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Carlsquare Equity Research: Swedish industrials sector snapshot

9 Feb 2024

Read the full snapshot here:


  • The economy weakened in Europe. the US and China in 2023. In December 2023. the Fed signalled a new. lower forward-looking interest rate path. This has led to falling market interest rates and expectations of stimulus measures to revive the economy.
  • Purchasing managers surveys in the US and Europe are showing signs of bottoming out. China has continued to be a drag on growth.
  • Demand has been strong from e.g.. defence/aerospace and traditional energy, but weak from renewable energy and electric vehicles.
  • Q4 2023 earnings season indicates generally positive margin development but slow order intake for Swedish industrials. This is to some extent due to normalized supply times and destocking among customers. Sales have been in line with expectations. earnings somewhat lower than estimated (~-3 percent on average) according to our calculations.
  • We discuss sector winners and laggards in the last three months, including HANZA and Candles Scandinavia.


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Carlsquare Equity Research: Swedish industrials sector snapshot