Midsona

* '25e-'27e adj. EBITA up 12-5%* Encouraging efficiency improvements and strategic initiatives* Trading at NTM EV/EBITA of ~8x A solid quarter despite sales headwinds The Q3 report was stronger than we had expected on all key line items, as sales and...

* 2% sales beat & adj. EBIT SEK 45m vs. ABGSCe 29m* Announces restructuring programme of SEK 20m p.a.* Consensus estimate revisions likely in positive low teens Q3'25 report The Q3 report was above expectations on sales and adj. EBIT. Sales amounted ...

* Q3e: soft growth but GM improvements* Minor estimate cuts on FX and product mix* Trading at '26e EV/EBITA of ~7xWhat to expect in Q3'25eWe anticipate -2% y-o-y organic growth in Q3'25e, implying sales of SEK 879m and EBIT of SEK 29m, for a margin of...

Softer across the board The Q2 report was softer than we had expected with regard to all key line items, as sales and EBIT were respectively 5% and ~80% below our expectations. The organic growth rate was adversely impacted by the ongoing change in the...

Q2'25 report The Q2 report was below expectations on both sales and adj. EBIT. Sales decreased a bit y-o-y (-2% org. growth y-o-y, vs. ABGSCe 2.5%) and amounted to SEK 865m (-5% vs. ABGSCe). The sales weakness was due to continued terminations of distribution...