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

Category: R&A Reports

M&A / R&A Reports

Coor Service Management

In this pitch deck, analysts William Samuelsson and Filippa Lostedt present a comprehensive analysis of Coor Service Management, the Nordic leader in Integrated Facility Management (IFM).
Using a range of valuation methodologies, including DCF and LBO models, the analysts arrive at an enterprise value range of SEK 4,400 – 12,900 million. The following section outlines key assumptions underlying these valuation approaches and summarizes the insights that support the investment rationale.

M&A / R&A Reports

Auction Technology Group (ATG)

In this pitch deck, analysts Felix Stenström and Jonathan Höglander present a
comprehensive investment assessment of Auction Technology Group (ATG), a
global technology company that powers online marketplaces for curated
auctions. Using a multi-faceted valuation
approach, including DCF, trading comparables, precedent transactions, and a reversed LBO, the analysts estimate ATG’s enterprise value in the range of USD
700–1,734 million.

M&A / R&A Reports

ITV

In this pitch deck, analysts Måns Holmgren and Tjard Marx present a comprehensive evaluation of ITV, the UK’s leading content producer and broadcaster with a unique dual-engine model and significant upside potential through operational turnaround and strategic M&A. Utilizing a comprehensive valuation approach, incorporating a DCF model, peer analysis, precedent transactions, sum-of-the-parts and an LBO framework, the analysts estimate ITV’s enterprise value to be in the range of GBP 4.4 – 6.0bn.

M&A / R&A Reports

Medistim

In this pitch deck, analysts Melina Granberg, Tea Nedelkovska, and Julien Nguyen present an analysis of Medistim, a Norwegian MedTech firm specializing in devices for cardiovascular surgery. Using valuation methods including DCF and LBO, they estimate a target valuation of NOK 3,299m – 4,505m. The following section outlines key assumptions underpinning the buyout case.

R&A Reports / Trading and Quantitative Research

Impact of Earnings Calls on Short-Term Price Volatility

In this project supervised by Lynx, analysts Alexander Degener, Axel Ahlqvist, and Lukas Schuon investigate how sentiment in earnings calls affects the short-term movement of stock prices. The study examines the relationship between the sentiment expressed during the calls and excess returns across different time windows.

R&A Reports / Trading and Quantitative Research

Finding Alpha

In this project supervised by OQAM, the analysts Olivia Lahtinen, Behdad Nikfarjam, and Douglas Eklund explore whether machine learning techniques can uncover pricing inefficiencies in the Nordic covered bond market. Using a Random Forest model, they aim to predict movements in five-year Swedish covered bond yields.

R&A Reports / Trading and Quantitative Research

FX Optimization

In this report, analysts Lisa von Ahnen, Samuel Lerjestad and Angelo Sun investigate whether there are ways for companies to optimise their foreign-currency management using FX swaps. Using FX swap pricing data, interest rates for each currency and synthetic account balances, they simulate the benefits of FX swaps in different scenarios and determine optimal transaction decisions.

R&A Reports / Trading and Quantitative Research

Overnight Reversals

In this project supervised by OQAM, the analysts Dag Palmstierna, Denis Zernov and Magnus Drøyvold explore the existence and predictability of overnight reversals in the European high-yield bond market. By using a Random Forest machine learning model, they were able to predict significant share of overnight reversals in the European high-yield bond market. This supports the hypothesis that such reversals are not only present in equities, but also extend to credit markets.

Equity Research / R&A Reports

Lundin Mining

In this write-up, senior analyst Edvin Egnell recommend a long buy on Lundin Mining
(LUMI), a mid-tier copper-focused producer undergoing a strategic transformation into a
pure-play growth platform aligned with long-term electrification trends.

Equity Research / R&A Reports

TransMedics

In this pitch deck, Axel Andersson and Marius Fischer present a buy recommendation on TransMedics, a disruptive medtech company redefining organ transplantation. The pitch won the inaugural Swedish University Pitch Competition of 2025 judged by Danske Bank.