Morning Comment Sweden-06/05/2026

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Morning Comment Sweden-06/05/2026

Morning Comment Sweden

5 JUN 2026

Today’s research focus S&P 500 intraday

7,610

• Pareto Nordic Real Estate Weekly: LINK

7,600

• EPI.A - Epiroc - Hold, TP SEK 275: Epiroc hosts its CMD on 8-9 June 7,590

2026. Since listing in 2018, the company has left its financial goals 7,580

unchanged - we expect full reconfirmation. The 8% growth target has 7,570

been met across all measured periods, with the most recent three-year 7,560

window the strongest. T&A drag has masked solid E&S delivery, and we 7,550

see scope for better group OSG in the years ahead. The margin goal 7,540

remains qualitative ("industry-best"). A formal % anchor is the only 7,530

credible new item, but we assign low probability. On margins, E&S adj. 7,520

EBIT has run consistently at 22-24%, holding group margins near 20% 16:00 17:00 18:00 19:00 20:00 21:00 22:00

despite T&A dilution. Epiroc sits at or above Sandvik and Caterpillar on a

through-cycle basis, with Metso and Komatsu well below the "industry- US and Asia indices (at time of publication)

best" claim holds. Key debates into the event include Sandvik Mining 2.00% 1.73%

order momentum since 2025, T&A recovery contingent on

construction/infra pickup and restocking, and E&S margin trajectory amid 1.50%

recent parts/kits softness and an equipment-heavy backlog. LINK 1.00%

0.41%

• FPAR.A - Fastpartner - Buy, TP SEK 60: Yesterday's site visit 0.50% 0.06%

strengthened our conviction that 2026 will be a transition year, with 0.00%

improvements expected from 2027 onwards. Supported by improving -0.50% -0.09%

leasing activity, limited lease expiry risk, a sizeable project pipeline and

the ongoing share buyback programme, we continue to view the current -1.00% -1.07%