Equity Research
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%.
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.
