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
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

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
    }
    ... 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
    }
  }
}


roko-acquires-a-majority-of-lambda-in-italy

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Röko is a Swedish serial acquirer. The company is an owner and manager of a portfolio of small and medium-sized companies in a variety of industries. The operations are conducted mainly in the Nordic region and large parts of Europe. The vision is to create long-term returns and to drive business development within each acquistion. Röko was founded in 2019 and is headquartered in Stockholm.

Inderes              Röko acquires a majority of Lambda in Italy - Inderes    Röko AB has acquired 85% of the shares of Lambda S.p.A. (“Lambda”). The remaining 15% will be owned by the management team of Lambda.Lambda designs and manufactures erbium and diode lasers for...

I was pondering Röko’s report by the fireplace on Friday evening. As Verneri already wrote, the strengthening of the krona (SEK) didn’t do any favors for the reported figures, as the majority of subsidiaries operate their businesses in other currencies, and thus the impact on Röko’s figures was as much as -6% in the final quarter and -4% for the full year. The krona has continued on the same path so far this year. Short-term noise.  Growth was then a bit lukewarm, as currencies resisted and it wasn’t the busiest year for acquisitions. Profitability was indeed strong and improved even further from peak levels, which nevertheless helped EBITA grow slightly both in the final quarter (+5%) and for the full year (+9%). Since Röko is still at a fairly early stage as a serial acquirer, the impact of even a single acquisition on an individual year’s growth is quite binary. Either the deal is closed or it isn’t  Growth could have thus reached the target level if 1-2 deals in the pipeline had made it to the finish line. The company can’t really comment on this pipeline in more detail, and the processes going on there are often quite intimate, where relationships are sometimes nurtured for years as an entrepreneur slowly decides to give up, at least partially, on their life’s work and beloved “child.” Sometimes, something happens during the process and the deal is canceled entirely or delayed. Blemishes are found in the paintwork during DD (Due Diligence), or a maximum cash offer from some PE bully is taken instead, or something else. Long-term development is then quite sweet when you consider what the years 2022-2025 have been like. During these years, many former favorite stocks and companies perceived as high quality have completely blown up due to economic misery, inflation, interest rates, geopolitics, war, etc. etc. Meanwhile, Röko’s subsidiaries have on average achieved organic growth and slightly improved margins  Simultaneously, the group’s ROCE just keeps ticking upwards and leverage downwards, which admittedly also signals unmade acquisitions. However, at the same time, it tells a story of asset-light subsidiaries churning out abundant cash flow. Gradually, one becomes convinced of the average quality of the acquired businesses—meaning their ability to generate cash flow, defend or improve margins, and at least grow in line with inflation. Those graduation caps or conveyor belt lubricants won’t be immediately disrupted by AI either, as Verneri aptly wrote in one of his messages   The serial acquirer model is beautiful in that these kinds of dull & stable “slugs” wouldn’t go anywhere on their own, but by masterfully reinvesting cash flows, magic happens in the long run.

It doesn’t seem like Röko reports pro forma figures anywhere? The company is starting to reach a size where pro forma calculations no longer have such a significant impact. However, it would still provide a more accurate picture because the balance sheet reflects the debt incurred from acquisitions, but the income statement doesn’t yet show the earnings (especially since acquisitions were made in December).

I was out for a few beers yesterday with some guys from the industry, and a study was mentioned suggesting that more concise companies tend to perform better.  I’ll have to ask next time what study it actually was. It does make sense, though, as good figures or a good business don’t need to be sugarcoated with verbal sugar. Bad ones, on the other hand… Well, there are experienced investors here, you know the kind of verbal acrobatics CEOs of poor businesses resort to.  Addition. A few examples. Berkshire Hathaway communicates with investors ONCE a year at the annual general meeting. Constellation Software stopped regular CEO letters in 2017. A more recent example from the home front. Sampo’s Torbjörn answered questions very briefly and didn’t hide his frustration with analysts’ silly questions during analyst calls.  The stock performed quite well during his tenure as CEO.

Inderes              Röko, Audiocast, Q4'25 - Inderes    Time: 05.02.2026 klo 10.30 Language: en Language: en Sector: Financials - Investment companies Activity: Audiocast with teleconference                             Verneri is filling the gaps in Inderes’ Swedish analysis operations and gave us a quick comment on Röko’s results  Here is the earnings call starting at 10:30 to accompany the report. By the way, these are record-breakingly short at Röko  In the Q3 call, Deputy CEO Johan was on the line for just under 8 minutes, briefly going through the key metrics and answering a couple of questions. Tellingly, towards the end of the call, I think you could hear someone (maybe the actual CEO?) knocking on the recording room door/window and probably hurrying Johan back to work  That’s how it is when the headquarters focuses on the essentials with a team of only eight people. In my opinion, many other companies ramble on for hours in their earnings calls about report details for no reason, when that time could be spent on the business itself

The strengthening of the krona hit Röko, but currencies are fluctuating back and forth. In terms of acquired revenue, slightly more acquisitions were made last year than in 2024.   Adj. EBITA increased 9% to MSEK 1,339 (1,227) in the year driven by acquisitions and organic growth, but with negative exchange rate differences Adj. EBITA margin increased to 21% (20%) driven by acquisitions and organic margin improvements Net debt / LTM Adj. EBITDA was reduced to 2.0x (2.1x) at the end of the year, driven by organic profit growth and good cash conversion Three acquisitions, of which one add-on, with combined annual sales of MSEK 465 were completed in the year                     Inderes              Year-end report 2025 - Inderes    Stockholm, February 5, 2026 Adj. EBITA increased 9% to MSEK 1,339 (1,227) in the year driven by acquisitions and organic growth, but with negative exchange rate differencesAdj. EBITA margin ...                              The acquired businesses are indeed real cash machines with very low capital requirements, which is reflected in a 186% return on capital employed excluding the “air” (intangibles) on the balance sheet. Of course, the shareholder looks at the total ROCE, as this “goodwill” reflects the cost of acquisitions beyond physical assets. That is slowly creeping towards the 20% level, which is a typical level for high-quality and mature serial acquirers.             storage.mfn.se              roko-25-year-end-presentation.pdf                             Financially, there is plenty of firepower for making acquisitions, with the debt level being moderate and the company also having a good amount of cash left. Cash flow is also strong. Hopefully, the share price continues its downward trend, as this kind of moderate growth doesn’t spark great greed in the short term, which may offer opportunities for long-term investors at the expense of the impatient ones.

Here’s another interesting company that I came across through a great ‘heel story’ about the CEO on TikTok. The valuation is still quite high, with a 2025 P/E of ~29. On the other hand, we are looking at 2026, and the forecasts for that year on Nordnet show a P/E of ~25, which is, well, still high. Of course, with different calculation formulas, you can make even these valuations look very cheap. These serial acquirers should be studied more. Now one can only look back with envy at, for example, the hefty returns Lifco’s owners have enjoyed.

Röko

Röko AB has acquired 85% of the shares of Lambda S.p.A. (“Lambda”). The remaining 15% will be owned by the management team of Lambda.Lambda designs and manufactures erbium and diode lasers for...

<div class="mfn-preamble"><p><strong>Röko AB has acquired 85% of the shares of Lambda S.p.A. (“Lambda”). The remaining 15% will be owned by the management team of Lambda.</strong></p></div><div class="mfn-body"><p>Lambda designs and manufactures erbium and diode lasers for dental, veterinary and art restoration under the brands Doctor Smile, Doctor Vet and doctor Art. The company supplies customers in more than 30 countries across the world. Lambda has sales of ca EUR 11m, 43 employees and will be consolidated in the B2B business segment in February 2026. The acquisition is not expected to have a significant impact on Röko’s earnings in the current financial year.</p><p>The acquisition of Lambda is Röko’s second acquisition in Italy and since 2019 Röko have completed more than 30 acquisitions.</p><p>Please visit <a rel="noopener" href="http://www.lambdaspa.com/">www.lambdaspa.com</a> for more information regarding Lambda. If you have any questions, please contact:</p><p>Andreas Larsson, Investor Relations Röko, +46 (0)709 70 75 55, <a rel="noopener" href="mailto:ir@roko.se">ir@roko.se</a></p><p>Röko is a perpetual owner of European small- and medium-sized businesses and today we own 31 companies in a variety of industries across Europe. Our team has more than 100 years of combined experience working with owner-managed businesses across a broad range of industries.</p><p><em>The information was submitted for publication, through the agency of the contact person set out above, on February 12, 2026, at 15.00 (CEST).</em></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/04914c9d-a9ae-4b45-9cff-eb50eeb2c7a4/roko-acquires-a-majority-of-lambda-in-italy.pdf" class="mfn-generated mfn-primary">Röko acquires a majority of Lambda in Italy</a></p></div>