Betolar announced on September 12 that it is planning structural reforms, which the company estimates will lead to annual savings of around EUR 5 million. According to our estimates, the company is using the savings to shift the need to raise new financing beyond the current tight financial market situation, which in itself is justified from the perspective of existing shareholders. However, we believe that the change of direction raises risks to net sales growth, especially in the short term.

Read the latest Flügger investment case following its Q1 2023/24 results, which show the company building upon a more stable footing with improving gross and EBIT margins following product price increases and falling raw materials prices.

Efter den 3. opjustering af 2023-forventningerne har vi opdateret vores investment case one-pager på BankNordik. Bankens betydelige overkapitalisering kombineret med udsigten til endnu et rekordresultat giver basis for et markant udbytte for 2023.

Stockmann’s decision to investigate strategic alternatives for the Department Stores business concertizes the company’s direction and it seems like the company is serious about creating value by seeking a structural arrangement for department stores.

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

Componenta, a foundry and machining services company, has undergone a significant restructuring over the last 5-7 years, resulting in increased cost flexibility, improved profitability and lower risk levels. We expect moderate growth and stable profitability in the coming years. The valuation of the stock is favorable by all measures.

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

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.

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.

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’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.

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.

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

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.

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.

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.

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.

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