In connection with yesterday’s adjustments to the 2025 guidance, WindowMaster has also provided guidance for 2026. The update points to a clear inflection in profitability, supported by improving order momentum and strong operational gearing.
Optomeds riktade nyemission gjordes enligt vår mening under verkligt värde, men de 6 MEUR som samlades in behövdes särskilt för Lumos FDA-process tillsammans med AI. Vi anser att utsikterna i stort sett är oförändrade och vi har endast gjort små ändringar i våra estimat för de kommande åren. Vi anser att företagets värdering är mycket måttlig i förhållande till potentialen, vilket gör risk/reward-förhållandet attraktivt.
Under de senaste åren har strategin fokuserat på lämpligt valda branscher, utvalda tillväxtmarknader och den egna plattformen. Strategin är tilltalande, men kräver fortfarande bevis på ett genombrott. Nu måste företaget visa en återgång till bättre organisk tillväxt och dess skalbarhet till marginal.
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Flügger delivered 2.2% revenue growth in H1 2025/26 to MDKK 1,264, as strong growth in Poland (International segment (12% y/y) and Sweden (+8% y/y) offset revenue declines in Denmark and other export nations. In the Nordics, a conversion of white-label volumes to own-brand sales in Denmark lifted margins; however, Group EBIT was stable at MDKK 141 (from MDKK 140 H1 2024/25), as terminated sales to nations in Eastern Europe and other non-core export markets had a negative impact on the International segment’s EBIT result year-over-year. Despite weaker EBIT expansion than projected in H1 2025/26 the structural value drivers of margin expansion in the Nordics from improved product mix and strong, higher margin growth in Poland remain unchanged. We still see a favourable risk-reward as Flügger executes its profitable rebound, despite possible sanctions-related risks, and reiterate our “Accumulate” recommendation and slightly lower price target of DKK 360 per share.
Aktia's earnings have risen significantly with interest rates, and the recovery in loan demand and steady growth in Asset Management should keep profitability relatively stable in the coming years.
Panostajas vinst för augusti-oktober var lägre än våra förväntningar. Den största besvikelsen kom dock från moderbolagets nettokassa, vars betydande minskning förklarades av nedskrivningen av koncerninterna lån till Hygga. Vi hade tidigare lyft fram detta som en möjlig risk, men omfattningen av de realiserade förlusterna överraskade oss.
Tokmannis investerarberättelse är i en övergångsfas, då företaget gör ändringar i Dollarstores affärsmodell och strävar efter att stärka sin inhemska tillväxt genom SPAR-samarbetet.
Att leveranser av export med högre marginal flyttas till nästa år, samt företagets effektiviseringsåtgärder, stöder vårt estimat om en resultatvändning nästa år.
Yesterday, GreenMobility raised its 2025 guidance for both revenue and EBITDA for the fourth time this year, driven by stronger-than-expected revenue development. We have updated our One-pager analysis with the upgraded 2025 guidance and latest price movements.
Inderes delivered solid monthly sales in November with sales increasing by
15% y/y. The strong growth owes to improved CMD activity. The sales beat our
estimate by EUR 0.2m, which was the case also in October. Consequently, after
two months of reporting in Q4 the sales run-rate is some EUR 0.4m above our
current projection. Our positive read-x is also supported by the fact that
Inderes has managed to win CMDs also in Sweden.
Fondia is undergoing major transitions, and its earnings turnaround is only just beginning. However, unlike in the past, strong measures have been taken, and success in strategic projects would lead to a significant improvement in results. This also supports confidence in a change in the outcome. Despite its challenges, Fondia is the market leader in continuous legal services in Finland, in view of which its valuation is extremely low.
Efter avyttringen av medieverksamheten fokuserar Ilkka på lönsam tillväxt inom marknadsföring, teknik och datatjänster, men den största värdedrivaren för aktien är fortfarande företagets ägande i Alma Media.
However, with the valuation decrease due to the recent around 10% price drop (2026e: P/E 12x), we feel the expected return has improved and risen slightly above the required return. In our view, Scanfil also offers an attractive investment story of profitable growth in the longer term.
