Q1 2026E is set to show improving profitability in Technology & Distribution, while Energy & Environment faces short-term cost pressure from recent acquisitions, we believe. Despite macro uncertainty, resilient margins and a solid order book support our unchanged estimates. Trading at 14-17x EV/EBITA excluding M&A upside potential, the shares offer a c. 5% adjusted free cash flow yield. We leave our fair value range of SEK 77-95 unchanged.
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