Telekomtillverkaren Ericsson’s profit warning shook the market in the face of rapportsäsongen. Arkivbild. Photo: Maja Suslin, TT
Economy On Wednesday, the fall rapportsäsong started in earnest on the stockholm stock exchange. Doping from the weakness of the Swedish krona is expected to provide a boost to some of the heavyweights. But kallduschen from Ericsson’s profit warning characterizes the talking face.
- It was one of the most brutal vinstvarningarna we have seen in all of the categories on the long, ” says Esbjörn Lundevall, head of research at SEB.
Expectations for competitors such as Nokia and other companies in the sector, as IT-consultants with exposure to the telecom sector, has been pressed in the shade of the Ericsson share price collapse.
the Crown has lost
When Ericsson reported its quarterly report on Friday will show more. Lundevall expect that it will be a pretty gloomy reading.
- The vinstvarnade mainly with reference to nätverksdivisionen. But the fact is that it is not good for the other parts either, says Lundevall.
Currency is expected to be a great theme. The Swedish krona has since the end of the year lost 50 öre against the euro and 35 penny against the dollar. A weaker exchange rate gives a boost to the companies that take home sales from abroad.
In the first place is expected to positive exchange rate effects for the forestry company, Stora Enso, Billerud and Holmen. But it may also have given some boost to the heavy commodity – and engineering companies, Boliden, SSAB, Sandvik and Volvo.
- Fixed a few of them at the same time a counteracting effect, then even the pound has become very weak, ” says Lundevall.
From the four major banks, which account for one-sixth of the total value of nearly 6 sek 100 billion, is expected to no-frills, but according to Andreas Håkansson, banking analyst at Exane BNP Paribas.
- The most interesting thing is how the net interest income is developed. Where it can differ a lot, ” he says.
Winners are the banks with the greatest exposure to Swedish mortgages, where margins and volumes developed better than in many other parts of the credit market.
More details on banks ‘ capital requirements is also expected, a factor that determines the size of the future dividends.
High expectations
According to forecasts drawn up before the rapportfloden is expected to corporate profit growth in the third quarter, a total lie at approximately 10 percent, according to Peter Malmqvist, an analyst at research firm EQR.
- It is quite high. Even if I adjust for the most extreme companies, large non-recurring items, expectations high, ” he says.
He expects especially with the strength of small and medium-sized enterprises.
- They are developed well, because they are more dependent on the hyperstarka Swedish economy, such as construction and retail.
Facts: Rapportflodens heaviest reports
the River of the reports for the third quarter from the close of the heavyweights will begin in earnest on Wednesday 19 October, when Handelsbanken reports its results.
Dates Company October 19 Handelsbanken October 20, SEB, Tele2, Boliden, Atlas Copco, October 21, Telia, Volvo, Ericsson, Assa Abloy
- 24 October Sandvik
- October 25 Swedbank
- Alfa Laval
- 26 October Nordea
- Kinnevik
- SKF
- October 27, Fingerprint Cards
- Nokia
- ABB
- SCA
- October 28, Skanska
- Swedish Match
- Electrolux
- november 2, Lundin Petroleum
- november 8 Securitas
- 10 november Astra Zeneca
Source: Reuters
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