Inderes delivered Q3 sales and EBITA slightly above our estimates, thanks to better than expected event business in September. While this might owe to timing of certain projects we flag that also Q3 recurring revenue came in slightly above estimate and the number of commissioned research contracts keeps increasing despite the market headwind. In fact, the company now sees the market headwind easing, referring to improving IPO activity. All in all, on first glance is positive.
Modulight's Q3 report showed no clear signs of a return to growth and revenue landed below expectations. Earnings and cash flow were roughly in line with our forecasts due to lower-than-expected costs.
Ascelia Pharma is a focused biotech company that has developed Orviglance, which addresses an unmet need in a market potentially worth USD 800m annually and growing 4-5% per year.
Välkommen med i Inderes community!
Skapa ett gratis användarkonto och försäkra dig om att inte missa några börsnyheter av intresse för precis dig!
FREE account
Stock market's most popular morning newsletter
Tillgång till analytikerkommentarer och rekommendationer
Vårt eget aktiescreeningsverktyg
PREMIUM account
Alla aktieanalyser och övrigt innehåll
Premiumverktyg (insidertransaktioner och aktiescreeningsverktyg)
The company's main project is ES2B-C001. A HER2+ therapeutic vaccine for breast cancer, currently preparing for Phase I trials in early 2025. But the company previously contributed to the successful development of a Phase III validated COVID-19 booster vaccine, licensed by Bavarian Nordic.
The capital raise announced on Friday reduces the financing risks and secures the company’s financing until the end of 2025. Due to the overall structure of the raise, we expect it to succeed. With short-term financing in check, OptiCept can increase its focus on executing its growth strategy.
On Friday, Nexstim announced that it had obtained a license in India, which means an authorization to sell the NBS5 system in a new market. We raised our medium- and long-term forecasts based on the new market opening, although the visibility of the Indian market is very limited.
Under the new strategy, CapMan’s business operations have turned to strong growth and profitability has improved clearly. Even though the challenging market situation throws a spanner into the works of new sales in the short term, we believe the company has an excellent position in its sector. As a result, CapMan is well positioned to continue its healthy growth also in the longer term, just like the rest of the asset management sector.
Tietoevry issued a profit warning and slightly lowered its guidance for 2024 due to a weaker-than-expected market. As a result, we slightly lowered our forecasts for the current and coming years. In 2024-25, we expect revenue to decline slightly, but profitability to remain at last year's level, supported by continued efficiency measures.
On Thursday, Nordea announced a Q3 result that was better than we expected. The bank's net interest income and fee and commission income developed in line with forecasts, but changes in fair value and cost levels led to a positive surprise. At the same time, Nordea revised upwards its profitability guidance for the current year. We have slightly lowered our forecasts for net interest income in the coming years, but our view on the company and its earnings outlook has remained virtually unchanged.
Enento will report its Q3 result on Tuesday, October 29 at around noon EET. There has not been any significant recovery in the demand environment yet, and we expect both revenue and earnings to moderately weaken from the comparison period. The outlook for the company is mixed.
Anora lowered its guidance for this year by more than we expected. In our view, this also reflects a weakening in the company's longer-term earnings potential, which led us to significantly lower our forecasts for the next few years and the longer term.
I Värdeskapare-konceptet lyfter vi fram bolag som har skapat betydande aktieägarvärde. I denna rapport fokuserar vi på Admicom som är en finsk leverantör av programvara för byggbranschen som arbetar med SaaS-modellen.
Last week, GreenMobility announced its Q3 2024 trading statement, showing 92% revenue growth from its continuing operations (Copenhagen and Aarhus) and a net profit from the continuing operations of DKK 2.4m. We have updated our investment case one-pager with the recent news and financials. Besides looking into key investment reasons and key investment risks, we have also included some valuation perspectives.
Earlier this week, Green Hydrogen Systems announced the initiation of significant cost-out and restructuring initiatives, a need to raise new capital, and a downgrade of its 2024 guidance. After this announcement followed by a significant share price decline this week, the investment case one-pager has been updated.
Wärtsilä currently has a number of revenue and earnings drivers pointing in different directions, the impact of which we have now updated in our forecasts. The net effect is positive from 2025 onwards, but the changes are not large.
Yesterday, WindowMaster announced its third guidance upgrade for 2024. The company now expects an organic revenue growth rate in the range of 13-18% and an EBITDA margin in the range of approx. 11-13%. Accordingly, we have updated our investment case one-pager based on the new guidance ranges, including an updated peer group with valuation multiples.
Yesterday, Talenom issued a negative profit warning. In connection with the release, the company announced plans to spin off its software business into a separate company, which in practice means that the company's software will also be sold to third parties.
Given the ongoing weak market conditions, which have slowed the pace of divestment processes, and the continued lack of news regarding regulatory approval for the change of control of the key MunmuBaram project, we believe that operational risks have increased. In addition, the falling share price has increased financing risks (equity issue 1-2x current market cap expected in the next ~3-6 months) and is starting to cause uncomfortably high volatility in expected returns and dilution, and we wait for these risks to subside.
Last fall, Exel announced its transformative strategy, and the first phase of actions is progressing as scheduled. Nevertheless, we believe that demand in the company's target markets remains sluggish, especially in its main market, Europe.