Biohit issued a profit warning related to revenue, but despite this, the new 2024 earnings guidance (EBIT percentage 16-18%) clearly exceeded our expectations.
Multitude has returned to profitable growth after a few difficult years, and we expect the company to continue on this path in the coming years. In view of this, we consider the valuation to be low and the risk/reward of the stock to be attractive.
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The Solar Foods Capital Markets Day provided a concrete insight into Solein's commercialization process, the upcoming 02 factory investment and the company's financial targets. The content of the Capital Markets Day focused on Solar Foods' role as a manufacturer of Solein, which is a capital-intensive route to scaling the business.
Yesterday, GomSpace announced its new 2025 guidance, implying expectations of a revenue growth rate above 30%, EBITDA margin between -2% and +10%, and a positive free cash flow. Following the new guidance for 2025, we have updated our investment case one-pager, including an updated overview of the peer group.
Innofactor is already 94% owned by Onni Bidco following the takeover bid in November, and the redemption process for the remaining shares is underway. As a result, the company will be delisted in the coming months, and we will stop monitoring Innofactor's stock after the company terminated its research service agreement.
We believe consumer demand has remained subdued in H&M’s Q4 (Sep-Nov), although the strong September should support growth. We have lowered our margin assumptions for 2025 and beyond.
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. As a result of years of work, the company has built its capabilities and resources to support a more frequent, even annual pace of new game releases over the 2025-2030 strategy period.
Yesterday, WindowMaster upgraded its 2024 guidance for the fourth time, released its new 2025 guidance, and announced that the Board of Directors expects to propose a total dividend payout of DKK 5m (DKK 0.34 per share). Read our updated investment case one-pager here.
Read the latest Flügger One-pager following its H1'2024/25 earnings report, which includes a brief description of Flügger, valuation perspectives relative to a peer group, and several key investment risks and key investment reasons.
Inderes' November sales surprisingly declined y/y by -5% while we had expected growth of 5%. The month's sales were impacted by timing of events and fewer number of large events vs. previous year. We had expected the CMD activity to be on the same level as in 2023. While timing of events can be overlooked our negative note goes to Swedish sales, which declined y/y in November. After Oct-Nov reports the Q4 sales are some EUR 0.2m behind our estimate for the quarter.
Spotify’s impressive transformation into a profitable business with strong free cash flow generation, coupled with sustained high growth in its user base, underscores the platform’s strength and solid fundamentals.
Faron reported more detailed interim results of the BEXMAB study at the annual meeting of the American Society of Hematology (ASH). The company is on track for the important final read-out in March, as tolerability and overall response rate have remained at good levels.
The investment case for BioPorto focuses on leveraging the FDA marketing authorization of ProNephro AKI (NGAL) for pediatric use as a foundation for future approvals for adult use and broader applications
Enento’s stock has been under pressure since our last update. There is still considerable uncertainty about the new normal in the Swedish credit market, but the slightly lower valuation and the continued decline in interest rates make the stock more attractive in our view.
Starbreeze announced yesterday a work-for-hire agreement with KRAFTON Inc, the South Korean gaming giant behind the global hit PUBG: Battlegrounds. We view this agreement as a good strategic fit as Starbreeze takes no financial risks, retains full ownership of the PAYDAY IP, and gains increased visibility and reach by introducing the PAYDAY gameplay experience to one of the world’s most popular games.
