We are discontinuing our coverage of Mendus as the company has terminated the equity research agreement. Consequently, we will no longer be giving a target price (was SEK 14) or a recommendation (was Accumulate) for the stock.

The latest SKAKO one-pager following the Q3 2024 results looks at the outlook for 2025 and 2026, following SKAKO’s record order for DKK 150m during the quarter. The company reduced its topline guidance slightly in connection with the Q3 results, now expecting revenue growth of -2% to 1% (previously 2% - 5%) while maintaining its EBIT guidance for DKK 24-28m, but now at the lower end. The large order with OCP, relating to a large phosphate mining project in Morrocco is expected to support revenue growth in 2025 and 2026.

The IT services sector's Q3 results were met with a cautious mood after five companies in the sector issued profit warnings in just over a month. The decline in working day-adjusted organic revenue development for the sector's companies accelerated slightly as customers continued to economize, although the comparison period was already weak for most of them. Profitability, on the other hand, was significantly higher year-on-year, but the group was clearly divided between strong and weak performers.

Metacon’s Q3 results were mixed, with revenue aligning with our expectations while costs were significantly higher, reflecting the company’s preparations for larger-scale deliveries. With short-term funding soon in check, Metacon can focus on fulfilling the large-scale order from Motor Oil, with clear signs of progress expected to be visible next year. However, given the uncertainty of whether the company will continue to receive larger orders regularly and at what profitability level, the forecast risks remain high.

The report was in line with our expectations. We expect the profitability turnaround to continue in the coming years, but this is priced in at the current stock price and the expected risk-adjusted return is weak for the next 12 months. Analyst Aapeli Pursimo summarizes.

Co-Head of Research Petri Gostowski opens up about the best and worst parts of his role, how he ended up at Inderes and what his dream-job was as a child.

Last week, Impero announced its Q3 2024 results, accelerating its ARR growth to 31% YoY and improving its EBITDA. Moreover, Impero's cash flow from operations was positive for the first nine months of 2024, and the FCF/Net New ARR (12 months rolling) improved to -0.7x in Q3 2024. We have updated our investment case one-pager after the Q3 2024 results.

PAYDAY 3 har genomgått anmärkningsvärda förbättringar men trots framsteg är spelaraktiviteten fortsatt dämpad skriver analytiker Christoffer i sin analys om Starbreeze efter deras rapport för det tredje kvartalet. Hör Christoffer summera Q3 rapporten, hans tankar om kommunikationen från Starbreeze angående framtiden för PAYDAY 3 samt senaste nytt kring project Baxter.

Interview with CEO Ulrich Krasilnikoff and CSO Andreas Kjær

NIBE’s Q3 result was operationally slightly below our expectations, and we made small revisions to our short- and medium-term estimates. However, the company's outlook continues to show signs of a recovery in the destocking situation, but overall, the current year and at least the first half of next year will still be challenging. Eventually, demand at the manufacturer level will better correspond to underlying end consumer demand and the normalization of capacity utilization and the cost savings program should provide leverage for profitability improvements in the medium term. In our view, given the ongoing uncertainties in the operating environment, the stock is already sufficiently priced in for earnings growth (2025e P/E: 29x).

CEO Thomas K. Selsø opdatering fra selskabets netop aflagte Q3 regnskab