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

Embellence Group

In this pitch deck, analysts Oscar Persson and Erik Månsson present a comprehensive
buyout consideration of Embellence Group, a leading Nordic House of Brands within
premium wallpaper, textiles, and rugs. With a strong brand portfolio and a clear pathway to margin expansion through Direct-To-Consumer incentives, the company stands as an
interesting buyout candidate.

Synsam

In this pitch deck, analysts August Wrigfors and Anton Andersson present a comprehensive evaluation of Synsam, a leading Nordic optical retailer with a subscription-based offering and
clear potential under private ownership. Using a comprehensive valuation approach, including DCF, peer analysis, precedent transactions, and an LBO analysis, the analysts estimate Synsam’s enterprise value at SEK 15.6–22.0bn.

Openlane

In this pitch deck, analysts Gabriel Widsén and Hugo Bogren present a detailed investment case of Openlane, a leading digital B2B marketplace for used vehicles with a highly scalable, asset
light model and multiple value creation levers through organic growth and strategic M&A.

ME Group International

In this pitch deck, analysts Calle Alm-Ramberg, Vilmer Karlsson Ahlborg, and Mandy Sy present a comprehensive investment assessment of ME Group International (ME Group), a
UK based provider of automated self-service equipment. Incorporating a discounted cash flow model, trading
comparables, precedent transactions, and an LBO, the analysts estimate ME Group’s
enterprise value in the range of GBP 501–1,549m.

B&M

In this pitch deck, analysts Gustav Wisenius, Gustav Bartholdsson, and Oscar Isacsson present the investment case for B&M European Value Retail. With continued capital returns and a re-rating supported by fundamental outperformance, the base case implies 115% total upside and a clear path to multiple re-rating in the coming years.

WindowMaster A/S

In this fundamental analysis, analysts Erik Månsson and Torkel Johansson take a closer look at WindowMaster A/S, a Danish provider of natural ventilation and smoke control solutions. Positioned to benefit from tightening energy efficiency regulations, the Company is forecast to deliver a revenue CAGR of 7.0% from 2025E through 2028E.

Apetit Oyj

In this equity research report, analysts Gabriel Widsén and William Beer examine Apetit Oyj, one of the market leaders in the Finnish frozen food industry. Based on an equally weighted DCF and peer valuation, using a target multiple of 10.1x 2027E EBIT, a target price of 18.3 EUR is implied, translating to an upside of 31.8%.