Bulten (AO) | Buy | Q2 first take: Smaller Bulten, stronger margin mix

研报英文原文证据摘录

Bulten (AO) | Buy | Q2 first take: Smaller Bulten, stronger margin mix

News comment

Release date: 10 July 2026

Mats Liss

Equity Research Analyst

+46 8 723 51 18

mliss@keplercheuvreux.com

BuyBulten

Sweden | Autos & parts MCap: SEK920.6M

Target Price: SEK58.00 Bloomberg: BULTEN SS Reuters: BULTEN.ST

Current Price: SEK43.90 Free float 75%

Up/downside: 32.1% Avg. daily volume (SEKm) 2.0

YTD abs performance -14.6% Market data: 09 July 2026

52-week high/low (SEK) 60.50/40.05

Q2 first take: Smaller Bulten, stronger margin mix

Key points:

Portfolio reset creates a smaller but more profitable Bulten.

Q2 margin beats despite weaker automotive volumes.

Large non-cash impairment masks stronger continuing operations.

Why the difference to our forecast - major portfolio transformatioin

Bulten has now classified the automotive contract manufacturing operations as discontinued, following agreements to divest the

operations in Europe and China. This is the key reason the reported continuing operations differ materially from our forecast.

The main deviation is structural rather than operational. Our forecast was prepared before Bulten reclassified the wider

automotive contract manufacturing operations as discontinued. This makes sales and EBIT not directly comparable. On the

comparable continuing business, sales are lower, but profitability is better, with an 8.0% EBIT margin versus our 6.1% estimate.

EPS from continuing operations was SEK 1.55, broadly in line with our SEK 1.60 forecast, while reported group EPS was hit by the

large non-cash impairment. Conference call 11 am. www.bulten.com

Margins of remaining business improve balancing large non-cash impairment

Reported Q2 sales from continuing operations were SEK 779m, versus our forecast of SEK 1,323m. The gap is mainly because our