We expect Svedbergs Group's Q3 report on 25 October to show a decent quarter, with 1% organic sales growth y/y and yet another improvement q/q. While we remain cautious about market sentiment in the Nordics, we expect the company's most recent acquisitions, Roper Rhodes and Thebalux, to once again show their resilience. We make only limited estimate changes but raise our adjusted EBITA assumptions by 1% per year for 2024-26, owing to our improved outlook for Thebalux. Our fair value range is SEK 39-58 per share, translating to 2025E EV/EBIT of 7.5-10.5x. Marketing material commissioned by Svedbergs Group.
LÄS MER