Saab

The orders sulked, the business did not, and the share price finally remembered gravity.

Saab flexes its muscles with strong margins and accelerating delivery pace despite soft order intake.

Saab enters Q1 with strong demand and a record backlog, but the key test is whether execution can keep pace with expectations.

A sensible structural move that reinforces the naval growth thesis and group level margin path.

The latest Polish agreements add no numbers to our model, but they reduce the risk of our long-term estimates turning out too optimistic.

With allied assets being targeted and another front line, there is a better argument for bigger, faster European replenishment. The question is timing.