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

Christer Magnergård

Husqvarna (Buy, TP: SEK98.00) - Not concerned by the halt in growth

The disappointment in the Q2 report was the cessation of growth, caused by a very weak start of the season. However, we are convinced that the long-term growth prospects for especially robotic lawnmowers remains. The next potential trigger is the Capital Markets Day on 17 September, when we expect the company to announce its strategy for 2025 and new financial targets. We keep our BUY but have cut our target price to SEK98 (100), reflecting slightly lower estimates.

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

Northern Lights

Christer Magnergård

Husqvarna (Buy, TP: SEK100.00) - CMD more exciting than Q2e

We see two potential triggers in the coming months. 1) The Q2 report, due on on 16 July, where we expect a decent quarter despite some challenges. 2) The CMD on 17 September, at which we expect Husqvarna to present a new strategic 5-year plan. At the CMD, we also expect new financial targets and hope to see new robotic lawn care product solutions for professional users. So although we do not expect a strong Q2, we keep our BUY and SEK100 target price with the CMD as our focus.

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 3 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 June 11, 2019, the closing price was SEK 85.88 and its potential was estimated at SEK 95.92.

Karl-Johan Bonnevier

Full focus on technology

Quarterly updates and short-term valuations form the basis for a raft of equity research. In our view, however, this is only the starting point, and our value gap analysis tries to bridge this by looking at three key value drivers (internal efficiency, M&A, and financial re-engineering). In our second value gap piece, we showcase Dometic, Hexagon, HMS Networks, Husqvarna, Momentum Group and Securitas, having identified long-term value creation potential ranging from 50% to 120%.

Christer Magnergård

Husqvarna (Buy, TP: SEK98.00) - Not concerned by the halt in growth

The disappointment in the Q2 report was the cessation of growth, caused by a very weak start of the season. However, we are convinced that the long-term growth prospects for especially robotic lawnmowers remains. The next potential trigger is the Capital Markets Day on 17 September, when we expect the company to announce its strategy for 2025 and new financial targets. We keep our BUY but have cut our target price to SEK98 (100), reflecting slightly lower estimates.

Christer Magnergård

Husqvarna (Buy, TP: SEK100.00) - CMD more exciting than Q2e

We see two potential triggers in the coming months. 1) The Q2 report, due on on 16 July, where we expect a decent quarter despite some challenges. 2) The CMD on 17 September, at which we expect Husqvarna to present a new strategic 5-year plan. At the CMD, we also expect new financial targets and hope to see new robotic lawn care product solutions for professional users. So although we do not expect a strong Q2, we keep our BUY and SEK100 target price with the CMD as our focus.

Karl-Johan Bonnevier

Full focus on technology

Quarterly updates and short-term valuations form the basis for a raft of equity research. In our view, however, this is only the starting point, and our value gap analysis tries to bridge this by looking at three key value drivers (internal efficiency, M&A, and financial re-engineering). In our second value gap piece, we showcase Dometic, Hexagon, HMS Networks, Husqvarna, Momentum Group and Securitas, having identified long-term value creation potential ranging from 50% to 120%.

Christer Magnergård

Husqvarna (Buy, TP: SEK90.00) - Spring feelings

The weather remains in focus near-term for Husqvarna. While last year’s cold start to the spring season hampered Q1 2018 earnings, this year’s early start in Europe and above-average March temperatures should have the opposite effect. We are c4% above consensus on Q1 2019e EBIT (results due on 24 April). We reiterate our BUY and SEK90 target price.

Christer Magnergård

Husqvarna (Buy, TP: SEK90.00) - Exciting future – disappointing past

We have left behind a disappointing 2018 and entered what looks to be an exciting year for Husqvarna. On top of strong forecast earnings growth this year, we can look forward to the first year of meaningful volumes of robotic lawnmowers in the US and a CMD in September where we believe Husqvarna will present its new 2025 strategy. We reiterate our BUY and SEK90 target price.

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...

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

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Joachim Gunell
  • Mattias Holmberg
  • Nicolas McBeath
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Tomi Railo

Northern Lights

Christer Magnergård ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Mattias Montgomery
  • Ole-Andreas Krohn
  • Patrik Ling
  • Simen Mortensen
  • Stefan Gauffin

Northern Lights

Alexander Aukner ...
  • Christer Magnergård
  • Eivind Sars Veddeng
  • Helge André Martinsen
  • Jon Masdal
  • Marius Knudssøn
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Niclas Gehin
  • Ole-Andreas Krohn
  • 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 3 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 June 11, 2019, the closing price was SEK 85.88 and its potential was estimated at SEK 95.92.

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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