BTS Group

* FY guidance as expected, but Q1 comments ahead of plan * '26e adj. EBITA -5-7% on lower '25 base and FX but growth recovers * 15% adj. EBITA growth 2026e, share at 7.4x EV/EBITA Focus on the positive growth outlook The Q4 report was below both our ...

* Sales -1% vs cons, adj. EBITA -14%, but North America guided to grow in Q1e * 2026 guidance: "Better EBITA than in 2025" (cons +12%) but base will come down * Estimates likely cut 5-10%, share to underperform somewhat Q4 details Sales SEK 710m (-1%...

* Q3 was a step back, but 2026e should recover* We cut adj. EBITA by 6-8% in 2025-27e* 2025e EPS points toward a rare DPS reductionSoft Q3, cautious near-term outlookBTS' Q3 report left us with a bittersweet taste, as organic growth did not pick up, ...

* Adj. EBITA -18% vs cons, FY guidance lowered by ~5-10%* Small improvements in North America, but not enough to save 2025* Reiterate H1'26 growth guide, but estimates down 5-8% likely Q3 details Sales SEK 626m (-2% vs ABG 640m, -3% vs cons 642m), adj...