Prevas

* Organic growth back in positive territory * We raise '27e-'28e adj. EBITA by 3% * Trading at 6/5x adj. EV/EBITA on '27e/'28e, ~30% below peers Growing with fewer hands In tough market conditions, Prevas has made several changes to turn the situation...

* Sales of SEK 357m, organic growth of 0.5% * Adj. EBITA of SEK 30m, and a margin of 8.4% * Sweden and Denmark lift earnings, Finland back to positive EBITA Q3 numbers Sales came in line with our estimates at SEK 357m (+2% vs. ABGSCe SEK 348m), corresponding...

* Demand stabilising, but reduction in FTEs a headwind * We cut adj. EBITA by 6% for '26e and 10% for '27e * Trading at historical lows, 40% below Nordic peers Stabilising, but no recovery yet The market remains weak but is stabilising, and the latest...