Puuilo released a Q2 report that was quite in line with expectations. Strong revenue growth was driven by both new store openings and growth in existing stores. Profitability rose to near the historic highs of the COVID era due to favorable sales mix and successful cost control.
Despite its early stage of development, the company is a leading global player in a rapidly growing and evolving industry. The key risk to the stock is the capital required to scale up production, which we believe will be the dividing line between successful cellular agriculture companies and others. If cellular agriculture delivers, we expect the winners of the industry to be rewarded with significant first-mover advantages and an attractive long-term investment horizon.
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Neste lowered its Renewable Products guidance for the current year on Wednesday. The underlying factors are more or less the same as before, and we continue to believe that such low margins will not last in the long run. We therefore believe that the segment's performance will recover in the medium term, although there is uncertainty about the timing of the stabilization of supply and demand.
Inderes' August sales came in slightly below our estimate. While the muted 3% growth was driven by IR software our take is that event business saw monthly volatility being on the downside. For September we expect input 12% growth, which after August seems elevated. However, we note that the timing of CMDs and other events may give the required boost for the next month.
Read the latest SP Group one-pager update following the H1 2024 results. The one-pager includes a brief description of SP Group, an update to the moulded plastic market outlook, latest financials, valuation perspectives relative to a peer group, and outlines several key investment risks and key investment reasons.
We have revised our DCF-model, guided by the company, to reflect new estimates for the total obesity market in 2030. With the current share price in line with our latest one-pager from June 2024, the model indicates a lower probability og success (PoS) in the base case.
Read the latest Hafnia One-pager update following the Q2 2024 results. The One-pager includes a brief description of Hafnia, an update on the product tanker market, latest financials, valuation perspectives relative to a peer group, and outlines several key investment risks and key investment reasons.
Tecnotree held an investor event on Friday in an attempt to provide background information on the Pericius deal. However, we did not get answers to all the worrying details. The company also issued cash flow guidance for next year and published a dividend policy, according to which free cash flow (and profit distribution) are set to remain slim and below our expectations. Given the weak cash flow and the ongoing uncertainties regarding corporate governance, we recommend that investors remain on the sidelines, at least for the time being, due to the elevated risk profile.
Our latest Danske Bank One-pager including an updated peer group of Nordic listed peers. Read the One-pager to get an update on the recent development in Danske Bank, its progress in closing its valuation gap with its peers, updates on the key investment risks, key investment reasons, and its Forward ’28 Strategy.
Read the latest SKAKO one-pager update following the Q2 2024 results as the company moves beyond its sale of SKAKO Concrete from late 2023. The one-pager includes a brief description of SKAKO, an update to the market outlook, the latest financials, and valuation perspectives relative to a peer group. It also outlines several key investment risks and key investment reasons.
Consumer demand remains weak, which has led us to slightly lower our forecasts for this year. Our forecast for the adj. EBIT is now 108 MEUR, while Fiskars has guided for a result slightly above last year's level of 110 MEUR.
Read the latest North Media One-pager, which includes a brief description of North Media, an update on the company's development in H1 2024, the latest financials, valuation perspectives relative to a peer group, and several key investment risks and key investment reasons.
The H1 results published by Solwers on Friday were slightly below our forecasts, but this was mainly due to non-recurring items. We have made only minor downward revisions to our organic forecasts, while also taking into account the recent acquisitions. Against this background, the overall changes made to our forecasts were not large. In our view, the stock has clear upside, provided the company manages to improve its balance sheet efficiency and execute successful acquisitions in line with its strategy.
Last week, Impero announced its H1 2024 report. ARR grew by 28% YoY with improvements in EBITDA and especially in the cash flow. The momentum continued in the DACH region, and Impero also announced its first customer in Belgium, which is a leading Big4 firm.
Penneo reported its H1 2024 results this Wednesday, reaffirming its full-year 2024 guidance. We have updated our investment case one-pager after the results and recent news, including an updated overview of the peer group of selected listed Danish SaaS companies.
Aiforia's revenue growth stalled in the first half of the year, particularly in the US, although recent months’ customer wins suggest that the company is continuing to capture the market.