Svedbergs Group

* First signs of Swedish project market recovery * Could add ~15% of '25e EBITA N3Y * Ready for M&A, Q4'26e ND/EBITDA 0.3x Better across all regions As was the case in Q3, Svedbergs Group improved on all fronts in Q4. All companies reported organic growth...

* Net sales SEK 557m, +5% vs ABGSCe, +4% vs Factset cons. * EBITA SEK 87m, +10% vs ABGSCe, +7% vs cons * Outlook: gradually better market Q4 in brief: Better across all markets Our impression is that Svedbergs Group's Q4'25 report is better than Factset...

* We forecast -3% EBITA growth in Q4'25 on a tough comp * 8% EBITA growth shows resilience in tough 2025e * We raise our fair value range to SEK 55-75 (50-66) We expect EBITA growth of -3% y-o-y Svedbergs Group meets the toughest EBITA growth comp of...

* Double-digit Svedbergs profitability in Q4 not ruled out * Sustainability work is paying off * Aims to fund M&A through its own cash flows from here Could deliver on promises made despite market softness We welcomed Svedbergs Group's CEO Per-Arne Andersson...

* Organic momentum improved in all segments* A recovery in Swedish housing could drive 18% EBITA growth* We reiterate our SEK 50-66 fair value rangeQ3: acceleration and ATH GMAll segments accelerated in Q3: the group grew 7% organically vs. 5% in Q2....

* Net sales SEK 529m, +2% vs ABGSCe, +3% vs Factset cons.* EBITA SEK 80m, +5% vs ABGSCe, +6% vs cons* Outlook: market remains hesitant, Svedbergs acceleratedQ3 in brief: 6% better EBITA than consOur impression is that Svedbergs Group's Q3'25 report is...