Analyst firm Kepler Cheuvreux, which is close to Swedbank, lowers its target price for MTG from SEK 150 to SEK 144, but reiterates its buy recommendation.

The adjustment follows revised forecasts and currency-related downward revisions, but is partly offset by a lower cost of capital to 9 percent, according to Aktiellt. The Swedish krona has strengthened, which affects MTG negatively as the company has 98 percent of its sales outside Sweden.

Despite net debt of 1.5x ebitda after the Plarium acquisition, cash flow returns are expected to reach 11 percent for 2025 and increase further in 2026 as Plarium is fully consolidated, ebitda earnings grow and debt declines, according to Kepler.

The research firm sees continued support from the share buyback program this year.