Ratos (AO) | Hold | Q2 preview: All eyes on Plantasjen

研报英文原文证据摘录

Ratos (AO) | Hold | Q2 preview: All eyes on Plantasjen

Ratos Hold | Target Price: SEK36.00

Company description Management

Ratos business concept is to develop companies headquartered in the Nordics CEO Gustaf Salford

that are, or can become, market leaders within their respective niches. The CFO Anna Vilogorac

company has initiated work to streamline the company and divest companies Communication & Sustainability Katarina Grönwall

with lower profitability and growth opportunities. Key shareholders

Free float 70.00%

Torsten Söderberg foundation 8.59%

Ragnar Söderberg foundation 8.35%

P-O Söderberg Holding AB 7.00%

Investment case Valuation methodology

Ratos will divest consumer exposed holdings with weak margins We value Ratos as one company using a multiples approach,

and high seasonality, which we argue will be good for sentiment considering its own trading history and peers. We complement

and improve visibility into the higher-quality core assets. this with a DCF model and a SOTP.

After taking an in-depth look at Ratos' portfolio companies, we Our target price corresponds to a P/E 10x on 2027E estimates.

reach the conclusion that there are several strong assets in the Risks to our rating

portfolio, but these are overshadowed by companies with The largest risk for Ratos' share price is the execution risk in

relatively greater structural volatility and low profitability. transforming the portfolio.

The transformation process is likely to take a couple of years, Mixed demand outlook and risk that segments surprise on the

but should result in faster organic growth and higher margins up/downside.

for Ratos, generating a higher valuation. New M&A agenda with 2.5% annual growth target may be

Catalysts ambitious.

Upcoming divestment of the Consumer segment, and foremost