In our view, the overall picture of Scanfil's Q3 report published last Friday was slightly negative and we lowered our forecasts slightly for the near term.
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The Q3 result was good and strengthened our confidence in Kreate's profitability improvement. However, the outlook for infrastructure construction has deteriorated in the short term and we expect the recovery next year to be rather H2-oriented. This outlook has led us to slightly lower our forecasts for the next few years, which also prompted us to revise our target price downwards. The market will eventually start to recover, but in the short term, we believe the drivers for significant price increases are limited.
Tecnotree's Q3 results were well below our forecasts, with a sharp decline in revenue and earnings. Cash flow improved as expected in the first half, but further evidence of an improvement in the sustainable cash flow profile remains to be seen.
Lindex's Q3 results were weak as logistical challenges and a weak market environment weighed on earnings. The upper end of the guidance was lowered and the company now expects full-year adjusted EBIT to be in the range of 70-80 MEUR. Our forecast is 68 MEUR.
Cyclical headwinds continued in Q3, and a material recovery might not yet take place in Q4. We estimate growth to rebound in 2025-26 as the relatively low comparison figures and lower interest-rates increasingly supporting industrial activity.
Cargotec's order intake in Q3 exceeded expectations, while revenue and margins were roughly in line. The increase in guidance for 2024 has again already been included in the forecasts.
Telia's operational figures were in line, with other earnings lines beating forecasts in Q3. As a result, we have kept our operating forecasts broadly unchanged but lowered our expectations for financial expenses.
Neste’s Q3 report or the first comments from the new CEO offered no surprises. The market outlook for Renewable Products, suffering from oversupply, is challenging also for next year, but with market growth, we expect the current low gross margin to be higher in the medium term.
Skjern Bank offentliggjorde i går sit regnskab for 3. kvartal 2024, og efterfølgende har vi opdateret vores one-pager på banken. Læs med her for en kort beskrivelse af banken og det seneste regnskab, og et oprids af en række positive og negative faktorer ved casen. Samtidig får du de vigtigste regnskabstal og nøgletal, samt en opdateret peer group med en gruppe af mindre og mellemstore børsnoterede danske pengeinstitutter.
Fiskars improved its Q3 result organically despite a continued clear decline in revenue. Reaching this year's guidance indicating improved earnings is still on a razor's edge, and our forecast is at last year’s level. With the continued sluggish consumption environment, we do not see any significant earnings improvement in 2025 either.
The big picture of Tietoevry's Q3 performance was already known with the figures the company released last week in its earnings warning. The focus was therefore on the strategic review of Tech Services, and the report revealed that the sale process is nearing completion, which is a cautiously positive signal.
Yesterday, Agillic released its Q3 2024 results and maintained its guidance for 2024 as the company expects growth from existing and new clients in Q4 2024. Total ARR came out at DKK 63.1m by the end of Q3 2024, corresponding to -8% YoY, yet a 2% QoQ increase as the decline is mainly explained by churn from technology consolidations and M&A-driven changes across its customer portfolio in the first part of 2024. EBITDA YTD (first 9 months of 2024) is positive at DKK 1.8m after the cost level has been adjusted to the current activity level. Following the recent results, we have updated our investment case one-pager with the recent news.
Purmo is now 98% owned by Grand Bidco following the tender offer in August and the redemption proceedings for the remaining shares are underway. As a result, the company will be delisted in the coming months.
Inderes posted a solid Q3 report, with sales up 11.5% in a tough market. Our read is that while headwinds remain for the underlying market, growth was delivered by cross-selling and gradual steps in Sweden. Positively, the company sees improving signs in the IPO funnel. We share the company’s view and think the IPO market could reopen; we lift our 2024-26 estimates and raise our fair value range to EUR 21-23 (EUR 19-21).
Inderes delivered Q3 sales and EBITA slightly above our estimates, thanks to better than expected event business in September. While this might owe to timing of certain projects we flag that also Q3 recurring revenue came in slightly above estimate and the number of commissioned research contracts keeps increasing despite the market headwind. In fact, the company now sees the market headwind easing, referring to improving IPO activity. All in all, on first glance is positive.
Modulight's Q3 report showed no clear signs of a return to growth and revenue landed below expectations. Earnings and cash flow were roughly in line with our forecasts due to lower-than-expected costs.
Under the new strategy, CapMan’s business operations have turned to strong growth and profitability has improved clearly. Even though the challenging market situation throws a spanner into the works of new sales in the short term, we believe the company has an excellent position in its sector. As a result, CapMan is well positioned to continue its healthy growth also in the longer term, just like the rest of the asset management sector.