Modstridende tendenser i SRV's forretningsområder fortsætter i vores estimater i de kommende år. Udsigterne for erhvervsbyggeri understøttes af store offentlige projekter og datacenterbyggeri, men markedsudsigterne for boligbyggeri forbliver svage i 2026-2027. Efter nettopositive ændringer i estimaterne hæver vi selskabets kursmål til 5,2 EUR (tidligere 5,0 EUR), og vores anbefaling forbliver på reducer.
Vi forventer, at omsætningen er faldet på grund af en svag vintersæson med dårlige vejrforhold og interne udfordringer i selskabets franske forretningsområde.
Der forventes et mellemår for Viafin Services væksthistorie, da der endnu ikke er set en opblomstring på det sen-cykliske marked. Selskabet genererer en stærk pengestrøm og et fremragende kapitalafkast selv i en svagere cyklus, og vi finder selskabet en attraktiv langsigtet investering.
In connection with the publication of BioPorto's annual report for 2025 and recent announcements, we have updated our investment case.
2025 was a year of strategic repositioning for BioPorto. Revenue grew 11% to DKK 40.3m, driven by 25% growth in US NGAL RUO sales to DKK 18.4m and the first ProNephro AKI distributor revenues of DKK 4.3m via Roche. The gross margin improved to 75% from 68%, while adj. EBITDA loss widened to DKK -76.5m (from -70.6m) as R&D costs increased to DKK 50.5m, driven by the adult clinical study. BioPorto ended 2025 with 44 active US hospitals and DKK 54.9m in cash following two private placements totalling approximately DKK 77m.
In connection with the publication of SP Group's annual report for 2025, we have updated our investment case. 2025 was a mixed year for SP Group. Revenue grew 0.9% to DKK 2,948m after mid-year softness as customers postponed projects amid geopolitical uncertainty, forcing a guidance downgrade in July. However, the EBITDA margin improved to 20.2%, extending an 8.2 percentage point expansion since 2015, and Q4 2025 realised record revenue, and EBITDA. EBT was flat year-on-year at DKK 345m after absorbing approximately DKK 27m in US factory start-up and Ide-Pro acquisition costs. SP Group continued shareholder returns with DKK 4.0/share in dividends and a DKK 80m share buyback programme.
In connection with the publication of WindowMaster's annual report for 2025, we have updated our investment case. Our investment case covers the key investment reasons, risks, and valuation perspectives.
Den hurtige stigning i renterne øger afkastkravene til boliger og reducerer det acceptable værdiansættelsesniveau, hvis renteniveauet stabiliserer sig på det nuværende niveau.
Although the current year is exceptional for the company in terms of revenue growth, we believe that a strong volume level will be maintained in the coming years as well.
Eskaleringen af krisen i Mellemøsten har øget inflationsforventningerne, hvilket har ført til en kraftig stigning i renteniveauet. Den højere rente rammer kernen i Ovaros strategi, som er baseret på genanvendelse af balancen og igangsættelse af nye projekter.
Although increased uncertainty has once again clouded the economic outlook, we do not currently anticipate any significant harm to Nordea from this, as the anticipated rise in interest rates supports net interest income.
Uncertainty regarding economic development has clearly increased recently, and our assessment of Aktia's volume development is more cautious than before. At the same time, however, the rise in market interest rates supports net interest income, so overall our earnings forecasts for the coming years increased slightly.
