Europe Multi-Industry: Swedish Conglomerates: Updating estimates and price targets post results

研报英文原文证据摘录

Europe Multi-Industry: Swedish Conglomerates: Updating estimates and price targets post results

Equity Research

17 June 2026 | 5:51AM BST

Europe Multi-Industry: Swedish Conglomerates: Updating estimates and

price targets post results

We update our estimates following recent results and reiterate our Buy rating on Ope Otaniyi

+44(20)7051 6955 |

ADDT. We forecast c.14% 2027E EBITA growth, largely driven by margin ope.otaniyi@gs.com

Goldman Sachs International

improvement and M&A. While we expect the recovery in broad-based organic

growth across ADDT’s segments to be weighted to H2 FY27 (October to March),

margin execution has remained strong, supported by pricing, mix, and restructuring.

We see further margin improvement in FY2027, driven by ongoing initiatives and

positive mix carry-over from H2 2026 into 2027. Our margin forecast increases by

c.40bps in 2027E (GSe vs consensus at ~20bps). We lower our FY2027 EBITA forecast

to reflect weaker organic growth, partly offset by higher margins. Our revised

SEK399 12m target price implies more than 20% upside.

We remain Neutral on Indutrade and Lifco. We cut our 2026 EBITA estimates by

c.3% and c.50bps respectively, and reduce our 12m target price to SEK211 for

Indutrade (from SEK259) and to SEK335 for Lifco (from SEK351). Our revised target

prices imply c.10% upside for Indutrade and c.8% upside for Lifco.

Where our numbers change : 1) we see scope for weaker European construction

activity in 2026, which would be a headwind for Indutrade; while 2) a weaker macro

backdrop leads to slower order book conversion despite growing B2B exposure; and

3) we make a modest cut to Lifco EBITA driven by negative mix in Demolition and

Tools in the near term.

n ADDT (Exhibit 3): We reduce our organic growth forecast to c.4% from above