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* All-cash public offer SEK 77 per share * Nilörn's largest shareholder (58% of votes) has accepted * 53% upside to current share price The Board unanimously recommends the offer Nilörn has received a recommended all-cash public offer from Trimco Group...
* Soft sales mostly on FX and order timing * We cut '26e-'27e adj. EBIT by 6-4% * Trading at ~7x EV/EBIT on our NTM estimates Bad timing and tough FX Nilörn's Q1 was soft on the surface, but material FX headwinds (-9%) and a SEK 16m order slipping from...
* Sales -8% and adj. EBIT -16% vs. ABGSCe * Order intake SEK 218m, below expectations * Likely minor negative consensus estimate revisions A mechanical miss beneath decent underlying trends Q1 was softer than expected on both sales and adj. EBIT. Nil...
* Relatively light comps in Q1e, but market still tough * We raise '26e-'28e EBIT by 1-3% * Trading at 6.3x NTM EV/EBIT A solid underlying Q1e, offset by FX We expect positive organic growth of 2% in Q1'26e, which implies sales of SEK 238m and adj. EBIT...
* A soft end to '25 on earnings * We cut '26e-'27e adj. EBIT by 7-6% * Trading at ~7x EV/EBIT on our NTM estimates Q4: strong orders but pressured margins Q4 was a weak quarter on adj. EBIT, ~30% below expectations despite a 2% beat on sales and a gross...
* Sales 2% and adj. EBIT -31% vs. ABGSCe * Order intake SEK 251m, above expectations * Likely negative consensus estimate revisions Q4'25 impressions Q4 was better than expected on sales and order bookings, but dissapointed on adj. EBIT. Nilörn delivered...
* Negative FX and calendar effects * We trim '25e-'27e EBIT by 2% * Trading at 9x NTM EV/EBIT FX and Chinese New Year weigh on Q4e In Q4'25 we expect positive organic growth of 3%, which implies sales of SEK 214m and adj. EBIT of ~SEK 17m, corresponding...
