Husqvarna AB B

Husqvarna AB produces outdoor power products. Products include: robotic lawn mowers, chainsaws, handheld petrol-powered products such as clearing saws and trimmers, garden tractors, and lawn mowers. Co. is also engaged in providing consumer watering products, cutting equipment and diamond tools for the construction and stone industries. Co.'s products and solutions are sold via dealers and retailers. Co. has three business areas: Europe & Asia/Pacific and Americas, which provide forest, park and garden products to dealers and retailers in Europe and Asia/Pacific, and in North and Latin America, respectively; and Construction, which provides light construction products and diamond tools.
  • TickerHUSQ B
  • ISINSE0001662230
  • ExchangeNasdaq Nordic Stockholm
  • SectorHousehold Goods & Home Construction
  • CountrySweden

Analysts

Anders Idborg ...
  • Karl Bokvist
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner – November 2019

Q3 reports held up better than expected and the sector rallied 15% over the results season. At the same time, demand indicators continue to be mostly negative and point to further pressure on estimates for 2020 (particularly if currency support would wane). We favour names with company-specific drivers and valuation support, and continue to be cautious on unusually expensive low-beta names. Our key long ideas are: Alfa Laval, Electrolux, Metso, Nokian Tyres We are cautious on: Assa Abloy, Autoliv, Kone, Nibe

Christer Magnergård

Husqvarna (Buy, TP: SEK93.00) - Not the best finish to the season

The strong Q3 performance by Gardena and Construction Products was overshadowed by the Husqvarna division’s weaker than consensus EBIT. Looking at 2020e, we still expect a solid earnings improvement driven by organic growth, benefits from exited loss-making businesses, and a modest raw materials costs tailwind. The stock historically has tended to trough seasonally in October/November; accordingly, we reiterate our BUY but have cut our target price to SEK93 (95).

Christer Magnergård ...
  • Eivind Sars Veddeng
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Fredrik Ivarsson ...
  • Jan Erik Gjerland
  • Jannick Lindegaard Denholt
  • Karl Bokvist
  • Karl Fredrik Schjøtt-Pedersen
  • Ludvig Kapanen
  • Mads Thinggaard
  • Martin Melbye
  • Olof Cederholm
  • Peter Kurt Nielsen

Talking Points - ICA Group (Sell): Weakening momentum

Coloplast (Hold) Preview of results: GPO update and 2019/20 guidance in focus …but momentum set to weaken Downgrade to SELL (Hold)

Anders Idborg ...
  • Olof Cederholm

Husqvarna - See past sluggish H2; soon it’ll be spring again

Mixed Q3, weak Husqvarna, good Gardena Husqvarna woes to stay in ’19 Good value at c. 11x EV/EBIT, keep BUY

Anders Idborg ...
  • Karl Bokvist
  • Olof Cederholm

Powerpoint Sector Report - The Capital Goods Data Miner – November 2019

Q3 reports held up better than expected and the sector rallied 15% over the results season. At the same time, demand indicators continue to be mostly negative and point to further pressure on estimates for 2020 (particularly if currency support would wane). We favour names with company-specific drivers and valuation support, and continue to be cautious on unusually expensive low-beta names. Our key long ideas are: Alfa Laval, Electrolux, Metso, Nokian Tyres We are cautious on: Assa Abloy, Autoliv, Kone, Nibe

Christer Magnergård

Husqvarna (Buy, TP: SEK93.00) - Not the best finish to the season

The strong Q3 performance by Gardena and Construction Products was overshadowed by the Husqvarna division’s weaker than consensus EBIT. Looking at 2020e, we still expect a solid earnings improvement driven by organic growth, benefits from exited loss-making businesses, and a modest raw materials costs tailwind. The stock historically has tended to trough seasonally in October/November; accordingly, we reiterate our BUY but have cut our target price to SEK93 (95).

Fredrik Ivarsson ...
  • Jan Erik Gjerland
  • Jannick Lindegaard Denholt
  • Karl Bokvist
  • Karl Fredrik Schjøtt-Pedersen
  • Ludvig Kapanen
  • Mads Thinggaard
  • Martin Melbye
  • Olof Cederholm
  • Peter Kurt Nielsen

Talking Points - ICA Group (Sell): Weakening momentum

Coloplast (Hold) Preview of results: GPO update and 2019/20 guidance in focus …but momentum set to weaken Downgrade to SELL (Hold)

Anders Idborg ...
  • Olof Cederholm

Husqvarna - See past sluggish H2; soon it’ll be spring again

Mixed Q3, weak Husqvarna, good Gardena Husqvarna woes to stay in ’19 Good value at c. 11x EV/EBIT, keep BUY

Anders Idborg ...
  • Olof Cederholm

Husqvarna - Mixed bag, Gardena the star

Q3 EBIT -6% vs. ABGSCe and Nordic Core cons Big miss in Husqvarna, not fully offset by Gardena Reiterate BUY, Q3 small quarter, little to extrapolate

1 director maiden bought

A director at Husqvarna Ab maiden bought 7,500 shares at 79.060SEK and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of...

Christer Magnergård ...
  • Eivind Sars Veddeng
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Niklas Wetterling
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Marius Knudssøn
  • Ole-Andreas Krohn
  • Patrik Ling

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Frank Maaø
  • Joachim Gunell
  • Jon Masdal
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Alexander Aukner ...
  • Christer Magnergård
  • Christoffer Wang Bjørnsen
  • Ole-Andreas Krohn

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Joachim Gunell
  • Jon Masdal
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

HUSQVARNA AB sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of HUSQVARNA AB (SE), a company active in the Durable Household Products industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 20, 2019, the closing price was SEK 80.44 and its potential was estimated at SEK 91.42.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Husqvarna April 09th, 2019

In general, Husqvarna is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 10, the nomination committee proposes to increase the remuneration of the board of directors by around 6%. In ECGS' view the current fees are already at the upper level of Swedish market practice for a company with the size and complexity of Husqvarna and it therefore does not approve of any increases without adequate justification. Since the proposal is not adequately justified, ECGS recommends to vote OPPOSE. Under ITEMS 11a(1)-11a(8), th...

HUSQVARNA – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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