Kalmar’s order intake in Q4 clearly exceeded both our and the market’s forecasts. Revenue decreased by 14%, which was more moderate than expected.

Nordea published a stronger Q4 result than expected and the company expects ROE to exceed 15% this year. Analyst Kasper Mellas summarizes.

Herantis' H2'24 operating result was -2.27 MEUR, in line with our expectations. The company initiated a Phase Ib clinical trial in Parkinson's disease with HER-096 during the reporting period.

Suominen's fourth quarter and the year as a whole were weak. Despite the company's guidance for improved earnings this year, we expect earnings to remain negative.

The main feature of the Q4 figures was the normalization of order intake after weak Q1-Q3. Revenue was also slightly better than expected.

With the recent large-scale orders secured, we believe Metacon is better positioned to achieve broader commercialization. That said, we acknowledge the significant risks and uncertainties regarding the company’s ability to consistently secure large orders and maintain sufficient working capital to fulfill them. While liquidity is expected to remain tight until June/July 2025, when we anticipate the release of a significant portion of restricted cash tied to previously announced orders, we believe Metacon is well-positioned to secure short-term project financing on reasonable terms., if needed. With improved near-term revenue visibility, where our 2025 revenue estimates are largely backed by the existing order book, we believe the current valuation offers an attractive risk/reward profile. As a result, we reiterate our Accumulate recommendation with an increased target price of SEK 0.16 (was SEK 0.12), mainly due to an upward revision of our estimates.

In view of our forecasts for a significant improvement in both revenue and profitability, only a guidance for strengthening revenue and profitability would be in line with our expectations.

Driven by the Terveystalo partnership, which was successfully launched at the beginning of 2024, revenue is on an upward trend compared to the previous year.

The company's revenue has grown strongly in the second half of the year, driven by ongoing rollouts and a number of customer wins. Profit and cash flow are still significantly negative due to growth investments, but we expect the loss to narrow year-on-year.