Last week, ExpreS2ion published its FY 2025 results, which on the financial side showed continued low cost and cash burn levels compared to a year ago.
Towards the end of 2025 and into the beginning of 2026, the company has shown progress on both its own pipeline and partner-led programs. The main candidate ES2B-C001, its HER2-targeted therapeutic breast cancer candidate, has continued to show promising but very early data, and the Malaria and Nipah programs have continued to move forward.
Following the release of Danske Bank’s annual report 2025 and the 2026 outlook, along with all of its peers having reported, we have updated our One-pager to include a refreshed peer group of the major listed Nordic banks.
Today we publish updated research on ISS following the release of the FY 2025 annual report. ISS delivered solid results with 4.3% organic growth and free cash flow up 35% to DKK 2.7bn, despite a softer Q4. Our updated investment case explores the key drivers behind the 65% share price re-rating in 2025, the path to narrowing the valuation gap to sector leader Compass Group, and the catalysts that could support further upside in 2026.
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Following the Q4 2025 results, we have updated our investment case one-pager. In addition to updated financials and valuation perspectives relative to peers, the one-pager introduces GomSpace's business and highlights key investment reasons and risks.
Today, we published an investment research report on Easor, in connection with which we have also updated our view on the new Talenom - the company's accounting firm business.
Ilkkas Q4-resultat var något lägre än våra estimat, men guidningen för året indikerar, i linje med våra förväntningar, att vinsttillväxten fortsätter under 2026.
Sotkamo Silvers Q4-produktion var tydligt under våra förväntningar, men de operationella siffrorna var i linje med våra estimat, stöttade av en förstärkt metallmarknad.
Enligt vår bedömning är avknoppningen av Aspon affärsområden den viktigaste kursdrivaren för aktien inom den närmaste framtiden, medan en tydligare vinsttillväxt fortfarande väntar på en tydligare volymutveckling.
