Morning Comment Sweden-06/26/2026

Research evidence excerpt

Morning Comment Sweden-06/26/2026

the reduction of its existing work force by 7%, is in addition set

to increase dependency on its reseller network. We reiterate Buy and S&P sector performance

lower TP to SEK 98 (110). LINK

-4.0% -2.0% 0.0% 2.0% 4.0%

• BEIA - Beijer Alma - Buy, TP SEK 325 (320): We expect sales to expand Oil Services 2.9%

by 6.0%, driven by a strong acquisition pace, improving demand, and

Semiconductors 2.3%

easing currency headwinds. With continued impact from restructuring

measures in Beijer Components, EBITA adj. is well set up to expand by Airlines 2.2%

9.4% y/y. As the share continues to trade at a discount to peers despite Pharma 1.6%

stronger growth outlook, we remain optimistic and reiterate Buy, raising Chemicals 1.1%

TP to SEK 325 (320). LINK Gold 1.0%

• MMGR - Momentum - Buy, TP SEK 140: We are cautiously optimistic Banks 0.9%

ahead of Momentum’s Q2 report. Elevated uncertainty related to the U.S- Utilities 0.6%

Iran conflict, material shortage, and weather effects postponed some

Aerospace & Defence 0.6%

maintenance CapEx deliveries last quarter, which we expect to partially

be delivered in Q2 instead. With the share trading below peers at Telecom 0.5%

17.6/15.2x EV/EBITA 2026/27e, we consider the valuation favourable and Oil Integrated 0.5%

reiterate Buy, TP SEK 140. LINK Oil E&P -0.1%

• VITR - Vitrolife - Hold, TP SEK 95 (115): We lower our organic growth Media & Entertainment -1.2%

expectations and expect flat growth in Q2. The exited markets and Insurance -1.2%

discontinued genetic tests will increasingly have an effect in the quarter Technology & Hardware -2.3%

and we also expect the Middle East situation to weigh. Overall estimate

Retail -2.6%

changes are, however, limited due to positive FX movements. Shares are