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.
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.
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.
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.
NYAB, a specialized contractor of complex and challenging construction projects, has diligently navigated recent years’ challenges in the broader construction market.
With the growth in the Learning business and extensive efficiency program, we expect Sanoma's earnings to grow significantly in the coming years. Our confidence in the realization of earnings growth through revenue growth has strengthened, while the share valuation is moderate. These factors, together with the overall more moderate risk profile of Sanoma, constitute an attractive risk/reward ratio in our view.
Ahead of Inderes’s Q1 report, we make no changes to our estimates. We think that strategy execution is progressing well in Finland, which should also see some market tailwinds in 2025. However, for the Swedish business, which holds the largest upside potential in our investment case, progress is slow (or in fact declining). Our fair value range is unchanged at EUR 19-21, with the mid-point translating into a 2027E adj. P/E of 10x.
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