Scandinavian Medical Solutions (One-pager): Continues impressive growth and upgrades guidance for the fourth time in 2022/2023

Following Scandinavian Medical Solutions' guidance upgrade for the fourth time in the accounting period 2022/2023, we have updated the investment case one-pager.

Research20.09.2023 by Kasper Lihn
Kempower: Upside in long-term growth assumptions

Kempower's growth strategy is progressing well, while the trend towards electrification of transport continues to gain momentum, leading us to upgrade our estimates.

Research18.09.2023 by Pauli Lohi
Suominen: Markets will remain challenging for some time

Suominen’s earnings should finally start to improve in H223 and onwards. However, the oversupply in the markets is likely to hinder Suominen at least through 2024 as well, and we only see a more normalized earnings level in 2025, which is still way below the company’s targets.

Extensive research18.09.2023 by Rauli Juva
Solwers: Steps in capital allocation

Solwers announced two acquisitions on Thursday that will increase technical consulting in northern Sweden and architectural operations in Finland. The acquisitions were expected considering the company’s strategy and growth targets, and we believe they fit Solwers Group quite well. Reflecting the small size of the acquisitions, the estimate changes for this and the next few years were moderate.

Research15.09.2023 by Petri Gostowski
Inderes Group - Growth in recurring revenue, flat in project revenue in August - SEB

Inderes delivered EUR 1.2m sales in August, indicating 29% growth driven by recurring revenue and acquisitions. Project revenue remained flat year-on-year. The august sales number indicates that rather similar growth would be needed to make it to our Q2 estimate. However, we see that September is a seasonally bigger month for the Finnish business but smaller for Sweden. All in all, we call August broadly in line.

Scanfil: Price level is attractive again

Scanfil’s share price has fallen by 20% since the earnings release at the beginning of August without any major company-specific news. However, industrial data from Europe and globally has been subdued. Thus, the downward risks have also increased slightly for Scanfil, but with the drop in valuation due to the clear share price decline, we feel the expected return has improved and risen above the required return.

Research14.09.2023 by Antti Viljakainen
Remedy: Results of years of development will be put to test soon

With the release of Alan Wake 2 on October 27, Remedy's investor story is gradually moving into a phase of profitable growth after years of strong investment. In our view, the valuation of the stock already prices Alan Wake 2 for good success, and the other projects in the pipeline are also expected to create value.

Extensive research14.09.2023 by Atte Riikola
Erria (One-pager): Potential guidance upgrade if first half 2023 results are replicated in second half

Following the H1 2023 report from Erria in August, we have updated the investment case one-pager.

Harvia: Back to the growth trend from Q4’23

Harvia is a leading company in its field with clear competitive advantages. This enables good ROIC and value creation, in addition to which the company's capital allocation to acquisitions has been successful. We expect revenue and earnings to start rising again from Q4’23.

Extensive research13.09.2023 by Rauli Juva
Netcompany (One-pager): Leading digital transformation in Europe's public and private sectors

Read the new Netcompany investment case. Today we post our first One-pager on Netcompany, giving readers an introduction to the company, its investment case, key investment reasons, key investment risks, and relative valuation perspectives against its peer group.

Research12.09.2023 by Philip Coombes, Rasmus Køjborg
Starbreeze: Lower valuation improves risk-reward ratio ahead of PAYDAY 3 release

With the release date of PAYDAY 3 nearing, our confidence in the game’s success remains. We are particularly encouraged by the positive feedback the game has received and the positive indicators related to the game released by Starbreeze. The biggest question mark surrounding Starbreeze is the medium to long-term future of the company and what level of confidence to assign to any projections regarding the games after PAYDAY 3. However, with the recent decline in share price, we believe the risk-reward ratio has returned to being modestly positive.

Green Hydrogen Systems (One-pager): Completed capital raise support medium-term targets

Following Green Hydrogen Systems' completed capital raise in July 2023, reaching the full targeted amount of DKK 719m (rights issue of DKK 469m and loans of DKK 250m), and the confirmation of its 2023 guidance in the H1 2023 report in August, we have updated the investment case one-pager.

Research11.09.2023 by Kasper Lihn
Gubra (One-pager): Unique high margin CRO business and a strong obesity portfolio in D&P

Learn more about Gubra's uniques high margin CRO business and the strong obesity pipeline in D&P.

Shape Robotics (One-pager): European expansion continues with its EdTech concept

With Shape Robotics’ announcement of a large order in Romania yesterday, the first order in its new subsidiary in the Republic of Moldova last week, a non-binding letter of intent for the acquisition of the Polish company Skriware in late June 2023, as well as the announcement of the Q2/H1 report 2023 in late August, we have updated our investment case one-pager.  

Research07.09.2023 by Kasper Lihn
SP Group (One-pager): Danish-based plastics and composites manufacturing company

Learn about the latest developments in SP Group following its H1 2023 earnings from our updated One-pager. The research includes an update on the moulded plastics market, the long-term strategy, as well as highlighting key investment risks, key investment reasons and relative valuation against its peers.

Research07.09.2023 by Philip Coombes, Rasmus Køjborg
Anora: Cognac divestment creates clear value

Anora announced yesterday that it divests the cognac business for over EUR 50 million. The EBTDA of the divested operations has only been around EUR 2 million, so the multiples of the transaction are very high. Our estimates decreased only slightly, but Anora’s leverage decreases clearly with the transaction, which supports the value of the company’s share. We also believe that the transaction will bring out hidden value in Anora.

Research07.09.2023 by Rauli Juva
Hafnia (One-pager): Resilient product tanker market ahead of winter season

Today we post our updated one-pager on Hafnia, following its Q2 2023 earnings report. The one-pager includes an update on the market outlook, Hafnia’s shareholder returns outlook, key investment reasons, key investment risks, and relative valuation against a peer group.

Research06.09.2023 by Philip Coombes, Rasmus Køjborg
Sitowise: Expert in the built environment

Sitowise, which focuses on technical consulting and digitalization of buildings and infrastructure, is at the forefront of an industry supported by strong megatrends. Sitowise's efficient business model allows for some of the best profitability in the industry and strong cash flow to continue implementing an acquisition-driven growth strategy in a fragmented industry. In the coming years, dark clouds are caused by the uncertainty around the market picking up, to which the stabilization of the financial market will also be linked.

Extensive research05.09.2023 by Olli Koponen