Sitowise, which focuses on technical consulting and the digitalization of buildings and infrastructure, has been significantly affected by the weakness of the construction market in recent years. The industry's best profitability has melted away with low billable work, rising costs and the challenges of international growth.
In terms of results, we are expecting a rather weak quarter by Sampo's standards. The main reason for this is Topdanmark’s frontloaded integration costs.
Ahead of Inderes’ Q4 report we have slightly cut our estimates based on Oct-Nov sales data. However, we do not extrapolate the miss of a couple of months of sales. We continue to see the IPO market becoming more active in 2025, offering market-driven growth for Inderes, which despite the challenging market we see heading for 7-8% growth in 2024. Our fair value range is cut a notch to EUR 20-22 (EUR 21-23).
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Under the iCare brand, Revenio offers excellent tonometers, fundus imaging devices and perimeters. The next step in the company's evolution is to move from being an equipment supplier to providing complete ophthalmic diagnostic solutions, where software and a proprietary AI algorithm are critical.
Taaleri's focus in the next few years will be on the ramp-up of private equity funds and bioindustry balance sheet investments. The Group’s performance, however, is still heavily reliant on non-recurring fees, but the profitability of continuing operations should also improve gradually as new fund launches and assets under management (AUM) grow. The valuation of the share is clearly below the Group's sum-of-the-parts, so we consider the expected return attractive despite the weak earnings growth outlook for the next few years.
Last week, Columbus reported unaudited results for 2024 and provided its new 2025 guidance. Additionally, Columbus announced that a strategic review has been initiated to accelerate the growth strategy, potentially leading to a change in ownership, merger, or other consolidation. Our investment case one-pager on Columbus has been updated after the recent news.
Given the ongoing weak market conditions and the lack of new orders, we believe that operational risks have increased. In addition, the falling share price has increased financing risks and is starting to cause uncomfortably high volatility in expected returns and dilution, and we wait for these risks to subside.
Last year, Koskisen has carried out major investments, especially in the sawmill business, the benefits of which we suspect will only be fully visible in the near term.
Strong earnings growth also supports the outlook for the coming years and, in a positive scenario, could accelerate the repayment of the hybrid bond and the start of dividend payments.
Biohit has achieved a successful turnaround and is targeting strong growth of 15-20% over the 2024-28 strategy period. We expect the company's earnings to continue to grow in the coming years, supported by the development of new markets and new product launches.
In 2024, we expect Kreate to have successfully improved margins, and in 2025, revenue growth will drive earnings growth. However, the short-term market outlook is weak (H1'25) and we have slightly lowered our forecasts. However, after the share price decline, we believe the earnings outlook is attractive given the improving market and earnings levels of Kreate in the coming years.
In recent years, LeadDesk’s growth has suffered from the maturing of the Nordic market and the economic downturn, as growth investments have geared more toward the growth markets of Continental Europe. The company has also managed to keep up with the AI transformation in its market. With the Zisson acquisition in December, the earnings potential will begin to surface and the earnings-based valuation (EV/EBITA 2025-26: 13-9x) starts to offer stronger share price drivers.
Following a delay in the publication of its 2023/24 annual report due to financial reporting challenges at its Mexican subsidiary, Gabriel’s FY’2023/24 results have been published. Group revenue was MDKK 912, within the guidance range of MDKK 880-930 and slightly below our estimate of DKKM 915. Operating profit (EBIT) was MDKK 10.9, also within the guidance range of DKK 8-15m and slightly below our estimate of DKK 12m. Despite solid topline growth in the continuing operations of 6.4% y/y, ongoing challenging market conditions and short-term uncertainty relating to the sale of its FurnMaster unit, lead us to reiterate our Reduce recommendation with a lower target price of DKK 195 (prev. DKK 225) per share following the restated numbers and updated FY’2024/25 estimates. Long-term potential remains, particularly as markets normalize, and as the carve-out of the FurnMaster business returns Gabriel’s focus back to its continued operations with a stronger balance sheet.
Read the latest Roblon One-pager update following the full year 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.
Nexstim's strong 2024 culminated in a seasonally busy Q4 sales season. The total number of system sales reported for the year was 28, up from 24 last year and the best sales year in Nexstim's history.
Puuilo has continued its history of steadily gaining market shares despite the current challenging market situation. We feel the company has the potential to double its revenue in the long term, and its positive impact on earnings would act as a clear value driver for the stock.
