Formpipe: Undramatic Q2, plenty in the pipe

Research Update

2016-07-13

14:18

Q2 revenue at 101.5 mSEK was above our expected 94.8; EBIT was reported at 4.7% (7.8% excl. non-recurring cost) compared to our estimate of 6.6%. The report contains positive signals confirming our expectation of further margin improvements in next quarters and also mid-term future – which however already is priced into the share. No news from Life Science team means continued waiting for traction in the area – but other areas are making up for it for now. Our fair value range remains practically unchanged. We increase our Financial Strength Rating by 1 pt given sustainably reduced debt levels that also allowed for a 2015 dividend. Read the full update for more details.

AS

Alexander Sattelmaier

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