July portfolio-07/01/2026

研报英文原文证据摘录

July portfolio-07/01/2026

ing update scheduled for 8 July. We expect Q2 to show further acceleration,

supported by a positive Easter calendar effect and FX tailwinds. This should help CHEF deliver on its H1’26 guidance of 14%-18% reported

growth. At the guidance midpoint of 16%, we estimate this implies around 20% organic sales growth in Q2.

Analyst: Kristian Smolle, +46 709 99 26 96 krisitian.smolle@paretosec.com

Eastnine – Buy, TP SEK 58.2

We maintain Eastnine in the portfolio, as we view a larger acquisition as increasingly likely in the near term, which should support share price

performance. Over recent quarters, Eastnine has increased leverage and divested two properties in Riga to position itself for a larger

acquisition. Management has highlighted several acquisition opportunities in the market, and we estimate an acquisition capacity of around

EUR 200m. Assuming a 6% yield and 60% LTV, we estimate a 20% uplift to run-rate IFPM per share. The shares trade at a ~19% discount to

reported NAV and 12.6x earnings capacity IFPM, dropping to around 10x on a pro forma basis, reflecting such an acquisition. Additionally, a

strong office market in Poland underpins low vacancy rates, rising rents and property values.

Analyst: Emil Ekholm, +46 8 402 5277, emil.ekholm@paretosec.com

Mips – Buy, TP SEK 450

MIPS looks set for another solid quarter, with organic growth accelerating to 33% on a soft comp, Koroyd adding 29pp to growth and FX

headwinds easing to 2pp, driving adj. EBIT growth of 72% y/y. Beyond Q2, ATL inventory, the BRIM launch and a pickup in Moto support

~30% organic growth, with M&A pushing total growth to 53%, and margins scaling by 5.5pp to 43.7%. With growth and margins inflecting, we

expect a re-rating from current depressed levels to drive shares.