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

Category: R&A Reports

M&A / R&A Reports

Matas Group

In this pitch deck, analysts Axel Grahn and Gent Kita Elezi deliver a thorough analysis of Matas Group, the Nordic leader in health and beauty, emphasising its brand assortment
expansion, financial health and potential market growth. By utilising various valuation methods such as DCF and LBO models, the analysts derive a target valuation range of DKK
6,500 – 8,700m. The following section includes a selection of assumptions underpinning this
valuation, and highlights some of the insights from which the investment considerations were made.

M&A / R&A Reports

Bahnhof

In this presentation, analysts Wictor Bodelind and Gustaf Tamm present an in-depth financial
analysis of Bahnhof AB, Sweden’s fastest growing telecom operator, positioning it as a
compelling target for potential transactions. Leveraging multiple valuation methodologies, a
preliminary assessment indicates an enterprise value in the range of SEK 4,750 – 5,600m. A
robust investment opportunity expected to appeal to a wide range of strategic investors and
financial sponsors.

M&A / R&A Reports

Fenix Outdoor

In this pitch deck, analysts Caroline Danielsson and Samuel Arctaedius deliver a
comprehensive analysis of Fenix Outdoor, a leading international group of outdoor brands
and proprietor of Sweden’s most sustainable brand for the fourth consecutive year,
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
EUR 950 – 1400m. The following section includes a selection of assumptions underpinning
this valuation, and highlights some of the insights from which Fenix Outdoor proves to be a
strong acquisition candidate.

R&A Reports / Trading and Quantitative Research

Systematic Drivers

In this investigation conducted with OQAM, the analysts Jaroslavs Grigoluns, Merriea Mathew, and Elliot Koujaharov Sjögren, analysed which factors drive the spread differences of bonds issued in both EUR and SEK. By examining a large number of both company-specific and macroeconomic features with different machine learning methods, the project distilled the most influential contributions to the historical spreads.

Equity Research / R&A Reports

Bouvet

In this equity research report, analysts Axel Rennmark and Alexandra Zemtsovski present an
analysis of Bouvet, a Norwegian IT consultancy with a long track record of growth and customer
satisfaction. With a growing sustainability trend, Bouvet stands poised to continue its growth
record. The decreased dependency on sub-consultants allows for a projected 2.5 percentage point
EBITDA-margin expansion until 2026E. The target price of 78.1 NOK is based on an equally
weighted DCF and peer valuation and implies an upside of 20.5%

Equity Research / R&A Reports

Nilfisk

In this equity research report, analysts Emil Sköldberg and Fredrik Sölveland take a closer
look at Nilfisk, a world-leading provider of professional cleaning equipment. Nilfisk is
poised to enhance its service-oriented business model and target new markets, with a
target price of 25.8 EUR implied through an equally weighted DCF and peer valuation,
indicating a potential upside of 33.6% by 2025E.

Equity Research / R&A Reports

Guideline Geo

In this equity research report, analysts Marius Fischer and David Apelryd take a closer look at Guideline Geo (GGEO), a Swedish company that develops, manufactures and sells geophysical instruments globally.
The Company is transitioning from its R&D phase towards commercializing the business. Stronger product
offering, coupled with lagging effects from expanding the distributor network and operational leverage is
expected to drive a 8.0% revenue CAGR until 2026E with EBIT growing 46.0% from 2023A to 2026E.
Through an equally weighted DCF and peer-valuation, a target price of SEK 16.3 is motivated, implying an
upside of 23.5%.

Equity Research / R&A Reports

Nederman Holding AB

In this equity research report, analysts Tilde Edlund Bäckström and Tom Henriksson take a
closer look at Nederman, a Swedish industrial company that offers products that clean air
through filters and can measure- and monitor air quality. Nederman is set to continue to gain
market share in a fragmented industry due to its premium brand and therefore grow faster
than the global air filtration market at a revenue CAGR of 7.4% in 2023A-2027E. The target
price of SEK 247.5 is based on an equally weighted peer and DCF analysis.

Equity Research / R&A Reports

Söder Sportfiske

In this equity research report, analysts Henrik Ahlgren and Maria Sunrise take a closer look at
Söder Sportfiske, Sweden’s leading sport fishing equipment retailer. Söder Sportfiske is set to
capitalise on a continued expansion in Europe and a recovering market in Sweden, with revenue estimated to grow at a CAGR of 8.4% until 2029E. Through an equally weighted
DCF and a peer valuation, a target price of 31.7 SEK is implied, indicating a potential upside of 27.8%.