Inission

* Orders +20%, sales +14%, adj. EBITA +10% vs. ABGSCe * Enedo sees strong orders, growth and margin uplift * Growth trend to continue for the rest of the year Q1 results Orders were up 17% y-o-y and 20% above our estimate. Sales grew 37% y-o-y and were...

* We see 21% sales growth and an EBITA margin of 7.2% (4.8%) * Expect company will beat somewhat conservative '26e guidance * Strong operational momentum, 12x-9x P/E vs peers at 17x-13x Q1 expectations We expect the strong momentum built in H2 will continue...

* Adj. EBITA margin up 1.7pp as sales grew 15% ex. M&A * Likely to exceed conservative guidance in '26 * Belief that earnings trough is behind us reinforced Q4 results Inission delivered a strong Q4, growing 15% y-o-y ex. M&A and achieving an adjusted...

* Orders +4%, sales +6%, adj. EBITA +15% vs. ABGSCe * Guides for 2.3-2.5bn sales and 6% margin in '26: in line * Strong report with recovery materialising as expected Q4 results Orders were down 9% y-o-y and 4% above our estimate. Sales grew 24% y-o-...

* Strong orders should continue to convert into sales growth (17%) * Enedo stabilising as comps ease and cost savings take effect * Earnings recovery: EPS from SEK 3.0 in '25e to SEK 5.2 in '27e Q4 expectations Supported by the strong R12m book-to-bill...

* Orders grow 25%, sales 14%, adj. EBITA margin up 0.8pp* Enedo still struggling, but profit from Q1; good momentum in Inission* 34% adj. EPS CAGR in '25e-'27e supported by R12m b-t-b of 1.18xClear improvements in Q3Inission's Q3 demonstrated both q-...

* Orders +8%, sales +1%, adj. EBITA -9% vs. ABGSCe* Sees recovery amongst customers, Enedo profitable from Q1* 14% organic growth and margin expansion in Inission segmentQ3 resultsOrders were up 24% y-o-y and 8% above our estimate, continuing to show...

* Return to growth in Q3 driven by both M&A and organic recovery* Enedo headwinds should be more than offset by Inission* We believe R12m EBITA bottomed in Q2, trading 40% below peers Q3 expectations For Q3, we forecast sales of SEK 524m, up 12% y-o-...

* Enedo drove the 6% Q2 adj. EBITA miss while Inission beat by 4%* 1.16x R12m book-to-bill supports y-o-y growth from here* Enedo only ~10% of our valuation; trading 40% below peer P/EEnedo drove somewhat softer Q2Q2 fell somewhat short of our expectations...

* Orders -10%, sales +3%, adj. EBITA -6% vs. ABGSCe* Enedo drove EBITA miss, Inission beat; Enedo b-t-b reassuring 1.3x* Reiterate FY-margin target, Inission stabilised, Enedo growth in H1'26Q2 resultsOrders were up 22% y-o-y but 10% below our estimate...

- Sales to improve q-o-q, but still down y-o-y, growth in H2e - Raise '25e-'27e adj. EBITA by 3-6%, driven by Selteka acquisition - Acquisition accretive, leverage at 2.7x makes further M&A unlikely Q2 expectations We forecast SEK 520m in sales for Q2...

Sales 9% below us, but partly temporary; orders grew 61% Mixed outlook, reiterates guidance, but cites more uncertainty Cut '25e EBITA 7%, but leave '26e-'27e intact as order book +24% Sales weakness seems partly temporary Sales were weaker than we expected...

Orders +4%, sales -9%, adj. EBITA -22% vs. our estimates EBITA miss driven by 3 high-volume delivery delays, opex better Maintains guidance, more cost savings, strong orders offset miss Q1 results Orders were up 61% y-o-y and 4% above our estimate, marking...

Q1e sales flat q-o-q, slight margin improvement to 5.6% adj. EBITA '25e-'27e adj. EBITA down ~7% on FX and slightly slower cost cuts '25e adj. EBITA now in line with guidance; P/E 9-7x, peers 13-11x Q1 expectations For Q1 we expect sales in line with...

Surprisingly strong orders support view that cycle has bottomed Soft guidance, but we think company is being conservative Keep '25e adj. EBITA 11% above guidance, P/E 35% below peers Q4 results Sales were in line with our expectations, down 4% y-o-y ...

Orders +41%, sales +0%, adj. EBITA +12% vs. ABGSCe High NRIs lower quality of beat, but orders indicate cycle bottom '25e guidance a bit soft, but likely conservative, we are 13% above Q4 results Order intake came in at SEK 761m (+41% vs. ABGSCe 540m...

Q4e sales -4% y-o-y (-11% org.), adj. EBITA margin 4.6% (6.5%) Q4 to suffer from demand weakness, but orders to keep improving Demand to stabilise in H1, pick-up in H2, cost reductions effect in H1 Q4 expectations We make no significant changes to our...

Sales -9% (-16% ex. M&A), EBITA 5.7% (8.8%), but vs. record comps Q4 likely bottom, cost cuts and demand stabilisation impact from Q1 Gradual recovery in '25e, 10-7x '24e-'26e P/E, FV SEK 50-70 Q3 results With Q3 sales 3% below but EBITA 1% above ABGSCe...

Sales -3%, EBITA +1% vs. ABGSCe, book-to-bill 0.99x Expects decline to decelerate from here, return to growth in H2'25 Cash flow weak partly due to transition away from invoice factoring Q3 results Sales came in at SEK 468m (-2.7% vs. ABGSCe 481m), -...