Coor Service Management Holding

* Overall solid report; focus turning to capital allocation * We cut '26e-'27e adj. EBITA by 3-2%, 7% CAGR '25-'28e * Share trades at 12x EBITA and 8% FCF yield on 2026e Incremental progress towards the 5.5% margin target We think Coor delivered a solid...

* Adj. EBITA -4% vs ABGSC and FactSet cons * Denmark remains challenging, will drive 1-2% est cuts * Raises dividend and proposes buyback program Q4 results Sales SEK 3,224m (2% vs ABGSC 3,156m and 3% vs cons 3,132m), 1% y-o-y, 3% organic growth (vs ...

* Further margin & CF improvements in Q4...* ...but somewhat slower organic growth* We reiterate our fair value range of SEK 35-80Further margin & CF improvements in Q4Coor delivered 4% y-o-y organic growth and the margin improved (+0.4pp y-o-y to 4....

* Adj. EBITA 6% vs ABGSC, 1% vs consensus* Norway drove beat; cash flow solid and gearing down to 2.7x* Est's relatively unchanged; conference call at 10:00 CETQ3 resultsSales SEK 3,005m (2% vs ABGSC 2,944m and 2% vs cons 2,952m). Adj. EBITA 134m (6%...

* Q3 report due 23 October; we cut '25e-'27e EPS by ~2%* We expect further margin and cash flow recovery...* ...while organic growth should remain muted, but positiveQ3e: +1% organic growth, +5% adj. EBITA y-o-yWe expect that Q3e will follow the same...