Flügger closed 2025/26 with revenue of MDKK 2,313 (+2% y/y), marginally above our MDKK 2,298 estimate, and EBIT of MDKK 108 (+15%), both within guidance. Reported EBIT met our forecast, though earnings quality was a touch softer, with EBITDA, PTP and EPS landing a few percent below as admin and ERP costs ran ahead of our modelling. Poland again led growth at +11% local currency for the full year, while the Nordic segment rose 2% as the planned private-label phase-out masked improving core demand from professional painters and consumers. The new 2026/27 guidance of MDKK 2,400-2,500 revenue and MDKK 105-125 EBIT lifts our revenue outlook but trims our EBIT trajectory, the main change to our estimates for 2026/27e. We reiterate our "Accumulate" recommendation, with the ongoing sanctions case remaining the key risk factor, and raise our target price to DKK 410 per share (prev. DKK 360).

We have not made any material changes to our forecasts, even though Spinnova appears to have advanced its strategy both in terms of assembling a cooperation consortium around the technology and verifying the reduction in the technology's production and investment costs.

The stock's valuation has fallen to a rather low level.

In our view, H&M's Q2 report confirmed that the overall story remains unchanged: weak top-line momentum, but improved profitability driven by internal efficiency measures and external margin tailwinds.

Following the strong post-Q1 share price surge, however, we believe the valuation has run too far, and the risk-adjusted return is no longer attractive at current levels.

We expect the company to show clear signs of growth this year.

Following Roblon's H1 2025/26 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 fibre and composite peers.

Fiskars is currently a brand house divided into two independent segments (Fiskars and Vita).

The valuation of the stock has moderated due to the share price decline, but cost pressures limit the visibility of an earnings turnaround.

Alexandria's valuation is cheap, and the potential success of asset management offers a potential bonus.

Solwers withdrew its guidance yesterday, suggesting that a critical earnings improvement may not materialize this year. We lowered our estimates.

Talenom's Finnish core business continues to reliably generate strong cash flow, but investors doubt the sensibility of international growth.

We believe revenue growth remained soft in H&M's Q2, driven by weak market data, reflecting softer consumer confidence and cold weather in April.

Oriola's stock looks cheap, but there are clear risks associated with both the balance sheet and operational activities.

We find the pricing still seems reasonable, considering our significantly raised earnings estimates and the expectation of substantial earnings growth.

We raise our target price for Scanfil to EUR 12.50 (was 11.50 €) on the heels of slightly increased long-term growth estimates. Following the robust progress of the share price over the past year, the positive earnings growth projected in our forecasts has already been factored into the share. In our view, this narrows Scanfil's short-term expected return, even though the long-term story remains quite attractive.

The revenue outlook for the next fiscal year exceeds 10 MEUR.

Virtually all of the company's key metrics developed in a more positive direction.

We updated the impact of the share issue on our estimates, but operationally our assumptions remained unchanged.