Saab reported strong earnings, with 21% organic growth and a SEK 202 billion backlog. They raised 2025 organic sales growth to 20%-24% and expect EBIT to outpace sales. Aeronautics, Dynamics, and Surveillance segments are driving growth, with capacity expansion planned. Fair value estimate is SEK 490 with revenue forecast showing 23% growth for 2025.

The company’s bottom line remains solid with potential upside from naval export campaigns and Gripen expansion. Revenue forecast implies 23% growth for 2025 and 20.4% CAGR for 2023-27, ahead of management guidance. EBIT margin is expected to reach 10% by 2027, driven by margin normalization in Aeronautics and sustained margins in Dynamics and Surveillance.

Read more at Morningstar: Saab Earnings: 2025 Guidance Raised, Driven by Order Momentum; We Maintain Our FVE