H&M’s Q2 was strong as sales grew and EBIT improved y/y and topped our forecasts, although they were in line with the consensus. H&M, however, sees more headwinds in H2 than previously and hence its EBIT margin target of 10% looks more challenging for this year, according to the company.
UB's operational performance in recent years has been very strong and the company's results have grown rapidly. While challenging market conditions will slow new sales in the short term, the company is well positioned to continue its healthy growth in line with the rest of the asset management market, particularly over the longer term.
The last two days of strong share price performance is just the latest in the massive re-rating of the Gubra stock since February this year. Year-to-date the stock is up almost 300 percent.
We find the acquisition of Jun Group to be a good strategic fit for Verve and we view the acquisition price as highly compelling. Despite the diminishing effects following the acquisition, Verve’s risk profile remains on the high side, but we believe that the company’s valuation is low at current share price levels and presents an attractive risk/reward ratio.
Since the rocket-like growth at the start of the decade, the company has faced a pressure test in the past quarters due to the destocking of the largest customer, but we feel Incap is passing the test with flying colors.
Herantis is a drug development company focused on neurodegenerative diseases. Herantis currently has one candidate in the clinical Phase I, HER-096, which the company develops as a disease-modifying drug for Parkinson's disease.
Sampo announced on Monday that it has signed the long-awaited merger agreement with Topdanmark, which will increase its holding in the company to 100% from the previous 48.9%. In practice, Sampo acquires Topdanmark and merges its P&C insurance business into If. We consider the merger likely to be approved, so we have included its estimated impact in our forecasts.
Admicom's share price, and thus its valuation, has rebounded significantly from its lows in the fall of 2023, when concerns about the impact of a weak construction cycle on the company were at their highest. Since then, the company has demonstrated its ability to grow organically also in this market while delivering good earnings and cash flow.
The consortium bidding for Purmo announced on Friday that it would increase its offer to EUR 11.15. The move was in response to a competing, but still non-binding, offer of EUR 11.
Read the updated Asetek One-pager following the company's suspension of guidance due to limited order volume visibility from its liquid cooling segment.
Puuilo’s Q1 report was strong as usual, driven by strong growth in customer numbers. Although the market environment remains unstable, the company has demonstrated its ability to grab market shares through a distinctive concept and cheap price image.
Inderes continued better-than-expected sales performance in May with monthly sales up 15% y/y. The May sales of EUR 1.9m topped our estimate of EUR 1.7m with a clear margin.
Exel ’s share issue was clearly oversubscribed based on the preliminary result. We had already included the issue in our forecasts, and thus the result did not put change pressure on our forecasts. Instead, we believe the outcome will lower Exel’s risk profile as the uncertainty related to the financial position is removed and the capital raised brings degrees of freedom to strategy implementation.
We reiterate our Accumulate recommendation and EUR 9.00 target price for Scanfil. Scanfil issued a profit warning yesterday on 2024 revenue and EBIT due to demand-driven reasons.
The majority of Alma Media's revenue streams come from growing and highly profitable digital businesses. Given these factors and its track record of capital reallocation, we believe the company has good conditions for value creation. In our view, the current valuation of the stock is quite neutral and its expected return is well in line with our required return.
WindowMaster closed last week with a guidance upgrade, leading to a 22% increase in its share price on Friday. We have updated our investment case one-pager based on the new numbers and recent share price development.
The purchase price for HTJ seems good and will offset KH Group's balance sheet concerns. The announced M&A transaction contributes to the investment story of building a comprehensive business around KH-Kone and allows for more reliance on KH-Kone in the valuation.
Nexstim surprised the market positively by announcing a planned collaboration in Alzheimer’s disease, which is a new area for the company. It is only a letter of intent, but the plans seem to be quite advanced.