Last week, GreenMobility released its 2024 results. The 2025 guidance indicates a continuation of the profitable growth journey they set out on at the beginning of 2024. We have updated our investment case one-pager with the recent news and financials. Besides looking into key investment reasons and key investment risks, we have also included some valuation perspectives.
We are raising Bittium's target price as European defense spending is likely to rise to a new level in the coming years. This significantly improves Bittium's long-term outlook and supports estimates, but tactical communication systems are so-called strategic investments and procurement processes are usually lengthy. In our view, the short-term earnings growth outlook remains largely unchanged, and with the estimates for the coming years, the share is already stretched high, but even one major win could change the situation. We reiterate our recommendation due to an unsatisfactory risk/reward ratio.
Rush Factory's H2 was quiet due to the cancellation of several events due to the group's financial challenges, and the company did not start advance sales for the next event season. From an investment case perspective, Rush Factory's own figures are insignificant, as the value of the share relies on the conditional share swap agreement signed with Sunborn International Holding Oy (SBHI).
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Read the latest Flügger One-pager following its Q3'2024/25 trading update, which includes a brief description of Flügger, valuation perspectives relative to a peer group, and several key investment risks and key investment reasons.
Despite disappointing transaction price, the sale clarifies the company's structure, and all businesses are now positioned in growing market areas, creating a better basis for earnings growth.
KH Groups Q4 följde ett välbekant mönster: KH-Koneet och NRG presterade bra med tanke på omständigheterna, men Indoor Groups situation försämrades ytterligare. I samband med att försäljningsprocessen för Indoor inleddes skrev KH Group ned hela Indoors eget kapital och kapitalåterlån som beviljats bolaget. Enligt vår åsikt är värdet på Indoor-innehavet med dess nuvarande vinst helt spekulativt, och vi sänker bolagets värde avsevärt i vår sum-of-the-parts.
This Wednesday, WindowMaster announced its annual report for 2024 with record results, growing revenue by 24% YoY to DKK 294.5m and improving its EBITDA significantly to DKK 37.3m. Based on the strong results, WindowMaster's Board of Directors proposes a total dividend payout of DKK 6m (DKK 0.41 per share), corresponding to a dividend yield of approx. 4.32% based on yesterday's share price at market close. We have updated our investment case one-pager based on the 2024 results, and the 2025 guidance, as well as the recent news and market outlook.
Read the latest Roblon One-pager update following the Q1 2024/25 results. The One-pager includes a brief description of Roblon, an update to the high-performance cable component industry outlook, latest financials, valuation perspectives relative to a peer group, and outlines several key investment risks and key investment reasons.
The latest SKAKO one-pager following the FY2024 results looks at the outlook for 2025 and 2026, following SKAKO's record order for DKK 150m during the year. The one-pager also updates the investment case, key investment reasons, key investment risks, and valuation perspectives against its peer group.
We believe that the headwinds to gross margins, including price investments, increased markdowns, and negative impacts from external factors, have been stronger than earlier anticipated in H&M’s Q1 (Dec-Feb). As a result, we have lowered our earnings estimates. However, we still see earnings growth and dividends offering a good expected return, which, coupled with the declining valuation since our last research update (share price -9%), keeps the risk/reward ratio on the right side. Consequently, we reiterate our Accumulate recommendation but lower our target price to SEK 150 per share (prev. SEK 160) due to lower estimates.
Read the latest North Media One-pager, which includes a brief description of North Media, an update on the company's development in FY2024, the latest financials, valuation perspectives relative to a peer group, and several key investment risks and key investment reasons.
Read the latest Asetek One-Pager following the FY2024 results and the recent rights issue.
Asetek faced continued volatility in 2024, with solid growth in SimSports (+34%), while Liquid Cooling struggled due to increased competition, a major customer insolvency, and weaker demand. A rights issue completed in December 2024 raised gross proceeds of DKK 88m, primarily to finance investment and scale-up of SimSports activities as Asetek works towards its mid-term ambitions for SimSports revenues of USD +50m with positive (single-digit) EBITDA margins, and liquid cooling revenues of around USD 50m with >25% adj. EBITDA margins.
For 2025 Asetek targets revenues of USD 52-58m (-1% to +10% y/y) with 3-5% adj EBITDA margins, with ongoing growth and margin improvement in SimSports and stabilization within liquid cooling. Discover more about Asetek’s market position, financial outlook, and investment case in the full one-pager.
In connection with Rovsing’s capital raise and latest development in the share price, we have updated our investment case one-pager. Get insights into the investment case supporting major space companies, key reasons to invest and key risk to consider, as well how Rovsing is valued against other small and midcap space companies.
Based on KH Group's preliminary data, Indoor Group's Q4 figures were weaker than we expected, but other businesses performed convincingly despite a challenging business environment.
Yesterday, Columbus released its 2024 results, which were in line with the company's preliminary results announced in January. In 2024, the company grew its revenue by 8% (7% organically), and the EBITDA margin improved to 9.2%. The outlook for 2025 is organic revenue growth in the range of 7-9% and EBITDA margin in the range of 10-12%. We have updated our investment case one-pager with the recent news, including an updated overview of the peer group of Nordic-listed IT services and consultancy companies.
Yesterday, Impero announced its annual report for 2024 in line with its preliminary results and recent guidance. With ARR growth of 28% YoY in 2024 and continued momentum in the DACH region, as well as improved cash burn to net new ARR ratio, Impero is well-positioned to continue its growth in 2025 with expectations of 19-34% ARR growth. We have updated the investment case one-pager following the new results and expectations.
The cyclicality of demand for large-scale systems materialized in the second half of 2024, and revenue fell short of expectations. However, development was good in more recurring and higher-margin segments, such as on-board product sales and services. Signs of a turnaround are visible in the form of both a recovery in the order book and strategic progress.
Orthex's Q4 report was stronger than expected, helped by Nordic sales. However, longer-term value creation is heavily dependent on export market growth, which has recently stalled due to challenges with distribution partners.
Wulff announced that it is aiming for significant cost savings in its Products for the Workplace business by adapting its organizational structure and streamlining its operations. We have slightly raised our earnings estimates, albeit less than the company's target level, as we believe that some of the savings will be diluted by the segment's declining revenue and the resource needs of other growing businesses.
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