Nolato

* Q2 below expectations, largely due to temporary effects * We cut our EBITA estimates by 3% for '26e, 1% for '27e-'28e * Organic growth to accelerate in H2e, and M&A potential on top Miss in Q2 driven mainly by temporary effects Nolato reported Q2 adj...

* Adj. EBITA SEK 253m (-7% vs. ABG, -3% vs. MFN cons) * We expect cons EBITA to come down by 2-3% * Share trading at 13-11x '26e-'27e EV/EBITA Q2 outcome Sales came in at SEK 2,454m (-1% vs. ABG 2,467m, 0% vs. Modular Finance cons 2,453m), up 2% y-o-...

* Q2e: some GLP-1 ramp-up, more to come in H2e * Estimates up on FX and higher growth in Engineered * Trading at 13x '26e EV/EBITA vs. historical average of 15x Q2e: slight organic acceleration, more to come in H2e We expect Nolato to report Q2 net sales...

* Christer Wahlquist stepping down, Anders Björklund new CEO * Pre-planned, internal recruitment should make for a smooth transition * A loss for the company, but still plenty of experience in the mgmt. team Anders Björklund appointed new CEO Nolato ...