Nilörngruppen

* All-cash public offer SEK 77 per share * Nilörn's largest shareholder (58% of votes) has accepted * 53% upside to current share price The Board unanimously recommends the offer Nilörn has received a recommended all-cash public offer from Trimco Group...

* Soft sales mostly on FX and order timing * We cut '26e-'27e adj. EBIT by 6-4% * Trading at ~7x EV/EBIT on our NTM estimates Bad timing and tough FX Nilörn's Q1 was soft on the surface, but material FX headwinds (-9%) and a SEK 16m order slipping from...

* Sales -8% and adj. EBIT -16% vs. ABGSCe * Order intake SEK 218m, below expectations * Likely minor negative consensus estimate revisions A mechanical miss beneath decent underlying trends Q1 was softer than expected on both sales and adj. EBIT. Nil...

* Relatively light comps in Q1e, but market still tough * We raise '26e-'28e EBIT by 1-3% * Trading at 6.3x NTM EV/EBIT A solid underlying Q1e, offset by FX We expect positive organic growth of 2% in Q1'26e, which implies sales of SEK 238m and adj. EBIT...