We expect the report to reflect a seasonally softer start to the year, further dampened by FX headwinds, front-loaded sales force investments, and the lingering impact of the large customer loss from late 2025.
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.
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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.
We believe that NIBE delivered a solid start to the year, with the Q1 report coming in broadly in line with our expectations. While the Stoves segment remained a drag and the near-term outlook is somewhat softer than we had anticipated, the underlying organic growth and margins within the key Climate Solutions business area continued to gradually recover. In addition, European heat pump market data continues to indicate improving demand trends, supporting our estimates for a continued recovery. Medium-term valuation multiples (2026-2027: P/E 21-24x and EV/EBIT: 16-19x) are below the company’s long-term medians and appear attractive in our view. Therefore, we believe the company’s interesting long-term investment story can be accessed with a good risk/reward ratio at the current valuation, and we reiterate our Accumulate recommendation and target price of SEK 44 per share.
Following WindowMaster's revised guidance, we have updated our investment case. Our updated investment case covers the key investment reasons, risks, and valuation perspective relative to peers exposed to the construction and materials, as well as the ventilations and building tech sector.
HomeMaid delivered a solid Q1 report, with revenue coming in ahead of our estimate and profitability in line, though margins landed slightly below our expectations.
Det opkøbte selskab er meget rentabelt, og det vil øge GRK's andel af kunder i den private sektor, hvilket reducerer afhængigheden af offentlige projekter.
I forbindelse med Lundbecks Q1 2026-regnskab har vi opdateret vores investeringscase, der nu afspejler den opjusterede 2026 guidance, de seneste pipeline-fremskridt og konsensusrevisionerne i bidrag fra pipelinen efter 2030.
Following Wirtek's Q1 2026 interim report, we have updated our investment case to reflect the first full quarter of impact from the new strategy launched last year. Our investment case covers the key investment reasons and risks and valuation perspectives.
We have made only minor adjustments to our Ascelia Pharma one-pager following the Q1 2026 results. With less than two months remaining until the July 3 PDUFA date, the report itself contained limited new information, and the investment case stays largely intact.
Vi har opdateret vores kursmål for Mandatum for at afspejle det udbytte, der er blevet udbetalt. Vores estimater og investeringsbetragtning for selskabet er uændrede.
