Clavister

* Gross margins above its target of 80% * Order book at a record and foundation getting stronger * Trading at EV/EBITDA of 18-10x '26e-'27e, ~20% below peers Only getting better from here Clavister reported a strong Q1'26 report, with sales up 35% y-...

* Sales of SEK 72m (-5% vs. ABGSCe 76), a 35% y-o-y growth * Order book at a record, and ARR up 6% * Now with a solid foundation for the future Q1'26 results Clavister reported Q1'26 sales of SEK 72m (-5% vs. ABGSCe 76m), implying 35% y-o-y growth, reflecting...

* Defence order lifts Q1e sales to SEK 76m, +42% y-o-y * Entering the new year with stronger financial fundamentals * Expecting an average FCF yield 7% p.a. '26e-'28e Strong quarter thanks to Norwegian order This is the first quarter with the Norwegian...

* Softer Q4 numbers due to FX and tough comps * We raise EBITDA by 6% for '27e * Trading at 13-9x EV/EBITDA for '26e-'27e, ~30% below peers Quarter held back by FX and tough comps Clavister reported Q4'25 sales of SEK 61m, for 3% y-o-y growth, held back...

* Sales of SEK 61m (-5% vs. ABGSCe), a 3% y-o-y growth * ARR continues to grow, up 5%, and defence up 66% y-o-y * More a scaling story than a turnaround Q4'25 results Clavister reported Q4'25 sales of SEK 61m (-5% vs. ABGSCe 64m), implying 3% y-o-y growth...

* Softer Q4 numbers due to postponed orders... * ...but we raise EBITDA ~65% for '26e-'27e after recent defence order * Avg. of ~13-11x EV/EBITDA for '26e-'27e, ~30% below peers Softer Q4e due to market conditions and postponed orders Clavister will ...

* Wins a SEK 280m contract, starting in Q1'26 * Pure software delivery, supporting a stronger margin profile * Significant, positive mechanical impact to consensus sales estimates A strategically important win Clavister has been awarded a ~SEK 280m contract...