/Publications from R&A

FIREFLY AB – Firefly is on fire and it’s looking good

Regulation and requirements from global authorities benefit Firefly. Authorities such as EU, ATEX, CSA, and SIL are all increasing the safety requirements companies must follow. Firefly’s systems are in line with those requirements. Thus, regulatory requirements for further safety protection is beneficial for Firefly. Production on a larger scale increases the cost of production stops. [...]

SyntheticMR – Great company overvalued at current market price

Revenue growth of 25,8% CAGR from 2018 to 2023 due to aggressive international expansion. The company is expected to grow at a CAGR of 25,8% in the coming years from 2018 to 2023. The sales growth of the company will come through international expansion, and closer ties with core partners and an increasing MRI market. [...]

CTT Systems – A stock yet to take off

Increase in wealth, and investments for health and cost-cutting. Global commercial aircraft fleet is projected to grow at a 3.6% CAGR between 2017- 2037 due to a wealthier population. The low-cost airline market has in the past ten years grown with a CAGR of 5% and constitute 31% of the market today. Spending on the [...]

SkiStar – Market leading position allows high margins

SkiStar are able to grow and maintain an EBIT-margin above 20% in the next 5 years. SkiStar has a market share of 47% in Sweden and 30% in Norway, making SkiStar the leading operator in the region. As a result, SkiStar is the first choice for many customers. This allows SkiStar to have a high [...]

Everysport A – A growth story emerges

The strategic change towards affiliate marketing is expected to drive growth and margins Everysport is steering their business model towards affiliate marketing, which will increase the monetization of the readers. This will bring the growth back, and we estimate that the revenue will grow 8.3% CAGR 2018 – 2022. The incremental margins on higher monetization [...]

KABE GROUP – Positioned to capitalize on the camping trend

The future is motorhomes. KABE operates in a seemingly stagnant market. However, the market is relatively sensitive to market fluctuations. Nonetheless, it has shown that the demand for motorhomes has increased as well as a decrease in caravans throughout the industry. Therefore, the future of the market is motorhomes as well as sales of accessories. [...]

SVEDBERGS AB – Depressed valuation and market outlook leaves Svedbergs undervalued

Complete package solutions give Svedbergs a competitive advantage. Svedbergs´ package solution covering the complete bathroom, as well as a diverse product portfolio, contribute to a competitive advantage. Through the Macro design acquisition, the product portfolio consists of both medium- and premium priced products contributing to a wider assortment. Longstanding presence on the Swedish market further [...]

NILÖRNGRUPPEN – Loyal customer base with an untapped RFID-market creates potential for future growth

Increased demand on product differentiation within fashion creates market demand. Nilörngruppen offers a customer solution consisting of everything from design to production and helps its customers to differentiate themselves in a competitive market. Transition from labels to RFID creates future growth potential. Market transition from labels to RFID-labels creates potential for revenue growth in an [...]

ENEA AB – Positioning their embedded technology in an expanding market.

The Worldwide software sales segment is displaying recording breaking figures, and as of Q4 2018 represent 62% of the Company. The acquisitions of Qosmos and Openwave Mobility have shown promising results. We expect the acquisition’s individual share to continue to grow by 15% annually based on the assumption that CAGR for the market NFV (Network [...]

Semcon AB – More emphasis on digital solutions may impact future growth.

Semcon’s new restructuring strategy may increase profit margins. The intention is to put further emphasis on digital services such as AI, autonomy and UX. This will make Semcon more competitive as well as potentially increasing their EBIT margin to an estimated 8.1% by 2023. Industry trends in Automotive and Industrial suggests increased future demand in [...]