Positive organic growth in Q1 and acceleration Q2-Q4e Estimates cut on divestments; underlying more stable We raise our FVR to SEK 8-20 (7-19); trading at 12-8x EBITA Services grew but Flow Tech. missed Q1 was marked by a return to positive organic growth...

Adj. EBITA -12% vs cons, but organic growth better Est's down 3-4%, but better growth outlook maintained Reduced gearing allows the company to remain offensive on M&A Q1 results Sales SEK 900m (-13% vs ABGSC, -12% vs cons), -27% y-o-y whereof 3% organic...

Two divestments and one acquisition announced Net effect: EBITA +4%, margins to increase from 9.8% to 11.5% In line with company's strategy and ROCE accretive Divesting service units, acquiring product company Vestum has announced that it will make two...

CMD feedback: Transformation done, now ready to accelerate High-quality Flow Technology segment will lead growth 15x EBITA for Flow Tech implies 5-2x '25e-'26e for rest of company Main message: back to growth mode Vestum held its CMD on 27 March and ...

We cut underlying '25e-'26e EBITA by 5-4%, mainly in service units Positioned to accelerate M&A in margin-accretive business areas Trading at 10-6x EBITA (9-12% FCF yields), 10-20% below key peers High-quality Flow Tech. ~40% of EBITA, 11% CAGR Q4 was...

Adj. EBITA -11% vs ABG, -13% vs consensus Service companies drove the miss, products held up better We expect consensus to cut estimates by 3-5% Q4 details Sales SEK 1,153m (-3% vs ABG 1.183m, -9% vs. cons 1,266m), -26% y-o-y, -8% organic (ABG -3%, -...