Berner Industrier: Costs now, growth ahead - SEB
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Berner Industrier: Costs now, growth ahead - SEB

Q1/26 reflects near-term cost headwinds from recent acquisitions masking improving underlying momentum. With non-recurring costs looking set to unwind and demand remaining healthy, we see profit growth accelerating ahead. Our estimates are largely unchanged, while we think strong financial flexibility supports further M&A. Following share price weakness, the valuation has normalised to peer levels. Fair value unchanged at SEK 77-95.

Q1/26 reflects near-term cost headwinds from recent acquisitions masking improving underlying momentum. With non-recurring costs looking set to unwind and demand remaining healthy, we see profit growth accelerating ahead. Our estimates are largely unchanged, while we think strong financial flexibility supports further M&A. Following share price weakness, the valuation has normalised to peer levels. Fair value unchanged at SEK 77-95.
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