Europe Multi-Industry: Swedish Conglomerates: Updating Estimates and Price Targets Post Results

Goldman Sachs updates its estimates for Swedish conglomerates ADDT, Indutrade, and Lifco following recent results, highlighting margin execution and M&A impact amid weaker construction-linked end markets. Price targets were adjusted to reflect revised organic growth forecasts.

Key Takeaways

• 1.Organic growth is being constrained by longer lead times and weaker construction end-markets.
• 2.ADDT is positioned as the margin outperformer for the next several quarters.
• 3.Inorganic growth remains strong, with completed M&A deals driving significant sales contributions in 2026.

Table of Contents

• Key takeaways from Q1
• Stock views in a nutshell
• Change to GSe
• GS vs consensus
• Benchmarking Swedish Conglomerates vs Multi-Industry
• Valuation
• Indutrade Orderbook
• Disclosure Appendix

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