Nordea’s Q3 was in line with our expectations, with both the loan book and assets under management continuing to grow.

Ericsson faces a mature market with extensive efficiency measures and a new CEO to strengthen profitability, while rising component costs and geopolitical risks present challenges.

Nurminen will publish its Q3 report on October 22.

Efter Q2-rapporten var vi inte oroliga, men sedan dess har oron ökat.

Kamux tvingades i enlighet med våra förväntningar att sänka sin guidning. Bolagets Q3-resultat understeg våra estimat.

We have taken a more cautious stance on our near- and mid-term revenue estimates due to weaker consumer sentiment and a less supportive macro environment, particularly in continental Europe. Despite these downward revisions, we believe that the current valuation offers an attractive risk/reward profile, as the share price has fallen by around 15% since our last update.

Following TORM’s third guidance upgrade this year, we have updated our investment case on the company, covering the key investment reasons, risks, and valuation perspective relative to product tanker peers.

We expect continued top-line momentum driven by steady user growth and Premium ARPU expansion, while profitability still reflects the guided step-up in operating expenses

In connection with GreenMobility’s Q3 2026 trading statement and the strategic developments since the summer, we have updated our investment case.

Efter tillväxtskrapet förra året är aktien billig med nästan alla mått mätt, men våra estimat saknar vinsttillväxt.

Although Orthex's valuation appears moderate based on normalized earnings, prolonged inflationary pressures on plastic raw materials have weakened the short-term outlook and the stock's expected return within a 12-month period.

Vi förväntar oss att koncernens resultatförbättring har fortsatt, nu med stöd av alla huvudbranscher.

EcoUp utfärdade en vinstvarning och förväntar sig nu att innevarande års EBITDA sjunker.

Ahead of Inderes’ Q3 report, we slightly finetune our estimates, which were already well aligned with the increased margin guidance. Inderes’ recurring business is on a healthy growth track, and the company has proven its position with a high win-rate among new market entrants. As always, we look closely at international performance, as the Swedish expansion holds the largest potential upside for the investment case.

With the Vattenfall agreement now signed, new contract volumes mainly lift our 2028 estimates, and we believe the risk/reward has turned positive again.

Raute has delivered a strong earnings turnaround in recent years, though the prolonged construction slump has clearly weighed on investment-driven demand.

Finnair raised its guidance for 2026, but forecasts next year's earnings to decrease significantly, which makes the share's valuation high.

Cityvarasto is clearly the largest self-storage company in Finland, with a real estate business complemented by van rentals and moving services. At the core of its growth strategy is the cost-efficient acquisition of real estate nearing the end of its life cycle and gradually converting it into self-storage facilities with an EBITDA yield of around 15% on the investment. Indeed, revenue has grown by an average of about 20% per year over the past ten years, and we estimate that the company will be able to continue its strong profitable earnings growth, albeit at a significantly slower rate than targeted (adj. EBITDA 11% p.a. 2026-30) in the coming years as well. We consider the valuation highly attractive from many angles (EV/EBITDA 2027e: 10x), considering the company’s growth outlook, market position, and moderate risk level.