I och med kursnedgången har företagets värdering (t.ex. 2026 P/E och EV/EBIT 9x) enligt vår mening tyngts ner till en förmånlig nivå.

Vi förväntar oss att vinsten kommer att göra en tydlig uppåtgående korrigering under de närmaste åren, men vi anser att en betydande del av denna utveckling redan är inprisad i aktien.

In our view, the recently announced capital raise reduces the financing risks and should give the company the runway to execute its order backlog and help convert parts of its sales pipeline, at least in the short term.

The low valuation compensates for the very high level of risk.

Today, we publish our updated North Media A/S investment case following the Q1 2026 report. North Media delivered improved Q1 profitability with EBIT rising to DKK 4m and EBITDA up 72%, though management cut the top end of 2026 guidance on a weak start in SDR and BoligPortal. The stock continues to trade at a significant discount to peers, as the large securities portfolio results in a very low implied EV, leaving the operating business valued at close to zero.

Vi har beaktat försäljningen av Martelas flyttjänstverksamhet i våra estimat, vilket höjde vårt rapporterade vinstestimat för innevarande år, men sänkte de operativa estimaten.

The study will produce high-quality data on the safety of the Parkinson's disease drug candidate and preliminary data on its efficacy.

In connection with Curasight's Q1 2026 interim report, we have updated our Investment Case. Our investment case covers the key investment reasons, risks, and valuation perspectives.

Lamors Q1-siffror var lägre än våra förväntningar, vilket särskilt berodde på en svag orderbok och svag nyförsäljning.

In connection with the Q1 2026 report, we have updated our investment case. Q1 2026 has moved ExpreS2ion meaningfully forward and further derisked the investment case, with continued positive ES2B-C001 read-outs, a redesigned and strengthened Phase I programme, and a completed rights issue potentially securing the company's path to the end-2026 Phase I read-out.

De finansiella målen förblev oförändrade på en övergripande nivå.

CapMan is currently in the midst of the largest fundraising cycle in its history, and the success of this effort will largely determine the stock’s trajectory in the coming years. If the fundraising is successful, the share valuation is favorable.

Following TORM'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 the international product tanker space, including pure-play operators in the Nordics, the US and Southern Europe.

Framery is the global market leader in soundproofed office pods, which are a growing category and which the company has been instrumental in shaping.

Verve's Q1 report was broadly in line with our cautious expectations, confirming a seasonally softer but stable start to the year.

KKV har godkänt det betydande företagsförvärvet av BLC Turva med måttliga och väntade eftergifter, vilket eliminerar den osäkerhet som varit förknippad med affären. Affären gör Loihde till Finlands största leverantör av säkerhetsteknik.

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.