Morning Comment Sweden-06/22/2026

研报英文原文证据摘录

Morning Comment Sweden-06/22/2026

Morning Comment Sweden

22 JUN 2026

Today’s research focus

• STORY - Storytel - Hold (Buy), TP SEK 105 (125): We downgrade our

recommendation to Hold (Buy) and set a new TP of SEK 105 (125). We

expect Q2 to be another stable quarter with 8% y/y organic growth and

continued margin expansion, but are increasingly worried about the

competitive pressure, which we believe will intensify throughout 2026 with

Spotify’s launch of new audiobook+ tiers and family and student plans,

directly challenging areas Storytel has previously been able to

differentiate. LINK

• METSO - Metso - Buy, TP EUR 18 (17): We est 9% OOG in Q2, with

Minerals at 10% on small-mid equipment +DD and aftermarket +HSD, and

Aggregates at 6%. Aftermarket backlog conversion supports a sequential

improvement in the Minerals adj EBITA margin to ~18%, lifting the group

to ~16.8%. We raise estimates 1-4% in 2026-28 on supportive mining

trends and are 5-8% ahead of consensus on adj EBITA, mainly on

Minerals. LINK

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