Research

Yesterday’s presentations provided deeper insight into the company’s positioning and competitive advantages in a market shaped by artificial intelligence. The company appeared more confident than before about the future and about continuing to resolve sales bottlenecks.

We believe revenue growth has remained soft in H&M’s Q1 (Dec-Feb), and we have therefore revised down our revenue estimates slightly. However, we still believe that supply chain efficiencies, good operational cost control and external margin tailwinds should continue to support profitability. In our view, the valuation levels are still elevated, and, given the ongoing topline concerns, we still view the risk/reward as unattractive. As a result, we reiterate our Sell recommendation and target price of SEK 155 per share.

We expect the company's earnings to have increased due to the expansion of its store network.

We discontinue our coverage of Tecnotree as the company has terminated its research service agreement.

UB's investment story has improved significantly in recent years, and the longer-term growth outlook is attractive.

Columbus exits a challenging 2025 with a leaner organization and renewed AI capabilities. For 2026, the company guides 0-5% growth and 8-10% EBITDA margin, signaling a potential turning point. With the cost base rightsized, any return to growth could unlock significant operational gearing. We have updated our investment case in connection with the annual report.

Multitude’s Q4 profit exceeded our expectations, as well as the company’s own guidance.

Fully guaranteed issue reduces financial risk.

A new era is beginning at Talenom as the company returns to its roots.

The stock has fallen below the lower end of our estimated fair value range.

Hafnia delivered its strongest quarter of 2025 in Q4, reporting net profit of USD 110m and bringing full-year earnings to USD 340m. Despite a softer first half as rates came off their 2024 cyclical peaks, the company generated USD 560m in adjusted EBITDA and returned 88% of net profit to shareholders through dividends and buybacks,  paying USD 0.55/share for the full year.

2025 was a pivotal year for Gubra, with revenue of DKK 2.6bn and operating profit of DKK 2.2bn, driven by the landmark out-licensing agreement with AbbVie for the long-acting amylin analogue ABBV-295, with USD 350m in upfront payment, and DKK 1.1bn well-positioned to drive further development   2025 also marked the beginning of a broader transformation evolving from an obesity-focused biotech into a broader, more diversified life science company, with the new Ventures unit set to incubate focused companies in therapeutic areas beyond the core pipeline, with the first venture planned for H2 2026. The company has announced ambitions to establish new flagship therapeutic areas beyond obesity by 2030, and the CRO platform is expanding into new service areas, including sarcopenia and women’s health.

Tokmanni's Q4 report was lackluster overall, even though the company managed to improve its result.

Aiforia’s H2 revenue surpassed our expectations, and the earnings were in line with our estimate.

Componenta's financial statement release published on Friday was better than we expected across the board, with all key figures exceeding our forecasts.

Today, we have updated our research on TORM, one of the world's largest product tanker companies with a fleet of 93 vessels transporting refined oil products such as gasoline, diesel, and jet fuel across global trade routes. The company operates primarily in the spot market through its integrated One TORM platform, which consistently delivers market-leading freight rates per vessel.

Orthex's Q4 profitability was at a good level, but weak revenue development made the report disappointing.

Solwers' Q4 was weaker than our expectations, and the earnings growth we had forecast did not materialize, with EBITA remaining at the subdued level of the comparison period

Nightingale's major research projects will generate revenue in H2.