Morning Comment Sweden-06/29/2026

研报英文原文证据摘录

Morning Comment Sweden-06/29/2026

Morning Comment Sweden

29 JUN 2026

Today’s research focus S&P 500 intraday

7.400

• INSTAL - Instalco - HOLD (BUY), TP SEK 42: For Q2, we model +4.3%

sales growth (+2.7% organic) and a 6.9% EBITA adj. margin (+0.2pp Y/Y) 7.380

following strong backlog growth (+15% in Q1), but remain cautious on

7.360

near-term conversion. Beyond growth, focus will be on the Swedish

margin trajectory after the Q1 hiccup (-1.7pp Y/Y) and on the sustainability 7.340

of Finland’s elevated margins. Following a ~60% YTD performance,

Instalco trades at 14.5x EV/EBITA adj. ‘26E, a ~26% premium to M&A 7.320

service peers (PAS). With R/R now balanced, we downgrade to HOLD 7.300

(BUY), TP SEK 42, ~12.5x EV/EBITA adj ‘27E. LINK

7.280

• BRAV - Bravida - HOLD, TP SEK 125 (118): We expect a second quarter 16:00 17:00 18:00 19:00 20:00 21:00

of OSG (1.9%) in Q2, driving SEK 402m EBITA adj. at a 5.7% margin

(+0.3pp Y/Y) as strong order intake the last 4 quarters start converting. US and Asia indices (at time of publication)

We leave ‘26E estimates largely unchanged but raise ’27-28E on the NOK 2.00% 1.78%

~4.5 bn data center order in Norway. After a ~37% share rally since the

Q1 report, Bravida’s premium to service M&A peers has widened to 1.50%

~32%, leaving limited near-term upside. Reiterate HOLD, raising TP to

SEK 125 (118), ~12.5x EV/EBITA adj. ‘27E. LINK 1.00% 0.96%

• XVIVO - XVIVO Perfusion - Buy, TP SEK 310 (320): We expect 33% 0.50%

organic growth and an EBITDA margin of 20% in Q2. Lung continues to

perform well, though growth is also helped by an easy comp. Transplant 0.00%

volumes are tracking materially better in the quarter, pointing to a market -0.09% -0.05%

re-acceleration following last year’s weakness. We have pushed heart -0.50% -0.24% -0.22%