We expect the company's revenue to have risen strongly in the seasonally slowest quarter, supported by an increased order book and projects postponed to this year.
Q1 was a weak quarter in terms of results, mainly due to seasonal and one-off factors. The earnings level should improve towards the end of the year, supported by a good order book in both business areas.
Digital Workforce's Q1 was better than expected, and the company's early year orders and comments boost confidence for the rest of the year. So, the turnaround seems to be progressing well, although it is still in its early stages. We expect growth to pick up slightly in the coming years, but to remain below target and historical levels. We also expect growth to scale well into profitability.
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CapMan released better-than-expected Q1 figures. However, the EBIT overshoot due to performance fees flowed to the profit share attributable to minorities, so the net result was close to our forecast. In terms of the outlook, the company continued to be very optimistic, especially concerning new sales, and the year started off well for fundraising.
Ekonomiska överraskningar har blivit negativa i Sverige. Utsikterna för industrin har piggat upp markant i Sverige jämfört med andra ekonomier. På valutamarknaden har EUR/SEK varit en vinnare under början av året och är upp 6% sedan årsskiftet.
Sanoma’s normally stable and predictable earnings development has weakened especially as a result of cost inflation and contraction in advertising. With a substantial efficiency improvement program in the Learning business, we expect the segment’s profitability to increase clearly in the coming years, which, together with the gradually recovering Media business result, will boost earnings growth to a good level in the coming years.
Q1 results clearly exceeded market expectations, with positive developments in all segments. Generation delivered an excellent optimization margin in Q1, Consumer Solutions delivered a strong performance as the market normalized, and costs under Other Operations were impacted by efficiency measures.
On Tuesday, KH Group significantly lowered its earnings guidance for the current year, citing lower-than-expected revenue and EBIT of Indoor Group and KH-Koneet, mainly for Q1. In our Q4 update, we were skeptical about the very strong and surprisingly precise guidance the company issued in March, but the 25% decline at the midpoint of the guidance was still disappointing to us.
Betolar's Q1 report did not contain any major surprises regarding the progress of the investment story, and we did not make any material changes to our forecasts after the report.
The investment case one-pager is updated after Green Hydrogen Systems published its Q1 2024 trading statement this Monday. The quarter showed good progress in factory acceptance tests and customer deliveries, and the company maintained its guidance for 2024.
Today, we are publishing our latest Software-as-a-Service (SaaS) sector report, covering the recent news and thematics from the SaaS sector with insights into our comprehensive data set over Danish-listed SaaS companies.
In our view, LapWall's Q1 report can be interpreted as a slight defensive win given the challenging overall picture for the construction sector. We have not made any material changes to our near-term outlook for LapWall, but the strong start to the year and the guidance provided have lowered the risk level of the stock.
Meriaura Group will report its Q1 2024 results on Friday, May 3. Port strikes and other industrial action have had a significant negative impact on the sea freight sector, which we estimate could lead to a year-on-year decline in Q1 results.
Hexicon, a developer of floating offshore wind, holds a large portfolio of projects at various stages of development. Conservatively valued the combined value of the project portfolio is substantially higher than the company’s total equity value. However, significant earn-outs and claims by debt holders, combined with questions about the timing of cashing in the projects, create a somewhat uncertain picture. In addition, the immediate need for a cash infusion puts pressure on Hexicon to either divest projects or seek other financing solutions on uncertain terms.
We have recently started our collaboration with Spar Nord, and as part of this, we have prepared a One-pager on the bank.
Read our One-pager here, where you will get a brief description of the bank and its latest financial report, as well as an outline of a number of positive and negative factors regarding the case. At the same time, you will get the latest key financial figures and ratios, as well as an updated peer group consisting of some of the largest Danish listed banks.
The company has only one open dispute concerning the restructuring, and thus ending the restructuring is realistic already in the near future, which we find positive