Metacon's Q1 report fell short of expectations on a relative basis, although the deviation in absolute terms was marginal. Reflecting the challenging market, information on order flow and existing project deliveries remained limited. Nevertheless, Metacon's recent collaboration with Siemens for the supply chain and capabilities of the European Gigafactory bodes well for the project's credibility. Consequently, we see a reduction in the risks associated with the project and its financing, and slightly increase our target price. However, considering the parameters of the project remain unknown and challenging demand environment will put pressure on revenue and order flow in the short term, we wait for a more attractive risk/reward profile.
NIBE's Q1 results were operationally below our expectations, and we have lowered our short-term estimates. However, the company's outlook shows signs of a recovery in the destocking situation in H2'24, but overall the current year will still be challenging. Eventually, the market will pick up and the normalization of capacity utilization and the cost savings program should provide leverage for profitability improvements in the medium term. In our view, given the ongoing uncertainties in the operating environment and current interest rate expectations, the stock is already sufficiently priced in for earnings growth (2025e P/E: 30x).
On Tuesday, Neste lowered the guidance for Renewable Products' 2024 sales margin reflecting especially the weakness in the market caused by increased supply. We cut both our short- and medium-term forecasts driven by a fall in the sales margin.
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Orthex achieved much stronger than expected growth in a weak demand environment, although growth investments kept the result in line with our expectations. We believe the growth strategy is on track and, given the weakness in retail sales, we are confident that the company is gaining market share in its key markets.
We reiterate our Reduce recommendation for Koskisen and revise our target price to EUR 7.00 (was EUR 6.75). The Q1 report was broadly in line with our expectations and caused only marginal but positive changes to our forecasts for the near term.
Inderes delivered solid monthly sales data for April. The sales in April were up 33% y/y (driven by the timing of Easter) while we had input an increase of 20%. We conclude that we had underestimated the overall AGM season sales. Also, the company flags growth in event business as well as IR software. Although the delta seen in April cannot be extrapolated to the coming months' estimates we note that our Q2 sales estimate looks a bit shy after the beat in April.
The first quarter of 2024 saw a continued decline in player activity, a trend that has persisted since the launch of PAYDAY 3 (“PD3”). The strike team has focused their efforts, both during and after the quarter, on aligning PD3 with player expectations through the Operational Medic Bag (“OMB”), but these efforts have yet to yield tangible results. However, the most significant changes to the game are still on the horizon and, according to Starbreeze, visible results in terms of sales are expected in the third quarter and beyond. However, in the absence of a noticeable increase in player activity, we remain on the sidelines waiting for signs of a PD3 recovery.
Solwers is a group of expert services companies that aims to create value through both the operational business of the expert companies and by consolidating the industry through acquisitions. The considerable liquid assets on the balance sheet enable the company to implement its growth strategy, and we believe that success in this will also dictate the expected return for investors.
Nightingale has continued to lay the groundwork for future growth by announcing new research customers where we see the potential for greater commercial opportunities in the future.
Mandatum published Q1 figures that fell short of our expectations. The earnings miss is explained by investment returns, which were slightly below our expectations.
Tecnotree has continued to grow strongly in recent years, but the company has been unable to convert its EBIT into cash flow due to working capital tie-ups, foreign exchange losses and large investments in product development. The company's internal focus is currently on improving cash flow, but there is no evidence of this yet.
NYAB's performance in the seasonally slower first quarter was well above our expectations. The company also commented that the market environment in its larger market area of Sweden has continued to strengthen. Reflecting the report and the stronger market outlook, we raised our growth and earnings forecasts for the coming years. With a good performance in the first quarter of the year and a brighter outlook for earnings growth, we also see the stock's risk level declining and the valuation offering a slight upside for next year.
Relais' Q1 figures beat our forecasts by a wide margin, driven by a much better-than-expected organic growth in the Technical Wholesale and Products business.
Sitowises Q1-resultat var operativt i linje med våra förväntningar. Bolagets kommentarer om utsikterna visade små tecken på förbättring för byggnadsverksamheten och Sverige, men totalt sett kommer innevarande år fortfarande att vara utmanande.
Incap had a much better start to the year than we expected, with deliveries to the largest customer already recovering well from the Q4 lows, according to our estimates, and other customers maintaining organic growth.
Yesterday, Columbus reported its Q1 2024 results, showing a good start to 2024 driven by high growth in its Cloud ERP business lines. The Columbus share has performed well in 2024, up approx. 44% YTD. Based on the Q1 2024 results and the recent share price development for both Columbus and the peer group of Nordic-listed IT consultancy companies, we have updated our investment case one-pager.
Investment returns boosted Sampo's results above expectations, offsetting the impact of the challenging weather conditions in the quarter on the insurance result. However, forecast changes for the coming years have remained quite moderate following the quarterly report and we continue to expect stable earnings growth from Sampo.
Read the latest SKAKO One-pager update following the FY 2023 results and sale of SKAKO Concrete. The One-pager includes a brief description of SKAKO, an update to the market outlook, latest financials, valuation perspectives relative to a peer group, and outlines several key investment risks and key investment reasons.