Lagercrantz (1K) | Buy | Q1 preview: Compounding continues

研报英文原文证据摘录

Lagercrantz (1K) | Buy | Q1 preview: Compounding continues

#EarningsPreview #EstimatesRevision

Release date: 24 June 2026

Company research

ESG profile BuyLagercrantz

Sweden | Capital goods Beta Profile: MCap: SEK51.8bn Country Top Picks

Target Price: SEK290.00 Change in TP: 0.0 % Bloomberg: LAGRB SS Reuters: LAGRb.ST

Current Price: SEK251.00 Change in Sales: 0.7% 27E/0.9% 28E Free float 89%

Up/downside: 15.5% Change in Adj EBIT: 0.4% 27E/0.6% 28E Avg. daily volume (SEKm) 95.7

YTD abs performance 18.0% Market data: 23 June 2026 Change in Adj. EPS: 0.4% 27E/0.6% 28E

52-week high/low (SEK) 265.60/192.20

Q1 preview: Compounding continues Price performance

Why this report?

Lagercrantz has closed six acquisitions in the first few months of FY27, adding

SEK400m of annualised sales versus SEK1.1bn for the whole of FY26. We

update our model, raising FY27–29E EBITA by 0.4–0.6% and moving further

above consensus, now 2–4% ahead across the forecast period. For Q1 itself

we expect a +15% sales and +18% EBITA print that lands below consensus on

a seasonal margin drag in International as Epoke and Friggeråkers enter their

first low-season quarter in the group. As the smallest of the four major serial

acquirers, Lagercrantz can add the same growth from fewer deals, and we

continue to see it as the best positioned to sustain its acquisition pace. We

reiterate Buy and our SEK290 target price.

Key findings FY to 31/03 (SEK) 03/26 03/27E 03/28E

For Q1 we expect sales of SEK2,840m, +15% YoY (organic +4.7%, M&A +10.9%, FX Sales 10,609 11,935 12,697

−0.7%), and EBITA of SEK508m, +18% YoY, at a 17.9% margin (+40bps YoY). EBITDA adj. 2,284 2,599 2,798

EBIT adj. 1,923 2,239 2,438 Lagercrantz has already closed six acquisitions in Q1. While individually smaller- Net profit adj. 1,379 1,625 1,803