Morning Comment Sweden-06/18/2026

研报英文原文证据摘录

Morning Comment Sweden-06/18/2026

r another strong order intake in Q2 while margins are

hampered by the transfer of chiller production to the US and component S&P sector performance

shortage. We cut our EBITA-estimate for 2026 due to lower DTC-margins

but lift TP to SEK260 (250) and reiterate our Buy-rating as we see the -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0%

DCT-problems as transitory and Munters as one of the few data center Aerospace & Defence 1.0%

exposed companies with a cautious valuation. We are 7% and 14% above Semiconductors 0.7%

Consensus on sales/EBITA for 2028. The Q2 report is due out July 17 Gold 0.6%

LINK

Banks -0.2%

• Pareto Nordic Real Estate Weekly: LINK Oil E&P -0.3%

Insurance -0.7%

Technology & Hardware -0.7%

Chemicals -0.8%

Pharma -0.8%

Oil Integrated -1.0%

Utilities -1.3%

Airlines -1.6%

Telecom -2.6%

Oil Services -2.8%

Media & Entertainment -3.0%

Retail -3.2%

Software -3.2%

Commodities, FX, rates and volatility

Key Items Last 5 days Latest +/- % YTD%

Brent 77.3 -2.25 -2.8 47.6

WTI 73.6 -2.42 -3.2 41.6

N. Gas (TTF) 40.1 -1.80 -4.3 42.4

Gold 4 320.7 -60.70 -1.4 -2.6

USD/NOK 9.51 0.04 0.4 -5.7

EUR/NOK 11.03 0.02 0.2 -6.9

US 10Y 4.50 0.06 1.4 7.9

SOFR 3M 3.67 0.00 0.01 0.44

Vix 18.4 2.03 12.4 23.3

Dollar Index 100.1 0.55 0.6 1.8

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