Bildkälla: Stockfoto

Svedbergs: Where there's a will, there's a way - Nordea

Ahead of Svedbergs Group's Q2 report on 18 July, we expect a decent quarter, with a 1% organic sales decline y/y but yet another improvement q/q. While we continue to be cautious about market sentiment in the Nordics, especially for the Svedbergs brand, we remain encouraged by the company's performance in the UK, and continue to expect Roper Rhodes to outperform the market. Overall, we only make minor changes to our 2024-26 estimates, but trim our adjusted EBITA estimates slightly due to FX. We have a fair value range of SEK 40-60 per share, translating to 2025E EV/EBIT of 7.5-10.5x. Marketing material commissioned by Svedbergs Group.

Ahead of Svedbergs Group's Q2 report on 18 July, we expect a decent quarter, with a 1% organic sales decline y/y but yet another improvement q/q. While we continue to be cautious about market sentiment in the Nordics, especially for the Svedbergs brand, we remain encouraged by the company's performance in the UK, and continue to expect Roper Rhodes to outperform the market. Overall, we only make minor changes to our 2024-26 estimates, but trim our adjusted EBITA estimates slightly due to FX. We have a fair value range of SEK 40-60 per share, translating to 2025E EV/EBIT of 7.5-10.5x. Marketing material commissioned by Svedbergs Group.
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