Talenom issued a profit warning, published Easor's listing prospectus, acquired three small accounting firms in Spain, provided guidance for both businesses for next year, and organized an investor webcast.
In connection with yesterday’s adjustments to the 2025 guidance, WindowMaster has also provided guidance for 2026. The update points to a clear inflection in profitability, supported by improving order momentum and strong operational gearing.
In recent years, the strategy has focused on selected industries, in selected growth markets, and on the own platform. The strategy resonates, but still requires proof of a breakthrough. Now the company must demonstrate a return to better organic growth and its scalability to profitability.
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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.
Aktia's earnings have risen significantly with interest rates, and the recovery in loan demand and steady growth in Asset Management should keep profitability relatively stable in the coming years.
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.
