Category: Equity Research

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%.

In this equity report, analysts Colin Pettersson and Jonas Höyby Fathi takes a closer look on Cambi, the
global leading provider of thermal hydrolysis plants (THP), which help water treatment plants turn
climate neutral and cut operational costs with 50.0%. With growing demand, the analysts estimates a
topline CAGR of 17.2% until 2026E, with sustainable EBIT margins in the 21.0-22.0% range. Through an
equally weighted DCF and peer valuation, a target price of NOK 20.5 is implied, indicating a potential
upside of 40.4%.

In this equity research report, analysts Jesper Hansén and Rebecka Grapenmyr take a closer look at
SKAKO, a Danish company that designs, develops, and sells industrial vibratory equipment in three
different segments: recycling, fasteners, and mining. In Q4 2023, SKAKO divested SKAKO Concrete to
focus on their more sustainable and profitable segment, SKAKO Vibrations. The Company is set to
capitalize on the EU’s more stringent sustainability regulations due to the superior nature of SKAKO
equipment, driving a revenue CAGR of 9.3% until 2028E and an EBIT margin expansion from 9.9% in
2023A to 13.0% in 2028E through increased employee efficiency. The target price of SEK 115.0 is based
on an equally weighted average between a DCF and a peer valuation, implying an upside of 54.2%.

In this equity research report, analysts Edvin Asplund and Hannes Östlund takes a closer look at
Envirologic, the market leading manufacturer of automatic pig barn cleaning robots. Envirologic is set
to capitalize on increasing demand driven by an accelerating supply shortage in the agriculture labor
market, with an estimated revenue CAGR of 17.0% until 2026. Through an equally weighted DCF and
peer valuation, a target price of SEK 27.0 is implied, indicating a potential upside of 3.1%.

In this equity research report, analysts Layal Sibai and Samuel Arctaedius present an analysis of Cloudberry, the Norweigan actor is experienced in the renewable energy industry where the Company owns, develops, and operates hydropower plants and wind farms in the Nordic. Cloudberry is set to capitalize on the growing demand for renewable energy, with revenue estimated to grow at a CAGR of 38.5% from 282 NOKm to 748 NOKm between 2023E-2025E. The target price of 13.8 NOK is based on an equally weighted average between DCF and peer valuation and implies an upside of 53.3%.As the company leverages the rapidly expanding commercial EV market and maintains an average 7-year ROIC of 22.9%, organic revenue is projected to grow at a CAGR of 6.0%. The target price of SEK 221.4 is based on an equally weighted average between a DCF and a peer valuation and implies an upside of 25.1%.

In this equity research report, analysts Felicity Jaarnek and Gustaf Tamm take a closer look at Concentric, a tier-one supplier that manufactures engine and hydraulic components for commercial vehicles and machines.
As the company leverages the rapidly expanding commercial EV market and maintains an average 7-year ROIC of 22.9%, organic revenue is projected to grow at a CAGR of 6.0%. The target price of SEK 221.4 is based on an equally weighted average between a DCF and a peer valuation and implies an upside of 25.1%.

In this equity research report, analysts Pontus Klingberg and Emil Windahl take a closer look at Kitron ASA, a Norwegian EMS company offering services within Connectivity, Electrification, Industry, Medical Devices, and Defence & Aerospace. With strong growth momentum within Kitron’s Defence & Aerospace sector and improved profitability amid the ongoing homeshoring trend, the analysts estimate a revenue CAGR of 14.6% between 2023E and 2026E and sustainable EBIT-margins in the 8.8%-8.9% range. An equally weighted DCF and Peer valuation indicates a target share price of NOK 42.7, implying an upside of 34.7% for 2025E.

In this equity research report, analysts Gent Kita Elezi and Emily Elkaneva take a closer look at Bulten, a Swedish company that produces, develops and distributes fastener elements. Due to continued investments in production and a unique service offering, revenue is estimated to grow at a CAGR of 9.3% from 2023-2025 while EBIT margins return to historical levels as the Company offsets capacity issues. The target price of SEK 105.6 is based on an equally weighted average between a DCF and a peer valuation and implies an upside of 39.7%.