Inderes bruger cookies for at give en bedre brugeroplevelse og en personlig service. Ved at give samtykke til brugen af cookies kan vi udvikle en endnu bedre service og vil kunne levere indhold, der er interessant for dig.
I forbindelse med Agillics H1 2026-rapport har vi opdateret vores investeringscase på selskabet. Halvåret bekræfter den rentabilitetsudvikling, der blev etableret i 2025. EBITDA steg 52 % til 5,0 MDKK med en margin på 17 %, drevet af en 8 % lavere omkostningsbase og en stærkere omsætningssammensætning, da transaktionsomsætningen med lav margin faldt. Antallet af medarbejdere var uændret, så marginekspansionen afspejler ægte operationel gearing snarere end engangsomkostningsbesparelser.
Med baggrund i regnskabet for første halvår 2026 har vi udarbejdet vores første investeringscase på BioMar. Den indeholder værdidrivere, risikofaktorer og værdiansættelsesperspektiver.
Efter Wirteks Q2 2026-delårsrapport og den gennemførte overtagelse af det danske SaaS-selskab DitaExchange har vi opdateret vores investeringscase. Vores investeringscase dækker de vigtigste investeringsårsager og -risici samt værdiansættelsesperspektiver.
Bliv en del af Inderes community
Gå ikke glip af noget - opret en konto og få alle de mulige fordele
Inderes konto
Følgere og notifikationer om fulgte virksomheder
Analytikerkommentarer og anbefalinger
Værktøj til at sammenligne aktier og andre populære værktøjer
Efter regnskabet for 2. kvartal 2026 har vi opdateret vores investeringscase. Vores opdaterede investeringscase dækker de vigtigste investeringsårsager og -risici samt værdiansættelsesperspektiver i forhold til en peer group af tørlast- og produkttankrederier.
Following Danske Bank's Q2 2026 interim report, we have updated our investment case on the company. Our updated investment case covers the key investment reasons, risks, and valuation perspective relative to peers across Nordic large-cap banking.
Gabriel has agreed to sell the European FurnMaster operations, comprising the Polish and Lithuanian subsidiaries and the dedicated Aalborg division, to a Leggett & Platt subsidiary at an enterprise value of DKK 67.3m, plus a conditional deferred payment of up to DKK 7.5m. As we estimate the European part constitutes the majority of FurnMaster, we now value continuing operations alone and exclude FurnMaster entirely from our estimates, including the still-for-sale Mexican business, which we treat separately as a potential source of proceeds rather than earnings. This reflects management's strategic pivot towards developing the global textile business.
I forbindelse med B&O's årsrapport for 2025/26 har vi opdateret vores investeringscase. Det centrale skifte i investeringscasen er, at indtjeningsvendingen i 2026/27 i mindre grad afhænger af høj vækst og makromedvind. Omsætningsintervallet afhænger derimod af en back-end loaded lanceringskalender med nye produkter ventet tidligst i Q4, og det er her, eksekveringsrisikoen ligger.
Following Swiss Properties Invest's 2025 annual report, we have updated our investment case on the company. Our updated investment case covers the key investment reasons, risks, and valuation perspective relative to Danish- and Swiss-listed real estate peers.
Flügger closed 2025/26 with revenue of MDKK 2,313 (+2% y/y), marginally above our MDKK 2,298 estimate, and EBIT of MDKK 108 (+15%), both within guidance. Reported EBIT met our forecast, though earnings quality was a touch softer, with EBITDA, PTP and EPS landing a few percent below as admin and ERP costs ran ahead of our modelling. Poland again led growth at +11% local currency for the full year, while the Nordic segment rose 2% as the planned private-label phase-out masked improving core demand from professional painters and consumers. The new 2026/27 guidance of MDKK 2,400-2,500 revenue and MDKK 105-125 EBIT lifts our revenue outlook but trims our EBIT trajectory, the main change to our estimates for 2026/27e. We reiterate our "Accumulate" recommendation, with the ongoing sanctions case remaining the key risk factor, and raise our target price to DKK 410 per share (prev. DKK 360).
Following Roblon's H1 2025/26 interim report, we have updated our investment case on the company. Our updated investment case covers the key investment reasons, risks, and valuation perspective relative to fibre and composite peers.
Following Danske Bank's Q1 2026 interim report, we have updated our investment case on the company. Our updated investment case covers the key investment reasons, risks, and valuation perspective relative to peers across Nordic large-cap banking.
Today, we publish our updated North Media A/S investment case following the Q1 2026 report. North Media delivered improved Q1 profitability with EBIT rising to DKK 4m and EBITDA up 72%, though management cut the top end of 2026 guidance on a weak start in SDR and BoligPortal. The stock continues to trade at a significant discount to peers, as the large securities portfolio results in a very low implied EV, leaving the operating business valued at close to zero.
Following TORM's Q1 2026 interim report, we have updated our investment case on the company. Our updated investment case covers the key investment reasons, risks, and valuation perspective relative to peers across the international product tanker space, including pure-play operators in the Nordics, the US and Southern Europe.
In connection with the publication of BioPorto's Q1 2026 interim results, we have updated our investment case. Our investment case covers the key investment reasons, risks, and valuation perspectives.
Efter regnskabet for 1. kvartal 2026 ultimo april fra Føroya Banki, og efter at de fleste banker i peer group har aflagt kvartalsregnskab har vi opdateret vores one-pager på banken.
Following the publication of Scandinavian Medical Solutions (SMS) H1 2025/26 half-year report on 19 May 2026, we have updated our investment case. The update reflects the H1 results, the maintained 2025/26 guidance, and the six H2 2025/26 focus areas presented by management, implemented to turn the earnings around and improve capital position.
