Following INVISIO's Q1 2026 interim report, we have updated our investment case on the company. Our updated investment case covers the key investment reasons, risks, and valuation perspective relative to peers across Nordic/EU defense equipment, international defense communications, and audio/hearing protection.
In connection with the publication of BioPorto's Q1 2026 interim results, we have updated our investment case. Our investment case covers the key investment reasons, risks, and valuation perspectives.
Ovaros Q1'26-resultat var säsongsmässigt svagt och låg något under våra estimat på nedersta raden. Företaget upprepade sin guidning för 2026, och resultatutvecklingen för resten av året är som vanligt beroende av framstegen i utvecklingsprojekten. Vi anser att realiseringen av projektportföljen har tagit tydliga steg framåt, men stigande räntor och potentiella inflationspåtryckningar har enligt vår mening ökat risken på kort sikt. Den balansbaserade värderingen är absolut sett låg (2026e P/B 0,56x), men vi bedömer att den förväntade avkastningen kommer att ligga ungefär på samma nivå som vårt avkastningskrav på grund av de nämnda riskerna.
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Asuntosalkkus vinst för H1'26 var i stort sett i linje med förväntningarna. Nettointäkterna var som väntat, men uthyrningsgraden sjönk något. De lönsamma bostadsförsäljningarna i Tallinn och återköpen av egna aktier, som är centrala för investerings-caset, fortsatte. Ekvationen skapar direkt aktieägarvärde vid nuvarande kursnivå. Aktien handlas med en betydande nedsättning (P/NAV 0,64x) i förhållande till sitt verkliga värde, och om balansräkningen realiserades skulle den vara betydligt mer värdefull än den nuvarande aktiekursen. Den låga likviditeten begränsar hastigheten på värdeskapandet, men på längre sikt är hävstången betydande. Den sänkta värderingsnivån samt ekvationen med vinstgivande försäljningar i Tallinn och återköp av egna aktier talar enligt vår mening återigen för ytterligare köp för den tålmodiga investeraren.
Wetteris marginal i Q1 var betydligt lägre än våra förväntningar, men den stärkta orderboken under kvartalet jämnade ut den övergripande bilden av rapporten något.
As we had expected, the start to the year was weak. While the weaker-than-expected Q1 report has led us to make some downward revisions to our short-term estimates, we believe the setback was primarily driven by unfavorable weather conditions rather than any structural weakening in underlying demand. As a result, our mid- to long-term estimates remain largely unchanged. In our view, the strong order backlog and the expected increase in project execution provide a solid foundation for earnings growth going forward, especially in the latter part of the year. Against this backdrop, combined with low medium-term valuation multiples (2026-2027 adj. EV/EBITA of 6–7x), we believe the risk/reward profile remains attractive. As a result, we reiterate our Buy recommendation and target price of SEK 26 per share.
Solwers' Q1 was weaker than our expectations, and the income lines, which are important for deleveraging, remained slightly below even the weak comparison period.
We expect the report to reflect a seasonally softer start to the year, further dampened by FX headwinds, front-loaded sales force investments, and the lingering impact of the large customer loss from late 2025.
Following the publication of Scandinavian Medical Solutions (SMS) H1 2025/26 half-year report on 19 May 2026, we have updated our investment case. The update reflects the H1 results, the maintained 2025/26 guidance, and the six H2 2025/26 focus areas presented by management, implemented to turn the earnings around and improve capital position.
We believe that NIBE delivered a solid start to the year, with the Q1 report coming in broadly in line with our expectations. While the Stoves segment remained a drag and the near-term outlook is somewhat softer than we had anticipated, the underlying organic growth and margins within the key Climate Solutions business area continued to gradually recover. In addition, European heat pump market data continues to indicate improving demand trends, supporting our estimates for a continued recovery. Medium-term valuation multiples (2026-2027: P/E 21-24x and EV/EBIT: 16-19x) are below the company’s long-term medians and appear attractive in our view. Therefore, we believe the company’s interesting long-term investment story can be accessed with a good risk/reward ratio at the current valuation, and we reiterate our Accumulate recommendation and target price of SEK 44 per share.
Following WindowMaster's revised guidance, we have updated our investment case. Our updated investment case covers the key investment reasons, risks, and valuation perspective relative to peers exposed to the construction and materials, as well as the ventilations and building tech sector.
HomeMaid delivered a solid Q1 report, with revenue coming in ahead of our estimate and profitability in line, though margins landed slightly below our expectations.
Following Wirtek's Q1 2026 interim report, we have updated our investment case to reflect the first full quarter of impact from the new strategy launched last year. Our investment case covers the key investment reasons and risks and valuation perspectives.
