NYAB released its Q3 report today, marking its second as a listed company in Sweden. In this interview, CEO Johan Larsson summarizes the quarter, discusses the Uppsala project, the demand situation and the record high order backlog.

Read the latest NORDEN One-pager following the Q3 2024 results. The One-pager updates the investment case, key investment risks, key investment reasons, and relative valuation against its peer group. In Q3 2024 NORDEN announced a new share buyback program for USD 12m but reduced the top-end of its net profit guidance, now expecting USD 160-210m for the year 2024, from USD 160-240m previously, following softer rates, particularly in the product tanker market.

Sampo Group’s top line growth remained strong and underlying trends positive in January-September 2024, driving underwriting profit growth in a mixed claims environment.   

Yesterday, Columbus reported its Q3 2024 results. Columbus grew revenue by 8% (6% organic growth) and improved its EBITDA margin to 7.9%. The company maintained its 2024 guidance. Columbus is well-positioned in the IT services sector with its exposure to business-critical ERP solutions despite general challenges across the IT services sector. This is shown by Columbus' double-digit YoY revenue growth rates in 2024 (YTD) in its two largest business lines, Dynamics and M3. We have updated our investment case one-pager after the Q3 2024 results, including an updated overview of the peer group of Nordic-listed IT services and consultancy companies.

We believe the strong performance is particularly related to better operational efficiency and improved market conditions.

This morning Aktia released its Q3 results, which were much stronger than we expected.

We expect Aktia's result to have turned to a moderate decline in the third quarter, due to a lower interest income than in the comparison period and higher costs. In the earnings report, we focus not only on the numbers, but also on the development of the quality of the loan portfolio.

Mendus will release its Q3 results on Friday, November 8, at 8:00 am CET. The main announcement during the quarter was to bring ilixadencel back into clinical development for soft-tissue sarcomas.

This morning, Columbus reported its Q3 2024 results, maintaining its 2024 guidance. In Q3 2024, revenue growth was 8% (6% organic growth), driven by its Dynamics (8% YoY) business area and especially also high growth in Data & AI (23% YoY) and CXE (23% YoY). In Q3 2024, the EBITDA margin improved to 7.9% (from 6.0% in Q3 2023).

Taaleri's Q3 results, announced this morning, exceeded our expectations as each segment performed better than we had forecast. The biggest beat was seen in Garantia, whose investment portfolio return exceeded our forecasts by a very wide margin.

The recently announced capital raise reduces the financing risks and secures the company’s financing until late 2025. Due to the overall structure of the raise, we expect it to succeed. With short-term funding soon secured, Metacon can again focus on executing its commercialization plans.

We expect the company's revenue to continue its strong organic growth and the ThermaSol acquisition to support growth above 15%.

Read the latest NTG One-pager following the Q3 2024 results as the company pursues greater market share amid weaker markets. NTG has announced four acquisitions so far in H2 2024 with the acquired companies generating combined revenues of DKK 1.9bn and EBIT of DKK 160m in the year 2023. Economic conditions continue to challenge the freight forwarding sector with NTG reducing the top-end of its guidance to Adj. EBIT of 500-550m (from DKK 500-580m) FY2024.

‌Anora issued a profit warning in October, which suggests that the quarter had been weak. ‌We expect a slight decrease in both revenue and earnings.