/Publications from R&A

Actic Group – Personal training-segment expected to drive growth and margin expansion

Continuous acquisitions are expected to continue, which enables further growth. Actic had a growth of 9.2% CAGR between 2015 and 2017, of which 6.6 percentage points came from acquisitions. Actic paid an average price of 3.18x EBITDA for their acquisitions between 2016 and 2017. Further acquisitions are expected, which is enabled by strong cash flows. [...]

Doro AB – Countering declining market by adding new business segment

Further digitalization within elderly care is expected to benefit Doro's service segment going forward. As the number of retirees grows, it will be difficult to provide traditional care for everyone in need, which illustrates the need for increased spending and more efficient elderly care, which Doro Care can  capitalize on. Diversified product portfolio expected to [...]

The bearish euro and the loonie goose – Euro risk presents opportunities in the Canadian dollar

The Canadian economy continues to operate close to its potential and growth is more balanced, where Bank of Canada (BoC), is on the policy normalization path and has moved in synchronization with the Fed´s monetary policy. Furthermore, the Canadian economy is positively exposed to oil prices, but the heavy oil from Alberta has not enjoyed [...]

NRC Group – Increased activity in the Nordic railway market coupled with new acquisitions enables future growth

  Strong underlying markets in Sweden and Norway. The markets for railway expansion and maintenance in Sweden and Norway are estimated by NRC to be valued at around 18 000 MNOK each and are estimated to grow by 9 % CAGR during the coming years. NRC Group enters the Finnish market by acquiring VR Track. [...]

Dollar on a roll – Strong economic outlook continues to point towards a stronger U.S. dollar

Over the past 6 months, the USD has shown great strength against many of the world’s currencies, as its economy has reached new highs since the financial crisis in 2008. Comparing the USD with the Japanese Yen, the same characteristics are seen where the USD spot rate has been recovering parts of its losses observed [...]

The bearish U.S. dollar – The prospective future for the U.S. dollar spot index

The USD currency rate has been a highly discussed topic during the recent year, due to the continuously increasing value partly as a result of a higher economic growth and decreasing unemployment. However, several upcoming macro events, as the upcoming midterm election, rate hikes and protectionist campaign, could have a negative impact on the U.S. [...]

Enersize – Technical breakthrough and appealing business model leads to growth in unexploited niche

In this equity report, analyst Petrus Lindh assess Enersize Oyj. The company is expanding due to a growing demand to reduce electricity costs, more reliable production and a general trend in more effective use of resources. The analyst narrate how the current project pipeline will help fund investments in the new autonomous software which, through [...]

Welfare – The future for Swedish welfare companies

In this market report, analysts Olle Göransson and Patrik Nilsson evaluate the welfare market in Sweden. The market is highly fragmented and is expected to grow based on higher demand for private services and estimated favorable demographic development. Furthermore, the market is highly affected by political decisions and regulations, hence the analysts tries to determine [...]

Hexatronic Group – Operates on a market with strong growth potential

In this equity report, analyst Carl-Ferdinand Carsjö evaluates Hexatronic. The company is a producer of fiber optic cables that provides the fastest way of transmitting data. Hexatronic has profited on the fast development of fiber optic infrastructure in Sweden. In Q1 2018, 40 % of revenues were generated from Sweden. The demand for fiber optic [...]

Wise Group – Expansion within the Digital HR Services segment is expected to generate improved EBIT

In this equity report, analysts Marcus Eriksen and Victor Forss assess Wise Group. The company is expanding its services within Digital HR Services due to a growing demand and a more lucrative business model. The analysts narrate how a shift from staffing to Digital HR Services can raise margins due to lower margins within the [...]