Buy‑back pace & scale – EQT vs. peers
EQT’s week‑35 repurchase of 552,100 shares represents roughly 1 % of its total authorisation (5.54 m shares) and about 0.3‑0.4 % of the float (≈150 m shares outstanding). At the current price (≈ SEK 190) the transaction amounts to a cash outlay of ≈ SEK 105 m (≈ 0.2 % of quarterly free‑cash‑flow). In the context of the Swedish private‑equity/asset‑management peer group, this cadence is modest.
- Investor AB (a large Swedish holding) has been running a more aggressive programme: it repurchased ~2 m shares in the same week, equivalent to ≈ 4 % of its authorised 50 m‑share programme and 0.6 % of its float.
- Kinnevik (global investment company) typically executes at a faster speed, snapping up ~1.1 m shares per week, representing ≈ 5 % of its 22 m‑share mandate.
Thus, EQT’s current weekly execution is ≈ 5‑6× slower (in % of authorisation) than the most active peers and ≈ 1‑2 % of float, placing it in the “steady‑support” category rather than the “accelerated‑return‑to‑shareholder” camp.
Trading implications
The measured‑pace buy‑back supplies a soft floor for the stock, capping downside and offering modest upside if the market interprets the repurchase as a sign of confidence in earnings visibility. Because the scale is modest relative to peers, the buy‑back alone is unlikely to trigger a sharp price rally; however, if EQT accelerates its execution (e.g., hitting ≥ 10 % of the programme within the next month) prices could break higher on the “scarcity‑effect” typical for Swedish‐listed hold‑co’s. From a tactical standpoint, consider light‑long positions or buy‑on‑dip around the current support zone (SEK 185‑190), keeping an eye on any escalation in repurchase cadence from the management outlook.