Demand moving sideways combined with softer seasonality leads us to expect a sequential earnings decline; we estimate Q4/24 adj. EBITA of SEK 4m. We expect 2024 to show trough earnings and then a recovery from strengthened end-markets and operational improvements, which should support improved volumes and earnings in 2025. The shares currently trade at a 2025E EV/EBITA of 8x and 2026E EV/EBITA of 7x.

SEB Research

This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.