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 [...]

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 [...]

Sportamore – Structural value drivers in e-commerce with a new logistics solution provide potential for margin expansion

In this equity report, analysts Carl Sandström and Erik Pehrsson assess Sportamore. The company is acting on a growing market, where sales of sporting goods and apparel are increasingly moving towards e-commerce, a niche where the company has a strong market position. The analysts narrate how a new automated warehouse improves the e-retailer’s prerequisites for [...]