Morning Comment Sweden-05/19/2026

Research evidence excerpt

Morning Comment Sweden-05/19/2026

Morning Comment Sweden

19 MAY 2026

Today’s research focus S&P 500 intraday

7,440

• COFFEE - Coffee Stain (IoC) - Buy, TP SEK 30: Coffee Stain enters 7,430

FY'26/27 with what we view as one of the strongest near-term pipelines

7,420

among listed PC & console publishers, headlined by Deep Rock Galactic:

7,410

Rogue Core (May 20) and the Valheim 1.0 / PS5 launch. In addition to

franchise expansion, we see a clear opportunity to increase monetization 7,400

to drive incremental revenue. We believe the current valuation reflects 7,390

little to no growth and fails to capture both the franchise pipeline and the 7,380

post-launch monetization optionality. We initiate coverage with a Buy 7,370

recommendation and a target price of SEK 30, corresponding to 13.6x 7,360

EV/EBIT adj. and a 6.5% FCF yield on FY'26/27e. LINK slides: LINK 7,350 16:00 17:00 18:00 19:00 20:00 21:00

• EVO - Evolution - Buy, TP SEK 700: Has resolved on a EUR 2bn buyback

program (16-17% of Mcap), materially above the ~EUR 1bn we had US and Asia indices (at time of publication)

expected. Existing cash (~EUR 1bn) and next year’s FCF (~EUR 1bn) 0.40% 0.32%

should be enough to finance the buyback program but the company has 0.27% 0.27%

also entered into a EUR 300m RCF to maintain financial flexibility and to 0.20%

be used as back-up financing. Magnitude of the program is aggressive 0.00%

and signals confidence in the outlook (we expect growth acceleration in

H2’26). Expect shares at least 5% higher tomorrow. -0.20% -0.07%

• LAGR - Lagercrantz - Buy, TP SEK 255: Lagercrantz delivered another -0.40%

solid quarter driven by strong demand in electrification, infrastructure, -0.60% -0.51%

security and defense. OSG +6% was well ahead of PAS/cons. at 2.8/2.5%