Driven Brands
In this pitch deck, analysts Linus Öberg, Filip Berg, and Axel Andersson deliver a comprehensive analysis of Driven Brands. The company is the largest comprehensive
automotive service platform in the U.S. with well-renowned brands.
Category: R&A Reports
Vistry Group
In this pitch deck, analysts Samuel Ullmann, Svante Jansson and Fredrik Lyrvall deliver an in-depth
analysis of Vistry Group PLC (“Vistry”), the leading provider of affordable mixed tenure homes in the
UK. With the recent transition into a full-on capital-light partnerships model, Vistry is set to release
and distribute upwards of GBP 1bn in tied up capital while also achieving an estimated return on
invested capital of 43.5% in 2026E. Due to the transition not yet being fully priced in and Vistry
continued to be valued on book value, the analysts derive a target price of 2,502 GBX, equivalent to an
upside of 107.7% or a five-year ARR of 24.3%.
Matas Group
In this pitch deck, analysts Axel Grahn and Gent Kita Elezi deliver a thorough analysis of Matas Group, the Nordic leader in health and beauty, emphasising its brand assortment
expansion, financial health and potential market growth. By utilising various valuation methods such as DCF and LBO models, the analysts derive a target valuation range of DKK
6,500 – 8,700m. The following section includes a selection of assumptions underpinning this
valuation, and highlights some of the insights from which the investment considerations were made.
Bahnhof
In this presentation, analysts Wictor Bodelind and Gustaf Tamm present an in-depth financial
analysis of Bahnhof AB, Sweden’s fastest growing telecom operator, positioning it as a
compelling target for potential transactions. Leveraging multiple valuation methodologies, a
preliminary assessment indicates an enterprise value in the range of SEK 4,750 – 5,600m. A
robust investment opportunity expected to appeal to a wide range of strategic investors and
financial sponsors.
Fenix Outdoor
In this pitch deck, analysts Caroline Danielsson and Samuel Arctaedius deliver a
comprehensive analysis of Fenix Outdoor, a leading international group of outdoor brands
and proprietor of Sweden’s most sustainable brand for the fourth consecutive year,
emphasizing its business model, market position, and financial health. Utilizing various
valuation methods such as DCF and LBO models, the analysts derive a target valuation of
EUR 950 – 1400m. The following section includes a selection of assumptions underpinning
this valuation, and highlights some of the insights from which Fenix Outdoor proves to be a
strong acquisition candidate.
Systematic Drivers
In this investigation conducted with OQAM, the analysts Jaroslavs Grigoluns, Merriea Mathew, and Elliot Koujaharov Sjögren, analysed which factors drive the spread differences of bonds issued in both EUR and SEK. By examining a large number of both company-specific and macroeconomic features with different machine learning methods, the project distilled the most influential contributions to the historical spreads.
Kabe Group
In this equity research report, analysts Cheng-Tao Lee and Linn Elderot take a closer look at
Kabe Group, the market leader in Sweden for caravans and motorhomes.
Bouvet
In this equity research report, analysts Axel Rennmark and Alexandra Zemtsovski present an
analysis of Bouvet, a Norwegian IT consultancy with a long track record of growth and customer
satisfaction. With a growing sustainability trend, Bouvet stands poised to continue its growth
record. The decreased dependency on sub-consultants allows for a projected 2.5 percentage point
EBITDA-margin expansion until 2026E. The target price of 78.1 NOK is based on an equally
weighted DCF and peer valuation and implies an upside of 20.5%
Nilfisk
In this equity research report, analysts Emil Sköldberg and Fredrik Sölveland take a closer
look at Nilfisk, a world-leading provider of professional cleaning equipment. Nilfisk is
poised to enhance its service-oriented business model and target new markets, with a
target price of 25.8 EUR implied through an equally weighted DCF and peer valuation,
indicating a potential upside of 33.6% by 2025E.
Guideline Geo
In this equity research report, analysts Marius Fischer and David Apelryd take a closer look at Guideline Geo (GGEO), a Swedish company that develops, manufactures and sells geophysical instruments globally.
The Company is transitioning from its R&D phase towards commercializing the business. Stronger product
offering, coupled with lagging effects from expanding the distributor network and operational leverage is
expected to drive a 8.0% revenue CAGR until 2026E with EBIT growing 46.0% from 2023A to 2026E.
Through an equally weighted DCF and peer-valuation, a target price of SEK 16.3 is motivated, implying an
upside of 23.5%.