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