Read the latest Hafnia One-pager update following the Q3 2025 results. The One-pager includes a brief company profile, a market update on product tankers, the latest financial performance, and valuation perspectives relative to peers. It also outlines key investment risks and reasons to consider for Hafnia.
eQ's recent years have been difficult, and it has suffered badly from the challenges of Real Estate funds. However, the earnings bottom is likely to be at hand, and we expect a significant earnings improvement starting next year.
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UB's sales have picked up after a subdued start to the year, but the sales engine is still underpowered. A key challenge is the company's spearhead funds, whose sales are sluggish.
Following the Q3 2025 results, we have revised our investment case one-pager to reflect the latest developments, including updated peer-group perspectives from the Danish SaaS sector.
The stock's valuation is now extremely attractive through a sum-of-the-parts analysis but realizing this will require not only Easor's listing but also profitability improvements in international operations. Nevertheless, we believe the risk/reward ratio is very attractive.
The latest Gubra one-pager follows the continued progress in the company’s obesity pipeline, including development under the partnership with AbbVie for ABBV-295, which released an upfront payment of USD 350m in Q2 2025. Our model suggests that Discovery & Partnerships (D&P) is the primary value driver for Gubra, led by the potential for ABBV-295 for a further USD 1.875bn in milestones and royalties, and followed by the early-stage, but high-potential UCN2 Gubra-owned pipeline asset. We still assume the CRO has significant value despite a more challenging 2025 after a long period of strong growth, and highlight a range of CRO valuations based on peer company valuations.
Efter opjusteringen fra Føroya Banki i midten af november, og efter at alle peers har aflagt regnskab har vi opdateret vores one-pager på banken. Læs med her for en kort beskrivelse af banken og det seneste regnskab, samt et oprids af en række positive og negative faktorer ved casen. Desuden får du de vigtigste regnskabstal og nøgletal, samt en opdateret peer group.
Efter regnskabet for 3. kvartal 2025 fra Vestjysk Bank tidligere på ugen, samt regnskaber fra alle peers, har vi opdateret vores one-pager på banken inkl. vores peer group.
Tietoevry held a Capital Markets Day yesterday evening, where the company, in its typical fashion, thoroughly explained when and how it expects growth and profitability improvements to materialize.
We have updated our investment case one-pager on Scandinavian Medical Solutions following the 2024/25 report and the guidance for 2025/26. Besides an overview of financials and updated valuation multiples, the investment case one-pager introduces Scandinavian Medical Solutions and highlights key investment reasons and risks.
Solwers' Q3 was better than we expected, as earnings development stabilized, marking the first step towards the company regaining critical earnings growth.
The 2024/25 results strengthen confidence in Gabriel’s turnaround, after a cyclical market downturn and restructuring of its FurnMaster (discontinuing) Mexican subsidiary. While headline results were pre-announced, we believe the market share gains across geographies demonstrate a sustained competitive advantage from the sales strategy to grow with key accounts supported by global showrooms. Continuing operations can therefore maintain positive development with more stable markets and reduced tariff uncertainty. We also believe the FurnMaster restructuring in 2024/25 is improving the business unit’s valuation, making a carve-out more likely in 2025/26. Following a year of strong execution, we believe the latest guidance for 2025/26 is slightly conservative, while valuation favours a positive risk-reward, and we upgrade our recommendation to “Accumulate” with a new price target of DKK 280 per share, from “Reduce” and DKK 210 previously.
We have updated our One-pager analysis to include the new midterm financial targets outlined in the updated 2026/28 strategy plan. These targets indicate a continuation of the profitable growth journey the company has delivered over the past two years. Besides covering key investment reasons and key investment risks, we have also included updated peer-group perspectives.
Metacon’s Q3 figures were below our expectations, mainly due to lower revenue recognition in the Motor Oil project than we had expected. However, we view this primarily as a timing effect and we believe that the company continues to progress in the right direction with significantly increased order intake, revenue and decreased operating loss. While we have taken a more cautious stance in our short- to mid-term estimates, given that the company has not yet secured a new large-scale order as we had anticipated, we still believe the current valuation offers an attractive risk/reward profile. As a result, we reiterate our Accumulate recommendation but lower our target price to SEK 0.60 (was SEK 0.70), reflecting the lower estimates.
We have updated our investment case one-pager following the Q1 2025/26 report. Despite a relatively weak start to the year in revenue, earnings, and order intake, partly driven by delays, the 2025/26 guidance was reiterated. Increasing European space budgets support expectations of higher order inflow, which is needed to deliver on the reiterated guidance, and could start a new order cycle in the industry.
Read the latest SP Group One-pager following its Q3 2025 report, which includes a brief description of SP Group, valuation perspectives relative to a peer group, and several key investment risks and investment reasons.
