Morning Comment Sweden-05/20/2026

研报英文原文证据摘录

Morning Comment Sweden-05/20/2026

Morning Comment Sweden

20 MAY 2026

Today’s research focus S&P 500 intraday

7.410

• VNV - VNV Global - Buy, TP SEK 26 (27): Operational performance

remained strong in Q1'26, but compressing peer multiples drove NAV 7.400

down 12% q/q to SEK 34 p.sh. In this report, we dig deeper into Voi, where 7.390

we see a 42% upside to VNV's mark, which would translate into a 10% 7.380

uplift to VNV's NAV. The current 49% NAV discount suggests the market 7.370

is bracing for further valuation cuts, but we see an uplift as more 7.360

likely. LINK Please note that Pareto Securities acted as a financial advisor 7.350

in connection with VNV’s recent partial buyback offer in its outstanding

2024/27 bond. 7.340

7.330

• NIBE - NIBE - Buy, TP SEK 52: Climate Solutions grew 10% organically 16:00 17:00 18:00 19:00 20:00 21:00

or slightly above expectations mainly due to ~15% growth in Europe and

that US sales held up better than expected. Elements grew as expected US and Asia indices (at time of publication)

at 6.7% but Stoves remains in negative territory (-2.3%). Margins were 0.00%

high as expected in Climate Solutions at 10.3% while both Elements and

Stoves were slightly behind. We lift Climate Solutions estimates slightly -0.20%

while cutting Elements and Stoves but consider the relative strength in -0.40% -0.34%

Climate Solution to be more important for the long-term growth potential. -0.60%

LINK -0.65% -0.67% -0.80%

-0.76%

• LAGR - Lagercrantz - Hold (Buy), TP SEK 270 (255): Another stellar -1.00% -0.84%

quarter as +6% OSG combined with operational leverage and positive mix

trickled down to a 5% EBITA beat. While the re-rating is well deserved, a -1.20% -1.23%

seasonal downturn for Epoke and Friggeråkers in Q1 risks impacting -1.40%