Ericsson: Headwinds accumulating

研报英文原文证据摘录

Ericsson: Headwinds accumulating

Update

July 15, 2026 12:00 AM GMT

Morgan Stanley & Co. International plc+MEricsson | Europe Terence Tsui

Equity Analyst

Headwinds accumulating Terence.Tsui@morganstanley.comShawn Kim +44 20 7425-3095

Shawn.Kim@morganstanley.com +44 20 7677-1018

Pressures from declining North American revenues and higher Lee Simpson

input costs. Equity Analyst

Lee.Simpson@morganstanley.com +44 20 7425-3378

Nigel van Putten

Key Takeaways Equity Analyst

Nigel.Putten@morganstanley.com +44 20 7425-2803

Stock has been a decent performer at c15% YTD partly due to Nokia's re-rating, Amelia M Scicluna

despite not having the same level of datacenter exposure. Research Associate

Amelia.Scicluna@morganstanley.com +44 20 7425-6694

However, headwinds on revenues and input costs are accumulating, resulting in

Ericsson (ERICb.ST, ERICB SS)

negative earnings revisions.

ADRERIC.O

From here, we see margins declining, but not deteriorating rapidly due to cost- Technology - Telecoms Equipment | Sweden

action. Stock Rating Equal-weight

Industry View In-Line

Equal-weight: prefer Nokia within the Telecoms Equipment space. Price target SKr 95.00

Shr price, close (Jul 13, 2026) SKr 112.75

52-Week Range SKr 128.45- 69.90

Market backdrop is underwhelming …: We expect the overall mobile Radio Access Mkt cap, curr (mn) SKr 376,811

Current EV, ModelWare (12/26e) (mn) SKr 336,553

Network (RAN) market to be flattish. Within this, the highly profitable North

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

American market declined by around 5% YoY in Q2 as US Telco operators remain

Sales / Revenue (SKr 237 227 227 230

disciplined on their capex deployment. Revenues from the the Americas accounted bn)**

for 36% of Group sales. EBITDA (SKr bn)* 48 31 35 38

EBIT (SKr bn)* 39 26 30 33