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Ericsson faces a mature market with extensive efficiency measures and a new CEO to strengthen profitability, while rising component costs and geopolitical risks present challenges.
We have taken a more cautious stance on our near- and mid-term revenue estimates due to weaker consumer sentiment and a less supportive macro environment, particularly in continental Europe. Despite these downward revisions, we believe that the current valuation offers an attractive risk/reward profile, as the share price has fallen by around 15% since our last update.
Following TORM’s third guidance upgrade this year, we have updated our investment case on the company, covering the key investment reasons, risks, and valuation perspective relative to product tanker peers.
We expect continued top-line momentum driven by steady user growth and Premium ARPU expansion, while profitability still reflects the guided step-up in operating expenses
Although Orthex's valuation appears moderate based on normalized earnings, prolonged inflationary pressures on plastic raw materials have weakened the short-term outlook and the stock's expected return within a 12-month period.
Ahead of Inderes’ Q3 report, we slightly finetune our estimates, which were already well aligned with the increased margin guidance. Inderes’ recurring business is on a healthy growth track, and the company has proven its position with a high win-rate among new market entrants. As always, we look closely at international performance, as the Swedish expansion holds the largest potential upside for the investment case.
With the Vattenfall agreement now signed, new contract volumes mainly lift our 2028 estimates, and we believe the risk/reward has turned positive again.
Raute has delivered a strong earnings turnaround in recent years, though the prolonged construction slump has clearly weighed on investment-driven demand.
Cityvarasto is clearly the largest self-storage company in Finland, with a real estate business complemented by van rentals and moving services. At the core of its growth strategy is the cost-efficient acquisition of real estate nearing the end of its life cycle and gradually converting it into self-storage facilities with an EBITDA yield of around 15% on the investment. Indeed, revenue has grown by an average of about 20% per year over the past ten years, and we estimate that the company will be able to continue its strong profitable earnings growth, albeit at a significantly slower rate than targeted (adj. EBITDA 11% p.a. 2026-30) in the coming years as well. We consider the valuation highly attractive from many angles (EV/EBITDA 2027e: 10x), considering the company’s growth outlook, market position, and moderate risk level.
Preliminary data from KH Group indicates that the group's strong performance from Q2 has continued. While Q3 revenue was in line with our estimates, profitability was stronger than expected.
Following the fourth guidance upgrade of 2026, announced on 6 October ahead of the Q3 report, we have updated our investment case. Our updated investment case covers the key investment reasons and risks as well as valuation perspectives against a peer group of Dry Cargo and Product Tanker peers.
A strong Q4 close has prompted Gabriel to raise its full-year guidance for continuing operations to revenue of MDKK 537-539 and EBIT of MDKK 50-52. Q4 revenue grew by around 13%, ahead of management's own expectations and well above the low growth rates seen earlier in the year. The upgrade reverses the narrowing at Q3 and places EBIT in the upper half of the original range. We move our estimates to the midpoint, lifting 2025/26e EBIT by 12% to MDKK 51.1, while out-years rise around 1% on the larger base. We retain our target price of DKK 270 and our "Accumulate" recommendation ahead of the annual report on 25 November, which is expected to bring guidance for 2026/27 and financial targets for the continuing business.
