Our latest Danske Bank One-pager including an updated peer group of Nordic listed peers. Read the One-pager to get an update on the recent development in Danske Bank, its progress in closing its valuation gap with its peers, updates on the key investment risks, key investment reasons, and its Forward ’28 Strategy.
Read the latest SKAKO one-pager update following the Q2 2024 results as the company moves beyond its sale of SKAKO Concrete from late 2023. The one-pager includes a brief description of SKAKO, an update to the market outlook, the latest financials, and valuation perspectives relative to a peer group. It also outlines several key investment risks and key investment reasons.
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Consumer demand remains weak, which has led us to slightly lower our forecasts for this year. Our forecast for the adj. EBIT is now 108 MEUR, while Fiskars has guided for a result slightly above last year's level of 110 MEUR.
Read the latest North Media One-pager, which includes a brief description of North Media, an update on the company's development in H1 2024, the latest financials, valuation perspectives relative to a peer group, and several key investment risks and key investment reasons.
The H1 results published by Solwers on Friday were slightly below our forecasts, but this was mainly due to non-recurring items. We have made only minor downward revisions to our organic forecasts, while also taking into account the recent acquisitions. Against this background, the overall changes made to our forecasts were not large. In our view, the stock has clear upside, provided the company manages to improve its balance sheet efficiency and execute successful acquisitions in line with its strategy.
Last week, Impero announced its H1 2024 report. ARR grew by 28% YoY with improvements in EBITDA and especially in the cash flow. The momentum continued in the DACH region, and Impero also announced its first customer in Belgium, which is a leading Big4 firm.
Penneo reported its H1 2024 results this Wednesday, reaffirming its full-year 2024 guidance. We have updated our investment case one-pager after the results and recent news, including an updated overview of the peer group of selected listed Danish SaaS companies.
Aiforia's revenue growth stalled in the first half of the year, particularly in the US, although recent months’ customer wins suggest that the company is continuing to capture the market.
Verve's Q2 report did not present any major surprises given the previously announced earnings update in mid-August, though it highlighted some positive developments
Gabriel delivered its first group revenue growth y/y since Q4’21/22 in a sign that momentum may be turning in Gabriel’s favor. Guidance was maintained and expected to land in the top end of the interval, and we believe that EBIT guidance is particularly conservative, with a 9m Q3’23/24 EBIT result above the top-end interval. Cost cutting and efficiency gains contributed to margin expansion in Q3, which, in combination with positive development in leading macroeconomic and industry indicators suggest that Gabriel is on the turn-around path outlined in our projections.
During the first half of the year, OptiCept has made significant progress towards reaching broader commercialization. Among other things, OptiCept has secured its first large-scale order (60 MSEK) from its partner FPS. The company is also making progress in building a partnership for its new product, OptiBoost Inside, and has announced orders within OliveCept totaling around 7 MSEK, despite a challenging olive oil season. However, given the uncertainty regarding whether the company will continue to receive larger orders on a regular basis and what profitability the company could capture, we believe that the stock is already sufficiently priced in for high revenue growth (2025e EV/S: 3.5x).
Earlier this week, GreenMobility released its H1 2024 financial report. In H1 2024, GreenMobility grew revenue by 59% from its continuing operations and improved its net profit from continuing operations to DKK -1m (including a net profit of DKK 1.8m in Q2 2024). We have updated the investment case one-pager, which provides insights into key investment reasons and risks as well as perspectives on valuation multiples across a broad peer group.
This Tuesday, Green Hydrogen Systems (GHS) released its H1 2024 interim report. Green Hydrogen Systems maintained its 2024 guidance and its expectation of announcing the first sale of the X-Series before the end of 2024. Read an updated investment case one-pager here.
We believe H&M’s demand has remained sluggish in Q3, while the company faces several headwinds on the gross margin. We expect these to result in H2 being weaker than we previously expected and have hence lowered our estimates for 2024-25.
I forbindelse med regnskabet for 2. kvartal 2024 kom det frem at den undersøgelse som Finanstilsynet havde iværksat af det færøske og grønlandske ejendomsmarked ikke resulterede i markant højere risikovægte, som det ellers var frygtet. Samtidig har Føroya Banki efterfølgende opjusteret sine forventninger til 2024 med henvisning til en bedre drift og lavere nedskrivninger.
Yesterday, Agillic released its H1 2024 financial report. The company maintained its 2024 guidance due to expected growth from both existing clients and new sales in H2 2024 despite a decrease in total ARR of -7% YoY in H1 2024. We have updated our investment case one-pager after the results, including an updated overview of a selected Danish SaaS peer group.
Read the latest Boozt One-pager following the Q2 2024 results where the company narrowed its guidance and demonstrated continued growth across all markets despite weak market conditions. The One-pager looks into Boozt’s outlook for 2024 and beyond, key investment risks, key investment reasons, and valuation against its peers.
