Ferronordic is a dealer of construction equipment and trucks, mainly from Volvo, Sandvik and Renault, but also other brands. The business includes sales, service and support of machines and trucks, as well as components and spare parts. The company's largest market is the USA, followed by Germany and Kazakhstan. Ferronordic was founded in 2010 and is headquartered in Stockholm.
* Q1e: Sales of SEK 1,143m (1,206m), EBIT of SEK 35m (13m) * US good but not great, Germany soft * Trading at 12-7x EV/EBIT '26e-'27e Q1 expectations We expect Ferronordic to deliver Q1 sales of SEK 1,143m, -5% y-o-y (of which -10% FX). We expect adj...
* Strong US performance more than offsets German weakness * EBIT up by 5-9% for '26e-'27e, driven by US and overhead costs * Trading at 12-8x 26e-'27e EV/EBIT (peers at 15-14x) US strength lifts total performance Ferronordic's Q4 sales were SEK 1,211m...
* Solid report driven by very strong U.S. performance * Adj. EBIT mechanically up 16-13% for '26/'27e * Share is currently trading at 11-8x '26e/'27e EBIT Q4 results Sales SEK 1211m (12% vs. ABGSCe 1,081m, no cons), adj. EBIT 54m (108% vs. ABGSCe 26m...
* Q4e: US stable with Germany improving sequentially * U.S. EBIT raised 8% for '26e-'27e following US bolt-on * Trading at 11-7x '26e-'27e EV/EBIT (peers at 16-14x) Q4e: US stable with Germany improving sequentiallyWe expect Ferronordic to report Q4 ...
* Acquisition of Volvo Construction Equipment dealer in Iowa* Adds 8% to PF'26e EBIT, 13x acquisition EV/EBIT* Aligns with strategic rationale of expanding in adjacent US territoriesAcquisition of VCE dealer in IowaYesterday Ferronordic agreed, through...
We increase 2026E-27E adj. EBIT by 6-7%, mainly owing to stronger performance in Germany – having reached near breakeven, versus SEK -40m in the comparison quarter. While sales came in lower than our expectations, we believe this is compensated by the...
* Better-than-expected Q3 earnings, all segments up q-o-q* We raise our EBIT estimates by 4-3% for '26e-'27e* Trading at 12-8x '26e-'27e EV/EBIT, distributor peers at 15-14x Sequentially better across the board Ferronordic reported Q3 sales of SEK 1,...