Category: Equity Research

In this equity research report, analysts Cheng-Tao Lee and Linn Elderot take a closer look at
Kabe Group, the market leader in Sweden for caravans and motorhomes.

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%

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.

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%.

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.

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%.

In this equity research report, analysts Elias Hylander and Jeanne Lindestam take a closer look
at Elopak, a leading provider of packaging and filling solutions for liquids. Elopak is set to capitalize on
growing demands of sustainable carton solutions in connection with the ongoing construction of the
company’s largest production plant yet, with the revenue estimated to grow at a CAGR of 5.5% until 2032
while maintaining an EBIT margin of 9.1%. Through an equally weighted DCF and peer valuation, a target
price of 46.7 NOK is implied, indicating a potential upside of 36.7%.

In this equity research report, analysts Anna Bodén and Julien Nguyen take a closer look at
Matas Group, the leading Nordic beauty retailer. Matas’ acquisition of KICKS Group solidifies
the Company as the largest omnichannel beauty retailer in the Nordic region, operating 489
physical stores and six webshops. With an expanded assortment of 70,000 products and more
efficient operations, the Company is estimated to capitalize on the structural demand trend for
e-commerce, where revenue is estimated to grow at a CAGR of 6.0% and EBIT margin is
projected to increase from 5.7% to 8.2% by 27/28E. An equally weighted DCF and a peer
valuation imply a target price of DKK 151.6, indicating a potential upside of 30.9%.

In this equity research report, analysts Edvin Egnell and Caspar Lennér take a closer look at Norva24,
the leading underground infrastructure maintenance (UIM) player in Northern Europe. Norva is set to
capitalize on ongoing consolidation within the UIM industry, with revenue estimated to grow at a CAGR
of 17.3% until 2028E. Through an equally weighted DCF and a peer valuation, a target price of SEK 37.2
is implied, indicating a potential upside of 26.4%.

In this equity research report, analysts Marcus Kerschner and Erik Holst take a closer look at
Firefly, a Swedish company that offers fire protection solutions for process industries. Due to
extensive regulations on fire safety and the increasing cost of production stops for industries, the
demand for preventive fire solutions is becoming more substantial. Therefore, revenue is
estimated to grow at a CAGR of 23.0%, and EBIT margin is expected to rise from 12.2% to
15.1% between 2023A and 2025E. The target price of SEK 287.0 is based on an equally
weighted average between a DCF and a peer valuation and implies an upside of 28.7%.