Usikkerheden omkring den økonomiske udvikling er steget markant på det seneste, og vores vurdering af Aktias volumenudvikling er mere forsigtig end tidligere. Samtidig understøtter stigningen i markedsrenterne dog nettorenteindtægterne, så vores resultatestimater for de kommende år steg en smule samlet set.
In our view, H&M’s Q1 report did not contain any major surprises. The overall narrative remains unchanged; the company continues to struggle to drive sales growth, while margin improvement is primarily supported by internal initiatives and external factors rather than top-line momentum. In our view, valuation levels remain elevated, and given the ongoing revenue concerns, we continue to view the risk/reward as unattractive. As a result, we reiterate our Sell recommendation and our target price to SEK 155 per share.
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In connection with the publication of GreenMobility's annual report for 2025, we have updated our investment case. Our investment case covers the key investment reasons and risks and valuation perspectives.
Eezy meddelte onsdag de nærmere vilkår for den tidligere annoncerede fortegningsemission. Aktien handles allerede i dag uden tegningsret, så vi har indregnet emissionen i vores estimater.
DAC er aktuelt i gang med en fuldt garanteret fortegningsemission med et bruttoprovenu på DKK 24,7 mio. Vi har i den forbindelse udarbejdet en investeringscase dækkende de væsentligste investeringsgrunde og -risici samt værdiansættelsesperspektiver.
Flügger delivered 1% revenue growth in Q3 2025/26 to MDKK 451 (Q3 2024/25: MDKK 447), bringing year-to-date revenue to MDKK 1,715. Poland remains the primary growth driver, with +10% local currency growth (+12% reported), while the Nordic segment was flat as the ongoing private-label phase-out saw a 6% decline in Denmark offsetting professional painter demand growth across the Nordic region. Q3 results were slightly below our estimate of MDKK 460, driven by a larger Danish decline than expected and a slight decline y/y in Sweden in Q3. Despite the softer topline, structural drivers of margin expansion from improved product mix and higher-margin Polish growth remain unchanged, and guidance is maintained. We reiterate our "Accumulate" recommendation and DKK 360 price target, though we note the emerging Middle East energy shock as a new risk factor.
Gårsdagens præsentationer gav et dybere indblik i selskabets positionering og konkurrencefordele på et marked præget af kunstig intelligens. Selskabet virkede mere selvsikkert med hensyn til fremtiden og løsningen af salgsflaskehalse.
We believe revenue growth has remained soft in H&M’s Q1 (Dec-Feb), and we have therefore revised down our revenue estimates slightly. However, we still believe that supply chain efficiencies, good operational cost control and external margin tailwinds should continue to support profitability. In our view, the valuation levels are still elevated, and, given the ongoing topline concerns, we still view the risk/reward as unattractive. As a result, we reiterate our Sell recommendation and target price of SEK 155 per share.
