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

CTEK

In this fundamental analysis report, analysts Axel Hockman and Edvin Ganic provide an in-depth analysis of CTEK AB, a Swedish premium battery charging and power management specialist with a leading position in low-voltage charging and selective exposure to EV charging infrastructure.

Tekova

In this fundamental analysis report, analyst Ville Nordmark takes a closer look at Tekova Oyj (“Tekova”), a Finnish commercial construction contractor specializing in standardized turnkey delivery, with growing exposure to datacenter projects. Tekova’s scalable operating setup, capable of absorbing approximately 48% revenue growth without incremental resources, combined with quality-driven pricing power and continued datacenter-related demand supports a constructive fundamental outlook. An equally weighted DCF and peer valuation imply an upside
potential of 75% from current levels.

Inwido

In this fundamental analysis report, analysts Axel Enberg and Antonio Sherwany take a closer look at Inwido AB. Inwido is the leading European consolidator in energy-efficient windows and doors, operating in a highly fragmented market with over 10,000 players. The market underestimates the Company’s strong M&A capacity, its sustainable positioning to benefit from EU regulatory tailwinds, and the growing contribution from its e-commerce business.

Tokmanni Group

In this fundamental analysis report, analysts Emelie Jönsson and Emil Liljeborg take a closer look at Tokmanni Group Oyj, a Nordic discount retailer operating stores in Finland, Sweden and Denmark. Weak profitability in 2025 and a cancelled dividend have driven the stock to a historical low valuation of 6.4x adjusted EV/EBIT for 2027. However, future financials are supported by a margin-accretive
shift in product assortment and significant joint purchasing synergies with the newly integrated Dollarstore.

Embellence Group

In this fundamental analysis report, analysts Michael Sedigh and Viktor Gautvik take a closer look at Embellence Group, a Swedish premium interior design company operating a House of Brands within wallpaper, textiles, and window films. Embellence benefits from a strong brand
portfolio, in-house production capabilities, and a growing exposure to attractive markets such as the U.S. and hospitality.

Blue Bird Corporation

In this pitch deck, analysts Nika Lundh and William Beer present the investment
case for Blue Bird Corporation. The leading U.S school-bus OEM has completed a
full operational turnaround and emerged as the dominant provider of alternative-fuel buses. As margins remain intact and the market reassesses Blue Bird’s true earnings power, the current mispricing should correct, implying a 51% upside

XPEL Inc.

In this pitch deck, analysts Torkel Johansson and William Voldseth present the investment case for XPEL Inc, a market leader in automotive surface protection.
After a weak 2024 driven by supplier-related issues in China, market expectations
have reset. Supported by new product
launches and increasing OEM adoption, the base case implies 38% total upside and
a 12% IRR over three years.

NCR Atleos

In this pitch deck, analysts Rahil Hussain and Joel Persson present a comprehensive
analysis of NCR Atleos, a leading global provider of ATM infrastructure. While investor focus has remained on short-term hardware cyclicality, perceptions of a structurally declining ATM market, and elevated leverage at separation, the market has overlooked Atleos’ shift toward a more
recurring, service-driven business mix, its scale-driven cost advantages, and disciplined capital allocation strategy.

GCI Liberty

In this pitch deck, analysts Christian Carlsson, Gabriel Koorits, and Konrad Fransson present the investment case for GCI Liberty. Following the Liberty Broadband spin-off, GCI has entered public markets with low free float, heavy technical selling, and investor confusion around the Malone structure, creating what the analysts view as a rare technical-driven mispricing rather than a fundamental one.

Lululemon Athletica

Lululemon Athletica
In this pitch deck, analysts Adam Orvegård and Elvira Husén present the investment case for Lululemon Athletica. As a global premium activewear brand, Lululemon combines performance-driven product innovation with a tightly controlled direct-to-consumer model, resulting in industry-leading margins and strong customer loyalty.