Morning Comment Sweden-07/01/2026

研报英文原文证据摘录

Morning Comment Sweden-07/01/2026

Morning Comment Sweden

1 JUL 2026

Today’s research focus S&P 500 intraday

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• Equity Portfolio Update Sweden: Our portfolio traded -1.43% in June vs 7.510

our benchmark (OMXGI) +0.58% for an underperformance of 201bps. We

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make two changes to our July portfolio, replacing Elekta and Paradox

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Interactive with Bilia and Nordrest. LINK

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• SEDANA - Sedana Medical - Buy, TP SEK 18: We expect -5% growth in 7.470

Q2, hurt by a tough comp, lower infection levels, and strikes in Spain. 7.460

EBITDA should land at SEK -4.7m, with ex-US EBITDA just below zero. 7.450

More important is the US, where the NDA is now submitted, an important 7.440

milestone after years of delays. We are confident in the clinical data, with 7.430

risk concentrated on manufacturing. Near-term drivers are limited, but we 16:00 17:00 18:00 19:00 20:00 21:00

find it hard to see the shares not standing meaningfully higher in a year.

LINK US and Asia indices (at time of publication)

• ASMDEE - Asmodee - Buy, TP SEK 175: We expect a solid Q1 with EBIT 1.80%

1.60% 1.52% adj. 13.8% above cons. With 29.1% EBIT growth for the full year, growth

to comeback in published titles from Q2, and a M&A optionality that could 1.40%

add 10% to EBIT adj. – we view the current 6.0% FCF yield as lucrative. 1.20%

LINK 1.00% 0.79%

0.80%

• ALTRA - Altra - Buy, TP SEK 80: Altra has acquired four fully let 0.60% 0.55%

properties in northern Sweden for a combined property value of SEK 0.40% 0.26% 0.33%

236m, comprising ~20,000 sqm with annual rental income of ~SEK 20m. 0.20%

Simultaneously, the company has agreed to divest five properties for SEK 0.00%

420m, comprising ~23,000 sqm with annual rental income of ~SEK 33m, Dow S&P 500 Nasdaq Nikkei 225 Hang Seng Shanghai