Svedbergs Group

* Organic momentum improved in all segments* A recovery in Swedish housing could drive 18% EBITA growth* We reiterate our SEK 50-66 fair value rangeQ3: acceleration and ATH GMAll segments accelerated in Q3: the group grew 7% organically vs. 5% in Q2....

* Net sales SEK 529m, +2% vs ABGSCe, +3% vs Factset cons.* EBITA SEK 80m, +5% vs ABGSCe, +6% vs cons* Outlook: market remains hesitant, Svedbergs acceleratedQ3 in brief: 6% better EBITA than consOur impression is that Svedbergs Group's Q3'25 report is...

* We forecast 7% EBITA growth in Q3'25* M&A could add 30-40% to '27e EBITA* We raise our fair value range to SEK 50-66 (46-62) We push Swedish recovery further out, UK remains solid The soft trend for Swedish build starts extended into Q2. This means...

Solid Q2, UK is the star of the show We saw signs of improvement for both Svedbergs and Roper Rhodes in Q2. Svedbergs grew 0% org. y-o-y (vs. -10% in Q1) and EBITA margins tripled to 3.6%. The segment's target of returning to 10% margins by Q4'25 is ...

Q2 in brief: better overall Our impression is that Svedbergs Group's Q2 report is better than Factset consensus estimates overall. Svedbergs Group reports net sales of SEK 571m in Q1'25, for an organic growth of 5%. This was 3% vs. ABGSCe and 2% vs Factset...