Read the latest Asetek One-Pager following the Q1 2025 results and changes to the board of directors.
Asetek started 2025 on a weaker note, with group revenue of USD 9.8m (-19% y/y), reflecting soft SimSports demand after a strong Q4, logistical delays, and the impact of new U.S. tariffs. Liquid Cooling showed relative resilience (USD 8.6m in revenue), but lower average selling prices (ASPs) and a shifting product mix weighed on margins as expected.
Revised 2025 guidance now sees group revenue in the range of USD 45–53m (previously USD 52–58m) and adjusted EBITDA margin of 0–3% (down from 3–5%), reflecting the near-term SimSports headwinds. Tariff-related risks are being addressed by expanding production in Malaysia and reducing dependency on China.
Lindex's Q1 result was weak as logistics issues weighed on the Lindex division. Full-year guidance was reiterated, but we lowered our forecast towards the lower end of the range
Revenio's Q1 result operationally exceeded our expectations, both in terms of revenue growth and EBIT. The outlook remains unchanged and the trade war does not seem to cause the company greater problems, at least in the light of current information.
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Tecnotree’s Q1 order intake and profitability were weaker than expected, but the cash flow trend was moderately positive, as anticipated. The multi-part guidance was reiterated, but to achieve it, profitability needs to improve and cash flow needs to remain positive for the rest of the year.
Taaleri's Q1 report was subdued, but its significance is limited as the focus is on the strategy update. The stock continues to trade at a hefty discount relative to its sum of the parts, and it is also very cheap in absolute terms. The key question is how to highlight the undeniable value of the parts.
Kalmar’s Q1 figures fell short of expectations, while order intake clearly exceeded expectations. According to the company, the market had shown signs of recovery earlier in the year, but with the recent increase in tensions, uncertainty is clearly growing.
Digital Workforce Q1 var svagare än väntat sett till omsättning och lönsamhet. Bolaget svarade med att omorganisera och implementera kostnadsbesparande åtgärder. Bolaget har säkrat några bra order i början av året. Bolaget kommenterade också att försäljningspipeline är fortsatt god och att dess kvalitet har förbättrats. Vi sänkte våra prognoser men förväntar oss att bolaget kommer att växa betydligt snabbare än marknaden för IT-tjänster under de kommande åren och att skala denna tillväxt till lönsamhet. Aktiens värderingsbild (2025e EV/0,9x, summan av delarna 4,8 EUR) stödjer vår positiva syn på aktien.
We believe that the new metal extraction method has taken center stage in the investment story, and its economic potential seems significant. However, the road to a commercial product is still long.
Årets första månader var bra vad gäller vinst, och fördelningen av orderingången var också något bättre än väntat. Bolaget upprätthöll en positiv marknadsutsikt, vilket vi tror något mildrar oron för osäkerheter som påverkar marknadstillväxten och som har ökat under de senaste månaderna.
The start of the year was slightly weaker than the consensus estimates in terms of delivery volumes and earnings, but Kempower’s cost structure developed favorably.
Enento's growth and operating profitability in Q1 slightly exceeded our estimates, although large non-recurring items depressed reported figures. Regulatory changes in Sweden have not caused additional headwinds, and the outlook has stabilized somewhat. A major recovery is not yet expected this year due to the high economic uncertainty, but the market bottom may be behind as the company turns to growth after a two-year downward trend.
Incap's start to the year was slower than expected, which already raises questions about the achievement of guidance given the uncertainty around the prevailing operating environment, although the company was confident about H2.
Inderes’ Q1 left a small positive mark driven by the Finnish operations. The Swedish business, however, still faces headwinds and the company struggles to take more meaningful positions in markets. However, the company is now reacting and we believe the story remains broadly unchanged: the Finnish business forms a solid foundation, but the upside potential lies in international growth, which is hard to predict.
We still consider Evli a clear long-term winner in the sector, and the earnings growth outlook in the coming years remains good despite short-term market uncertainty.
Alma Media reported stronger growth figures than expected for Q1, and profitability was also better than we anticipated. Based on this, we made small positive changes to our forecasts, but our earnings forecasts, which expect an upward trend in earnings development in H2'25 and the coming years, remain broadly unchanged.
Modulights Q1 fortsatte på den positiva väg som beskrivs i bokslutet. Omsättningen överträffade våra förväntningar och förlusten var mindre än prognostiserat på grund av lägre kostnader. Visibiliteten i bolagets verksamhet har förbättrats, även om den fortfarande är låg.
Earlier this week, GreenMobility announced its Q1 2025 trading statement. The company maintained its 2025 guidance after growing its revenue by 36% and EBITDA by 84% in Q1 2025. GreenMobility also provided an update on new technology investments, including a next-generation platform. We have updated our investment case one-pager with the recent news and financials.
Inderes posted a broadly in line Q1 report with sales slightly ahead (likely thanks to large AGMs in March) of SEBe. However, in rounded numbers, EBITA came in line with our estimate. While the March performance was better than expected our negative notes go to Sweden, where the company has seen churn in research contracts. Also, while the guidance remains unchanged, the company's market view is more cautious. We think a neutral reaction is warranted based on first read.
Kreate's revenue decreased in Q1 in line with our expectations, with earnings down year-on-year. In our view, the first half of the year will be weak, and growth will be weighted towards the end of the year, reflecting the typical seasonality of the industry.
Fiskars Q1-resultat var bra, eftersom bolaget växte organiskt för första gången på länge och vinsten förbättrades något. Bolaget upprepade sin guidning om en förbättring av helårets justerade EBIT, men vi anser att en eventuell försvagning av efterfrågan i USA är en tydlig risk för att guidningen ska infrias. Vi sänkte våra estimat något.
