Sitowise, which focuses on technical consulting and the digitalization of buildings and infrastructure, has been significantly affected by the weakness of the construction market in recent years. The industry's best profitability has melted away with low billable work, rising costs and the challenges of international growth.

Nightingale announced that it has published two new disease risk assessments for its Health Check service: fatty liver disease and stroke.

In terms of results, we are expecting a rather weak quarter by Sampo's standards. The main reason for this is Topdanmark’s frontloaded integration costs.

At the end of 2024, we expected Lindex to provide solutions to both the final restructuring dispute and the strategic review of the department store business. However, neither has seen substantial progress, and there is currently no clear timeframe for when something significant will happen.

According to the press release, the new contract is multi-year and worth several million dollars.

Ahead of Inderes’ Q4 report we have slightly cut our estimates based on Oct-Nov sales data. However, we do not extrapolate the miss of a couple of months of sales. We continue to see the IPO market becoming more active in 2025, offering market-driven growth for Inderes, which despite the challenging market we see heading for 7-8% growth in 2024. Our fair value range is cut a notch to EUR 20-22 (EUR 21-23).

We have received some investor questions regarding our net liquidity calculation for Metacon's recent rights issue, as presented in our latest research update. This note clarifies those details. As noted in our recent research report, 41 MSEK is our estimate of the net new funding coming in at the conclusion of the rights issue after the company repaid its bridge loan and related costs. To clarify, this comes on top of the 50 MSEK bridge loan taken earlier at the beginning of the rights issue. In total, we estimate the company to have secured 91 MSEK new funding in Q4’24. As detailed in our report, we estimate that the current funding will last until around summer 2025, based on a quarterly burn rate of 25–30 MSEK. We also anticipate that approximately 180–190 MSEK from the Motor Oil order will be released around the same time. This means that the liquidity situation is tight and that the burn rate over the coming quarters and the timing of when liquidity from the project is released will significantly influence whether the company will need to secure additional financing before generating positive cash flows from the Motor Oil order. Regardless of the timing, based on our current estimates outlined in the recent research report, we believe that Metacon will require additional financing during the next 2–3 years before reaching cash flow neutrality, unless new customer projects require less working capital during the initial phase. We are particularly interested in more details regarding the timing of cash flows from the Motor Oil order, the current burn rate, and Metacon’s financial position in its Q4’24 report, which will be released on February 26.

Under the iCare brand, Revenio offers excellent tonometers, fundus imaging devices and perimeters. The next step in the company's evolution is to move from being an equipment supplier to providing complete ophthalmic diagnostic solutions, where software and a proprietary AI algorithm are critical.

Taaleri's focus in the next few years will be on the ramp-up of private equity funds and bioindustry balance sheet investments. The Group’s performance, however, is still heavily reliant on non-recurring fees, but the profitability of continuing operations should also improve gradually as new fund launches and assets under management (AUM) grow. The valuation of the share is clearly below the Group's sum-of-the-parts, so we consider the expected return attractive despite the weak earnings growth outlook for the next few years.

On Monday morning, Hexagon announced a new President and CEO for the company.

Kalmar held a Q4 conference call before the silent period yesterday. No major news was heard and the market has continued as in Q3.