Careium: Looking for H2 acceleration - SEB
14 juli, 09:36
Q2 was weaker with both Nordics and the UK showing negative growth, although 2025 guidance of improved sales/profitability/FCF was maintained. We believe sales look achievable but that profitability requires either a further acceleration in sales or cost initiatives. We lower 2025E EBIT by 9% and 2026E by 6% for 2026, and our new fair value range is SEK 31-38. The shares trade at a 2025E EV/EBITA of 11x.
SEB Research
This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.
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Careium: Looking for H2 acceleration - SEB
14 juli, 09:36
Q2 was weaker with both Nordics and the UK showing negative growth, although 2025 guidance of improved sales/profitability/FCF was maintained. We believe sales look achievable but that profitability requires either a further acceleration in sales or cost initiatives. We lower 2025E EBIT by 9% and 2026E by 6% for 2026, and our new fair value range is SEK 31-38. The shares trade at a 2025E EV/EBITA of 11x.
SEB Research
This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.
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