Easy comps in Q2e

研报英文原文证据摘录

Easy comps in Q2e

Equity Research - 24 June 2026 11:34 CEST

Reason: Preview of resultsMips

• 40% organic growth in Q2e, adj. EBIT up 68% y-o-y

• EBIT +3-4% on stronger USD

• Growth runway not reflected in valuation: BUY, TP SEK 500 Consumer Goods

Easy Q2e comps bode well for strong organic growth Estimate changes (%)

Mips faces a "tariff quarter" in Q2, as Q2'25 was affected by low volumes 2026e 2027e 2028e

shipped to the US during that period's tariff uncertainty. Mips reported 12% Sales 2.0 2.0 2.0

organic growth in Q2'25 (lowest in 2025) and has since then accelerated EBIT 3.8 2.8 2.7

to 19-25% in the quarters after, which leads us to believe that momentum EPS 4.0 2.8 2.7

Source: ABG Sundal Collier

is solid. As such, and given the easier comps, we estimate 40% organic

growth in Q2e. This should support the share and provide confidence MIPS-SE/MIPS SS

in Mips as a long-term growth story. What is limiting the potential for a Share price (SEK) 23/6/2026 236.00

near-term re-rating is the ongoing patent process, which we estimate will Target price 500.00

cost SEK 84m over two years and is not expected to conclude until 2027.

However, the resulting valuation remains depressed relative to the growth

outlook, creating an attractive buying opportunity. MCap (SEKm) 6,252

MCap (EURm) 565

FX-related estimate revisions No. of shares (m) 26.5

We update our estimates for FX movements (stronger USD), resulting Free float (%) 99.4

in 2% higher sales and 3-4% higher EBIT in 2026-28e. We leave our Av. daily volume (k) 185

underlying estimates unchanged.

Next event Q2 report 16 July 2026We maintain BUY on strong growth potential

We continue to like the long-term growth runway for Mips, both within

Performancesports and through its expansion into safety (particularly following the