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 [...]

Hanza Holding – Margin expansion expected to drive shareholder value

Revenue is expected to increase through higher production volume and new customers. Revenue is expected to increase from 1 399,7 MSEK 2017 to 2008,9 MSEK 2020E, a 43,5 % increase which equals a CAGR of 12,8 %. A significant portion of the increase is due to the acquisition of Wermland Mechanics “Wermech” (EV/EBIT 7,0x)  in [...]

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 [...]

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. [...]

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 [...]