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United Bankers: Waiting for earnings growth
Researchyesterday by
Sauli Vilén

United Bankers: Waiting for earnings growth

United Bankers' start to the year has been slow, as market uncertainty has weighed on assets under management and made new sales more difficult.

United Bankers
Tokmanni Q1'25: Neutral valuation provides no incentive to bear risks
Research21 hours ago by
Arttu Heikura

Tokmanni Q1'25: Neutral valuation provides no incentive to bear risks

Tokmanni's Q1 results were soft across the board, especially abroad, where the company's earnings level deteriorated despite a clear increase in sales.

Tokmanni Group
Scandinavian Medical Solutions (One-pager): Margins under pressure - but guidance signals improvement ahead
Research21 hours ago by
Kasper Lihn, Michael Friis, Victor Skriver

Scandinavian Medical Solutions (One-pager): Margins under pressure - but guidance signals improvement ahead

Last week, Scandinavian Medical Solutions announced its H1 2024/25 report. As expected from the guidance downgrade back in March, the company has been challenged by hesitant buyers from the uncertain macroeconomic environment. We have updated our investment case one-pager following the recent news from the H1 2024/25 report.

Scandinavian Medical Solutions

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Mandatum: Dividend paid, but valuation still tight
Researchyesterday by
Kasper Mellas, Sauli Vilén

Mandatum: Dividend paid, but valuation still tight

We update Mandatum's target price following the dividend payout. Our views on the company or its future outlook remain unchanged, so we have not made any changes to our earnings forecasts in connection with the update.

Mandatum
Agillic (One-pager): ARR growth from new clients and improved EBITDA in Q1 2025
Researchyesterday by
Kasper Lihn, Michael Friis, Victor Skriver

Agillic (One-pager): ARR growth from new clients and improved EBITDA in Q1 2025

In Q1 2025, Agillic had positive momentum in new clients, implying a return to growth in ARR from subscriptions, which grew by 4% YoY. Agillic also improved its EBITDA to DKK 0.8m in the quarter after reducing its cost base in Q4 2024. The company maintained its 2025 guidance. We have updated our investment case one-pager with the recent news and results, including an updated overview of a selected Danish SaaS peer group.

Agillic
Orthex Q1'25: Export slump turned out to be deeper than expected
Research5/16/2025, 6:46 AM by
Thomas Westerholm

Orthex Q1'25: Export slump turned out to be deeper than expected

Orthex's Q1 figures were disappointing, as credit risk management, fewer campaigns than in the comparison period, and the impact of Finnish strikes pushed revenue into decline and earnings well below the comparison period.

Orthex
Hafnia (One-pager): Markets stabilize in Q1 2025 but at lower levels
Research5/16/2025, 8:25 AM by
Philip Coombes, Rasmus Køjborg

Hafnia (One-pager): Markets stabilize in Q1 2025 but at lower levels

Read the latest Hafnia One-pager update following the Q1 2025 results. The One-pager includes a brief company profile, a market update on product tankers, the latest financial performance, and valuation perspectives relative to peers. It also outlines several key investment risks and reasons to consider Hafnia as an investment case.

Hafnia
Björn Borg Q1'25: Solid quarter, but the valuation has run ahead
Research5/16/2025, 6:16 AM by
Lucas Mattsson

Björn Borg Q1'25: Solid quarter, but the valuation has run ahead

Björn Borg delivered a solid Q1 report, broadly in line with our expectations. As a result, we are maintaining our estimates largely unchanged. However, despite the good Q1 performance, the share price has risen nearly 20% since our last update. At current valuation levels, we view the risk/reward profile as less attractive. Consequently, we turn to a Reduce recommendation (prev. Accumulate) but maintain our target price of SEK 55 per share.

Björn Borg
Metacon Q1'25: Strong quarter with good order momentum
Research5/16/2025, 5:23 AM by
Lucas Mattsson

Metacon Q1'25: Strong quarter with good order momentum

Overall, Metacon’s Q1 report was better than expected, and the company has continued to grow its order intake since the end of the quarter, supporting our estimates for sustained growth. That said, we acknowledge the significant risks and uncertainties regarding the company’s ability to consistently secure large orders and maintain sufficient working capital to fulfill them. While liquidity is expected to remain tight until June/July 2025, when we anticipate the release of a significant portion of restricted cash tied to previously announced orders, we believe Metacon is well-positioned to secure short-term project financing on reasonable terms, if needed. With improved near-term revenue visibility, where our 2025 revenue estimates are largely “secured” by the existing order book, we believe the current valuation offers an attractive risk/reward profile. As a result, we reiterate our Accumulate recommendation with an increased target price of SEK 0.23 (was SEK 0.16), mainly due to an upward revision of our estimates.

Metacon
NIBE Q1'25: We are waiting for better entry opportunities
Research5/16/2025, 4:10 AM by
Lucas Mattsson

NIBE Q1'25: We are waiting for better entry opportunities

NIBE’s Q1 result was operationally largely in line with our expectations, and we made only minor upside revisions to our short-term earnings estimates. The company's outlook and market indicators continue to show signs of a recovery in the destocking situation. However, a meaningful recovery is likely to take time to materialize due to a slow recovery in consumer confidence and purchasing power, as well as in the new-build market. In our view, short-term drivers remain weak, and the stock is already sufficiently priced in for high earnings growth (2025e P/E: 31x). As a result, we reiterate our Reduce recommendation and our target price to SEK 40.0 per share.

Nibe Industrier
Relais Q1'25: Steering wheel steadied, engine runs smoothly
Research5/14/2025, 7:20 AM by
Petri Gostowski

Relais Q1'25: Steering wheel steadied, engine runs smoothly

The company's track record in value creation by allocating capital has been quite good in recent years, and in our opinion, the company has good prospects for continuing its successful strategy execution in the future.

Relais Group
Extensive research5/14/2025, 10:33 AM by
Tommi Saarinen, Antti Viljakainen

EcoUp extensive report: Insulation demand prospects are on an upward trajectory

EcoUp consists of Insulation and Technology businesses that operate in the construction value chain. In the short term, the market turnaround in detached house construction will accelerate the growth of the Insulation business, and in the long term, both businesses will be supported by the trends of circular economy and sustainable construction. The improved margin in the coming years makes the risk-return ratio attractive for the next year, even though the share is neutrally valued in the short term.

EcoUp
Wirtek (One-pager): Challenging market conditions - but signs of progress with growth in international markets and in the Energy business
Research5/15/2025, 12:00 PM by
Kasper Lihn, Victor Skriver

Wirtek (One-pager): Challenging market conditions - but signs of progress with growth in international markets and in the Energy business

Yesterday, Wirtek reported its Q1 2025 results. Despite challenging market conditions and a decline in revenue and EBITDA, the company maintained its full-year 2025 guidance. We have updated our investment case one-pager following the recent results and news.

Wirtek
Research5/15/2025, 7:53 AM

Inderes Group - April sales well in line - SEB

Inderes reported April sales growth of 8% and the sales were in line with our expectation. The growth was supported by the timing of AGM season. All in all, the monthly report should not trigger any material estimate revisions. We are forecasting somewhat slower sales for the coming months & quarters. Looking toward the year end, the IPO activity and the progress in Sweden are the key factors that could cause estimate revisions we think.

Inderes
Sitowise Q1'25: We wait for clearer signals of a turnaround
Research5/14/2025, 6:41 AM by
Lucas Mattsson

Sitowise Q1'25: We wait for clearer signals of a turnaround

Sitowise’s Q1 results were mixed, with revenue in line with expectations but underlying profitability slightly below. In our view, the still weak profitability reflects the criticality of revenue growth, which is also a necessity for strengthening cash flow and thus the financial position. Relative to the low near-term earnings level, the valuation of the stock is elevated, which together with the financial position constitutes a weak risk/reward ratio in our view. Therefore, we reiterate our Reduce recommendation and revise our target price to EUR 2.40 (previously EUR 2.50), mainly due to lower estimates.

Sitowise Group
NTG (One-pager): Acquisitions support revenue growth in Q1 2025 while market weakness squeezes margins
Research5/14/2025, 9:26 AM by
Philip Coombes, Rasmus Køjborg

NTG (One-pager): Acquisitions support revenue growth in Q1 2025 while market weakness squeezes margins

Read the latest NTG One-pager following the Q1 2025 results, as NTG announced a further two acquisitions during the first quarter of 2025.

NTG Nordic Transport Group
Starbreeze Q1'25: More updates just around the corner
Research5/14/2025, 6:37 AM by
Christoffer Jennel

Starbreeze Q1'25: More updates just around the corner

Starbreeze delivered a Q1 revenue above our expectations, driven primarily by a stronger-than-anticipated performance from PAYDAY 3 (“PD3”). While one-off costs weighed on the result, the adjusted figures were more in line with our estimates.

Starbreeze
TORM (One-pager): Guidance narrowed toward mid-point amid stabilizing markets
Research5/13/2025, 7:34 AM by
Philip Coombes, Rasmus Køjborg

TORM (One-pager): Guidance narrowed toward mid-point amid stabilizing markets

Read the latest TORM One-pager update following the Q1 2025 results. The One-pager includes a brief description of TORM, an update on the product tanker market, the latest financials, and valuation perspectives relative to peers. It also outlines several key investment risks and key investment reasons.

Torm
Columbus (One-pager): Margin improvement despite growth challenges in Q1 2025
Research5/13/2025, 6:00 AM by
Kasper Lihn, Michael Friis, Victor Skriver

Columbus (One-pager): Margin improvement despite growth challenges in Q1 2025

Last week, Columbus released its Q1 2025 results. Despite a challenging growth environment with a revenue decline of -2%, Columbus improved its EBITDA margin to 10.7% (from 7.9% in Q1 2024 adjusted for the M3CS legal case). The company maintained its full-year 2025 guidance, with organic revenue growth in the range of 7-9% and EBITDA margin in the range of 10-12%. We have updated our investment case one-pager with the recent news, including an updated overview of the peer group of Nordic-listed IT services and consultancy companies.

Columbus
Mandatum Q1'25: Valuation is the only problem
Research5/9/2025, 8:31 AM by
Kasper Mellas, Sauli Vilén

Mandatum Q1'25: Valuation is the only problem

Mandatum's Q1 result was well in line with our expectations. Sales of wealth management solutions, which are key to Mandatum's value creation, remained strong, and the earnings of capital-light businesses continued to grow clearly.

Mandatum
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