Flügger delivered 2.2% revenue growth in H1 2025/26 to MDKK 1,264, as strong growth in Poland (International segment (12% y/y) and Sweden (+8% y/y) offset revenue declines in Denmark and other export nations. In the Nordics, a conversion of white-label volumes to own-brand sales in Denmark lifted margins; however, Group EBIT was stable at MDKK 141 (from MDKK 140 H1 2024/25), as terminated sales to nations in Eastern Europe and other non-core export markets had a negative impact on the International segment’s EBIT result year-over-year. Despite weaker EBIT expansion than projected in H1 2025/26 the structural value drivers of margin expansion in the Nordics from improved product mix and strong, higher margin growth in Poland remain unchanged. We still see a favourable risk-reward as Flügger executes its profitable rebound, despite possible sanctions-related risks, and reiterate our “Accumulate” recommendation and slightly lower price target of DKK 360 per share.
Yesterday, GreenMobility raised its 2025 guidance for both revenue and EBITDA for the fourth time this year, driven by stronger-than-expected revenue development. We have updated our One-pager analysis with the upgraded 2025 guidance and latest price movements.
Inderes delivered solid monthly sales in November with sales increasing by
15% y/y. The strong growth owes to improved CMD activity. The sales beat our
estimate by EUR 0.2m, which was the case also in October. Consequently, after
two months of reporting in Q4 the sales run-rate is some EUR 0.4m above our
current projection. Our positive read-x is also supported by the fact that
Inderes has managed to win CMDs also in Sweden.
Fondia is undergoing major transitions, and its earnings turnaround is only just beginning. However, unlike in the past, strong measures have been taken, and success in strategic projects would lead to a significant improvement in results. This also supports confidence in a change in the outcome. Despite its challenges, Fondia is the market leader in continuous legal services in Finland, in view of which its valuation is extremely low.
However, with the valuation decrease due to the recent around 10% price drop (2026e: P/E 12x), we feel the expected return has improved and risen slightly above the required return. In our view, Scanfil also offers an attractive investment story of profitable growth in the longer term.
UB's sales have picked up after a subdued start to the year, but the sales engine is still underpowered. A key challenge is the company's spearhead funds, whose sales are sluggish.
Following the Q3 2025 results, we have revised our investment case one-pager to reflect the latest developments, including updated peer-group perspectives from the Danish SaaS sector.
The stock's valuation is now extremely attractive through a sum-of-the-parts analysis but realizing this will require not only Easor's listing but also profitability improvements in international operations. Nevertheless, we believe the risk/reward ratio is very attractive.
eQ's recent years have been difficult, and it has suffered badly from the challenges of Real Estate funds. However, the earnings bottom is likely to be at hand, and we expect a significant earnings improvement starting next year.
Tietoevry held a Capital Markets Day yesterday evening, where the company, in its typical fashion, thoroughly explained when and how it expects growth and profitability improvements to materialize.
We have updated our investment case one-pager on Scandinavian Medical Solutions following the 2024/25 report and the guidance for 2025/26. Besides an overview of financials and updated valuation multiples, the investment case one-pager introduces Scandinavian Medical Solutions and highlights key investment reasons and risks.
Solwers' Q3 was better than we expected, as earnings development stabilized, marking the first step towards the company regaining critical earnings growth.
We have updated our One-pager analysis to include the new midterm financial targets outlined in the updated 2026/28 strategy plan. These targets indicate a continuation of the profitable growth journey the company has delivered over the past two years. Besides covering key investment reasons and key investment risks, we have also included updated peer-group perspectives.
Metacon’s Q3 figures were below our expectations, mainly due to lower revenue recognition in the Motor Oil project than we had expected. However, we view this primarily as a timing effect and we believe that the company continues to progress in the right direction with significantly increased order intake, revenue and decreased operating loss. While we have taken a more cautious stance in our short- to mid-term estimates, given that the company has not yet secured a new large-scale order as we had anticipated, we still believe the current valuation offers an attractive risk/reward profile. As a result, we reiterate our Accumulate recommendation but lower our target price to SEK 0.60 (was SEK 0.70), reflecting the lower estimates.
