Category: R&A Reports

In this write-up, senior analysts Linus Öberg looks at Deutsche Rohstoff AG (DRO), a €154m
German-listed upstream operator in the U.S Oil & Gas exploration and production (E&P) sector.
Despite robust fundamentals, a track record of accretive capital allocation and an exceptional
management team, the stock remains largely under the radar, trading at a significant discount to both
its peers and the intrinsic value of its reserves.

In this pitch deck, analysts Marius Fischer, Colin Petersson, and Edvin Asplund present a comprehensive analysis of REV Group, the leading U.S. manufacturer of fire and emergency vehicles with a strong position in the RV market. Originating from a PE-backed bolt-on strategy, the company faces major operational inefficiencies and a supply/demand imbalance, positioning it for aggressive short-term margin expansion, supporting a 2-year IRR of 19% and a total upside of 42% in the base scenario.

In this pitch deck, analysts August Jörding, Emil Sköldberg, and Fredrik Sölveland provide a detailed analysis of Boot Barn, the largest Western and workwear retailer in the U.S. They highlight the company’s strong unit economics and consistent demand for western wear, justifying a target price of $234.2, reflecting a 50% upside through a DCF valuation.

In this pitch deck, analysts Erik Holst, Edvin Egnell, and David Apelryd present a detailed analysis of MGM Resorts International, highlighting its premium resort portfolio and growing BetMGM platform. Despite macroeconomic concerns, the team identifies an attractive entry point, supporting a target price of $56, reflecting a 75% upside and a three-year IRR of 29% through DCF and peer valuation methods.

In this equity research report, analysts Vilmer Larsson and Meja Wessman take a closer look at RaySearch Laboratories, a leading software provider in cancer treatment. Holding a 50% market share in proton therapy software and advancing adaptive therapy tools, RaySearch is positioned to benefit from a market growing at a 13% CAGR until 2033E. A target price of SEK 284, derived from an equally weighted DCF and peer valuation, indicates a 32% upside.

In this equity research report, analysts Adam Bursic and Måns Holmgren analyze Fodelia Oyj, a Finnish food manufacturer undergoing a strategic shift from a holding company to an active operational role. This restructuring is projected to drive a 24.4% EBIT CAGR through 2027E. Using an equally weighted DCF model, precedent transactions, and peer valuation, the target price is set at EUR 8.17 for 2026E, indicating a 30.4% upside.

In this equity research report, analyst Filippa Lostedt examines Olvi Oyj, a leading beverage company in Finland, the Baltics, and Belarus. With a strong regional presence and focus on the growing non-alcoholic segment, Olvi’s revenue is projected to grow at a 4.5% CAGR through 2026E. An equally weighted DCF and peer valuation imply a target price of EUR 47.5, suggesting a 41.0% upside.

In this equity research report, analysts Tea Nedelkovska and Krystian Segura analyze Netel, a Swedish provider of telecom, power, and infrastructure services. Leveraging an asset-light model and growing demand for 5G and clean energy, Netel’s revenue is projected to grow at a 6.2% CAGR through 2031E. Despite recent profitability declines from integration costs, a 2.5 percentage point EBIT margin expansion is expected by 2026E. A target price of SEK 23.9, based on an equally weighted DCF and peer valuation, suggests an 82.4% upside.

In this equity research report, analysts Mikael Bamberg and Gustav Bartholdsson present an in-depth
analysis of Pierce Group, a market leading e-commerce within the motorcycle segment. The company
is set to consolidate this fragmented market, supported by a cost-effective program expected to drive
an EBIT margin expansion of 6 percentage points by 2026E. Through an equally weighted DCF and
peer valuation, a target price of SEK 14.5 is implied, indicating a potential upside of 93.4%.