contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


clavister-scaling-towards-positive-ebit-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Clavister is a Swedish company that develops end-to-end cybersecurity solutions, focusing on network security, identity and access management, and cloud and device security. The company's customers are operators, authorities, enterprises and cloud service providers globally. Clavister was founded in 1997 and is headquartered in Örnsköldsvik, Sweden.

Clavister

* Q2 sales +3% and EBITDA +4% vs. ABGSCe* We raise EBITDA by 1-4% and EBIT by 4-8% for '26e-'27e* 22-17x EV/EBITDA on '26e-'27e (61-32x EBIT)Profitability taking shapeClavister reported sales...

* Q2 sales +3% and EBITDA +4% vs. ABGSCe* We raise EBITDA by 1-4% and EBIT by 4-8% for '26e-'27e* 22-17x EV/EBITDA on '26e-'27e (61-32x EBIT)Profitability taking shapeClavister reported sales of SEK 55m (+3% vs. ABGSCe of SEK 53m), implying a solid growth of 22% y-o-y (25% org.). The civil business remained a key driver of growth, supporting a 9% y-o-y growth in ARR to SEK 137m. The gross margin improved to 81% (79%), reflecting a sales mix more tilted towards software. Reported EBIT came in at SEK -5m (-7m), in line with our expectations, affected by continued investments in sales, marketing and IAM integration. While these costs held back margins in the quarter, we believe this will support long-term profitable growth. EBITDA was also relatively in line with our expectations (SEK 7m, +4% vs ABGSCe of SEK 6m), for a 12% margin (12%). However, adjusted for one-offs, the EBITDA was SEK 9m (16% margin), which highlights continued solid scale effects. The incremental adj. EBITDA margin was 34%, which we think paints a better picture of the underlying economics.Raising long-term estimates on new partnershipsWe raise our sales by 3-4% for '26e-'27e on the back of a solid report, and the recently announced product launch with SAAB, which we believe could start generating orders in 2026. This translates into 4-8% higher EBIT on '26e-'27e (+1-4% EBITDA) due to operating leverage. We remain optimistic about a further acceleration in defence-related revenue in the coming years, and expect growth in this area to accelerate in the coming quarters and years, just based on the already announced orders and partnerships.Valuation reflects scaling potentialClavister is now trading at 34-17x EV/EBITDA for '25e-'27e on our revised estimates. We continue to expect the company to reach positive EBIT in H2'25. With growing momentum in Defence, and now strengthened by its new partnership with SAAB, and other new product launches, we believe Clavister is well positioned to scale.