Tecnotree's share has been declining heavily since the company's financial statements report, which has resulted in the share’s valuation falling to a low level. Low visibility into future cash flows keeps the company's risk profile high, and the threats...

The share price drop has pushed Talenom's valuation back to reasonable. We make no estimate changes, so the over 20% drop in the share price has been directly reflected in the company's valuation. We feel that the current valuation (2024e P/E 26x and...

Today, we have released an updated version of our investment case one-pager on WindowMaster following its annual report for 2022. The investment case one-pager provides insights into key investment reasons and risks as well as valuation perspectives.

At the end of last year, Nightingale made its first clear revenue growth leap (+76%) on its journey as a listed company. However, continued strong growth will soon require new commercial contracts, and the company pursues several contracts in the current...

Today, we have released an updated version of our investment case one-pager on Penneo following the annual report for 2022 and the new guidance for 2023. The investment case one-pager provides insights into key investment reasons and risks as well as perspectives on key SaaS metrics across selected Danish SaaS companies and valuation perspectives compared to selected global peers within digital signature and KYC.

We feel that Stockmann's share price drop has pushed the valuation to moderate (price adjusted P/E 8x). Although we do not consider structural arrangements likely in the near future, their potential in the medium term is significant. We believe the current...

Modulight is a technology company focused on the design and manufacture of lasers and optics with a strategic focus on medical and biomedical applications. Modulight's growth story was interrupted after the 2021 IPO and the company is now looking to ...

Under the iCare brand, Revenio offers world-class tonometers, fundus imaging devices and perimeters. In recent years, the company has added software solutions to its offering, moving from being an equipment provider to a holistic eye diagnostics solution provider.

Today, we have released an updated version of our investment case one-pager on Green Hydrogen Systems following its annual report for 2022 and the company’s new medium-term targets for 2025 and 2026. The investment case one-pager provides insights into key investment reasons and risks as well as perspectives on valuation multiples across listed peers within the green hydrogen market.

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Admicom has already had a very strong decade of profitable growth in Finland and the updated strategy seeks the next growth leap by digitizing the European construction industry.

We lowered our profitability estimates in connection with the IFRS transition after reviewing the level of fixed costs required by the company in the next few years. However, in the big picture, the company's story has not changed. In the forthcoming...

Today, we have released an updated version of our investment case one-pager on Shape Robotics following its interim full-year report for 2022 and the company’s plan to accelerate its market expansion with new capital from a rights issue.

NTG’s updated one-pager highlights updated strategies following its 2022 annual report, investigates the current company and market outlook and highlights NTG’s relative valuation against a peer group of large freight forwarders.

Inderes' sales in Jan-Feb showed growth of 52%. We remind that growth is driven by the Swedish acquisitions, of which seasonality is driven by earnings seasons. We have input Q1 growth of 40%; following the published Jan-Feb numbers, our estimate implies...

We believe, Fiskars has completed its long-term transformation into a consumer goods company and its profitability is already structurally better than its historical levels. We believe that the current strategy supports growth and profitability improvement...

Inderes announced today that it has made an agreement on equity research distribution with Avanza in Sweden. The deal is another enabler for Swedish commissioned research expansion.

Savosolar is a renewable energy and marine logistics company whose two business areas are linked to the reduction of carbon dioxide emissions and the transition in target markets through, e.g., EU emissions trading. The merger with Meriaura at the end...

Faron has prepared for increased bexmarilimab production and accelerated its BEXMAB study, which resulted in higher R&D costs and a weaker result than we expected. Our estimate changes are marginal, as we recently updated our assessment of the progress...

The overall picture in Relais' Q4 report was on the positive side, as the last quarter of 2022 was operationally slightly better than we had expected.