Qben Infra - Portfolio reshaping continues
The reshaping continues......with a potential IPO of the land bank......and large cost-cutting measuresQ4 highlightsQben Infra reported Q4 sales of SE...
The reshaping continues......with a potential IPO of the land bank......and large cost-cutting measuresQ4 highlightsQben Infra reported Q4 sales of SE...
Q4 sales and EBITDA 7% and EBITDA 23% above driven by SeniorStrong growth in senior device revenue +35% y-o-yExpect cons to lift '26 EBITDA by 10-15%,...
Strong early efficacy signalSolid cost managementFair value range of SEK 0.1-10.5/shareStrong early efficacy signalIsofol today announced that all six...
Minor negative estimate revisions due to lower headcountContinued negative net recruitment trend, but increasing marginsTrading at NTM EV/EBITA of 5.5...
Market remains challenging; soft near-term outlookWe lower '26e-'27e adj. EBIT by 33%12x-10x 2026e EV/EBIT adj.Weak Q4, automotive remains the main cu...
Weak ACV, but good marginsWe lower our sales assumptions, but raise '26e-'27e EBIT margins1.7x EV/sales in '26e (excl. the DPS of SEK 14), 15x EV/EBIT...
Q4: Back to growth and positive EBIT; sales +12% vs. ABGSCeSeasonally softer H1'26e, stronger H2'26e expectedWe cut '26e-'27e sales by 4-3% and total ...