Ratos AB (publ) RATO B
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General analysis — not personal advice.
A full position may be justified at current valuation
Strong organic growth and EBITA increase in the latest report support the add signal.
The market reacts positively to the sharp earnings improvement and organic growth in Q3.
BUY is the call. Positive is the market mood. Low risk means less can go wrong.
Latest change
- 18 Jul 2026 — Ratos reported Q2 with revenue above expectations, 3.4% organic growth, adjusted EBITA of SEK 988m and strong operating cash flow of SEK 1,519m. Results also included positive one-offs related to the Sentia divestment…
About the company
Ratos is an investment company that owns and develops medium-sized Nordic companies within Construction & Services, Industry and Consumer. The focus is on organic growth, profitability improvement and selective acquisitions in the portfolio.
Bull case
Strong organic growth and 29 % EBITA increase in Q3 create positive momentum ahead of the year-end report.
Bear case
Cyclical exposures in construction and consumer sectors may be dampened by weaker economic conditions.
Sensitivity analysis
| Factor | If it weakens | If it strengthens |
|---|---|---|
| Aibel order intake | Lower order intake → reduced contribution to group EBITA and weaker cash flow. | Higher order intake → increased group EBITA and stronger portfolio confidence. |
| HL Display acquisition | Delayed integration → limited inorganic growth in the Consumer segment. | Successful integration → accelerated growth and margin improvement. |
Why this signal
Strong organic growth and EBITA increase in the latest report support the add signal.
Recent news
The Q3 report on 23 October 2026 showed 5.9 % organic growth and adjusted EBITA of 480 MSEK, beating expectations and lifting the share more than 7 %.