Research

With reported numbers well in line with our estimates, Inderes’ Q1 leaves us cautiously positive. The company has continued to win market share in AGMs, international sales grew by 15% (topping our estimate) and the number of research contracts increased well. We think the market outlook could improve rapidly should the situation in the Middle East ease. Fair value range remains unchanged at EUR 18-20.

In connection with Agillic's Q1 2026 report, we have updated our investment case on the company.Our updated investment case covers the key investment reasons and risks as well as valuation perspectives against a peer group of Danish listed SaaS companies.

Martelas nedjustering og Q1-preview indikerer, at det svage efterspørgselsmiljø, der har plaget selskabet, fortsatte i begyndelsen af året.

The orders sulked, the business did not, and the share price finally remembered gravity.

In the short term, revenue is supported by an ongoing large infrastructure project and blast furnace slag brokerage operations.

Visionix elevates Revenio to the big leagues, but before that, a challenging 18-month integration period lies ahead. We have updated our forecasts to reflect the new entity that will be formed during the summer.

DT's Q1-regnskabsmeddelelse overgik vores forventninger, især takket være den stærke omsætningsvækst. Guidance for de næste to kvartaler indikerer dog kun vækst, mens vi havde forventet tocifret vækst.

Fondias Q1-regnskabsmeddelelse var lidt bedre end vores forventninger og bekræftede, at selskabet udvikler sig som forventet.

Regnskabsmeddelelsen var på linje med vores forventninger.

Ilkas generalforsamling godkendte som forventet sammenlægningen af aktieklasserne, hvilket er det første skridt i reformen af selskabets ledelsesstruktur.

Tekovas omsætningsudvikling i første kvartal var klart stærkere end vores forventninger. Vi forventer dog, at udviklingen vil aftage fra andet kvartal og frem, da sammenligningsperioderne bliver mere udfordrende.

Vi har opjusteret vores estimater for indeværende år, da udsigterne for resten af året er mere positive end vores tidligere forventninger.

We have lowered our near-term estimates to reflect softer end-market demand than previously anticipated.

Vi vurderer, at den accelererende inflation tynger resultatet, og vi har derfor sænket vores estimater for indeværende år en smule.

Vi vurderer, at 2026 bliver et udfordrende år for selskabets indenlandske forretningsområder.

Scanfil's Q1 figures, published Thursday, were slightly weaker than we expected, but we did not change our forecasts significantly for the coming years. The company's outlook is positive in both the short and longer term, but in our opinion, the stock has adequately priced in the expected earnings growth (2026e: adj. EV/EBITA 13x). Thus, the expected return for the year will not quite rise to a level that is attractive enough from the current valuation level. We therefore reiterate our Reduce recommendation and EUR 11.50 target price for Scanfil.

Vi estimerer nu, at Nokias sammenlignelige EBIT (2028e 3,15 BEUR) vil stige til den øvre ende af selskabets målsætning.

Nurminen Logistics’ Q1 report was well in line with our expectations.

Selskabet leverede en fremragende regnskabsmeddelelse, og udsigterne forbliver stærke. Aktiens værste undervurdering er dog forsvundet.