The sweeping tariffs announced by President Donald Trump on 02 April 2025 are reshaping global trade, introducing uncertainty, and with trade barriers likely to drive a negative global growth shock. While tariff negotiations are ongoing and subject to significant change in both directions, Gabriel’s production, particularly in Mexico, could be directly affected, with indirect impacts likely to drive a weaker outlook in H2’2024/25 and into 2025/26. The European market, also the largest market, may be somewhat more insulated against tariff impacts, however, we expect the indirect effects, such as higher lending/mortgage rates, can delay the rebound in the real estate and furniture fabrics market conditions, resulting in greater short-term challenges. The increased macro and policy uncertainty may also present an obstacle in the ongoing carve-out process of FurnMaster, a key driver of near-term uncertainty. Despite the long-term outlook remaining solid, with operating leverage to benefit from an eventual market rebound, the tariff-driven uncertainty lead us to reiterate our Reduce recommendation with a revised price target of DKK 130 per share.

Faron published data on the results of the BEXMAB trial. The treatment responses were still at a good level, which supports the transition to the pivotal phase (Phase III) of the trial and supports the share value.

Bioporto (One-pager): Capital secured via private placement

Enento will report its Q1 results on Friday, April 25 at 12.00 noon EEST. We expect revenue on par with the comparison period and slightly weakening operating profit.

Mandatum’s investor story relies on two cornerstones: growth in capital-light asset management and the release of balance sheet capital from the with-profit insurance portfolio. Thanks to these factors, Mandatum's profit distribution will continue to be generous going forward, and the stock's expected return is strongly weighted towards dividend yield.

The past shocks in the economy have only had short-lived impacts on Hexagon.

We expect Anora's earnings to improve gradually in the coming years, but its return on capital and growth outlook are sluggish.

We expect Scanfil's playbook to remain viable, even though uncertainty related to investment-driven demand is now very high. In our view, the risk-adjusted expected return of the stock across all components is still slightly higher than the required return. 

We have lowered our estimates in response to expectations of slower economic growth and weaker consumer confidence. Despite these downward revisions the current valuation offers an attractive risk/reward profile, as the share price has fallen by around -17% and the expected return exceeds our required return. Consequently, we raise our recommendation to Accumulate (prev. Reduce) but lower our target price to SEK 55 per share (prev. SEK 62), mainly due to lower estimates.

The US is Fiskars' biggest market, and tariffs have a negative impact on it. We have lowered our forecasts by 5-10%.

We have lowered our estimates in response to ongoing macroeconomic and geopolitical uncertainty, persistently weak U.S. consumer sentiment, and an increased likelihood of slowing U.S. GDP growth, which collectively impacts advertising spending negatively.

We have updated our short- and medium-term forecasts for H&M in light of the potential tariffs, expectations of slower economic growth and escalating uncertainty. In our view, the short-term multiples reflecting this are not particularly attractive. We therefore change our recommendation to Reduce (was Accumulate) and lower our target price to SEK 130 per share (was SEK 145), mainly due to lowered estimates.

Taaleri's valuation level has fallen exceptionally low, and the entire group can now be acquired for almost the price of Garantia. Although there is great uncertainty about the realization of value in the parts, the current huge markdown relative to the sum-of-the-parts offers an exceptionally large margin of safety.

Expansion into Central Europe through acquisition is a strategic first step for Relais, supporting its growth and market potential.

The high share of recurring revenue such as software and services should partially mitigate impact from tariffs.

Read the latest SP Group One-pager following its FY2024 annual 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 Q4 results exceeded our expectations due to lower-than-expected impairment losses, where the trend has also been positive in the last few quarters.

Read the latest Wirtek One-pager following the FY2024 annual report, which includes a company overview, valuation perspectives compared to peers, key investment risks, and highlights of the strategic outlook for 2025 and beyond.

I dag offentliggør vi vores første one-pager på Tesla, som indeholder en kort beskrivelse af selskabet, et overblik over den aktuelle investeringscase med værdiansættelsesperspektiver ii forhold til en peer group, samt centrale risici og muligheder ved casen.