Subscribe to Munters before börsåterkomsten, buy Instalco to the long-term part of the portfolio, purchase Rejlers and Transtema, but wait with Tobii and Gunnebo.
It is the advice in this week’s issue of Börsveckan, which also is ”cautiously positive” to Duroc, but choose to wait for any reports to ensure that the company delivers in the right direction.
Munters ‘ profitability has improved significantly in the past few years, and growth is good. With various assumptions Börsveckan do and denotes that the cautious would Munters movement are valued at 13.5 times ebitda in the year, which given the growth prospects described as an entirely reasonable valuation that leaves some upside potential. The council will therefore be to subscribe.
Today’s Industry recommend , however, to not subscribe for the offer shares in the teknikbolaget Munters, who on Friday börsentré again after that bought out by private equity firm Nordic Capital in 2010.
Installationsbolaget Instalco rushed during their börspremiär last week, but Börsveckan see more upside potential. EV/ebitda is 12.6 on last year’s figures, and the magazine estimates a profit of just under sek 4 per share this year, giving a p/e ratio in line with bravida’s – whose risk is certainly lower than Instalcos, but the potential is higher in the newcomer, and both have a place in a long-term portfolio.
Rejlers has had significant operational problems since 2012, but last week’s report shows, according to Börsveckan that the company is on the right path. The valuation leaves a nice upside potential if the company succeeds, reason magazine, and reiterates ”strong buy”.
Ögonstyrningsbolaget Tobii has launched several products and further waiting. ”It is undeniably exciting, but an investment in shares requires a long-term approach,” writes Börsveckan, and wait despite the fact that the company’s cash ensures financial sustainability.
Even in Gunnebo is the ”standby mode”: the growth is weak and non-recurring items continue to be charged to the result, even if last year’s profitability was enhanced, and the latest report was ”completely okay”. Konsensusprognoser track a marked improvement in margins in 2018, which Börsveckan comment with ”surely, this can be done, but gunnebo’s history is not the best and we are abolishing köprådet for the time being”.
The First North-listed fibernätsbolaget Transtemas share attract according to Börsveckan still, after a ”kanontillväxt” in the first quarter and nearly 800 million in annual sales. Several institutions acquired in the company designated as positive, and more are predicted to join the ”this tillväxtraket”. A buying advice repeated.
Duroc, found, finally, becomes a changed company after the reverse acquisition of IFG. Market capitalisation of around 1.2 billion with Börsveckans estimates for this year an ev/ebit of about 8.5, adjusted for the net financial position, while earnings per share will be 2:25 sek p/e ratio of 13.
The newspaper points out that the trade in the share on the basis of the new storägaren Peter Gyllenhammar large holdings, 79.5 per cent, will be limited, and it remains to be seen how it will be with the proportion of shares in public ownership should increase, which was the cause of an exception from the mandatory bid was granted by the Swedish securities council.
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