Category: Equity Research

In this report, analysts Sten Almgren and Ludvig Rippe take a closer look at the Swedish photography lighting provider Profoto (PRFO). The analysts estimate a rising structural demand for premium lighting solutions, driven by commercial brands and e-commerce platforms. Combined with recent initiatives to expand the base of addressable customers, revenue is estimated to grow at a CAGR of 10% 2022-2026E, with the EBIT margin expected to maintain in the range of 26-28%. A DCF-analysis suggests a target price of SEK 108.7 and an upside of 23.7%.

In this equity research report, analysts David Holm and Estelle De Geer take a closer look at BEWi, a Norwegian industrial company that produces packaging, components and insulation solutions made of Styrofoam. The analysts estimate a revenue growth CAGR of 18.9% between 2021-2025E as a result of increased demand stemming from EU’s climate targets, an integrated profitable business model and strong local market positions.

In this equity research report, analysts Edvin Jabeskog and Olof Nordin take a closer look at the Swedish ventilation company Lindab AB (LIAB). The Company’s has made a substantial transformation since 2018 but is, despite an EBIT margin increase of 6.0%, and an ROE increase of 7.0%, still valued below its historical average

In this equity research report, analyst Axel Andersson takes a closer look at Vow, a Norwegian company providing waste and water solutions. The analyst estimates a rapid 30.9% topline growth CAGR to 2024E, resulting from worldwide environmental initiatives including RepowerEU, the EU green deal, and the Inflation reduction act. Vow is estimated to gain significant operating leverage in the upcoming years increasing EBITDA margins from 12.9% to 16.8% in 2024E.

In this equity research report, analysts Cassandra Åstenius and Gunnar Hallberg take a closer look at Gomero, a Swedish safety company working with predictive maintenance of electric network stations. The analysts estimate that Gomero’s international expansion plans, new software solution, and upcoming investments within the energy sector will pave the way for a net sales CAGR of 16.5% between 2021A-2024E.

In this equity research report, analysts Björn Jönsson and Felix Young take a closer look at the Norwegian home textile and interior retail company KID Interior (KID). The analysts estimate an online revenue CAGR of 42.8% 2021A-2025E, primarily driven by KID’s strong brand recognition, market share and beneficial customer club.

In this equity research report, Adam Andre and August Winzell take a closer look at Veteranpoolen (VPAB), a senior staffing company operating in Sweden. The analysts estimate that Veteranpoolens decentralized business model, key investments in digital solutions will lead to operating leverage and that the expansion into new market segments will pave the way for a net sales CAGR of 12.5% between 2021A-2023E.

In this equity research report, analysts Carl Viktor Wümer and Sebastian Wester take a closer look at the Swedish dietary supplement company Zinzino (ZZ B). The analysts estimate a revenue CAGR of 13.7% between 2021A-2023E, largely driven by Zinzino’s ability to expand to new submarkets through its efficient direct selling business model.

In this equity research report, analysts Premton Krasniqi and Tobias Karlsson take a closer look at Dedicare (DEDI), a Swedish health care and social work staffing company operating in the Nordic region. The analysts estimate that Dedicare’s all-time high in employee headcount, recent acquisition of H&P Search & Interim and AI-powered staffing solution will pave the way for a net sales CAGR of 9.5% from 2021A-2023E.

In this equity research report, analysts Adam Halsius and Arvid Johansson take a closer look at the Swedish window and door group Inwido (INWI). The analysts estimate an increased market growth as a result from the EU initiative, the renovation wave, that will result in a 8.9% CAGR revenue growth to 2024E.