Category: <span>R&A Reports</span>

Balco Group (Pitch Deck)

In this pitch deck, analysts Oscar Fredell and Emilian Rehnström deliver a comprehensive analysis of Balco Group, the leader in the balcony industry in the Nordics, 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 SEK 1200 – 1600m. The following section includes a selection of assumptions underpinning this valuation, and highlights some of the insights from which the investment considerations were made.

Concentric (Pitch Deck)

In this pitch deck, analyst Filip Ledin Nilsson present a comprehensive evaluation of Concentric. The company is a Swedish pump manufacturer with a rich history in producing motor- and hydraulic products. By employing an extensive range of valuation methodologies, including DCF analysis, peer benchmarking, precedent transactions, and an LBO framework, the analyst determines a target valuation range for Concentric, spanning from SEK 7.1 – 9.9 billion.

Cloudberry Clean Energy ASA

In this equity research report, analysts Layal Sibai and Samuel Arctaedius present an analysis of Cloudberry, the Norweigan actor is experienced in the renewable energy industry where the Company owns, develops, and operates hydropower plants and wind farms in the Nordic. Cloudberry is set to capitalize on the growing demand for renewable energy, with revenue estimated to grow at a CAGR of 38.5% from 282 NOKm to 748 NOKm between 2023E-2025E. The target price of 13.8 NOK is based on an equally weighted average between DCF and peer valuation and implies an upside of 53.3%.As the company leverages the rapidly expanding commercial EV market and maintains an average 7-year ROIC of 22.9%, organic revenue is projected to grow at a CAGR of 6.0%. The target price of SEK 221.4 is based on an equally weighted average between a DCF and a peer valuation and implies an upside of 25.1%.

Concentric (COIC)

In this equity research report, analysts Felicity Jaarnek and Gustaf Tamm take a closer look at Concentric, a tier-one supplier that manufactures engine and hydraulic components for commercial vehicles and machines.
As the company leverages the rapidly expanding commercial EV market and maintains an average 7-year ROIC of 22.9%, organic revenue is projected to grow at a CAGR of 6.0%. The target price of SEK 221.4 is based on an equally weighted average between a DCF and a peer valuation and implies an upside of 25.1%.

Kitron ASA (KIT)

In this equity research report, analysts Pontus Klingberg and Emil Windahl take a closer look at Kitron ASA, a Norwegian EMS company offering services within Connectivity, Electrification, Industry, Medical Devices, and Defence & Aerospace. With strong growth momentum within Kitron’s Defence & Aerospace sector and improved profitability amid the ongoing homeshoring trend, the analysts estimate a revenue CAGR of 14.6% between 2023E and 2026E and sustainable EBIT-margins in the 8.8%-8.9% range. An equally weighted DCF and Peer valuation indicates a target share price of NOK 42.7, implying an upside of 34.7% for 2025E.

Bulten AB (BULTEN)

In this equity research report, analysts Gent Kita Elezi and Emily Elkaneva take a closer look at Bulten, a Swedish company that produces, develops and distributes fastener elements. Due to continued investments in production and a unique service offering, revenue is estimated to grow at a CAGR of 9.3% from 2023-2025 while EBIT margins return to historical levels as the Company offsets capacity issues. The target price of SEK 105.6 is based on an equally weighted average between a DCF and a peer valuation and implies an upside of 39.7%.

Volue A/S (VOLUE)

In this equity report, analysts Engla Wigstrand and Linus Öberg take a closer look at Volue, a Norwegian software and consulting company that offers an end-to-end solution that helps forecast, plan and sell electricity on the wholesale energy market. Continued expansion in Europe, coupled with its new expansion in Japan, drives a sales CAGR of 17% between 2023E-2028E and paves the way for an increase in EBIT margin from 3.3% to 17.0% in 2025E. The target price of NOK 32.6 is derived from an equally weighted split between a peer valuation and a DCF, implying an upside of 26.8% by 2025E

Matvareexpressen (MVE)

In this equity research report, analysts Johannes Olsson and Filip Berg take a closer look at MatvareExpressen, a Norwegian B2B online grocery company. MatvareExpressen is well positioned to continue its fast revenue growth due to a geographical expansion to Oslo driving a revenue CAGR of 34.8% 2022A-2024E, backed by a solid customer base.

BILIA (BILI A)

In this equity research report, analysts Samuel Ullmann and Svante Jansson take a closer look at Bilia, one of Europe’s largest full-service suppliers of cars. Bilia is set to capitalize on continuing consolidation within the car sales- and services industry, with revenue estimated to grow at a CAGR of 5.0% until 2030. Through an equally weighted DCF and a peer valuation, a target price of 165.1 SEK is implied, indicating a potential upside of 34.5%.

LumenRadio AB (LUMEN)

In this equity research report, analysts Daniel Leksell and Marcus Oscarsson take a closer look at LumenRadio, a Swedish company that offers wireless communication technology. The Company’s technology enables physical devices to communicate through an Internet of Things (IoT) solution that replaces the need for cables in critical business operations.