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As the US escalates its trade war with new tariffs on imported goods, we see rising risks of continued margin pressure for H&M. While competitors are similarly affected, the scale of these new tariffs will likely be difficult for H&M to fully pass on to customers, at least not immediately. That said, there are still many uncertainties, and the situation remains fluid.
The approaching Easter is an important sales season, especially for the meat industry, and delivery problems may slightly weaken the development of sales and earnings in Q2.
Multitude’s Q4 results exceeded our expectations due to lower-than-expected impairment losses, where the trend has also been positive in the last few quarters.
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The new import duties announced by the United States are causing headaches for several companies on the Helsinki Stock Exchange, in addition to generally weakening the global economic outlook and increasing uncertainty. Under the current US administration, situations can change rapidly, but according to the current plan, the tariffs should come into effect next Wednesday. The indirect effects of the current trade policy, and especially a potentially looming full-blown trade war, are likely to be greater for most companies than the direct effects, but in this compilation, we outline the potential effects of US import duties on various companies and sectors. This is our best estimate of the current impact, but the situation is evolving and uncertainty is now very high.
The financing provides the company with the flexibility to advance its research program and partnership negotiations, but we find the timing surprising.
Multitude reported stronger-than-expected Q4 numbers. Total net operating income growth came in as expected, and the profit beat was mainly due to lower-than-expected impairment losses. Guidance for 2025 and 2026 was unchanged.
NYAB, a specialized contractor of complex and challenging construction projects, has diligently navigated recent years’ challenges in the broader construction market.
The news follows Suzano's decision in February to withdraw from the planned investments in Spinnova's fiber production. The situation with Woodspin is difficult, as Suzano is unlikely to have an interest in the company, while we believe Spinnova cannot finance the loss-making Woodspin without partners.
Bloomberg reported on Tuesday that the British P&C insurer Esure Group is subject to an auction process. Esure Group was taken private in 2018 by the private equity investor Bain Capital. According to the news, the following are considering submitting a bid: Allianz, Geico, Ageas, Allstate and Sampo. The deadline for submitting offers is, according to the news, April 7. Sampo has not commented on the matter, and we emphasize that this is only a market rumor.
Ahead of Inderes’s Q1 report, we make no changes to our estimates. We think that strategy execution is progressing well in Finland, which should also see some market tailwinds in 2025. However, for the Swedish business, which holds the largest upside potential in our investment case, progress is slow (or in fact declining). Our fair value range is unchanged at EUR 19-21, with the mid-point translating into a 2027E adj. P/E of 10x.
Revenue from department store and hypermarket chains declined by 1% in February. The best performing product group was food, where sales remained at the level of the comparison period and which may have been negatively affected by delivery days but also by a few days of strikes in grocery stores.
With the growth in the Learning business and extensive efficiency program, we expect Sanoma's earnings to grow significantly in the coming years. Our confidence in the realization of earnings growth through revenue growth has strengthened, while the share valuation is moderate. These factors, together with the overall more moderate risk profile of Sanoma, constitute an attractive risk/reward ratio in our view.
Valmet is currently working on detailing out its renewed strategy which is expected to be communicated by June 5 when the Capital Markets Day is planned to take place. To discuss the proposed changes, Valmet's President and CEO of Valmet Thomas Hinnerskov and CFO Katri Hokkanen will host a virtual news conference in English for analysts and investors.
On Monday, private equity firm EQT and Fortnox's largest shareholder, First Kraft, announced a public tender offer for Fortnox, a Swedish company offering cloud-based financial management and payroll software.
Canatu's long-term potential remains unchanged and is one step closer, although growth this year may be modest due to timing issues in the reactor business.
The previous financing agreement was due in just over a year, but the new agreement, made well in advance, gives the company a few more chips to carry out acquisitions and extends the maturity of debts.
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