Q4 estimates it is trading at 15-14x '25e-'26e EV/EBITA.
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