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Hexagon announced its Q2 results this morning. Revenue growth was below expectations due to cyclical factors such as weak construction and automotive markets. However, profitability beat expectations, driven by strong gross margin and good recurring revenue growth.
The company’s growth slightly exceeded our estimates, whereas its operating result increased from the comparison period, but fell short of our expectations. Thus, the company’s development was a step in the right direction, but somewhat slower than we expected.
Purmo's Board of Directors announced on Thursday that it maintains its recommendation for the Grand Bidco consortium’s bid despite Haier's higher bid. Our more detailed comments on the latest Board release can be found here. Haier responded to the Purmo Board's press release yesterday, stating that it intends to continue negotiations with the Purmo Board to ensure that the Board fully appreciates the benefits to shareholders of the higher offer announced by the company.
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Neste's Q2 comparable EBITDA was slightly below our forecasts, but the lower-than-expected sales margin in Renewable Products in particular made the overall picture negative. The very weak market for Renewable Products has probably bottomed out, but the rate of market recovery and its timing are of course unclear.
CEO Håkan Dahlström summarizes the Q2 report, elaborates about the demand situation and talks about what kind of plans does Eltel have for the rest of the Other businesses.
Purmo's Board of Directors announced that it maintains its recommendation for the Grand Bidco consortium’s bid despite the higher competing bid. This is not what we expected, as we believed that the Board of Directors would recommend Haier’s offer and Purmo would eventually end up with Haier based on a much higher price.
Overall, the company's Q2 report was fairly neutral compared to our expectations, although we have made moderate negative changes to our near-term forecasts.
The company announced on Wednesday that it had been selected by Vattenfall Eldistribution as the contractor for two 130 kV power lines between the substation in Hedenlunda and the substation at SSAB's steel mill in Oxelösund. We estimate the value of the project to be 931 MSEK (around 80 MEUR).
Q2 was in line with expectations in terms of operations and commentary, and we left our forecasts broadly unchanged. In 2024, we expect the company’s earnings to be at the level of the comparison period, due to a challenging market, but to grow moderately in the coming years. Our forecasts are clearly below the company’s target levels. The share's valuation picture is still very attractive from several angles (2024e P/E: 14x, adj. P/E: 9x, DCF: EUR 29, SOTP: EUR 26 and expected return ~20%).
The regional health management of Castilla y León in Spain has chosen Aiforia as its partner for AI-based diagnostics. The collaboration involves the use of selected Aiforia AI solutions for the analysis of tissue samples, e.g., from breast, prostate, and lung cancer patients.
Mendus announced on Tuesday that the company will start a new ilixadencel trial in collaboration with the French cancer center Institut Bergonié. The trial will combine ilixadencel with the cancer drugs regorafenib and avelumab for soft-tissue sarcomas (STS).
Harvia announced on Tuesday that it will acquire the premium steam room and shower manufacturer ThermaSol Bath. ThermaSol with a revenue of 14 MUSD is a small complementary acquisition in Harvia’s scale but we see prerequisites for the Group to scale the acquisition item.
Componenta's Q2 figures were better than expected, except for financial expenses. As anticipated, the guidance for 2024 was left unchanged, which reduces the pressure to exceed the lower limit.
A takeover bid for Innofactor was announced yesterday, offering the owners a cash price of EUR 1.68 per share. In our view, the offer is a good one for shareholders from a number of perspectives and we recommend accepting the offer. A high bid and a strong commitment from the primary owner through the terms and conditions make a successful bid very likely and a competing bid very unlikely.
Eltel will publish its Q2 report on Thursday at around 8 am CEST. We expect the company’s revenue to be on last year’s level, but adjusted EBITA to improve from the comparison period. In addition to the figures, we are interested in the comments regarding market outlook and strategy execution.
Q2 results were in line with our expectations, but the operational development was not as favorable. In Finland and Sweden, organic growth was negative in a weak market environment, but on the cost side the measures taken are having the expected effect. Progress in Spain has been good and Sweden is also on track. In the coming years, we will see if Talenom in Sweden can improve productivity and profitability, which will likely determine the direction of the stock.
We reiterate our Reduce recommendation for Wärtsilä and raise our target price to EUR 17.00 (was EUR 16.50) after the good Q2 report, reflecting our positive forecast changes.