Nexstim's year of surprises continued on Friday when the company announced a new development and distribution cooperation agreement with Germany's Brainlab AG. The agreement will strengthen Nexstim's financial position and improve its performance starting next year.
Solwers' Q3 figures came in below our forecast, which we believe reflects sluggish market conditions and, to some extent, higher-than-expected seasonality.
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Recent developments in Hexicon’s project portfolio have been mixed, in our view. While the MunmuBaram project finally received regulatory approval, the Swedish Government rejected two key projects, affecting the valuation negatively. Furthermore, Hexicon is still in need of immediate cash infusion, and we believe it will be difficult for the company to overcome the downward pressure from the expected equity issue, the high cash burn, and the remaining question marks concerning the structure of the MunmuBaram divestment. Against this backdrop, we believe that the near-term risk/reward profile is unfavorable. Consequently, we revise our recommendation to Sell (was Reduce) and lower our target price to SEK 0.14 (was 0.23), reflecting the negative impact of the reduced net capacity in the project portfolio and aligning with our SOTP valuation.
We are discontinuing our coverage of OptiCept as the company has terminated the research service agreement. Consequently, we will no longer be giving a target price (prev. SEK 5.3) or recommendation (prev. Reduce) for the stock. OptiCept is investing in the growth of its patented technology platforms based on Pulsed Electric Fields (PEF) and Vacuum Infusion (VI), which have clear customer benefits and short payback periods. Growth to a larger commercial scale has been slow in recent years, but the success in converting existing pilot projects into concrete orders has clear potential to change this in the coming years. In our view, OptiCept shareholders should pay particular attention to the company's ability to maintain its emerging momentum in FoodTech order intake, as this has a clear impact on how quickly cash flow can become positive.
We are discontinuing our coverage of SciBase as the company has terminated the research service agreement. Consequently, we will no longer give the stock a target price (prev. 0.45 SEK) or recommendation (prev. Reduce).
While Verve's Q3 revenue aligned with our estimates, adjusted operating profit fell short of expectations. However, the company demonstrated strong cash conversion, and other KPIs remained robust.
Read the latest Hafnia One-pager update following the Q3 2024 results. The One-pager includes a brief description of Hafnia, an update on the product tanker market, latest financials, valuation perspectives relative to a peer group, and outlines several key investment risks and key investment reasons.
We have updated our investment case one-pager following the 2023/24 results, new 2024/25 guidance, and recent news. Besides an overview of financials and valuation multiples, the investment case one-pager introduces Scandinavian Medical Solutions and highlights key investment reasons and risks.
SP Group grew its own-brand products to record levels of over 30% during Q3 2024 as the company continues its strong cyclical turnaround. In connection with the Q3 results, SP Group narrowed its guidance, maintaining the midpoint of its Q2 upgrade, now expecting revenue growth of 10-16% y/y, with EBITDA margins of 19-21%, and EBT margins of 11-13%. The growth of own brands YTD 2024 has supported margin expansion and remains a cornerstone of SP Group’s strategy moving forward.
We are discontinuing our coverage of Mendus as the company has terminated the equity research agreement. Consequently, we will no longer be giving a target price (was SEK 14) or a recommendation (was Accumulate) for the stock.
The latest SKAKO one-pager following the Q3 2024 results looks at the outlook for 2025 and 2026, following SKAKO’s record order for DKK 150m during the quarter. The company reduced its topline guidance slightly in connection with the Q3 results, now expecting revenue growth of -2% to 1% (previously 2% - 5%) while maintaining its EBIT guidance for DKK 24-28m, but now at the lower end. The large order with OCP, relating to a large phosphate mining project in Morrocco is expected to support revenue growth in 2025 and 2026.
Nordea announced that it has completed the acquisition of Danske Bank's Norwegian retail and private banking businesses. As a result of the transaction, Nordea expects to increase its market share in the Norwegian mortgage market from the current 11% to approximately 15%. We have included trade in our forecasts and have increased our EBIT forecasts for the next few years by about 2%.
Over the years, Remedy has demonstrated its ability to develop games of very high quality, but this has not yet been reflected to the same extent in their commercial success for the company.
Metacon’s Q3 results were mixed, with revenue aligning with our expectations while costs were significantly higher, reflecting the company’s preparations for larger-scale deliveries. With short-term funding soon in check, Metacon can focus on fulfilling the large-scale order from Motor Oil, with clear signs of progress expected to be visible next year. However, given the uncertainty of whether the company will continue to receive larger orders regularly and at what profitability level, the forecast risks remain high.
Tokmanni's Q3 results exceeded expectations and reinforced our confidence in the 2025 earnings growth turnaround. Increased consumer confidence was reflected in higher footfall in the Group's stores, which we believe sets the stage for a successful holiday season.
Last week, Impero announced its Q3 2024 results, accelerating its ARR growth to 31% YoY and improving its EBITDA. Moreover, Impero's cash flow from operations was positive for the first nine months of 2024, and the FCF/Net New ARR (12 months rolling) improved to -0.7x in Q3 2024. We have updated our investment case one-pager after the Q3 2024 results.
