contentSlug

type

ContentPage_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentPage_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
  createdAt
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
    forum {
      threadUrl
    }
    defaultInstrument {
      symbol
      id
    }
  }
  ...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 {
        threadUrl
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        symbol
        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
          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
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
}

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
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Momentum Group is a group that offers products, services and solutions to customers in industry and industrial infrastructure in the Nordic region. The company is an active owner that focuses on developing and acquiring companies operating in the development of industrial components, industrial services, maintenance and related services. The headquarters are located in Stockholm.

Momentum, like many other Swedish industrial serial acquirers, saw a surge in growth in Q2… I wonder if this is a sign of a recovery in Nordic industry or just the relief of the Iran war becoming “routine.”                   Inderes              Momentum Group Q2 2026: Improved earnings and high acquisition activity -...    The Group reported increased revenue, improved margins and higher earnings during the second quarter of the year. This improvement was driven by positive performances in both business areas....                              Second quarter 2026  Revenue increased by 8% SEK 886 million (824). For comparable units, sales were unchanged. Operating profit increased by 24% to SEK 97 million (78), corresponding to an operating margin of 10.9% (9.5). EBITA increased by 23% to SEK 113 million (92), corresponding to an EBITA margin of 12.8% (11.2). Profit for the quarter amounted to SEK 70 million (54), corresponding to earnings per share of SEK 1.30 (1.05). Acquisition of Actuated Solutions, a specialist in valve automation in the UK. Acquisition of Limo, a specialist in motion control and energy-absorbing industrial components. Acquisition of Ceon, a specialist in valves and actuators with a focus on the marine sector in the Nordic region. Acquisition of IntentiusGruppen (Intentius Industri-komponenter and Tryggve Olson Normdetaljer), a specialist in advanced machining and industrial components.

During these quiet summer days, I’ve been keeping an eye on these Swedish serial acquirers. I noticed that Momentum has gradually drifted down -30% from its peak. But looking at the numbers, it doesn’t look like a buy yet. If you compare it to Berner using “monkey-level” analysis, the EV/EBIT is much higher based on realized earnings (~24 vs ~15). However, both companies are showing similar growth and ROI. At the same time, the EBITDA has been falling for several quarters in a row  I think I’ll stick with Berner for now and wait for the valuation to melt down. Here are some general key figures from Börsdata:

The thread is still unusually quiet, and linking to press releases won’t liven it up, but I’ll post it anyway  Momentum entered the market outside the Nordics with an acquisition in the UK. Expanding outside the Nordics likely carries slightly higher risks, but this was inevitable at some point. In the future, there wouldn’t be enough room to grow or a sufficient number of suitable acquisition targets in the Nordics. A small deal to start, and apparently, relationships had been cultivated for a long time. I consider these controlled expansions into new markets to be very important for the long-term investment case. Otherwise, at some point, we’ll be in a situation where that abundant cash flow can no longer be reinvested at the desired return, and compounding stops or slows down                    Inderes              Momentum Group acquires Actuated Solutions Limited – establishes position in...    Momentum Group has today signed an agreement to acquire 100 percent of the shares in Actuated Solutions Limited (ASL), an established specialist in valve automation in the UK market. The acquisition...

This is an exceptionally quiet thread, but I’ll post about the latest acquisition here. Revenue 55 mSEK, but I didn’t spot the purchase price. “Momentum Group has today signed an agreement to acquire 60 per cent of the  shares in Sikama AB, a specialist in gas and fluid handling for industrial  customers in Sweden. Sikama will be part of the new Infrastructure business area  under the Flow Technology business unit.”                   Inderes              Momentum Group acquires Sikama – strengthens its position in gas and fluid...    Momentum Group has today signed an agreement to acquire 60 per cent of the shares in Sikama AB, a specialist in gas and fluid handling for industrial customers in Sweden. Sikama will be part...

https://www.momentum.group/en/report/momentum-group-q2-2023-continued-favourable-organic-and-acquisition-driven-growth Still strong performance from Momentum  It would be great if Momentum Group broke down organic growth in more detail. Some Swedish serial acquirers report organic growth very precisely.

I was just thinking about that, that several years of (profitable) growth are already priced in, which would support trimming.

Valuation is undeniably starting to look… sweaty.  P/E multiple on trailing earnings is 40x. The latest acquisition at an EV/EBITA multiple of 8x made me realize that in Sweden, a lower return on invested capital (~12.5%) seems to be accepted, whereas here at home, for example, Boreo buys companies at 5-6x EBITA. Of course, that Askalon or whatever is also bigger and has grown impressively. Of course, if you believe Momentum will continue >15% earnings growth under Ulff’s guidance for, say, the next 10 years (revenue would then be 7.5 billion SEK, profit roughly 650 million SEK) and you slap an off-the-cuff EV/NOPAT ~20 multiple on a value-creating serial acquirer (debt is low for now, so that translates almost like P/E), the share would be 270 SEK in 10 years. CAGR >9%, which in itself isn’t bad but isn’t enough for me, but at the previous purchase price (~57 SEK), the CAGR is 19%, which is really great. This is just some back-of-the-envelope musing. This really is a top-notch outfit, a shame I didn’t buy more in the autumn, but that’s how it goes.

Momentum Group

The Weekly Edge Case turns the spotlight on a single company surfaced by Market Edge, taking the framework, Quality Rating combined with Value and Momentum, and showing how it reads on one concrete...

<div class="mfn-body"><p>The Weekly Edge Case turns the spotlight on a single company surfaced by Market Edge, taking the framework, Quality Rating combined with Value and Momentum, and showing how it reads on one concrete name. This week's case is a quality serial acquirer caught in an unusual sequence: the tailwind came first, and the valuation has only now caught up. Momentum was already running Very Strong (5) while Value sat no better than Fairly Priced (3), and this week the gap began to close from the value side – a name trading firmly with the trend turned Attractively Priced (4) at the same time.<br><br><strong><a href="https://www.redeye.se/research/1186572/weekly-edge-case-momentum-group?utm_source=MFN&amp;utm_medium=pmcour" rel="noopener">Read more</a></strong></p></div><div class="mfn-footer mfn-9ff7cc608348"><p><strong class="mfn-heading-1">About Redeye Nordic Growth AB</strong></p><hr><p>This is a press release from Redeye Nordic Growth AB, a equity research firm specializing in Nordic growth companies within Tech and Life Science. Redeye Nordic Growth is a part of the Redeye group, which also offers services within corporate finance advisory and fund management. https://services.redeye.se/</p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong></p><hr><p><a class="mfn-generated mfn-primary" href="https://storage.mfn.se/30b8ed48-dc74-4611-9970-3df391c87ebf/weekly-edge-case-momentum-group.pdf" rel="noopener">Weekly Edge Case – Momentum Group</a></p></div>

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Redeye: Weekly Edge Case – Momentum Group

Redeye: Weekly Edge Case – Momentum Group