Careium: Signs of better activity to show in Q4 - SEB
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Careium: Signs of better activity to show in Q4 - SEB

While 2024 has been a mixed year for Careium, we expect it to finish with trends in the right direction, with a return to growth in Q4 (+10%). We believe 2025 should be a better year, with market activity to improve from low levels, supporting 19% EBIT growth. Our fair value range of SEK 41-47 is unchanged, and our estimates are only fine-tuned ahead of Q4. The share trades at 2025 EV/EBITA of 8x.

While 2024 has been a mixed year for Careium, we expect it to finish with trends in the right direction, with a return to growth in Q4 (+10%). We believe 2025 should be a better year, with market activity to improve from low levels, supporting 19% EBIT growth. Our fair value range of SEK 41-47 is unchanged, and our estimates are only fine-tuned ahead of Q4. The share trades at 2025 EV/EBITA of 8x.
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