The key to the investment story would be for Kempower to be able to strengthen its market position in the coming years without a significant decline in margins.
Aiforia’s growth continues and a positive news flow is expected from the company, especially on the sales front, but also on regulatory approvals progressing in Europe.
In the Value Creators concept, we highlight companies that have created substantial shareholder value. In this report, we introduce Revenio - a global leader in ophthalmic equipment and software solutions, with a focus on eye care solutions.
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Ahead of Inderes’ Q3 report, we make small downward estimate revisions due to softer August sales data than we expected. Despite market headwinds (companies leaving the exchange), the number of new research coverage initiations has been good. We see no material changes to the case, in which higher multiples would require further evidence of conquering the Swedish market. Our fair value range remains unchanged at EUR 19-21.
Infrastructure builder Kreate has been one of the strongest growing and most profitable companies in its sector. Kreate's above-market growth has been driven by its expertise in demanding infrastructure construction projects and the company's success in executing these projects has given it a good market position in its field.
The opportunities offered by digital services and modernization were the two spearheads of KONE's Capital Markets Day and will underpin growth and profitability in the coming years.
Our estimates assume PD3 will not see a major recovery, and the next two game releases will achieve moderate commercial success, with Starbreeze securing game financing for these projects. We believe this outlook is largely priced into the current share value.
In the Value Creators concept, we highlight companies that have created substantial shareholder value. Fortnox, best known for its cloud-based accounting software, is a leading ERP provider for small and midsize enterprises in Sweden.
Read the latest Roblon One-pager update following the Q3 2023/24 results. The One-pager includes a brief description of Roblon, an update to the high-performance cable component industry outlook, latest financials, valuation perspectives relative to a peer group, and outlines several key investment risks and key investment reasons.
The H1 figures for Solar Foods were already largely known, but an insignificant change in the timing of earnings resulted in a clear difference compared to the company's previously communicated earnings estimate. The most important news was the Capital Markets Day on December 10, where we will seek visibility on major strategic directions.
H&M delivered weaker-than-expected earnings for Q3. While September sales growth was a positive data point, we see margin headwinds continuing in Q4 and do not expect the company to reach its 10% EBIT margin target in 2025 either.
Gradual recovery of Componenta's target markets, a large order from the Finnish Defense Forces and the acquisition of Fortaco will secure rapid earnings growth in 2025-2027.
Harvia is a leading company in its field with clear competitive advantages. This enables good ROIC and value creation, in addition to which the company's capital allocation to acquisitions has been successful. However, the valuation level (e.g. 2025 P/E 25x) is high, so the expected return remains weak.
Nightingale has already launched around ten growth starts, mostly with prominent healthcare operators. The strength of demand and speed of progress has surprised us positively in the short term, and we believe the company’s value has taken a clear step forward with the development.
Read the latest Flügger One-pager following its Q1'2024/25 earnings report, which includes a brief description of Flügger, valuation perspectives relative to a peer group, and several key investment risks and key investment reasons.
We expect progress on both the last restructuring dispute and the strategic review of the department stores in the coming months and believe these will support the unlocking of value in the stock.
Onni Bidco's tender offer for Innofactor's shares fell about 10% short of the target of more than 90% during the first offer period, and the company has therefore decided to extend its offer. Innofactor also made several other announcements yesterday, the most important of which was a negative profit warning on revenue and EBITDA, which led us to slightly lower our forecasts. In our view, the offer is still a good one for shareholders from a number of perspectives and we believe there is a strong likelihood that the offer will be successful.
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.
