contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          slug
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


redeye-combinedx-substantial-acquisition-strengthening-the-infor-m3-offering

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

CombinedX is an IT consulting company that offers services within digital transformation, system development, data analysis, automation and cybersecurity. Customers are found in both private companies and public organizations. The company operates through several specialist companies in the Nordic region and participates in both local and cross-border projects. CombinedX was founded in 1993 and is headquartered in Karlstad.

CombinedX delivered a decent Q3 report today. Behind the link are RedEye’s quick comments.  https://www.redeye.se/research/1131641/combinedx-q3-initial-take-positive-margin-surprise

This news had slipped by, so I’m posting it here now. CombinedX has been making acquisitions in May. 12.5.2025 CombinedX: Acquiring a high-performing Norwegian/Swedish IFS specialist Redeye views the deal positively.  "The deal values Align at 1.3x sales and 5.2x EBITA in 2024, excluding earn-out and 1.9x sales and 7.7x EBITA, including earn-out. We believe 5.2x EBITA is attractive for an IT consulting firm with 20% organic growth and 25% EBITA margins. The median EV/EBIT for 2025e for listed Nordic IT consulting firms is 10.0x. While those companies are significantly bigger than Align, none have 20% organic growth and 25% EBITA margins." Link to the full Redeye update.  https://www.redeye.se/research/1107251/combinedx-acquiring-a-high-performing-norwegian-ifs-partner Redeye’s forecasts below

I have translated the CEO’s comments (see the link I provided earlier) below. Indeed, profitability has been defended by optimizing headcount. I do appreciate that the company takes care of profitability, as it is one of the cornerstones of a good business. If it is allowed to deteriorate, it often leads to difficulties. Even if, in this case, it means a smaller number of employees. Q1 2025. CEO’s comments. Even in a waiting market, there are thousands of things that can be done Financially, 2025 started as expected. After the strategic sale of Aspire’s Borlänge business in January and other cost reductions we made in Aspire by merging it with Ninetech, we are losing growth momentum but defending our profitability. During Q1, the group’s net sales were SEK 239 million (SEK 225 million) and adjusted operating profit (EBITA) was SEK 27.3 million (SEK 27.4 million). This gives an adjusted EBITA margin of 11.4% (12.2%) and growth of 6.5%, of which organic growth is -4.9%. The market situation remains cautious, and the trade war initiated by Trump has increased uncertainty. We have a relatively large exposure to the manufacturing industry, 28% of net sales in Q1, and when our customers there postpone investment decisions, we have to wait on recruitments that we would otherwise have made. The slower pace of recruitment and the aforementioned restructuring of Aspire mean that we enter Q2 with 528 employees, compared to 606 employees we had at the beginning of Q2 last year. Fewer consultants naturally affect our conditions for organic growth in the coming quarters, but healthy profitability is always our priority. And our goal is growth even during this year. Even in a waiting market, there are software platforms that are growing and creating demand for specialized expertise. One of these is the ServiceNow-based platform, in which Netgain specializes. In April, ServiceNow named Netgain Sweden’s best partner based on customer satisfaction. The justification was that Netgain has “demonstrated exceptional quality in all its projects” and “the average customer satisfaction score is an incredible 4.95”. The foundation of customer satisfaction is an essential part of our definition of a leading brand. Strong customer relationships and satisfied employees are linked, as Netgain also demonstrates in the spring employee survey, where it achieved an eNPS of 83. Satisfied and repeat customers form the basis of revenue in all our specialized business companies, and in uncertain times, strong customer relationships are even more important. One example we reported on in the spring was the relaunch of wurth.se. It is one of Sweden’s largest B2B e-commerce sites and is the result of over ten years of close cooperation between Würth and Ninetech. And even in a waiting market, our companies develop many small and large digitalization projects every day. One example we have recently reported on is how Two has built an independently learning AI model for the Nordic region’s largest pawn shop, Sefina Pantbank. The model combines a large amount of external data, such as gold price information and exchange rates, with internal data, such as business history and customer behavior, and provides Sefina with accurate and up-to-date sales figures at the company level. Whatever the economic conditions, the prevailing megatrend, where all companies must utilize new technology and data, remains strong. Even in a waiting market, there are thousands of things we need to do.

Could this be a defensive victory? Organic growth is still negative, but the profit side was kept in line in a challenging market. Redeye comments can be found here:                   redeye.se              CombinedX Q1 2025: Prioritising profitability    Redeye comments on Combinedx’s Q1 report, showing solid profitability yet somewhat lower sales than expected. The market remains cautious, but the need for digitalisation still leaves a lot of busine                             Revenue fell short of RE (Redeye) forecasts, but profit exceeded them. They believe the sales shortfall is due to a smaller number of employees, especially on the Aspire side, as Sales-COGS/employees/workday still grew by 3%.

Q1. A decent result against a strong comparison period. EBITA margin was 11.4%. Revenue grew by 6.5%. https://www.combinedx.com/globalassets/dokument/kvartalsrapporter/2025/combinedx-q1-2025-ver-20-final.pdf Interim Report Q1 2025  First quarter, January 1 – March 31  • Net sales were 239.2 (224.7) MSEK  • Growth was 6.5% (7.5%) with organic growth of -4.9% (-1.4%)  • EBITA amounted to 27.3 (25.0) MSEK and EBITA margin was 11.4% (11.1%)  • Adjusted EBITA amounted to 27.3 (27.4) MSEK and adjusted EBITA margin was 11.4% (12.2%)  • Profit before tax was 21.2 (22.0) MSEK  • Cash flow from operating activities was 16.1 (31.9) MSEK  • Earnings per share before dilution amounted to 0.95 (1.02) and earnings per share after dilution was 0.95 (1.00) SEK

CombinedX AB (publ) has decided to bring forward the publication of the interim report for the period 1 January - 31 March 2025 (Q1). The report will be published on Wednesday, May 7, 2025, at 07:00 AM, instead of the previously communicated time (13:30 PM on the same day). The investor presentation and Q&A session planned for the same day will still take place on the same day (Wednesday, May 7) from 14:00 PM - 14:30 PM. Registration for the presentation/Q&A session can be done at So, as I understand it, the earnings release has been moved from that odd midday publication to the morning. Doesn’t bother me at all

In this quiet thread, one might update with information that is less company-specific, but still relevant to some Nordnet (Superloan) customers: A 20% lending value has been added for CombinedX.

CombinedX

Redeye reinforces its positive view on CombinedX following the acquisition of M3CS. Although the acquisition, at first sight, looks somewhat high-risk – a large acquisition with weak profitability...

<div class="mfn-body"><p>Redeye reinforces its positive view on CombinedX following the acquisition of M3CS. Although the acquisition, at first sight, looks somewhat high-risk – a large acquisition with weak profitability – we believe the combination of a low EV/S, senior consultants, and a software platform well-known to CombinedX makes the acquisition appealing.</p><p><a rel="noopener" href="https://www.redeye.se/research/984019/combinedx-substantial-acquisition-strengthening-the-infor-m3-offering?utm_source=MFN&amp;utm_medium=pmcour">Read more and download the Research Update.</a><br>&nbsp;<br>Follow companies at Redeye to receive the latest equity research within Life Science and Technology.<br>&nbsp;<br>This is a press release from Redeye - Research Powered Investment Banking. <a rel="noopener" href="https://www.redeye.se/">www.redeye.se/</a></p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong></p><hr><p><a rel="noopener" href="https://storage.mfn.se/3dff5552-7176-4274-bff9-e1eaa12d54bc/combinedx-substantial-acquisition-strengthening-the-infor-m3-offering.pdf" class="mfn-generated mfn-primary">CombinedX - Substantial Acquisition Strengthening the Infor M3 Offering</a></p></div>

Redeye: CombinedX - Substantial Acquisition Strengthening the Infor M3 Offering

Redeye: CombinedX - Substantial Acquisition Strengthening the Infor M3 Offering