Faron reported more detailed interim results of the BEXMAB study at the annual meeting of the American Society of Hematology (ASH). The company is on track for the important final read-out in March, as tolerability and overall response rate have remained at good levels.
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The investment case for BioPorto focuses on leveraging the FDA marketing authorization of ProNephro AKI (NGAL) for pediatric use as a foundation for future approvals for adult use and broader applications
Enento’s stock has been under pressure since our last update. There is still considerable uncertainty about the new normal in the Swedish credit market, but the slightly lower valuation and the continued decline in interest rates make the stock more attractive in our view.
Starbreeze announced yesterday a work-for-hire agreement with KRAFTON Inc, the South Korean gaming giant behind the global hit PUBG: Battlegrounds. We view this agreement as a good strategic fit as Starbreeze takes no financial risks, retains full ownership of the PAYDAY IP, and gains increased visibility and reach by introducing the PAYDAY gameplay experience to one of the world’s most popular games.
Nexstim's year of surprises continued on Friday when the company announced a new development and distribution cooperation agreement with Germany's Brainlab AG. The agreement will strengthen Nexstim's financial position and improve its performance starting next year.
Solwers' Q3 figures came in below our forecast, which we believe reflects sluggish market conditions and, to some extent, higher-than-expected seasonality.
Recent developments in Hexicon’s project portfolio have been mixed, in our view. While the MunmuBaram project finally received regulatory approval, the Swedish Government rejected two key projects, affecting the valuation negatively. Furthermore, Hexicon is still in need of immediate cash infusion, and we believe it will be difficult for the company to overcome the downward pressure from the expected equity issue, the high cash burn, and the remaining question marks concerning the structure of the MunmuBaram divestment. Against this backdrop, we believe that the near-term risk/reward profile is unfavorable. Consequently, we revise our recommendation to Sell (was Reduce) and lower our target price to SEK 0.14 (was 0.23), reflecting the negative impact of the reduced net capacity in the project portfolio and aligning with our SOTP valuation.
We are discontinuing our coverage of OptiCept as the company has terminated the research service agreement. Consequently, we will no longer be giving a target price (prev. SEK 5.3) or recommendation (prev. Reduce) for the stock. OptiCept is investing in the growth of its patented technology platforms based on Pulsed Electric Fields (PEF) and Vacuum Infusion (VI), which have clear customer benefits and short payback periods. Growth to a larger commercial scale has been slow in recent years, but the success in converting existing pilot projects into concrete orders has clear potential to change this in the coming years. In our view, OptiCept shareholders should pay particular attention to the company's ability to maintain its emerging momentum in FoodTech order intake, as this has a clear impact on how quickly cash flow can become positive.
We are discontinuing our coverage of SciBase as the company has terminated the research service agreement. Consequently, we will no longer give the stock a target price (prev. 0.45 SEK) or recommendation (prev. Reduce).
While Verve's Q3 revenue aligned with our estimates, adjusted operating profit fell short of expectations. However, the company demonstrated strong cash conversion, and other KPIs remained robust.
Read the latest Hafnia One-pager update following the Q3 2024 results. The One-pager includes a brief description of Hafnia, an update on the product tanker market, latest financials, valuation perspectives relative to a peer group, and outlines several key investment risks and key investment reasons.
Vi har opdateret vores one-pager på Vestjysk Bank efter det nylige regnskab for Q3 2024, og de seneste bevægelser efter at de fleste af pengeinstitutterne i vores peer group nu har aflagt regnskab.
We have updated our investment case one-pager following the 2023/24 results, new 2024/25 guidance, and recent news. Besides an overview of financials and valuation multiples, the investment case one-pager introduces Scandinavian Medical Solutions and highlights key investment reasons and risks.
SP Group grew its own-brand products to record levels of over 30% during Q3 2024 as the company continues its strong cyclical turnaround. In connection with the Q3 results, SP Group narrowed its guidance, maintaining the midpoint of its Q2 upgrade, now expecting revenue growth of 10-16% y/y, with EBITDA margins of 19-21%, and EBT margins of 11-13%. The growth of own brands YTD 2024 has supported margin expansion and remains a cornerstone of SP Group’s strategy moving forward.
We are discontinuing our coverage of Mendus as the company has terminated the equity research agreement. Consequently, we will no longer be giving a target price (was SEK 14) or a recommendation (was Accumulate) for the stock.
