In our last update following the Q2 report, we reiterated our Sell recommendation for NIBE, and since then, the share price has fallen by around -20%. As a result, we believe that the valuation has come down to more neutral levels. However, at current valuation levels, we believe that the total expected return is roughly in line with our required return. As a result, we turn to a Reduce recommendation but reiterate our target price of SEK 40 per share.
KH Group’s feared profit warning was a disappointment, as it confirmed that the challenges of the company’s most important business, KH-Koneet, continue.
In light of the earnings release, the company's high-potential international healthcare partnerships are progressing, even though the emergence of a commercial breakthrough is taking longer than we anticipated. However, the company's research segment has emerged as a near-term revenue growth driver, providing additional time to build stronger growth.
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We consider the acquired valuation levels moderate and view the acquisitions as a good strategic fit, enhancing Verve’s European footprint, expanding its demand-side, and strengthening its data capabilities.
We have made slight downward revisions to our short- and medium-term forecasts for H&M, in light of a slower recovery than our expectations. While we recognize that external factors on the gross margin have moved in a positive direction, we believe that the short-term drivers remain weak, with topline concerns and an uncertain operating environment. Since our last update following the Q2 report, the share price has risen by around 15%, resulting in elevated absolute valuation multiples (2025e P/E: ~24x) and leaving limited room for disappointment. Consequently, we turn to a Sell recommendation (prev. Reduce) but reiterate our target price of SEK 130 per share.
Flügger took a solid step forward in 2024/25 in the recovery from a cyclical downturn, following the Covid-19 demand surge and resulting inflationary period. Management’s greater focus on the core professional painter segment in combination with controlled organic growth in the higher margin International market, can support continuing moderate revenue growth and sustained margin and EPS growth. We see a favourable risk/reward based on absolute and relative valuation and initiate our coverage of Flügger with an ”Accumulate” recommendation and price target of DKK 370.
Yesterday, Tietoevry revised its revenue guidance slightly downward and its earnings guidance upward, which was anticipated. Overall, this was slightly positive, as it eliminated the risk of a weaker-than-expected market and Tietoevry's performance within it. In our view, the main reason for the guidance revision was the conclusion of the Sparebank1 dispute in August, which we have also included in our estimates. Next year, revenue should stabilize, and efficiency measures already clearly support this.
Last week, GreenMobility upgraded its 2025 guidance for the second time this year, underscoring momentum and operational gearing. The company now expects topline and EBITDA growth of 13-15% and 32-42% respectively.
Rooted in Sweden’s industrial heritage, SAAB is a defense-technology company with a Western-friendly offering spanning the air, land, and naval domains. The current defense upcycle, sparked by the war of aggression against Ukraine and reinforced by European and NATO demand, is driving a period of high growth, profitability and returns on capital for SAAB. Because we expect this phase of abnormally strong demand to ease much sooner than the market seems to expect, we view the current valuation as (P/E ~51x for 2025) unsustainable and initiate coverage with a Sell recommendation and a target price of SEK 310.
Puuilo's Q2 result was excellent once again, and the company announced ambitious new targets extending to 2030. Although we see conditions for long-term growth and value creation only getting stronger, we remain on the sidelines due to high valuation.
We reiterate our EUR 14.00 target price for GRK and raise our recommendation to Accumulate (was Reduce). Since news flow regarding the company and the infrastructure construction market in Finland and Sweden has been fairly scarce, we have not made any changes to our earnings forecasts for the company. However, GRK's share price has fallen slightly in recent weeks, making the short-term expected return on the share attractive again.
In light of the summer profit warning, Nightingale’s growth in the first half of 2025 fell short of our expectations, and clear signs of the commercial success of its key partnerships have not yet emerged. In light of this, we cut our estimates for the company's revenue growth.
PEG maintained its guidance with its H1 2025 results, for DKK 11m in partner-driven revenue. The recent approval to initiate its RNX- 011 Phase IIb clinical trial strengthens PEG’s partner negotiation position.
Yesterday, Agillic announced its H1 2025 report. At the end of June 2025, ARR from subscriptions reached DKK 54.1m, corresponding to a 5% YoY growth. We have updated our investment case one-pager to reflect recent developments, including peer group perspectives from the Danish SaaS sector.
Enento's share price has continued to decline significantly following its weak Q2 results. The economic development in Enento's target markets has remained subdued, and we do not see any significant changes in the short-term outlook.
Last week, Impero announced its H1 2025 report. By the end of June 2025, ARR reached DKK 40.7m, representing 15% YoY growth. We have updated our investment case one-pager to reflect recent developments, including peer group perspectives from the Danish SaaS sector.
Read the latest Hafnia One-pager update following the Q2 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 several key investment risks and reasons to consider Hafnia as an investment case.
Yesterday's Capital Markets Day clarified Taaleri's previous growth strategy. Regarding capital allocation, the focus remains on investments in the company's own balance sheet, though the emphasis on the bioindustry has shifted to a broader, more opportunistic investment mandate. The company will also maintain its current structure, at least for the time being. While the share is cheap by all measures, we find it difficult to see how the sum of its parts could be realized with the current structure and uncertainty surrounding capital allocation. Therefore, we consider it justified to price the share at a clear discount to the sum of its parts for the time being, and as a result, we are revising our target price to EUR 8.5 (was EUR 9.0) and lowering our recommendation to Accumulate (was Buy).
The company looks to convert rising awareness to sustainable recurring revenues in the AKI diagnostic market, estimated to have a total addressable market (TAM) of USD 3.0 billion and a 5% CAGR, supported by a shift in diagnostic paradigms.
