The share price has recovered slightly and the first tranche of the dividend has been paid, which means that the upside potential has shrunk. At the same time, we have made negative revisions to the Q1 earnings forecast due to the Olkiluoto 3 problems and lower electricity prices, which has weakened the risk/reward of the stock.
In our view, the overall picture of Scanfil's Q1 report released on Wednesday was fairly neutral, despite a slight earnings miss, and we did not make any material changes to our forecasts for the coming years following the report.
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In a challenging market, Innofactor continued to perform well in Q1 in terms of growth and profitability. However, new sales in this market are challenging and the order book has declined. We forecast moderate organic growth in the coming years and a slight improvement in profitability.
Puuilo's updated strategy targets stronger growth than previously expected and as a result we have revised our store opening forecasts upwards. The main drivers of the company's profit growth are a scalable cost structure driven by an expanding store network and the growth of existing stores.
Enento's Q1 operational key figures were in line with our forecasts. Guidance has still not been provided and, in particular, the visibility on the development of the Swedish consumer credit information market is still weak.
After a well in-line Q1 report, we emphasise that Inderes is showing progress in Sweden, although the steps remain rather small from a group perspective.
Read the latest SP Group One-pager update following the FY 2023 results. The One-pager includes a brief description of SP Group, an update to the moulded plastic market outlook, latest financials, valuation perspectives relative to a peer group, and outlines several key investment risks and key investment reasons.
Inderes delivered a Q1 report well in line with our estimates. Rounded off, sales were a notch higher than our estimate, while EBITA missed by tens of thousands of euros.
Betolar publishes its Q1 report next Tuesday at around 8:30 am EEST. Based on the CEO change announced yesterday and the change negotiations, we made significant cuts in our cost and revenue forecasts for the next few years. However, as a whole, we consider the releases (and the CFO leaving announced last week) to be a negative signal, as the outlook for the stock’s key value driver, i.e. revenue growth, is very unclear and weakened in the concrete product segment.
After last week’s Q1 2024 trading update, we have updated GreenMobility’s investment case one-pager with the recent development in valuation multiples. The one-pager highlights GreenMobility’s new strategic direction, focusing solely on the Danish markets and profitable growth. We also cover key investment reasons as well as key investment risks.
The revenue of Orthex, a manufacturer of everyday consumer goods, returned to clear growth in Q4, setting the stage for further earnings growth. In our view, the company's production facilities are capable of supporting a much higher revenue load than today, which means that revenue growth has the potential to increase the already high returns on capital.
The overall picture of Alma Media’s Q1 report was quite neutral, as the Q1 figures were well in line with our expectations and the 2024 guidance was also repeated as we expected. Considering this, we made no substantial changes to our forecasts for this or the coming years. In the short term, the company suffers from the slow market, but the company's flexible cost structure allows it to defend its earnings level until growth picks up.
Q1 results were slightly below our expectations due to slow organic growth, but the company demonstrated that the Finnish business continues to be in line with the company's guidance as profitability improves.
Nokia’s network businesses declined more than expected in Q1, but thanks to one-off patent income, profit and cash flow were at a good level in absolute terms.
Nordea reported a much stronger than expected Q1 result. The earnings beat was largely due to non-recurring items such as lower resolution fees, changes in fair value and exchange rate effects on net interest income. Therefore, the impact on our earnings forecasts for the coming years remains moderate.
As unit rights (and warrants) no longer trade with the share, we update our target price and recommendation accordingly. The ongoing capital raise would reduce the financing risks and secures the company’s financing until early 2025. We expect the raise to succeed.
Read the latest Roblon One-pager update following the Q1 2023/24 results. The One-pager includes a brief description of Roblon, an update to the high performance cable component industry outlook, latest financials, valuation perspectives relative to a peer group, and outlines several key investment risks and key investment reasons.
Curasight’s decision not to proceed with its rights issue has raised investor concerns and the shares are down sharply, but a halving of the market implied likelihood of succes looks exaggerated