Vi har ikke hørt den præcisering af vores forventninger, som vi havde ventet, så Q4'26 ser ud til at være forløbet svagere end vores forhåndsandagelser.

F-Secure still aims for earnings growth next year, relative to which the share valuation (2026e adj. P/E 9.4x) is low.

Martela indsamlede foreløbigt 7,2 MEUR på sin emission, hvilket svarer godt til selskabets målsætning på 6-8 MEUR. Den gennemførte emission giver selskabet, der har kæmpet med en likviditetskrise, bedre forudsætninger for at gennemføre resultatturnaroundet.

Following B&O's Q1 2026/27 trading statement, we have updated our investment case, which covers investment reasons and risks as well as valuation perspectives.

Harvia is a leading company in its field, boasting clear competitive advantages and strong growth potential.

Flügger's Q1 2026/27 revenue rose 4% to MDKK 678 (Q1 2025/26: MDKK 653), slightly ahead of our MDKK 674 estimate, with organic growth of around 3.5%. All three segments delivered organic growth, led by International at 5% and Nordic at 3%, while Partnerships grew 2% organically but was flat reported due to currency. Management highlights high delivery reliability through the peak season and a continued slight market improvement among Nordic professional painters, though activity remains at a low level. Guidance is unchanged, and we reiterate our "Accumulate" recommendation and DKK 410 price target.

Pyhännäs store investering er i praksis færdig, og fokus skifter til salg og opstart af den nye kapacitet. Datacenterbyggeri opvejer modvinden inden for boligbyggeri.

Markedet for brugte biler på Kamux' operative markeder er fortsat med at falde i Q3.

The prolonged IT system renewal means that, in our view, a sustainable earnings improvement will only be possible by 2029.

The success of harvest seasons and market refining margins partially drive the earnings development.

We expect the demand challenges seen in Q2 to continue for the rest of the year.

We have published an Equity Brief on Hexatronic Group. What do the pessimist and the optimist think?

Taaleri has raised its internal operations to a new level, and investors' return expectations are no longer solely dependent on the speculative unlocking of value through M&As.

In connection with the publication of Rovsing's annual report for 2025/26, we have updated our investment case, which covers investment reasons and risks as well as valuation perspectives.

The share price already prices in a significant improvement in the margin level.

Lamor sænkede sin guidance, da kundebeslutninger vedrørende store udstyr- og serviceprojekter i Mellemøsten delvist udskydes til 2027. Vores ændringer i estimaterne er vægtet mod det indeværende år, hvor vi har sænket estimatet for det justerede EBIT med 43 % til 3,2 MEUR.

De højere rentesatser skærer i selskabets pengestrømme og svækker det kortsigtet afkastkrav. Renteudviklingen vil sandsynligvis også endnu en gang udskyde det ventede vendepunkt på det finske boligmarked. Strategien, der er baseret opkøb af egne aktier og profitable salg i Tallinn, skaber efter vores opfattelse fortsat værdi på langt sigt, men på et 12-måneders tidshøjde forbliver investorens afkastforventning svag, og på grund af de øgede risici baserer vi os ikke længere udelukkende på det lange sigt.

We slightly increased the company's growth estimates on the heels of the Capital Markets Day (CMD) and lowered our required return for the share by one notch.

Nedjusteringen i september var forventet og medførte blot ganske små nedjusteringer af estimaterne på den korte bane (primært for Q3).