Category: Equity Research

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%.

In this equity research report, analysts Melina Granberg and Rasmus Nilsson examine Micro Systemation AB, a mobile forensics pioneer addressing key challenges for police and military. With a strong product offering, the company is set to grow revenue at a 15.0% CAGR through 2026E and increase its EBIT margin from 6.6% LTM to 23.0% in 2027E. Using a combined DCF and Peer valuation, a target EV/EBIT multiple of 16.4x EBIT 2025E is justified, suggesting a 57% upside from the current share price of SEK 48.5.

In this equity research report, analysts Olga Karasek and Wilhelm Uong examine Sleep Cycle, a leader in sleep tracking applications, poised to benefit from rising demand for sleep-improvement solutions. Revenue is projected to grow at a 7% CAGR through 2029E. A valuation model weighted 67% DCF and 33% peer valuation suggests a target price of SEK 58.4, indicating a 58.3% upside.

In this equity research report, analysts Gustav Wisenius and Jonathan Höglander highlight Nordrest, a foodservice company benefiting from Europe’s military rearmament, with a projected 12.8% CAGR in revenue through 2027E and an 18.1% NTM FCF yield. A DCF and peer valuation imply a target price of SEK 262, indicating a 143.5% upside.

In this equity research, analysts Henri de Vietri and Albin Pehrson explore Modern Times Group (MTG), a mobile-gaming leader. With a 5.7% revenue CAGR through 2029E, driven by strong IPs and improved ARPDAU, and a forecasted 13.7% FCFF yield by 2026E, MTG offers growth with low risk. A DCF and peer valuation suggest a target price of SEK 138.1, indicating a 50.7% upside.

In this equity research, analysts Oscar Isacsson and Jacob Blomberg Persson examine Haypp Group, the global leader in nicotine pouch e-commerce. With a projected 19% CAGR in revenue until 2026E, a DCF and peer valuation imply a target price of SEK 88.5, offering a 46.5% upside.

In this equity research, analysts Tjard Marx and William Samuelsson examine Synsam Group AB, a leading Nordic optical retail chain. Synsam leverages its innovative recurring revenue model, with subscriptions projected to grow at a 17.1% CAGR until 2029E, supported by store expansion and market consolidation. Their DCF and peer valuation suggest a target price of SEK 63.8, implying a 47.0% upside.

In this equity research, analysts Felix Stenström and Konrad Fransson examine MEKO, Northern Europe’s automotive aftermarket leader, benefiting from market consolidation and the EV transition. With a forecasted 7.1% revenue CAGR until 2026E and 240 BPS EBIT margin expansion, their DCF and peer valuation suggest a target price of SEK 183.7, implying a 40.6% upside.

In this pitch deck, analysts Linus Öberg, Filip Berg, and Axel Andersson deliver a comprehensive analysis of Driven Brands. The company is the largest comprehensive
automotive service platform in the U.S. with well-renowned brands.

In this pitch deck, analysts Samuel Ullmann, Svante Jansson and Fredrik Lyrvall deliver an in-depth
analysis of Vistry Group PLC (“Vistry”), the leading provider of affordable mixed tenure homes in the
UK. With the recent transition into a full-on capital-light partnerships model, Vistry is set to release
and distribute upwards of GBP 1bn in tied up capital while also achieving an estimated return on
invested capital of 43.5% in 2026E. Due to the transition not yet being fully priced in and Vistry
continued to be valued on book value, the analysts derive a target price of 2,502 GBX, equivalent to an
upside of 107.7% or a five-year ARR of 24.3%.