Vestum

* Adj. EBITA -6% vs ABGSC, -5% vs ModFin consensus* Org. growth -1% vs ABGSC +1%; WC build-up weighed on FCF* Estimates to come off 1-3%; conference call at 11:00 CETQ3 resultsVestum reported sales of SEK 889m (-4% vs ABGSC, -4% vs cons), and -30% y-...

* Q3 report due on 23 October* We cut 2025e EBITA by 3% but raise 2026e-2027e by 3-2%* Share is trading at 10-9x EBITA on 2026e-2027eQ3 expectationsWe expect Flow Technology to remain stable in Q3, with muted organic growth as the UK water market is ...