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
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

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
    }
    ... 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
    }
  }
}


roko-publishes-the-annual-report-for-2025

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

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.

It’s a bit of a side note for the investment case, but as I understand it, Röko has another Finnish connection, and of course, through student caps  Röko’s subsidiary AJAT Group apparently includes C. L. Seifert Finland Oy, which in turn acquired the Fredrikson brand, familiar to many, in 2024. It seems there’s currently an attempt to introduce a culture to Finland where student caps would be more customized, and some extra (and expensive) frills would be ordered along with them  This is apparently already quite common in Sweden and Denmark, for example  Such a germ of organic growth on this front in Röko’s B2C segment  The margin also improves if you can sell sparkling velvet or some pin for an additional price with the cap

I read through the annual report tonight. Probably not much new for those following the thread. The report concisely covers Röko’s acquisition principles and model. What needs to be written is written. The results speak for themselves. However, Röko’s accounting is not the clearest. Röko usually acquires companies with a 60-85% ownership stake, leaving the old owners/management to operate the companies. The company reported a net income of 755 MSEK in 2025, of which 0 SEK would go to minority owners. However, minority owners received 148 MSEK in dividends. This reporting method is due to the company having a put/call option arrangement to buy out minorities from the companies, which is why it records the entire profit as attributable to shareholders. For this reason, when estimating the share price, I believe it’s worth using EV/adjusted EBITA (currently approx. 19x) or EV/NOPAT (24x) as metrics, which account for these liabilities. Röko has full control over the companies’ cash, and it should be noted that money is not withdrawn from there haphazardly. Last year’s numbers did not show exceptional development, but currency changes had a significant impact. The report shows the development of key figures throughout history, and the progress is impressive. Since 2023, no new money has had to be raised by diluting shares. Indebtedness has decreased. It should also be mentioned that no key personnel have sold shares since the listing.  Other amusing side notes:  The chairman of the board, Tomas Billing (the other main owner), and Fredrik Karlsson share the same salary, 4925 TSEK (~500,000 EUR). While the salary for the chairman of the board is quite high (Nordean’s chairman’s remuneration is 440,000 EUR!), it is reasonable for a CEO. It’s surprising that Fredrik even draws it.  The upcoming CEO, Johan Bladh, already earns more. I meant to write others too, but these accounting observations are not amusing.  Addition. I meant to mention in the thread that if we adjust for amortization of intangibles and other non-cash flow or less recurring items, such as listing expenses, last year’s operational “cash flow result” (a kind of NOPAT) would have been approx. 1034 MSEK, or 70 SEK per share. Hence the EV/NOPAT multiple of 24x which I wrote above.

Inderes              Röko publishes the Annual report for 2025 - Inderes    Röko has today published the Annual report for 2025. The Annual report is available in Swedish and in an English translation in pdf on www.roko.se/investors/reports-and-presentations. The Swedish...                             Annual report published. This time it’s also translated into English!

Let’s save this observation here, which might partly explain the share price drop in many serial acquirers, including Rökö.

I wouldn’t compare it to Kinnevik, as the strategy and portfolio investments differ so much that it doesn’t really make sense to compare them. You can find better comparable companies. Röko is more like a basic serial acquirer / PE company. Kinnevik is more like a VC.

Has anyone compared this company and Kinnevik? I mean, as an investment target, the situation, outlook, valuation, etc.

Welcome to the thread! I’ll answer based on my understanding after familiarizing myself with the company. A big disclaimer: I’ve been buying shares for some time on a declining price, and my position is such that my thoughts are guaranteed to be biased towards optimism. So, it’s worth listening to answers from someone more pessimistic or digging for answers from other sources  This is, however, excellent practice to respond when someone questions things a bit, so a big thank you!  My understanding is that Röko only acquires companies where the entrepreneurs remaining as minority owners do not intend to retire anytime soon. It could be that an entrepreneur sells to Röko long before retirement age to diversify their assets, if it’s already clear there are no successors among heirs, for example, or simply to provide security for their family. Another example could be a situation where an entrepreneur is about to retire, and the company’s operational activities have already been significantly managed by other members of the management team/key personnel for a good while. This group might be interested in continuing, but their risk tolerance isn’t enough to buy 100% of an SME all at once. A similar situation can occur in a family business’s generational change. In such cases, Röko takes on the risks of the main owner, but the company’s key personnel/next generation essentially get to run the business with entrepreneurial freedom, while minority stakes keep incentives aligned. Röko pays dividends to minorities, so such a deal can be very attractive to many. Entrepreneurial freedom and “drive,” but with controlled risk and appropriate reward for good results. In the best-case scenario, Röko can be on the same journey with minority owners for a very, very long time. If and when minorities eventually exercise their options and are about to retire, Röko primarily recruits a successor internally. If none is found, they search externally. My understanding is that the option arrangements made will last at least beyond the medium term (3-5 years?), even if the entrepreneur plans to leave as soon as possible. This brings us to how this entire model requires really strong trust between the parties. Röko’s management must also have excellent “people skills” to handle these diverse, often very intimate situations where an entrepreneur is partly giving up their life’s work and beloved “child.” Think about how these SME entrepreneurs have often practically put all their eggs in one basket, and 100% of their wealth can be in that company built from scratch  Well, this went a bit off-topic, but the intention was to emphasize that price is not always the deciding factor, and an entrepreneur can remain a minority owner for a long time. In this regard, a recent presentation had a good slide:    This brings us to why the serial acquirer model is so effective. In principle, the model can thrive with very modest organic growth that beats inflation, e.g., 3-5% over time is enough for good results. Of course, higher organic growth is always better if it comes with a good return on capital. If companies are then acquired at, say, 8x EBITA, that implies a return on capital of approximately 12.5% before taxes, with businesses being capital-light (=low capex). If such a 12.5% return can be achieved over decades by reinvesting, say, 80-90% of the cash flow, the company can grow by approximately 10% through acquisitions. Add to this 3-5% organic development, and the compounding machine, at its best, grinds out about 15% annual growth. Not bad if it can be done for decades. At this rate, the company quadruples in about 10 years. This is why niche companies with limited growth opportunities but pricing power fit the model so well. In the best-case scenario, organic growth can then be achieved through price increases  And price increases are good because they don’t require capex  So a compounder doesn’t need compounders within it, but rather cash flow with low maintenance investments! Constellation Software, for example, is a textbook example of this with its thousands of software companies. Of course, many serial acquirers also have organic success stories within them, which has given the machine even more momentum. On the other hand, organic growth opportunities should not be stifled either, but their returns on capital and profitability must be very strictly compared to the returns achievable through acquisitions. In other words, disciplined capital allocation. Of course, you can’t buy any slowly dwindling companies in sunset industries; fundamentally, they should still exist decades from now. A good aspect of the model is also that sometimes you can let a business wither if something happens to it. It doesn’t break the machine if there are dozens of companies. [quote=“Osinkohaukka, post:45, topic:68981”]  And what kind of a player is this new CEO? I haven’t had a chance to watch Bladh’s interviews yet, but Karlsson certainly hypes him up a lot. With Bladh becoming CEO, the CFO position is taken by a 27-year-old guy named Douglas Kressner. He could, of course, be a very capable person, but I find it a bit strange that someone almost fresh out of university takes on the CFO role of a listed company. In quite a few companies, the CFO has a very strategic role. Of course, there are differences between companies in the scope and criticality of that role, but this decision puzzles me a bit.  [/quote]I’ve understood that when Fredrik and Tomas founded Röko, they deliberately wanted to bring in very passionate and talented young people from the start. For example, Johan has been involved for 7 years, starting from the second acquisition. In my opinion, Röko has been built very patiently from the beginning, so potential successors have been identified well in advance. In a company like this, however, culture is so hugely important that it would be good for successors to come from within the company. This is how successors were nurtured, for example, at Berkshire and elsewhere. Röko is, of course, still a very young company, but it originated from a model that was probably already refined during the founders’ previous tenures  In this way, culture and continuity were built from the beginning with a long-term perspective and very clear goals.

Röko

Röko has today published the Annual report for 2025. The Annual report is available in Swedish and in an English translation in pdf on www.roko.se/investors/reports-and-presentations. The Swedish...

<div class="mfn-preamble"><p><strong>Röko has today published the Annual report for 2025. The Annual report is available in Swedish and in an English translation in pdf on </strong><strong><a href="https://www.roko.se/investors/reports-and-presentations" rel="noopener">www.roko.se/investors/reports-and-presentations</a></strong><strong>. The Swedish version is also available in European Single Electronic Format (ESEF).</strong></p></div><div class="mfn-body"><p>In case you have any questions, please contact:</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 is a perpetual owner of European small- and medium-sized businesses and today we own 33 companies in a variety of industries across Europe. Our team has more than 100 years of combined experience working with owner-managed businesses across a broad range of industries.</p></div><div class="mfn-footer mfn-regulatory mfn-regulatory-vpml"><p><em>This information is information that Röko AB (publ) is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-03-30 11:00 CEST.</em></p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong></p><hr><p><a class="mfn-primary" href="https://storage.mfn.se/61964d86-f8de-4994-8ea7-1ae1502a0b53/roko-annual-report-2025.pdf" rel="noopener">Röko Annual Report 2025</a></p></div>