Coor Service Management Holding

* Further margin & CF improvements in Q4...* ...but somewhat slower organic growth* We reiterate our fair value range of SEK 35-80Further margin & CF improvements in Q4Coor delivered 4% y-o-y organic growth and the margin improved (+0.4pp y-o-y to 4....

* Adj. EBITA 6% vs ABGSC, 1% vs consensus* Norway drove beat; cash flow solid and gearing down to 2.7x* Est's relatively unchanged; conference call at 10:00 CETQ3 resultsSales SEK 3,005m (2% vs ABGSC 2,944m and 2% vs cons 2,952m). Adj. EBITA 134m (6%...

* Q3 report due 23 October; we cut '25e-'27e EPS by ~2%* We expect further margin and cash flow recovery...* ...while organic growth should remain muted, but positiveQ3e: +1% organic growth, +5% adj. EBITA y-o-yWe expect that Q3e will follow the same...

Better Norway offset by losses in Denmark Coor managed to turn both organic sales and EBITA growth positive in Q2, delivering EBITA 7% better than Infront consensus. As management guided, we saw margin improvements from the reorganisation in Q2. The ...

We raise '25e-'27e adj. EBITA by 10-1% on higher margins Low renegotiation risk 2025 and growth upside in Norway Improved balance sheet & CF opens for buybacks/raised dividend We see a positive trend in growth and margins As expected, organic growth ...

Adj. EBITA +12% vs. cons, +39% vs. ABGSCe Better margins and guidance to improve conviction in margin target 5-6% upside to cons 2026; share trades 15% below key peers Q1 details Better than feared margins and strong cash flow. Sales SEK 3,052m (-1% ...