Neste will publish its Q2'26 results on Friday, July 24, at around 9:00 am EEST.

Aktierallyet har været stærkt siden vores seneste opdatering, hvilket efter vores vurdering især afspejler et reduceret risikoniveau i takt med, at tegnene på et markedsopsving er blevet stærkere.

Vores fokus i regnskabsmeddelelsen er på efterspørgselsudsigterne for resten af året, som potentielt kan vende den faldende omsætningstrend.

In our view, Björn Borg has made good progress executing its strategy of expanding its core product categories and own e-commerce channel, which we expect to keep driving profitable growth.

Med vores estimater for indeværende år handles Admicom omkring 9x EV/EBIT.

We significantly lowered our earnings estimates for Nurminen Logistics for the coming years due to last week's profit warning.

I forbindelse med B&O's årsrapport for 2025/26 har vi opdateret vores investeringscase. Det centrale skifte i investeringscasen er, at indtjeningsvendingen i 2026/27 i mindre grad afhænger af høj vækst og makromedvind. Omsætningsintervallet afhænger derimod af en back-end loaded lanceringskalender med nye produkter ventet tidligst i Q4, og det er her, eksekveringsrisikoen ligger.

Relative to the earnings growth outlook for the coming years, Teleste's share valuation appears very moderate.

Following Swiss Properties Invest's 2025 annual 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 Danish- and Swiss-listed real estate peers.

Vi har tilføjet selskabets seneste opkøb til vores estimater, hvilket allerede var det sjette opkøb i år.

Vi har foreløbigt opdateret vores estimatmodel for at tage højde for selskabets overgang til IFRS-rapportering.

Vores nuværende estimater er højere end selskabets udmeldte forventninger.

Digital Workforce announced yesterday that it has acquired AI agent capabilities, which aligns well with the company's strategy.

Flügger closed 2025/26 with revenue of MDKK 2,313 (+2% y/y), marginally above our MDKK 2,298 estimate, and EBIT of MDKK 108 (+15%), both within guidance. Reported EBIT met our forecast, though earnings quality was a touch softer, with EBITDA, PTP and EPS landing a few percent below as admin and ERP costs ran ahead of our modelling. Poland again led growth at +11% local currency for the full year, while the Nordic segment rose 2% as the planned private-label phase-out masked improving core demand from professional painters and consumers. The new 2026/27 guidance of MDKK 2,400-2,500 revenue and MDKK 105-125 EBIT lifts our revenue outlook but trims our EBIT trajectory, the main change to our estimates for 2026/27e. We reiterate our "Accumulate" recommendation, with the ongoing sanctions case remaining the key risk factor, and raise our target price to DKK 410 per share (prev. DKK 360).

We have not made any material changes to our forecasts, even though Spinnova appears to have advanced its strategy both in terms of assembling a cooperation consortium around the technology and verifying the reduction in the technology's production and investment costs.

The stock's valuation has fallen to a rather low level.

Vi forventer, at Marimekko vil fortsætte sin vækst drevet af internationalt salg med god rentabilitet i de kommende år.

In our view, H&M's Q2 report confirmed that the overall story remains unchanged: weak top-line momentum, but improved profitability driven by internal efficiency measures and external margin tailwinds.

Following the strong post-Q1 share price surge, however, we believe the valuation has run too far, and the risk-adjusted return is no longer attractive at current levels.