Orthex's Q3 report dispelled concerns about its ability to defend its margin amid severe cost inflation, as higher raw material prices were reflected in the company's figures in full for the first time.

The earnings improvement driven by the efficiency program that we forecast will be used to digest multiples.

In our view, Enersense’s Q3 report was on the soft side overall, given the operating margin, the order book trend, and cash flow.

Tången Industrikapital has kicked off its time on the stock exchange with strong organic growth, a margin in line with its target, and a net cash position that leaves room for further acquisitions.

We reiterate our Reduce recommendation for Koskisen and lower our target price for the company to EUR 7.50 (was EUR 8.50). We lowered our near-term forecasts for Koskisen significantly following the largely negative news flow in Q3. The cyclical recovery in the construction sector has continuously receded, and we consider the stock to be expensive relative to its weak short-term earnings performance. Consequently, we believe the expected return on Koskisen shares will be modest over our target price horizon, despite our belief that the company has good earnings growth potential once the construction sector eventually turns around.

CapMan's Q3 report was subdued, and the weakened market environment is once again increasing risks regarding the success of major fundraising efforts.

We feel Canatu's enterprise value (2026e 82 MEUR) has fallen to a very low level relative to the long-term potential of the company's technology.

The Q3 figures were largely in line with our expectations, and we make only minor downward adjustments to our earnings estimates for the coming years.

The valuation is cheap, meaning even modest earnings growth helps drive the share price up.

NYAB's Q3 revenue clearly beat our estimates on a surge in Finland, but the quality of the EBIT beat was weaker. We raise our TP to SEK 9.5 but lower our recommendation to Accumulate.

Exel's Q3 figures were clearly better than we expected.

Metacon's Q3 revenue and earnings were below our expectations, but more in focus for us were order intake and management's comments on the order situation going forward. Order intake continues to be dry, and in our view, the report gave no clear signals that a new order is around the corner.

Weak demand and oversupply are making the earnings turnaround difficult in the coming years.

Sampo's Q3 was another excellent performance, and the earnings growth outlook remains strong.

Following the Q3 2026 report, we have updated our investment case. Our updated investment case covers the key investment arguments and risks, as well as valuation perspectives relative to a peer group of dry cargo and product tanker peers.

Aiforia's share price has clearly fallen since the H1 report, even though the company's outlook remains unchanged.

With the share price drop, the defensive business can be acquired at a reasonable price.

Our Q3 expectations for Control Resonant were too high, and the game’s initial sales pace looks somewhat more moderate than we previously expected.

Following Danske Bank’s Q3 2026 interim report, we have updated our investment case on the company. Our updated investment case covers the key investment reasons, risks, and valuation perspective relative to peers across Nordic large-cap banking.