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Analyst Comment6/19/2025, 10:04 AM by
Sauli Vilén

CapMan expands to Central Europe and a new asset class with a favorable acquisition

CapMan announced yesterday that it has acquired a majority stake in the German-based real estate debt specialist CAERUS Debt Investments AG At the same time, CapMan will launch a new investment area “Real Asset Debt” Although the transaction is relatively small for CapMan (earnings impact of a few percent), the acquisition is clearly strategic, as it provides CapMan with access to a new asset class and market.

CapMan
Analyst Comment6/19/2025, 6:11 AM by
Pauli Lohi

Merus Power: Balance sheet strengthened by a directed share issue

The share issue will supplement the company's working capital to finance growth.

Merus Power
Multitude: Risk/reward turned weaker after risen valuation
Research6/19/2025, 4:55 AM by
Roni Peuranheimo

Multitude: Risk/reward turned weaker after risen valuation

Multitude’s stock has continued its positive trend after its strong Q1 results. The earnings-based valuation is not expensive, but with the risen balance sheet-based valuation, the expectations of the future sustainable returns on equity have elevated clearly. We feel the valuation has reached a neutral level (P/B 1.0x) and thus the risk/reward ratio has somewhat weakened, and we believe that the best buying opportunities have been left behind.

Multitude

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Analyst Comment6/19/2025, 5:20 AM by
Antti Viljakainen, Kasper Mellas

GRK's guidance upgrade confirmed the company has stayed on expected course

GRK's guidance raise and its magnitude were well in line with our expectations, as our current forecasts are within the new guidance ranges for both revenue and adjusted EBIT.

GRK Infra
Relais extensive report: Value creation in the vehicle aftermarket
Extensive research6/18/2025, 6:06 PM by
Petri Gostowski

Relais extensive report: Value creation in the vehicle aftermarket

Relais' value creation model is based on owning and developing businesses and consolidating the vehicle aftermarket. Raw material for this, i.e. cash flow, is produced by its current businesses, which, according to our estimate, will grow in the long run roughly at the pace of economic growth. However, we expect the company to accelerate growth with acquisitions also in the future, and in light of historical evidence, we consider this the right choice from the perspective of value creation.

Relais Group
Kesko: Finnish retail sector pioneer
Video6/18/2025, 1:47 PM by
Sara Antonacci, Arttu Heikura

Kesko: Finnish retail sector pioneer

Analyst Arttu Heikura tells about Kesko as a company and it's different business areas!

Kesko
Analyst Comment6/18/2025, 6:46 AM by
Christoffer Jennel

Verve raises 360 MSEK to broaden investor base and facilitate further growth

From our perspective, the decision to carry out a directed share issue came somewhat unexpectedly, particularly considering Verve’s recent refinancing activity and improved cash conversion trajectory.

Verve
Analyst Comment6/18/2025, 6:08 AM by
Pauli Lohi

Kempower: At the forefront of commercializing high-power charging solutions

The new solution enables, for example, the simultaneous charging of passenger cars and trucks, which will support the electrification of heavy transport.

Kempower
Analyst Comment6/18/2025, 8:56 AM by
Atte Riikola

The initial reception of Remedy's FBC: Firebreak was lackluster

Initial feedback from critics and players is mixed, but overall leans towards disappointment.

Remedy Entertainment
Analyst Comment6/18/2025, 6:07 AM by
Tommi Saarinen

Componenta's new financial targets are set for 2027

In its targets, Componenta has, unlike before, also set target levels for profitability and dividend distribution.

Componenta
H&M Q2'25 preview: No signs of a turnaround yet
Research6/18/2025, 4:27 AM by
Lucas Mattsson

H&M Q2'25 preview: No signs of a turnaround yet

H&M will report its Q2’25 (March-May) results on Thursday, June 26th, at 8:00 am CET. While H&M is progressing through its turnaround, we believe there will be limited visibility of this in Q2, due to modest sales growth and continued headwinds to gross margins. In our view, the valuation multiples are still on the high side, and we therefore see little upside on a 12-month horizon. As a result, we reiterate our Reduce recommendation and target price of SEK 130 per share.

H&M
Aiforia Technologies: Valuable reference in France
Video6/17/2025, 1:34 PM by
Antti Luiro

Aiforia Technologies: Valuable reference in France

Aiforia’s CEO Jukka Tapaninen provides an update on what is currently happening in the company in an interview with analyst Antti Luiro. Topics include new customers, ongoing negotiations, and expansion to new models for existing customers.

Aiforia Technologies
Analyst Comment6/17/2025, 6:37 AM by
Christoffer Jennel

Eltel has successfully placed a senior bond issue of 130 MEUR

The transaction slightly exceeded the originally communicated size of EUR 120 million, which we view as a positive indication of investor confidence in Eltel’s credit profile and overall direction.

Eltel
Analyst Comment6/17/2025, 7:37 AM by
Arttu Heikura

Tokmanni's competitor Rusta's figures exceeded expectations

Rusta's result improved thanks to revenue growth and good fixed cost control.

RustaTokmanni GroupEuropris
Analyst Comment6/17/2025, 7:20 AM by
Aapeli Pursimo

Kalmar: Guidelines unchanged

Yesterday, Kalmar held an analyst and investor call ahead of the Q2 silent period. Based on the comments, there had been no significant change in the situation since the Q1 result, and geopolitical and trade policy tensions are maintaining uncertainty.

Kalmar
Hexicon: We are discontinuing coverage
Research6/17/2025, 5:00 AM by
Lucas Mattsson

Hexicon: We are discontinuing coverage

We are discontinuing our coverage of Hexicon as the company has terminated the research service agreement. Consequently, we will no longer be giving a target price (prev. 0.20) or recommendation (prev. Sell) for the stock. Hexicon possesses a large and diversified project portfolio with clear opportunities to create value at a relatively low cost, as projects are intended to be divested before the capital-intensive construction phase. However, scaling up growth has been slow, though successful divestments of larger projects have the potential to change this in the coming years. In our view, Hexicon’s shareholders should pay particular attention to the company’s ability to develop and divest its project portfolio, as this has a clear impact on how quickly the company can reach positive cash flow. Furthermore, debt levels are very high, and the company requires immediate liquidity solutions. As a result, we believe that shareholders should closely follow the company’s plans to resolve its financial position going forward.

Hexicon
What to look for in a Consumer Goods Company? | Consumer Goods Night June 9, 2025
Video6/16/2025, 11:30 AM

What to look for in a Consumer Goods Company? | Consumer Goods Night June 9, 2025

The operating environment has been challenging for Consumer Goods Companies.

MarimekkoOrthexTulikiviRapala VMCFiskarsNokian TyresOlviFifaxNokian PanimoAtriaHKFoodsApetitRaisioSolar FoodsFodeliaAnora Group
Analyst Comment6/16/2025, 11:37 AM by
Antti Luiro

Nightingale makes important entry into public sector in Finland

We view the collaboration with the South Savo wellbeing services county as valuable for Nightingale, especially as a reference, as it is the company's first cooperation in primary healthcare in the public sector.

Nightingale Health
Analyst Comment6/16/2025, 6:34 AM by
Kasper Mellas, Sauli Vilén

Enento exit strengthens Mandatum's solvency

Mandatum has sold its stake in Enento. The deal was revealed in Enento's flagging notification of a change in shareholding. The transaction was only a matter of time, as Mandatum has openly stated that it is seeking to divest its ownership. The sale has a positive impact on Mandatum's solvency.

Mandatum
Nurminen Logistics extensive report: International expansion underway
Extensive research6/19/2025, 5:57 AM by
Aapeli Pursimo

Nurminen Logistics extensive report: International expansion underway

Nurminen has made a remarkable turnaround in its business in the 2020s.

Nurminen Logistics

Latest research

Multitude: Risk/reward turned weaker after risen valuation
Reduce
Multitude
19.06.2025
Relais extensive report: Value creation in the vehicle aftermarket
Accumulate
Relais Group
18.06.2025
H&M Q2'25 preview: No signs of a turnaround yet
Reduce
H&M
18.06.2025
Hexicon: We are discontinuing coverage
Hexicon
17.06.2025
Nurminen Logistics extensive report: International expansion underway
Accumulate
Nurminen Logistics
19.06.2025
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The initial reception of Remedy's FBC: Firebreak was lackluster
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18.06.2025 Analyst Comment
Sammon konsernijohtajan vaihdokseen ei liity dramatiikkaa
18.06.2025 Analyst Comment
Enento exit strengthens Mandatum's solvency
16.06.2025 Analyst Comment

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15.07.2025 klo 14.30 Enento Group
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16.07.2025 klo 14.00 WithSecure
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