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 [...]

IAR Systems Group AB – Software company with solid financial track-record offering a unique opportunity to capitalize on IoT

IAR Systems is riding the wave of IoT. The phenomena known as Internet of Things is one of the key drivers in the case of IAR. Traditional appliances  requires digital upgrades and need embedded system to function. IAR with over 50% of the market share are aligned to meet this expected growth in costumer demand. [...]

Troax AB – Global automation trends act in Troax’s favor

Global automation trends act in Troax’s favor. Automation in the manufacturing industry has increased the industrial robot-per-employee ratio. This trend will most likeley increase the demand for Troax’s products and offer a continued market growth. Troax currently holds 15% of the global market share. Troax can expect an organic revenue growth of 9% 2019-2023. Troax [...]

Nobina AB – Urbanization and environmental protection will drive Nobina’s growth forward

Increased urbanization and environmental protection act in Nobinas favor. The expenditures for environmental protection in Sweden, which is Nobina’s primary market, has increased by 4,9 % CAGR between 2007-2017. The average degree of urbanization in the Nordic countries increased from 83,1 % to 85,5 % between 2007-2017, consequently increasing the demand for Nobina’s services as [...]

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 [...]