In connection with the Q1 2026 report, we have updated our investment case.
Q1 2026 has moved ExpreS2ion meaningfully forward and further derisked the investment case, with continued positive ES2B-C001 read-outs, a redesigned and strengthened Phase I programme, and a completed rights issue potentially securing the company's path to the end-2026 Phase I read-out.
CapMan is currently in the midst of the largest fundraising cycle in its history, and the success of this effort will largely determine the stock’s trajectory in the coming years. If the fundraising is successful, the share valuation is favorable.
Following TORM's Q1 2026 interim report, we have updated our investment case on the company. Our updated investment case covers the key investment reasons, risks, and valuation perspective relative to peers across the international product tanker space, including pure-play operators in the Nordics, the US and Southern Europe.
Konkurrence- og Forbrugerstyrelsen har godkendt det betydelige opkøb af BLC Turva med moderate og forventede indrømmelser, hvilket fjerner den tilknyttede usikkerhed. Handlen gør Loihde til Finlands største leverandør af sikkerhedsteknologi.
Den gennemsnitlige operationelle indtjeningsvækst for selskaberne på Helsinki Børs var meget lav i 1. kvartal, men den finske økonomi ser ud til at fortsætte med at vokse, selv midt i nye usikkerhedsfaktorer.
Following INVISIO's Q1 2026 interim report, we have updated our investment case on the company. Our updated investment case covers the key investment reasons, risks, and valuation perspective relative to peers across Nordic/EU defense equipment, international defense communications, and audio/hearing protection.
In connection with the publication of BioPorto's Q1 2026 interim results, we have updated our investment case. Our investment case covers the key investment reasons, risks, and valuation perspectives.
Ovaros Q1'26-regnskabsmeddelelse var sæsonmæssigt svag og lå lige under vores estimater på bundlinjen. Selskabet gentog sine forventninger for 2026, og resultatudviklingen for resten af året er som sædvanlig baseret på fremdriften i udviklingsprojekterne. Vi mener, at projektpipelinen har taget klare skridt fremad, men stigende renter og potentielt inflationært pres har øget risikoen på kort sigt. Den balancebaserede værdiansættelse er absolut lav (2026e P/B 0,56x), men vi vurderer, at det forventede afkast forbliver på niveau med vores afkastkrav på grund af de førnævnte risici.
Asuntosalkkus regnskabsmeddelelse for H1'26 var stort set som forventet. Nettoindtægterne lå på det forventede niveau, men udlejningsgraden faldt en smule. De profitable lejlighedssalg i Tallinn og tilbagekøb af egne aktier, som er kernen i investeringscasen, fortsatte. Ligningen skaber direkte aktionærværdi på det nuværende kursniveau. Aktien handles omkring en betydelig nedskrivning (P/NAV 0,64x) i forhold til dens fair værdi, og realiseret ville balancen være betydeligt mere værdifuld end den nuværende kurs. Lav likviditet begrænser hastigheden af værdiskabelseseffekten, men på længere sigt er gearing betydelig. Den faldende værdiansættelse og ligningen af profitable salg i Tallinn og tilbagekøb af egne aktier berettiger efter vores mening igen yderligere køb for den tålmodige investor.
Wetterins Q1-marginer var tydeligt under vores forventninger, men den styrkede ordrebog i løbet af kvartalet udlignede billedet af regnskabsmeddelelsen en smule.
As we had expected, the start to the year was weak. While the weaker-than-expected Q1 report has led us to make some downward revisions to our short-term estimates, we believe the setback was primarily driven by unfavorable weather conditions rather than any structural weakening in underlying demand. As a result, our mid- to long-term estimates remain largely unchanged. In our view, the strong order backlog and the expected increase in project execution provide a solid foundation for earnings growth going forward, especially in the latter part of the year. Against this backdrop, combined with low medium-term valuation multiples (2026-2027 adj. EV/EBITA of 6–7x), we believe the risk/reward profile remains attractive. As a result, we reiterate our Buy recommendation and target price of SEK 26 per share.
Solwers' Q1 was weaker than our expectations, and the income lines, which are important for deleveraging, remained slightly below even the weak comparison period.
We expect the report to reflect a seasonally softer start to the year, further dampened by FX headwinds, front-loaded sales force investments, and the lingering impact of the large customer loss from late 2025.
