Category: Equity Research

In this equity report, analysts Engla Wigstrand and Linus Öberg take a closer look at Volue, a Norwegian software and consulting company that offers an end-to-end solution that helps forecast, plan and sell electricity on the wholesale energy market. Continued expansion in Europe, coupled with its new expansion in Japan, drives a sales CAGR of 17% between 2023E-2028E and paves the way for an increase in EBIT margin from 3.3% to 17.0% in 2025E. The target price of NOK 32.6 is derived from an equally weighted split between a peer valuation and a DCF, implying an upside of 26.8% by 2025E

In this equity research report, analysts Johannes Olsson and Filip Berg take a closer look at MatvareExpressen, a Norwegian B2B online grocery company. MatvareExpressen is well positioned to continue its fast revenue growth due to a geographical expansion to Oslo driving a revenue CAGR of 34.8% 2022A-2024E, backed by a solid customer base.

In this equity research report, analysts Samuel Ullmann and Svante Jansson take a closer look at Bilia, one of Europe’s largest full-service suppliers of cars. Bilia is set to capitalize on continuing consolidation within the car sales- and services industry, with revenue estimated to grow at a CAGR of 5.0% until 2030. Through an equally weighted DCF and a peer valuation, a target price of 165.1 SEK is implied, indicating a potential upside of 34.5%.

In this equity research report, analysts Daniel Leksell and Marcus Oscarsson take a closer look at LumenRadio, a Swedish company that offers wireless communication technology. The Company’s technology enables physical devices to communicate through an Internet of Things (IoT) solution that replaces the need for cables in critical business operations.

In this equity research report, analysts Axel Agardh and Emil Anttila present an analysis of Hove A/S, the Danish frontrunner in lubrication solutions and pumps for industrial applications, with a keen focus on wind turbines. Hove commands a 40% market share in a niche, expanding market and is now poised to extend its reach into new territories and sectors.

In this equity research report, analysts Vilhelm Bornefalk and Mary Darbinyan, take a closer look at Måsøval, a Norwegian salmon farming company. Since a tax proposition by the government on farmed salmon the share prices of the entire industry went down, and the unjustifiable regulatory risk still lingers over Måsøval despite industry leading margins.

In this equity research report, analysts Emil Ragnartz and Jacob Grimbrandt take a closer look at Reach Subsea, a Norwegian company that offers subsea Inspection, Maintenance, and Repair services for the offshore energy sector. With the coming upcycle in the offshore energy sector and investments in more efficient technique, revenue is estimated to grow at a CAGR of 11.7% and EBIT margin expected to rise from 9.1% to 15.1% by 2027.

In this equity research report, analyst Sebastian Fjellström take a closer look at Paradox Interactive, a Swedish game developer and publisher. With a strong pipeline of game releases in the coming 5 years an estimated revenue CAGR of 14.4% between 2022-2027E is justified.

In this equity research report, analyst David Holm takes a closer look at Betsson, an iGaming company that offers a variety of games and a sportsbook. The Company’s proprietary platform and B2B solutions makes it possible to grow further and increase EBIT-margin to 18.8% 2024E.

In this report, analyst Sten Almgren takes a closer look at Ralph Lauren Corporation (RL). After a five year long strategic reset, RL is on a trajectory to position itself in the global luxury lifestyle market.