DAC er aktuelt i gang med en fuldt garanteret fortegningsemission med et bruttoprovenu på DKK 24,7 mio. Vi har i den forbindelse udarbejdet en investeringscase dækkende de væsentligste investeringsgrunde og -risici samt værdiansættelsesperspektiver.
Flügger delivered 1% revenue growth in Q3 2025/26 to MDKK 451 (Q3 2024/25: MDKK 447), bringing year-to-date revenue to MDKK 1,715. Poland remains the primary growth driver, with +10% local currency growth (+12% reported), while the Nordic segment was flat as the ongoing private-label phase-out saw a 6% decline in Denmark offsetting professional painter demand growth across the Nordic region. Q3 results were slightly below our estimate of MDKK 460, driven by a larger Danish decline than expected and a slight decline y/y in Sweden in Q3. Despite the softer topline, structural drivers of margin expansion from improved product mix and higher-margin Polish growth remain unchanged, and guidance is maintained. We reiterate our "Accumulate" recommendation and DKK 360 price target, though we note the emerging Middle East energy shock as a new risk factor.
Yesterday’s presentations provided deeper insight into the company’s positioning and competitive advantages in a market shaped by artificial intelligence. The company appeared more confident than before about the future and about continuing to resolve sales bottlenecks.
We believe revenue growth has remained soft in H&M’s Q1 (Dec-Feb), and we have therefore revised down our revenue estimates slightly. However, we still believe that supply chain efficiencies, good operational cost control and external margin tailwinds should continue to support profitability. In our view, the valuation levels are still elevated, and, given the ongoing topline concerns, we still view the risk/reward as unattractive. As a result, we reiterate our Sell recommendation and target price of SEK 155 per share.
Selskabernes gennemsnitlige operationelle resultat på Helsinki Børsen voksede med cirka 6 % i 4. kvartal. Den spirende indtjeningsvækst overskygges af følgevirkningerne af Iran-konflikten på den skrøbelige genopretning i Finland og Europa.
Pihlajalinnas turnaround i de seneste år har været imponerende, men i år vil resultatet tage et skridt tilbage på grund af udløbende outsourcingaftaler.
Columbus exits a challenging 2025 with a leaner organization and renewed AI capabilities. For 2026, the company guides 0-5% growth and 8-10% EBITDA margin, signaling a potential turning point. With the cost base rightsized, any return to growth could unlock significant operational gearing. We have updated our investment case in connection with the annual report.
Toivo Group er en agil hybrid af en ejendomsudvikler, bygherre og ejendomsinvestor, hvis konkurrenceevne er stærk, især inden for udvikling og byggeri af mindre bolig- og familieboligprojekter samt i stigende grad også inden for socialt boligbyggeri. Toivo foretog endelig dristige træk i de seneste år under en meget svag byggecyklus. Selskabet lykkedes med at sælge betydelige boligporteføljer og igangsætte nye projekter i en meget vanskelig markedssituation. 2025 var selskabets comeback-år, hvor volumenerne voksede betydeligt, og regnskabsmeddelelsen igen nåede et godt niveau.
I forbindelse med regnskabsmeddelelsen har vi dog sænket vores estimater for de kommende års indtjening en smule, drevet af øget omkostningsinflationspres og en tungere omkostningsstruktur i 2. halvår end forventet.
