contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          slug
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Röko is a Swedish serial acquirer. The company is an owner and manager of a portfolio of small and medium-sized companies in a variety of industries. The operations are conducted mainly in the Nordic region and large parts of Europe. The vision is to create long-term returns and to drive business development within each acquistion. Röko was founded in 2019 and is headquartered in Stockholm.

Measured by revenue, this is Röko’s largest acquisition to date. I assume there hasn’t been a compromise on EBITA either.  Fri-Jado’s revenue is roughly ~10% of Röko’s total 2025 revenue.

Well, well, well!                   Inderes              Röko acquires a majority of Fri-Jado in the Netherlands - Inderes    Röko AB (publ) has acquired 93% of the shares of Fri-Jado Holding BV (“Fri-Jado”).Fri-Jado is the global market leader for chicken rotisseries and also manufactures hot and cold food displays...                             This time the target is a market leader in the rotisserie grill game (how do you even translate that into Finnish ).  93% ownership stake in Fri-Jado Holding BV Revenue approx. €64m 220 employees No significant impact on Röko’s earnings for this financial year.

I agree with this in the sense that I wouldn’t build the foundation of my portfolio with these, but I have come to the opposite conclusion regarding the comparison of serial acquirers vs. PE funds, as I explained earlier. In my opinion, tracking a company like Röko doesn’t take much time, or at least it doesn’t for me. This is certainly not a sure thing, I don’t mean that, what investment is?

I personally find those long-term charts to be distracting in a discussion because an investor’s return differs significantly from the stock’s return unless the investment horizon and the holding period are identical. For example, Talvivaara’s lifetime stock return was -100%, but for many who invested in Talvivaara, the return was even strongly positive, depending entirely on when they bought and sold. So yes, the value created on paper looks sweet in these cases, but in practice, virtually no investor has achieved that theoretical return because such holding periods are completely unrealistic.  You probably mean it’s difficult for the average investor to achieve these long-term returns? I do have a couple of stocks that I’ve held for a very long time, and the returns have been good/excellent. The world is full of examples of this. The correct way to say what you’re trying to say is: it’s generally difficult and few people do it. Index investors face the same difficulty, and I recall reading a study about why, ironically, index investors lose to the indices for this very reason—because they try to time the market. Another thing is allocation; I have about 5% of my net worth in this stock—a small number in percentages, but a six-figure sum nonetheless, so it does mean something to me if it performs well. Then I have more exciting investments; as an example, a company few know called PolyPid (PYPD), which recently published strong phase 3 results, but the share price barely reacted. You get excitement from these, and short-term returns can be triple-digit, but the risk is also quite high. In my opinion, it’s not quite binary anymore here, though there’s still a risk of a poorly timed share issue. I think it’s quite logical to have stocks with different risk profiles in a portfolio, where the likely holding periods also differ. Allocation strategies, of course, vary between investors. You are indeed talking in practice about the challenges the average investor faces, and you are not wrong when you refer to the average. However, I see it as illogical in the sense that the most sensible strategy for the average investor is, of course, index investing—and specifically a “buy and forget” approach, because timing usually goes wrong on average. Trying to fill a portfolio with picks like PYPD won’t end well for the average investor, nor will any other strategy seeking quick returns. For the average investor, that is. Therefore, that whole argument about impossibility is quite moot, as you could similarly dismiss almost any case or strategy seeking alpha as impossible for the average investor

Personally, I find those long-term charts to be distractors in the discussion because an investor’s return differs significantly from the stock’s return unless the investment horizon and the holding period are identical. For example, Talvivaara’s lifetime stock return was -100%, but many who invested in Talvivaara saw returns that were even strongly positive, depending entirely on when they bought and sold. So, while that paper wealth looks sweet in these charts, practically no investor actually achieved that theoretical return because such holding periods are completely unrealistic. In my opinion, one can argue for long-term ownership based on differences between the investor’s and the market’s cash flow estimates and preferences arising from the investment horizon. However, for a shorter ownership spanning only a few years, I don’t really see the point, as there are no tools here for an investor to differentiate themselves from the market. The management’s track record is public, corporate ownership is fragmented and neither it nor future acquisition targets can be rationally analyzed, and future cash flows are frustratingly stable. Thus, the stock is likely priced correctly to its full potential, and the shorter-term investor is doomed to mediocre returns. Perhaps this does sound like trolling, but I think we are just on different wavelengths. To me, the premium paid for illiquid investment products is completely rational when looking at the real world instead of homo economicus. The typical investor loses return with every investment decision, whether it’s a buy or a sell. The optimal situation would be for someone else to assemble a suitable personal permanent portfolio allocation that the investor could not influence themselves—somewhat similar to how our pension fund system works. However, this isn’t psychologically possible in personal investing, so an investor must either try to minimize the return losses caused by investment decisions through experience and study—which may eventually even turn their own decisions toward a positive expected value—or minimize the opportunities to make investment decisions by acquiring illiquid assets, such as an oversized owner-occupied home or those illiquid PE funds. Naturally, since illiquidity improves the average investor’s expected return, it is worth paying premiums for. Now, if you look at the situation from your own perspective, the conclusion is the opposite. You are certainly an experienced and skilled investor and your investment decisions add value, so you must ensure that you are able to make them. Therefore, liquidity has value to you, as does finding yourself in situations where estimating a stock’s cash flows is uncertain or difficult, because in those situations, you are able to maximize the value generated by your investment decisions. At the risk of @Verneri_Pulkkinen revoking my posting rights, I will state that I find this entire serial acquirer sector to be a bit of a silly target for a stock picker. Developing investors get enchanted by the ideology of long-term ownership and buzzwords like ‘asset-light business model’, but they learn almost nothing about investing by owning them for the few years the stock remains in their portfolio. For more advanced investors, on the other hand, there are no “fast and dangerous” situations where they could differentiate themselves from other investors and the market, producing added value with their hard-earned expertise. Specializing in the sector as an investor doesn’t seem like a very attractive use of time either, because in the end, you are just buying teams and business models. Private equity seems, in every way, an easier and more sensible way to get nearly or completely similar exposure to unlisted companies in a portfolio than investing in serial acquirers.

Some of Eka’s arguments are better suited for an index investor than a stock picker, but then that argument related to holding is in conflict with index investing… Maybe the intention is just to troll.

You are tilting at windmills here several times over. Even when holding an index fund, you have to hang onto it even through heavy volatility. PE funds don’t have 0.07% fees; you have already found a cheap fund if they are closer to 1%. You know how much that difference does to returns over the years. It is very difficult to define which tactic works best for which investor and in which stock.

Röko

Röko har i dag publicerat Årsredovisningen för 2025. Årsredovisningen på svenska liksom en engelsk översättning finns tillgängliga i pdf på www.roko.se/sv/investerare/rapporter-och-presentationer...

<div class="mfn-preamble"><p><strong>Röko har i dag publicerat Årsredovisningen för 2025. Årsredovisningen på svenska liksom en engelsk översättning finns tillgängliga i pdf på </strong><strong><a href="https://www.roko.se/sv/investerare/rapporter-och-presentationer" rel="noopener">www.roko.se/sv/investerare/rapporter-och-presentationer</a></strong><strong>. Den svenska finns även tillgänglig i European Single Electronic Format (ESEF).</strong></p></div><div class="mfn-body"><p>För frågor, vänligen kontakta:</p><p>Andreas Larsson, Investor Relations Röko, +46 (0) 709&nbsp;707 555, <a href="mailto:ir@roko.se" rel="noopener">ir@roko.se</a></p><p>Röko är en evig ägare av europeiska små och medelstora företag och äger idag 33 företag inom en rad olika branscher i Europa. Vårt team har mer än 100 års kombinerad erfarenhet av att arbeta med ägarledda företag inom ett brett spektrum av branscher.</p></div><div class="mfn-footer mfn-regulatory mfn-regulatory-vpml"><p><em>Denna information är sådan information som Röko AB (publ) är skyldigt att offentliggöra enligt lagen om värdepappersmarknaden. Informationen lämnades, genom ovanstående kontaktpersoners försorg, för offentliggörande den 2026-03-30 11:00 CEST.</em></p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Bifogade filer</strong></p><hr><p><a class="mfn-primary" href="https://storage.mfn.se/7de705ef-a720-48fe-92e0-3defdc28820d/roko-arsredovisning-2025.pdf" rel="noopener">Roko Årsredovisning 2025</a><br><a href="https://storage.mfn.se/847a3912-ec9a-4903-9ca1-60df2a0e6599/roko-esef_251231.zip" rel="noopener">Röko ESEF_251231</a></p></div>

Röko publicerar Årsredovisning 2025

Röko publicerar Årsredovisning 2025