Bahnhof AB – Spinning-off Elementica creates positive short-term triggers

An increased revenue per customer leads to continued growth and increased margins. A slowdown in the expansion of fiber optics networks but an increase in sales from complementing product categories, such as VPN and cloud services combined with an upgrade of the current fiber optics network is expected to drive growth of 14.7% CAGR between [...]

Pricer – High expected sales growth following Best Buy order and overall strong market growth

Pricer’s revenue is expected to grow by 18,6% CAGR between 2017 and 2020. The total market for ESL is expected to have strong growth of 24% CAGR between 2017 and 2023 and as a market leader, with roughly 25-35% market share in key markets, Pricer is positioned to capitalize on this growth. Pricer is expected [...]

Opus Group – New division, regulations and a growing car fleet enables organic growth

The car fleet grows in focus markets with a limited vehicle inspection culture in emerging countries. The car fleet in Opus geographic areas grew with 3% leading to an increased demand and possibility for organic sustainable growth. An increased demand for vehicle inspection together with Opus establishment in new geographic areas with newly established and [...]

Medistim ASA – Solid quality company in a blue ocean market

Cutting edge technology solutions for an old world problem. Cardiac and vascular diseases continue to be the most common cause of death in the western world. During a coronary bypass surgery for example, the doctor have to rely on their own sense to identify where is located the artery blockage as well as use their [...]

Storytel AB – Too high hopes for quick international success

Revenue growth of 25,2% CAGR from 2016 to 2022 due to aggressive international expansion. We expect revenues to grow to 2,9 billion SEK in 2022, up from 700 MSEK in 2016, which equals a CAGR of 25,2%. The revenue growth will mostly be driven by the international scale-up, as the company will continue to focus [...]

FormPipe Software – Migration towards cloud-based software solutions expected to drive sales and margin expansion

Strong underlying growth in the market for ECM products. Gartner estimates that the market for ECM products are expected to grow at 10-15% CAGR globally and 5-10% CAGR in the Nordics, over the period 2018 to 2021. FormPipe is positioned to capitalize on this growth due to its market leading position and high quality solutions. [...]

LeoVegas – The lion is ready to reap the benefits of regulation

Mobile gambling is expected to grow 19 % CAGR 2018-2022. LeoVegas had 68 % of customer depositions from mobile platforms (2017). Since it’s LeoVegas ambition to increase their share of mobile revenue, their strategy are positioned towards the most lucrative part of the gambling market. LeoVegas has a high number of Returning Depositing Customers (RDC). [...]

G5 Entertainment – New game launches have the potential to generate high returns

Efficient user acquisition allows G5 to continue growing. Focusing its marketing on groups that can offer a high return of investment will lead to continued revenue growth while keeping EBIT margin of around 9-10 %. If G5 manages to continue its growth in Asian market it can benefot from 17% YoY forcasted growth of that [...]

BTS Group – High quality firm positioned to deliver impressive growth

Diversified Business Model BTS has a diverse client portfolio consisting of established players in their industry. BTS’ global presence, highly competitive and innovative offerings, and premium brand recognition continue to produce a high paced growth in sales. BTS is adapting to digital transformations and introducing more interactive online platforms as a source of future growth. [...]

Cloetta AB – Substantial synergy effects are expected to generate margin expansions after recent aquisition

Recent acquisition of Candyking is expected to increase EBIT-margins from 9 % 2017 to 11 % in 2020E. Cloetta has estimated that the acquired company is expected to deliver synergies of 100 MSEK on an annual basis from 2020 and onward. Considering the fact that the pick & mix candy accounts for 30 % of [...]