Although the Q1 result was a clear disappointment in terms of profitability, the market has finally started to pick up. This increases our confidence in the earnings improvement we forecast, and if the earnings improvement materializes, the stock looks attractive.
Verve’s revenue guidance for 2025 was above our pre-Q1 estimates, although the implied margin (at the midpoint) was a bit soft due to target investments to expand the sales organization
Recent developments in Hexicon’s project portfolio have been mixed, in our view. While we view the recent divestment as positive, as they reduce the financing risk somewhat and indicate confidence in the company’s ability to divest early-stage projects successfully, the progress of the divestment of the important MunmuBaram project seems to be slower than earlier anticipated. In our view, the company needs additional capital in the coming month, forcing Hexicon to explore other financing options on uncertain terms. Against this backdrop, we believe the near-term risk/reward is unfavorable. Therefore, we reiterate our Sell recommendation and keep our target price of SEK 0.20 per share unchanged.
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We have updated our investment case one-pager on WindowMaster following the recent positive share price development and momentum in the construction and building sector.
In our opinion, GRK, which was listed in April, is one of the best in its industry. Although growing earnings in the short term from the high level achieved at the end of Q1 is not easy, we think the stock is unfairly underpriced, especially with EV multiples that take into account the very strong balance sheet.
Efter at alle banker i vores peer group af mindre og mellemstore danske børsnoterede pengeinstitutter har aflagt regnskab for 1. kvartal 2025 har vi opdateret vores one-pager på Skjern Bank.
Inderes' key CMD message was that based on the first years’ experience from the Swedish market, the go-to-market strategy is reshaped. The company has now three units and each unit has a focused strategy for international growth acceleration. Inderes leans to its unique and holistic offering made to serve listed companies' IR needs. To us, the upside in the case requires success in internationalisation, while the solid home market foundation limits the downside.
The agreement announced by Tecnotree on Monday clearly supports the company's growth outlook for the coming years. Although the agreement supports cash flow potential, we expect cash flows from it to be repatriated only in the distant future.
Efter at alle banker i vores peer group af mindre og mellemstore danske børsnoterede pengeinstitutter har aflagt regnskab for 1. kvartal 2025 har vi opdateret vores one-pager på Føroya Banki.
Read the latest North Media one-pager following its Q1 2025 interim report, which includes a brief description of North Media, valuation perspectives relative to a peer group, and several key investment risks and investment reasons.
Yesterday, Columbus announced the completion of its strategic review. The Board of Directors concluded that a potential change in ownership would not yield a satisfactory premium, primarily due to volatility in global financial markets driven by increased macroeconomic uncertainty. However, the current slowdown in M&A transactions could present new acquisition opportunities for Columbus, which aligns with the company's growth strategy, ‘New Heights’, also focusing on growth through acquisitions. We have updated our investment case one-pager, including an updated overview of the peer group of Nordic-listed IT services and consultancy companies.
Last Friday, Impero announced its Q1 2025 results and, in light of macroeconomic uncertainty, narrowed its ARR guidance range for the end of 2025 to DKK 46–49m (previously DKK 46–52m), corresponding to an expected ARR growth rate of 19–27% YoY. EBITDA guidance for 2025 was maintained at between DKK -10m and DKK -8m. We have updated our investment case one-pager to reflect the latest news, including peer group perspectives from the Danish SaaS sector.
Read the latest SP Group One-pager following its Q1 2025 interim report, which includes a brief description of SP Group, valuation perspectives relative to a peer group, and several key investment risks and investment reasons.
Multitude’s growth in Q1 was slightly below our expectations, but the profit beat our estimates clearly driven by declining impairment losses. The guidance was adjusted upwards, and although it was no major surprise, it gave more confidence toward the earnings growth outlook going forward. Given the improved performance, we still find the valuation attractive.
We believe HomeMaid holds a strategically attractive position in the steadily growing and resilient Swedish cleaning and services market. The company has a long history of successfully combining organic growth with a disciplined M&A strategy, capitalizing on the industry’s fragmented landscape by acquiring smaller players at attractive valuations.
Read the latest SKAKO one-pager update following the Q1 2025 trading update. The one-pager includes a brief company description, an update on segment performance and backlog, and revised financial perspectives after Q1. It also outlines key investment reasons, risks, and valuation context.
In late April, MapsPeople announced that Apex Group Technologies, backed by Round13 Capital, is acquiring at least 51% and up to approx. 64% of the MapsPeople shares, and there is support to delist MapsPeople from Nasdaq First North Premier. We have updated our investment case one-pager following the news, which provides perspectives on both key investment reasons and risks to be aware of when the company is going private.
Tokmanni's Q1 results were soft across the board, especially abroad, where the company's earnings level deteriorated despite a clear increase in sales.
Last week, Scandinavian Medical Solutions announced its H1 2024/25 report. As expected from the guidance downgrade back in March, the company has been challenged by hesitant buyers from the uncertain macroeconomic environment. We have updated our investment case one-pager following the recent news from the H1 2024/25 report.
