Equity research HANZA Q4 2023: Going on the offensive in a slower market

Carlsquare Equity Research considers the Q4 2023 report as solid since underlying margins exceeded the eight per cent target despite slower growth compared to recent quarters. The acquisition of Orbit One will boost sales, strengthen the electronics offering, and compensate for lower organic growth in 2024. Net, higher operating earnings estimates and a lower discount rate result in a base case valuation of SEK 100 per share (88).

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