AOJ 2025Q2

[bb8]

Er Aktie-Zlatan på ferie? I hans fravær poster jeg Q2-resultater for A&O Johansen.

Figuren fra borsdata.se er sakset herfra:
https://bsky.app/profile/40procent20ar.bsky.social/post/3lweyn7stys23

• Revenue growth continued in the second quarter of

2025. The quarter was well in line with expectations
      and saw a high level of activity in both the organic
      and the acquired parts of the business.

• Revenue growth of 15.0% for the quarter with one
  less sales day. Organic growth was 7.3% while
  acquired companies contributed an additional 7.7%.

• EBITDA for the quarter improved compared to 2024
  driven by gross margins and revenue growth.

• Positive effect on margins from segment mix and
  acquisitions.

• Continued high level of activity within logistics
  increases costs.

• The first half and second quarter saw solid results
  from the B2B segment. Organic growth and stable
  margins delivered a higher segment result.

• Solid growth combined with higher margins from
  acquired businesses contributed to B2C having a
  strong quarter and first half of 2025.

• In Sweden two new stores opened in Q2, one in
  Västerås and another in Uppsala. In January 2026,
  an additional store will be opened, bringing the total
  number of stores in the Greater Stockholm area up to
  four.

• Guidance from the 2024 annual report has been updated
  in the sense that guidance ranges have been narrowed
  towards the high end of the range. Revenue for 2025
  is expected to be in the range of DKK 5,950 - 6,100m,
  EBITDA is expected to range between DKK 420 - 450m
  and EBT between DKK 245 - 275m.

[Aktie-Zlatan]

Nej, min ferie er forbi.

Er det ikke tid for danske aktionærer at opdage A&O Johansen?

Ekskl. Solars restruktureringsomkostninger vurderes Solar A/S til PE (2025)=43 og A&O Johansen til PE (2025)=12. "Peers" i udlandet til PE=15-25.

SEB vil sandsynligvis løfte kursmålet fra 110 til 115, 120 eller 125 DKK. Hvor er alle andre danske analytikere? Vågn da op for pokker!

https://ao.dk/globalassets/download/regnskabsdata/2025/ao_h1-2025_uk.pdf

https://ao.eventcdn.net/events/interim-report-q2-2025

[Aktie-Zlatan]

SEB idag:

130 DKK

[InvestorCL]

Danske aktionærer vokser i AO, alene hos Nordnet er der nu 3112 aktionærer, for et par år siden var der kun ca. 1500.

[Aktie-Zlatan]

Disse 3112 er alle Nordnet-aktionærer og især svenskere liger A&O (og andre grossister med højere P/E end A&O:s).

SEB:s analyse findes siden igår i øvrigt på X.

Alexander Eliasson (@alexeliasson) on X

SEB nämner tillväxt i Sverige 🇸🇪, försvarsinvesteringar och underhåll i VA-systemet som framtida drivkrafter för $AOJ, i sin höjning till -> 130DKK. Jag tror inte man behöver bli sängliggande kränkt av att betala p/e 8x + 5% div för nästa år (+ väldigt stort fastighetsbestånd). https://t.co/qHT8uXX8Zl

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