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Verve is set to release its Q3 results on Thursday morning, November 28. We already know that Q3 will show accelerated organic revenue growth to 31%, given the business update in late October.
OptiCept has announced that it has signed an agreement for its PEF technology with a global producer of pineapple products in Thailand. We view the growing recognition of OptiCept's PEF technology in Thailand as positive as the country is among the world’s top five pineapple producers. While this development is encouraging and supports our current estimates, it does not trigger immediate changes.
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Anora announced this morning that it will scale its position in Lithuania by establishing its own local subsidiary there. Anora has a previous presence in the Baltics, which accounted for 4% of its revenue in 2023.
NYAB announced a major strategic platform acquisition last night after entering into a conditional agreement to acquire the Global Project Personnel and Norwegian Consulting businesses of Dovre Group. The company's international expansion was expected given its growth strategy, but the overall business mix was quite surprising in some respects.
We are discontinuing our coverage of Mendus as the company has terminated the equity research agreement. Consequently, we will no longer be giving a target price (was SEK 14) or a recommendation (was Accumulate) for the stock.
Metacon’s Q3 results were mixed, with revenue aligning with our expectations while costs were significantly higher, reflecting the company’s preparations for larger-scale deliveries. With short-term funding soon in check, Metacon can focus on fulfilling the large-scale order from Motor Oil, with clear signs of progress expected to be visible next year. However, given the uncertainty of whether the company will continue to receive larger orders regularly and at what profitability level, the forecast risks remain high.
The company achieved self-affirmed GRAS (Generally recognized as safe) status for Solein in the US in September 2024. Since then, Solar Foods has registered its Factory 01 production facility in Vantaa, Finland, with the US Food and Drug Administration (FDA) and completed other requirements to commercialize Solein in the United States.
Nordea announced that it has completed the acquisition of Danske Bank's Norwegian retail and private banking businesses. As a result of the transaction, Nordea expects to increase its market share in the Norwegian mortgage market from the current 11% to approximately 15%. We have included trade in our forecasts and have increased our EBIT forecasts for the next few years by about 2%.
The companies previously expected the pre-engineering phase of the new facility to begin in the second half of this year. However, Spinnova announced on Tuesday that it expects a delay in achieving the targeted process metrics required to move into the pre-engineering phase of the project.
Over the years, Remedy has demonstrated its ability to develop games of very high quality, but this has not yet been reflected to the same extent in their commercial success for the company.
The report was in line with our expectations. We expect the profitability turnaround to continue in the coming years, but this is priced in at the current stock price and the expected risk-adjusted return is weak for the next 12 months. Analyst Aapeli Pursimo summarizes.
Co-Head of Research Petri Gostowski opens up about the best and worst parts of his role, how he ended up at Inderes and what his dream-job was as a child.
NIBE’s Q3 result was operationally slightly below our expectations, and we made small revisions to our short- and medium-term estimates. However, the company's outlook continues to show signs of a recovery in the destocking situation, but overall, the current year and at least the first half of next year will still be challenging. Eventually, demand at the manufacturer level will better correspond to underlying end consumer demand and the normalization of capacity utilization and the cost savings program should provide leverage for profitability improvements in the medium term. In our view, given the ongoing uncertainties in the operating environment, the stock is already sufficiently priced in for earnings growth (2025e P/E: 29x).
The operating environment continues to be challenging due to low consumer purchasing power and confidence. In addition, Björn Borg has, during the past year, struggled with internal challenges in integrating the footwear distribution from the previous partner that went bankrupt early this year. Despite these factors, we believe that Björn Borg delivered a stable third quarter, although it was somewhat below our expectations in terms of sales. The valuation of P/E 17x and EV/EBIT 13x for 2025 looks quite attractive and a combination of dividends and earnings growth should give around 10% total shareholder return.
The Group's CFO, Heikki Timonen, who has a Savosolar background, is leaving the company. The Group's financial management tasks will be outsourced to Meriaura Oy, a subsidiary of Meriaura Group.
Orthex's growth was at a good level in Q3, but the result fell short of expectations as the company had proportioned its cost structure for stronger growth. In our opinion, the overall picture of the story remains unchanged, although with the report we expect growth in the next few years will require a heavier cost structure.
