Macro outlook keeps improving
Housing transactions are growing again in the Nordics, and are now +7% LTM. While the primary market is still sluggish, as evidenced by the low number of build starts, we believe this could support Nordic growth into 2025. We see a positive trend in the UK, where CPA (Construction Products Association) market estimates are becoming gradually more optimistic, and the trade organisation forecasts a market recovery in 2025 with growth of 3%. We expect that macro improvements have yet to reach Svedbergs Group's market as of Q4'24e, however, where we expect an organic decline of 4%. Thebalux contributes structural growth for net sales of SEK 520m, +13% y-o-y. We expect Roper Rhodes' price hikes to be in comps for broadly flat gross margins, but Thebalux' better opex efficiency means that we forecast SEK 78m in EBITA, +32% y-o-y (+19m y-o-y, of which SEK 17m is attributable to the inclusion of Thebalux).
Aktuellt
SENASTE
