/Publications from R&A

Etrion – The sun is shining and so is Etrion

In this report, analysts Noah Öhlin and Petter Lindberg take a deep-dive into the solar power producer Etrion SA. The Company is an independent electricity producer that develops, builds and owns utility-scale power plants. While environmental, social and governance (ESG) is putting things in favour of the green-tech Company, Etrion is also making substantial investments [...]

Nederman – New trends in revenue generation will improve margins

In this report, analyst Carl-Johan Imméll evaluates the growth prospects of Nederman Holding. Nederman is a global developer of products and solutions for advanced air purification in heavy process industries. Our analyst, Imméll, anticipates Nederman to gain increased market share over the next five years by organic growth, as recently integrated acquisitions enable for new [...]

Lime – Lime’s niche makes them a strong competitor to global players

In this financial analysis, analyst Lykke Nyberg and Filippa Lövgren take a deep-dive into Lime Technologies. The company provides CRM solutions to small and medium-sized enterprises and is currently market-leading in Sweden, holding a market share of 18.0%. With expected revenue growth of 18.4%, an expected EBITDA margin of 28.5% and a multiple of EV/EBITDA [...]

Thule – Premium brand in the risk of losing market shares to competitors with lower prices

In this financial analysis, analyst Lykke Nyberg and Filippa Lövgren take a deep-dive into Thule Group AB. Thule have a business idea to develop and sell sustainable products to make living an active lifestyle easier. Thule is a premium brand, which will affect its revenue negatively during the economic crisis due to COVID-19. With a [...]

Midsona – New Countries, New Opportunities

In this financial analysis, analysts Henrik Telenius and Hugo Johnson take a deep-dive into Midsona, a Swedish developer and marketer of various healthy foods and snacks. The company have recently consolidated their Nordic market and is now expanding to Germany and southern Europe. In 2019 Midsona had a turnover of 3 081,0 MSEK and our analysts [...]

Zenicor Medical Systems – Two ECGs a day keeps the stroke at bay

In this equity report, analyst Gustav Lill takes a deep-dive into Zenicor Medical Systems. Zenicor is a Swedish medtech company disrupting how we discover arrhythmia with a 3-5 times better efficiency than conventional methods. A recent change to a more favourable business model will drive the top-line growth with a CAGR of 20,7% 2020-2022, which indicates a share [...]

Storytel – The digital Gutenberg shows a vast revenue growth, right on the verge of profitability

In this report, analyst Alexandra Stertman takes a deep-dive into Storytel, a Swedish company that records, distributes, and publish literature on both national and international markets. Within the company, there are two main segments – Printing and Subscriptions, with the latter including streaming of e-books and audiobooks. Storytel is expected to gain market share on [...]

Stillfront Group – Strong portfolio mix further drives profitability

In this equity report, analysts Abdiaziz Musse and Alexander Hammarvid take a deep-dive into Stillfront Group, a market leader in free-to-play online strategy games. To date, the company has acquired 14 gaming studios and their latest acquisitions Storm8 and Candywriter will further drive Stillfront’s EBIT-margin expansion at a CAGR of 61.7% (2019A-2022E). With a target [...]

MIPS – Pick and shovel play in the safety rush

In this equity report, analyst Tim Möller takes a deep-dive into the company MIPS AB. MIPS is a Swedish company that develops solutions against rotational injuries that they sell to companies in the helmet industry, with customers that cover a broad range of niches within the sports, motorcycle, and safety industry. Our analyst, Tim Möller [...]

IES – Going International

In this equity report, analysts Marcus Abbestam and Filip Blazevic take a deep-dive into Internationella Engelska Skolan (or “IES”), a leading independent school operator in Sweden that has recently expanded to Spain. Our analysts estimate a revenue growth of 13.0% CAGR 18/19-21/22E and a slightly reduced profit margin, implying a target price of SEK 82.9 [...]