Berner Industrier

* Q3 beat our expectations handily, EBITA 29% above* Raise '26e-'27e EBITA 15-14% on higher margin assumptions* Increased confidence in operational improvements, FV SEK 65-95Another great quarterFollowing an already very impressive Q2, Q3 beat our raised...

* Orders +11%, sales -7%, adj. EBITA +29% vs. ABGSCe* Strong margin due to good mix in E&E and improvements in T&D* Another great quarter, but mix should likely not be fully extrapolatedQ3 resultsOrders were up 24% y-o-y and 11% above our estimate. Sales...

* Q3e sales up 14% y-o-y, 7% organic, supported by order intake* Estimate seasonally strong 9.1% margin, E&E to normalise q-o-q* Optimistic on margin improvements, balance sheet supports M&AQ3 expectationsFor Q3, we forecast that the strong order intake...

A strong report across the board Berner Industrier delivered a strong Q2 report, with orders up 12% y-o-y (3% below our estimate), sales that grew 7% (beating our estimate by the same amount), and a much-improved EBITA margin of 9.0%, or 10.4% if adjusting...