Digital Workforce’s profit warning on Friday for 2023 was quite light. At the same time, the growth and profitability outlook for 2024 weakened. We believe new customer acquisition and project starts have progressed slower than expected, which depressed development.
Built on series of acquisitions, Hexagon is a global diversified technology company that provides productivity-improving solutions to multiple industries. Despite partial dependence on cyclical industries, we find a good chance that the company may continue earnings growth even during tougher market conditions.
We have updated our investment case one-pager on Penneo following the Q3 2023 report and updated ARR guidance earlier this week. The company reduced its top of the 2023 ARR guidance and now expects DKK 87-92m (before DKK 87-95m), corresponding to an ARR growth rate of 23-30% YoY.
Our latest updated One-pager on Asetek follows the Q3 2023 results, updating the outlook following its adj. EBIT guidance narrowing toward the top end.
The One-pager updates the market situation following a recovery in its primary liquid cooling segment post-Covid-19, the continued development of the SimSports segment, and updates the liquidity situation following its rights issue and continued positive cash flows from operations.
We have updated the investment case one-pager following the annual report for 2022/2023 and the new guidance for 2023/2024 as well as the company's announcement of an establishment of an US-based subsidiary.
Koskinen’s Q3 report was weaker than we expected in terms of earnings. Some of this, however, is due to the maintenance shutdowns in July that were clearly longer than we expected, although the market situation has not recently developed positively either.
Tokmanni reported its first quarter as a Nordic discount retailer. Overall, the Q3 report was weak, with revenue and EPS below our expectations. According to the company, the Dollarstore integration is well underway, and the first significant synergies are expected from the beginning of 2024.
We have updated our investment case one-pager on MapsPeople after the company updated on its ARR guidance and capital situation in connection with the Q3 2023 report earlier this week. Following an ARR downgrade for 2023, the company has an expected total capital requirement, before reaching positive cash flow, in the range of DKK 15-20m.
PAYDAY 3’s initial sales exceeded our and the company’s expectations. Since then, however, the player count has decreased drastically, and undoubtedly, so have the game’s sales, upon which Starbreeze’s valuation rests. To combat the declining player count, Starbreeze announced a free update containing, among other things, two new heists.
During the past week, Stockmann has raised its earnings guidance and published an updated strategy and financial targets in connection with its CMD. These caused small positive changes, but on the whole, we do not feel there were any major news.
Following the Q3 2023 report this Tuesday, we have updated our investment case one-pager on Impero. Impero maintained its full-year 2023 guidance after the company grew ARR by 38% YoY and at the same time improved its capital efficiency in Q3 2023.
We have updated our estimates to include the reboot of the Vanguard project under the codename Kestrel. As a result, cash flows from Remedy’s projects will focus slightly more at the end of this decade.
Efter det nylige regnskab for 3. kvartal 2023 fra Sparekassen Sjælland-Fyn, og vores event i sidste uge har vi opdateret vores One-pager på sparekassen.
Ønsker du at blive klogere på Sparekassen Sjælland-Fyn, og hvad der foreløbig har drevet to opjusteringer og én indsnævring af forventningerne i år, kan du her læse vores opdaterede One-pager på banken.
NYAB's Q3 results were below our expectations, and revenue in particular developed more moderately than expected, driven by delays in investment decisions and project start-ups. Reflecting this, the company revised its revenue guidance to the lower end of the previous range. Considering the report and the still uncertain outlook, we lowered our growth forecasts for the coming years, which were also reflected in our earnings forecasts. We still believe NYAB's longer-term earnings growth prospects are good, given the investments required for the green transition.
Efter regnskabet for Q3 2023 har vi opdateret vores investment case one-pager på BankNordik. Banken har tidligere fremsat nogle opdaterede mål for 2024 der giver plads til yderligere, og fortsat attraktive udbytte betalinger i de kommende år. Samtidig er der med foreløbig 3 opjusteringer i år udsigt til at BankNordik leverer endnu et rekordresultat. Læs mere her...
Anora's Q3 missed our expectations. The company reiterated its full-year guidance, but we lowered our estimates slightly below it due to the weak Q3 result. However, we expect the result to turn positive for the first time in a while in Q4. We believe the earnings turnaround in the coming quarters will support the stock, which at next year's multiples (e.g. P/E 11x) is moderately priced.