SEK -1.73%: Was sold off early on fairly aggressively (-6%) before recovering to be down only slightly following 1H23 results that were inline from a revenue & profit perspective while they tightened guidance to be more towards the bottom end of the previously guided range for the full year. Revenue of $627m compared to $617m consensus, EBITDA of $283m v $284m expected while underlying NPAT of $135m compared to $129m consensus, although a few bulge brackets were higher. An interim div 24.0cps was declared. In terms of guidance, they tightened revenue to the low end but the market was already at $1.25bn while they see NPAT at $250m v $260m consensus. An okay result under the hood, and like many, they are navigating the complex operating environment pretty well.
MM is neutral SEK having sold it recently from our Flagship Growth Portfolio
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