contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


midsona-persistent-earnings-despite-soft-sales-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Midsona är verksamt inom hälso- och välmåndsbranschen och fokuserar på tillverkning och distribution av kosttillskott och hälsoprodukter. Bolagets produkter riktar sig till privatpersoner och återförsäljare som söker hälsosamma alternativ. Verksamheten är global med en huvudsaklig närvaro i Europa. Midsona grundades 1892 och har sitt huvudkontor i Malmö.

Midsona

* Q4e: soft growth, but margins supported by restructuring programme* Estimate cuts on FX and product mix* Trading at '26e EV/EBITA of ~7.5xWhat to expect in Q4'25eWe anticipate -1% y-o-y organic...

* Q4e: soft growth, but margins supported by restructuring programme* Estimate cuts on FX and product mix* Trading at '26e EV/EBITA of ~7.5xWhat to expect in Q4'25eWe anticipate -1% y-o-y organic growth in Q4'25e, implying sales of SEK 918m and adj. EBIT of SEK 36m, for a margin of 4%. We expect sales to be significantly impacted by FX headwinds, reducing our sales growth estimates to -4.5%. The Spanish factory fire remains a headwind for volumes, but the loss of lower-margin output supports a mechanically higher gross margin of 28% through mix, masking underlying volume pressure. We note that the GM in Q4'24 was strong at 28.9% compared to an average of 26% in Q4s L5Y. Our estimated adj. EBIT margin is up 0.3pp y-o-y, as we expect total opex to decline by 6%, partly on the recent cost savings initiatives.Estimate changesWe lower '25e-'26e adj. EBIT by 2-3%. We decrease our gross profit estimates on a less favourable product mix and updated FX movements, although this is offset by our slightly decreased opex estimates. We believe that continued weakness in the Nordics is to be expected as Midsona phases out licenced brands. However, we believe that continued strength in North Europe is likely and that Midsona's own brands will continue to grow in '26e alongside underlying improvements in South Europe (excluding the effect from the fire). Keep in mind that Q1'26 will be the final quarter to face tough comps from the fire in Spain and that margins are likely to improve as the product mix shifts further away from licenced brands and the restructuring programme is fully implemented.Implied valuationBased on our revised estimates, the company is trading at ~7.5x '26e EV/EBITA, which is ~30% below current peer multiples. We note that peers, in turn, are trading ~25% below the 10-year historical median of ~14x NTM EV/EBITA.