Coor Service Management Holding

* Clear initiatives for efficiency gains presented* Focus on add-on sales and M&A to re-accelerate growth* Potential upside to cons '27e as 5.5% margin could be reached Clear case for further efficiency gains We attended Coor's CMD held at its HQ in ...

* Overall solid report; focus turning to capital allocation * We cut '26e-'27e adj. EBITA by 3-2%, 7% CAGR '25-'28e * Share trades at 12x EBITA and 8% FCF yield on 2026e Incremental progress towards the 5.5% margin target We think Coor delivered a solid...

* Adj. EBITA -4% vs ABGSC and FactSet cons * Denmark remains challenging, will drive 1-2% est cuts * Raises dividend and proposes buyback program Q4 results Sales SEK 3,224m (2% vs ABGSC 3,156m and 3% vs cons 3,132m), 1% y-o-y, 3% organic growth (vs ...