Lagercrantz Group-Limited upside following another stellar quarter – Down to Hold (Buy)-05/20/2026

研报英文原文证据摘录

Lagercrantz Group-Limited upside following another stellar quarter – Down to Hold (Buy)-05/20/2026

Lagercrantz Group

QUARTERLY REVIEW | 20 MAY 2026

Limited upside following another stellar Target price (SEK) 270

Share price (SEK) 258quarter – Down to Hold (Buy)

Another stellar 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 seasonal downturn for Epoke and Friggeråkers in Q1

risks impacting margins and growth while lumpy revenue recognition in

Mastsystem may have elevated 5gures. With the share now trading well Forecast changes

ahead of peers, we see more limited potential and downgrade to Hold % 2026e 2027e 2028e

(Buy), raising TP to SEK 270 (255). Revenues 1 1 2

EBITDA 3 3 3

Another stellar quarter

EBIT adj 4 4 4

+6% OSG was a clear highlight, up 4pp compared to Q3 and well ahead of

EPS reported 4 3 4PAS/cons. which sat at 2.8/2.5%. Improved activity was broad-based with strong

performance across Electrify, TecSec and International which reported OSG of 9- EPS adj 4 3 4

12% as mgmt. noted strong demand in electri9cation, infrastructure, security, and Source: Pareto Securities

defense. Operational leverage combined with mix trickled down to a 1.2pp EBITA-

m uplift y/y to 19.0%, almost entirely attributable to Electrify which reported EBITA Ticker LAGRb.ST, LAGRB SS

23.7/22.1% ahead of PAS/cons. While several subsidiaries performed well in Sector Serial acquirers

Electrify with both mix and operational leverage contributing to stronger margins,

Shares fully diluted (m) 206.1

we note that Mastsystem with its lumpy revenue recognition is likely to have

elevated 9gures following improved order intake during the last few quarters. Market cap (SEKm) 53,171

Net debt (SEKm) 3,812