Yesterday, GreenMobility raised its 2025 guidance for both revenue and EBITDA for the fourth time this year, driven by stronger-than-expected revenue development. We have updated our One-pager analysis with the upgraded 2025 guidance and latest price movements.
Inderes delivered solid monthly sales in November with sales increasing by
15% y/y. The strong growth owes to improved CMD activity. The sales beat our
estimate by EUR 0.2m, which was the case also in October. Consequently, after
two months of reporting in Q4 the sales run-rate is some EUR 0.4m above our
current projection. Our positive read-x is also supported by the fact that
Inderes has managed to win CMDs also in Sweden.
However, with the valuation decrease due to the recent around 10% price drop (2026e: P/E 12x), we feel the expected return has improved and risen slightly above the required return. In our view, Scanfil also offers an attractive investment story of profitable growth in the longer term.
Read the latest Hafnia One-pager update following the Q3 2025 results. The One-pager includes a brief company profile, a market update on product tankers, the latest financial performance, and valuation perspectives relative to peers. It also outlines key investment risks and reasons to consider for Hafnia.
eQ's recent years have been difficult, and it has suffered badly from the challenges of Real Estate funds. However, the earnings bottom is likely to be at hand, and we expect a significant earnings improvement starting next year.
UB's sales have picked up after a subdued start to the year, but the sales engine is still underpowered. A key challenge is the company's spearhead funds, whose sales are sluggish.
Following the Q3 2025 results, we have revised our investment case one-pager to reflect the latest developments, including updated peer-group perspectives from the Danish SaaS sector.
The stock's valuation is now extremely attractive through a sum-of-the-parts analysis but realizing this will require not only Easor's listing but also profitability improvements in international operations. Nevertheless, we believe the risk/reward ratio is very attractive.
The latest Gubra one-pager follows the continued progress in the company’s obesity pipeline, including development under the partnership with AbbVie for ABBV-295, which released an upfront payment of USD 350m in Q2 2025. Our model suggests that Discovery & Partnerships (D&P) is the primary value driver for Gubra, led by the potential for ABBV-295 for a further USD 1.875bn in milestones and royalties, and followed by the early-stage, but high-potential UCN2 Gubra-owned pipeline asset. We still assume the CRO has significant value despite a more challenging 2025 after a long period of strong growth, and highlight a range of CRO valuations based on peer company valuations.
Efter opjusteringen fra Føroya Banki i midten af november, og efter at alle peers har aflagt regnskab har vi opdateret vores one-pager på banken. Læs med her for en kort beskrivelse af banken og det seneste regnskab, samt et oprids af en række positive og negative faktorer ved casen. Desuden får du de vigtigste regnskabstal og nøgletal, samt en opdateret peer group.
Efter regnskabet for 3. kvartal 2025 fra Vestjysk Bank tidligere på ugen, samt regnskaber fra alle peers, har vi opdateret vores one-pager på banken inkl. vores peer group.
Tietoevry held a Capital Markets Day yesterday evening, where the company, in its typical fashion, thoroughly explained when and how it expects growth and profitability improvements to materialize.
We have updated our investment case one-pager on Scandinavian Medical Solutions following the 2024/25 report and the guidance for 2025/26. Besides an overview of financials and updated valuation multiples, the investment case one-pager introduces Scandinavian Medical Solutions and highlights key investment reasons and risks.
Solwers' Q3 was better than we expected, as earnings development stabilized, marking the first step towards the company regaining critical earnings growth.
The 2024/25 results strengthen confidence in Gabriel’s turnaround, after a cyclical market downturn and restructuring of its FurnMaster (discontinuing) Mexican subsidiary. While headline results were pre-announced, we believe the market share gains across geographies demonstrate a sustained competitive advantage from the sales strategy to grow with key accounts supported by global showrooms. Continuing operations can therefore maintain positive development with more stable markets and reduced tariff uncertainty. We also believe the FurnMaster restructuring in 2024/25 is improving the business unit’s valuation, making a carve-out more likely in 2025/26. Following a year of strong execution, we believe the latest guidance for 2025/26 is slightly conservative, while valuation favours a positive risk-reward, and we upgrade our recommendation to “Accumulate” with a new price target of DKK 280 per share, from “Reduce” and DKK 210 previously.
We have updated our One-pager analysis to include the new midterm financial targets outlined in the updated 2026/28 strategy plan. These targets indicate a continuation of the profitable growth journey the company has delivered over the past two years. Besides covering key investment reasons and key investment risks, we have also included updated peer-group perspectives.
