Read all the reports from LINC R&A

July 2020

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

June 2020

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 [...]

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 [...]

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 [...]

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 [...]

Instalco – At Your Service

In this equity report, analysts Marcus Abbestam and Filip Blazevic take a deep-dive into Instalco AB, a supplier of technical end-to-end solutions on the Nordic [...]

Hövding – One step ahead for your head

In this equity report, analyst Hannes Thorstensson takes a deep-dive into Hövding AB. Hövding is a Swedish developer and seller of an airbag constructed bicycle helmet. The helmet has been awarded the safest bicycle helmet in [...]

May 2020

Green Landscaping Group – A non-cyclical serial acquirer capitalizing on a fragmented green market

In this equity report, analysts Alexander Hammarvid and Abdiaziz Musse take a deep-dive into Green Landscaping, a leading Nordic full-service provider in landscaping and maintenance [...]

April 2020

Qbank – An overlooked SaaS company well positioned for profitable growth

In this equity report, analyst Jacob Benon takes a deep-dive into Qbank. Qbank offers a Digital Asset Management software via a SaaS business model, which [...]

Strong winds for Arise ahead

In this equity research report, analyst Olivia Ceplitis takes a deep-dive into Arise Windpower AB. Arise produces electricity through wind power parks, and manages the [...]

Boule Diagnostics – A secure business model makes a secure investment

In this equity report, analyst Kristian Norén maps out the main value drivers of Boule Diagnostics AB and highlights the secure business model. Boule develops [...]

February 2020

Swedencare – Plaqueoff, the tail that wags the dog of Swedencare

In this equity report, analyst Tom Erikson takes a deep-dive into pet care company Swedencare. Swedencare develops, sells and distributes pet food additives. Their main [...]

New Nordic Healthbrands – New products during 2020 are expected to contribute to high earnings growth

In this equity report, analyst Victor Östlund takes a deep-dive into New Nordic Healthbrands (or “NHH”). NHH develops, distributes, and sells dietary supplements and naturopathic [...]

Forex Pattern Trading – Finding and utilizing the occurrence of price spike reversals

In this project, quant analysts Petra Kamenická, Erik Lundgren and Frej Örnberg, investigate price spike reversals through different ways of quantitative analysis and assess whether [...]

Saniona: Closing in on the orphan drug market

In this equity report, analyst Jacob Helmersson takes a deep-dive into Saniona. Saniona is a biotech company that is currently in possession of a broad [...]

December 2019

An investigation of non-randomness on the foreign currency exchange market

In this project, quant analysts Akos Nagy and Dragomir Petrov take a deep-dive into price spikes in the forex market. Our team analyzed millisecond-level price data [...]

June 2019

Stock Prices; a machine learning approach – Financial time series forecasting with machine learning

Machine learning is the ability for computers to learn and improve without being explicitly programmed to do so. The techniques have been around for a [...]

TRADING THROUGH ARTIFICIAL EYES – Time Series Classifications Using Deep Neural Networks

Simply the appearance of historical price data contains lots of information. Our trading system is able to see historical prices in a similar way to [...]

INVISIO COMMUNICATIONS- A fast growing market leaves sole player Invisio with huge potential

As only player in a growing niche market Invisio sees large sales growth potential. There is a growing awareness of costs related to hearing impairments. [...]

PRICER AB – The emerging e-commerce space might benefit Pricer in the short-term

Pricer’s revenue in the North American market is estimated to grow due to Best Buy orders. Revenue generated from the US increased by 260 % [...]

Spinoffs – The crossover strategy

Research has shown that several factors cause spinoffs to have an increased initial volatility. The trading system in this report analyses and trades on 39 different [...]

THE CDS PORTFOLIO – A zero investment strategy using credit default swap pricing as indicator of equity market inefficiency

“Higher risk yields higher return” is a backbone in financial analysis. The portfolio strategy is that this is true for credit risk as well, to [...]

Trading on Historical Repetitiveness – a Hedging Strategy Against the S&P 500

Human behavior tends to react in akin ways, hence creating opportunities to implement profitable strategies. Our trading strategy identifies historical similarities in the development of [...]

May 2019

KOPPARBERG – Slow growth shifts focus to new markets

European cider trends offer a growing market with increased competition. Total cider volume in European countries reached an average CAGR of 24,71% 2011-2016. Kopparberg’s market [...]

FIREFLY AB – Firefly is on fire and it’s looking good

Regulation and requirements from global authorities benefit Firefly. Authorities such as EU, ATEX, CSA, and SIL are all increasing the safety requirements companies must follow. [...]

SyntheticMR – Great company overvalued at current market price

Revenue growth of 25,8% CAGR from 2018 to 2023 due to aggressive international expansion. The company is expected to grow at a CAGR of 25,8% [...]

CTT Systems – A stock yet to take off

Increase in wealth, and investments for health and cost-cutting. Global commercial aircraft fleet is projected to grow at a 3.6% CAGR between 2017- 2037 due [...]

SkiStar – Market leading position allows high margins

SkiStar are able to grow and maintain an EBIT-margin above 20% in the next 5 years. SkiStar has a market share of 47% in Sweden [...]

Everysport A – A growth story emerges

The strategic change towards affiliate marketing is expected to drive growth and margins Everysport is steering their business model towards affiliate marketing, which will increase [...]

April 2019

KABE GROUP – Positioned to capitalize on the camping trend

The future is motorhomes. KABE operates in a seemingly stagnant market. However, the market is relatively sensitive to market fluctuations. Nonetheless, it has shown that [...]

SVEDBERGS AB – Depressed valuation and market outlook leaves Svedbergs undervalued

Complete package solutions give Svedbergs a competitive advantage. Svedbergs´ package solution covering the complete bathroom, as well as a diverse product portfolio, contribute to a [...]

NILÖRNGRUPPEN – Loyal customer base with an untapped RFID-market creates potential for future growth

Increased demand on product differentiation within fashion creates market demand. Nilörngruppen offers a customer solution consisting of everything from design to production and helps its [...]

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 [...]

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 [...]

March 2019

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 [...]

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 [...]

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 [...]

January 2019

LINC R&A is recruiting!

LINC R&A is recruiting new student analysts! LINC R&A provides Bachelor and Master students at Lund University the opportunity to practice Equity-, Investment- and Trading/Quantitative [...]

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 [...]

December 2018

Spinoffs – Trading Spinoffs

Research has shown that several factors causes spinoffs to have an increased initial volatility. The trading system in this report analyses and trades on 16 [...]

Overlooked Opportunities in Oil – Going short on exposed oil companies

During 2018 the prices of WTI and Brent crude oil have certainly had their ups, and more recently, downs. This report outlines what will drive [...]

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 [...]

The Elephant Next Door – Yield curve anomaly provides free leverage for hedged speculation in the yield curve front end

Growing concerns of an imminent economic slowdown has triggered investors to look for safer alternatives. Portugal has shown strength by recovering since the crisis in [...]

Late cycle is not end cycle – Opportunities in the front end of the US Yield Curve

The US economy has continued to expand for almost a decade, prompting policymakers at the US Fed to raise interest rates for the third time [...]

Aborted lift off – The never increased interest rate

After two months of an increasingly volatile market and an October with the most negative performance since 2008, there is a demand for alternative investments [...]

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 [...]

INVESTWEETS – Trading on sentiment

There is no doubt that sentiment affects decisions and thus market prices. Our trading system uses Twitter data to measure the sentiment for 26 stocks [...]

November 2018

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 [...]

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, [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

The bearish euro and the loonie goose – Euro risk presents opportunities in the Canadian dollar

The Canadian economy continues to operate close to its potential and growth is more balanced, where Bank of Canada (BoC), is on the policy normalization [...]

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 [...]

Dollar on a roll – Strong economic outlook continues to point towards a stronger U.S. dollar

Over the past 6 months, the USD has shown great strength against many of the world’s currencies, as its economy has reached new highs since [...]

The bearish U.S. dollar – The prospective future for the U.S. dollar spot index

The USD currency rate has been a highly discussed topic during the recent year, due to the continuously increasing value partly as a result of [...]

September 2018

June 2018

Welfare – The future for Swedish welfare companies

In this market report, analysts Olle Göransson and Patrik Nilsson evaluate the welfare market in Sweden. The market is highly fragmented and is expected to [...]

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 [...]

May 2018

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 [...]

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 [...]

FM Mattsson – Supply chain price pressure and potentially weak construction market growth indicates a depreciation by 3 %

In this equity report, analyst Jacob Andersson assesses FM Mattsson Mora Group. The company is a leading player in Northern Europe’s taps- and thermostatic market [...]

Straddling the S&P 500 – What’s next for US equities?

Since its low point in the midst of the financial crisis in 2009, the S&P 500 has advanced by around 16.35% annually for the past [...]

April 2018

The Swedish Real Estate Market – Recent Trends and Future Sector Outlook

In this market research report, analysts Oscar Johannesson and Enes Ljuca evaluate the Swedish Real Estate Market. The aim with this report was to first [...]

NGS Group – Growth and margin expansion within management segment outweighs lost growth within staffing

In this equity report, analysts Marcus Eriksen and Carl Sandström assess NGS Group. The company is expanding it´s services within the segment management supply due [...]

Balco Group – Strong market trends and growth creates possibilities

In this equity report, analyst Sebastian Hofstedt evaluate Balco Group. The company produces solutions for balcony renovations and the company is operating on a market [...]

Bredband2 – Technology at the forefront on a competitive market provides prerequisites for growth

In this equity report, analysts Erik Pehrsson and Victor Forss assess Bredband2. The company provides a scalable business model which is expected to contribute to [...]

Safe Harbor – Japanese Small-Cap offers long-term value and a trump card in trade war

Since February 2018, Donald Trump and Xi Jinping have been trading threats of imposing tariffs against each other’s economies. As a risk-conservative option in this [...]

MAG Interactive – New game launches and synergies expected to generate future growth and margin expansion

In this equity report, analysts Edvin Sjökvist and Petrus Lindh assess MAG Interactive. The company’s growth has been stagnant during the past two years but [...]

Bearish on U.S. Tech – Reasons why you should move out of tech stocks

Technology stocks have been performing extremely well in recent years. According to J.P. Morgan, the technology sector has gone up by 130% over the last [...]

Dollar’s rise against the euro – Market indicators reveals shifting trend in EUR/USD

Over the last year the EUR strengthened dramatically against the USD and the EUR/USD is currently at its highest level since the end of 2014. [...]

March 2018

Digitization – A market report on digitization with focus on Swedish equities aligned for future growth

In this market report, analysts Johan Cisneros and Emil Erbing evaluate the role and impact of Digitization. The report discusses the effect that a more [...]

Wall Street Bulls Versus Bonds – Trading opportunities with interest rates

In this LINC Article about how one can use the 10 year US Treasury bond and a rate hike to trade the Dow Jones Industrial [...]

IPO’s First Day – When do you sell your IPO?

In this LINC Article about the recent years’ IPO, market analysts Alida Persson and Davud Serezlic have used the latest 213 initial public offerings to [...]

Formpipe – Increased Cloud sales expected to result in margin expansion and increased recurring revenues

In this equity report, analyst Sebastian Würtz evaluate Formpipe. There is an increased interest in Cloud based products as a result of a structural change [...]

Nilörngruppen – Increased demand for branding on a market moving towards e-commerce

In this equity report, analysts Marcus Eriksen and Erik Pehrsson assess Nilörngruppen. The company is experiencing high growth despite acting on a slow growing market. [...]

MIPS – Scalable business model and stable market trends enables growth

In this equity report, analyst Sebastian Hofstedt and Gabriel Burmeister evaluate MIPS. The company produces a patented safety accessory for different types of helmets and [...]

Global Gaming 555 – Fast growing gambling company with 71 % mobile revenues

In this equity report, analysts Johan Brown and Carl-Ferdinand Carsjö evaluate Global Gaming. Global Gaming has seen a significant growth the last couple of years. [...]

Mr Green & Co AB – New Acquisition Strategy and Marketing Renaissance might be the winning hand

In this equity report, analyst Olle Göransson assess Mr Green & Co. The company is valued at a 30 % discount compared to the peer-average. [...]

Online Gambling – Recent trends and future industry outlook

In this market report, analysts Olle Göransson and Patrik Nilsson evaluate the Online Gambling industry. The market has gone from land-based casinos to online websites [...]

Opportunities in European Equities – Searching for the Highest Risk-adjusted Returns Across Equity Indices

In this investment research report, analysts James Skoggard and Björn Van dijkman evaluate investment opportunities in European equities. Equities that have performed best on a [...]

Nordic Leisure – Acquisition driven growth enables margin expansion

In this equity report, analysts Victor Forss and Carl Sandström assess Nordic Leisure. Due to low competition and strict regulations, the company is well positioned [...]

AwardIT – Scalable business model with increased revenue diversification

In this equity report, analysts Petrus Lindh and Fabian Lopez evaluate Awardit AB. The company has initiated a plan to grow through geographic expansion and [...]

Returns from the U.S. tax bill – Investment opportunities in U.S. pharmaceuticals

In this investment research report, analysts Jonathan Angestjärna and Panu Pikkanen evaluate investment opportunities in U.S. pharmaceuticals after the introduction of the new U.S. tax [...]

Nordic Waterproofing – Leading market position in Northern Europe at low valuation yields a potential appreciation of 42%

In this equity report, analysts Jacob Andersson and Wilhelm Rippe assess Nordic Waterproofing Holding. The company is a leading player in Northern Europe’s waterproofing market. [...]

February 2018

Odd Molly International – Increased competition and ever-changing market outlook

In this equity report, analysts Edvin Sjökvist and Fredrik Lindblad assess Odd Molly. The company is experiencing heavy competition in an ever-changing retail market. The [...]

Investment research report: Chinese Crude-Oil Futures

In this investment research report, analysts Jack Crooks and Kasper Uhd Jepsen evaluate Chinese crude-oil futures. With the announcement of the imminent debut on the [...]

Investment research report: The Nifty-50

The prime stock index in India ’Nifty-50’, which represents the leading companies in the economy, delivered nearly 30% return and outperformed many of the comparing [...]

Micro Systemation – Digitization and strong market position enables future growth

In this equity report, analysts Gabriel Burmeister and Lukas Björklund assess Micro Systemation. The company is expanding due to a growing demand for securing and [...]

24SevenOffice – Scalable business model in a growing market

In this equity report, analysts Johan Brown and Sebastian Würtz evaluate 24SevenOffice.  There is structural change in the ERP (Enterprise Resource Planning) market where companies [...]

Alcadon Group – Stable market growth and qualified leadership enables organic growth

In this equity report, analyst Sebastian Hofstedt evaluate Alcadon Group. The company is currently expanding through organic growth in the fiber optics market and has [...]

OPEC – Trading equities exposed to Crude Oil

In this LINC Article about how to exploit volatility in Swedish oil-related stocks due to announcements made by OPEC analyst Davud Serezlic and Tim Mårtensson [...]

Equity report: Aspire Global – Sports betting and new contracts enables further growth

In this equity report, analyst Patrik Nilsson evaluate Aspire Global. The company is currently expanding both geographically and through new business concepts. The analyst narrate [...]

Transtema Group – Well positioned to capitalize on structural market growth

In this equity report, analysts Johan Brown and Patrik Nilsson evaluate Transtema group. Due to 15 acquisitions during 2016-2017 the company has shown a significant [...]

BTS Group – Aggressive growth strategy in highly fragmented market with positive earnings outlook

In this equity report, analysts Oscar Johannesson and Panu Pikkanen evaluate BTS group. If you want to get in touch with the analysts, please send [...]

December 2017

LINC Articles: Publication I – Backtesting normal and tweaked MAC

In this LINC article about different MACD settings and their performances, analyst Oliver Titikic, analyst Davud Serezlic and analyst Felix Eriksson have analysed one MACD [...]

Equity report: Venue Retail Group – Restructured business profile increases agility in a competitive retail industry

  In this equity report, analysts Olof Ståhl and Emil Erbing evaluate Venue Retail Group. The report outlines how Venue Retail Groups restructured business model [...]

Equity report: NNH – Competitive advantage through distribution network enables economics of scale

In this equity report, analysts Johan Cisneros and Olof Ståhl evaluate New Nordic Healthbrands. The report discusses possibilities for further cost synergies and operational leverage [...]

Equity report: Zeta Display – Strong market position enabled through aggressive acquisitions

In this equity report, analysts Sebastian Hofstedt and Emil Erbing evaluate Zeta Display. The report discusses a new phase of synergies and profitability through Zeta [...]

Equity report: Axkid – Picking up speed through entries in high growth markets, fueled by potential regulations

In this equity report, analyst Fredrik Lindblad evaluates Axkid. The report outlines future prosperity through geographical entries in high growth markets, fueled by a higher [...]

Macro report: Eurozone Politics

Ten years ago the world’s economic and political order seemed to be set on an foreseeable course. Economic globalization was expected to rapidly advances as [...]

Equity report: Proact – Seeking longer contracts to improve margins

Analysts Klas Danielsson and Dante Haques have examined the prospects for Proact, operating within data storage and consulting. Importantly, added focus on longer contract periods [...]

Equity report: Note – Strong financial position enables exponential growth through acquisitions

In this equity report, analyst Oscar Johannesson evaluates NOTE, a northern European local manufacturer and logistic partner operating on a global scale manufacturing electronic products [...]

Equity report: Siili Solutions Oyj – Risk controlled expansion through organic and inorganic growth

Analyst Panu Pikkanen investigated the growth and return outlook of Siili Solutions Oyj, a software developer listed on OMX Helsinki. The company has achieved significant [...]

Macro report: The booming Swedish Housing Market

In recent years housing prices have grown strongly in Sweden, and with them the ratio of household debt to household income. This has caused some [...]

Equity report: West International – Global expansion about to take off

Analysts Samuel Hammarling and Wilhelm Rippe have investigated the outlooks for West International, a company delivering transaction- and payment solutions for retailers. Though a fairly [...]

November 2017

Equity report: Waystream Holding – Shift in operational focus is expected to generate further growth

In this equity report, analyst Jonna Tillenius evaluate Waystream Holding. The company is shifting their operational focus from product development to sales and marketing. The [...]

Equity report: Tourn International – Further growth potential in modern marketing approach

In this equity report, analysts Edvin Sjökvist evaluate Tourn International. The company is expected to grow revenues more than threefold during 2017 by exploiting new [...]

Equity report: Firefly – Subdued operational risk with substantial upside potential

Analysts Sebastian Hofstedt and Emil Erbring investigate the outlook of Firefly, which specializes in fire protection for industrial plants, oil rigs and infrastructure projects. The [...]

Equity report: Novotek – A venture into cyber security creates opportunities for future growth

Analysts Klas Danielsson and William Wiksell have investigated the outlooks for Novotek, which specialize in automation and IT solutions for the industrial sector. Through the [...]

Wise Group – Recurring revenues and high dividends yield combined with expected growth

In this equity report, analysts Johan Brown and Patrik Nilsson evaluate Wise Group. The company has shown growth potential and opt towards further acquisitions. The [...]

Equity report: Swedencare – Well-established distribution network aligns synergies for new product acquisitions

In this equity report, analyst Anton Ljung evaluates Swedencare. The report discusses how Swedencares well-established distribution network has the potential to leverage future sales growth [...]

Equity report: Stille – Acqusition strategy predicted to optimize cost base and contribute to revenue growth

In this equity report, analysts Enes Ljuca and Dante Haques evaluate Stille. The report discusses possibilities for further cost synergies and operational leverage after recent [...]

Equity report: NETG – Reorganised capital structure and interesting profitable growth

In this equity report, analysts Kevin Nilsson and Olle Göransson evaluate Net Gaming Europe. The company has recently gone through major transformations with regards to [...]

Equity report: Homemaid – potential spinoffs reveal hidden values

Analysts Gustav Nilsson and Sebastian Würtz have investigated the outlooks for Homemaid, specialising in household services and senior recruitment. The company has a leading position [...]

Equity report: Avensia – The expansion of Storefront is about to take off

In this equity report, analysts Teodor Sjöberg and Henrik Guditz evaluate the software developer- and IT-consultancy firm Avensia. The analysts portray different near term outcomes [...]

October 2017

Equity report: Stillfront – Diversified portfolio aligned for profitable growth

In this equity report, analysts Jakob Lembke and Johan Cisneros evaluate Stillfront group. The company has shown double-digit growth the past years, partly boosted by [...]

May 2017

Equity report: Possibilities through acquisitions in the casino-segment

The recent acquisition of Highlight Media changes the direction of the company. Adding an affiliate-network to the current operations (pokerloco & casinoloco) sets Net Gaming [...]

Macro report: Analysis of European macro data & equities

In the last analysis from our macro team for the semester, the analysts makes a case for European equities. The case builds on the recent [...]

Equity report: Fastout – possibilities of profitability

In this equity report on Fastout analyst Henrik Sundström evaluates the possibilities of profitability in the near term future. Analyst Sundström pinpoints that the drone-niched [...]

Macro report: The US-economy, doom or gloom?

The head of our macro team, Sebastian Svensson-Bromert, explores the health of the US economy and the possible headwinds with the US automotive industry as [...]

LINC Articles: Publication III – Financial Products

In this LINC article about financial products, analyst Andreas Israelsson, analyst Daniel Rosengren and analyst Jesper Carlsson have analyzed one phenomenon each related to financial [...]

Equity report: Drillcon – Payoff from streamlining and investments

In this equity report, analysts Douglas Tindberg and Wilhelm Sondén evaluates Drillcon. The company has divested their operations in Finland, and simultaneously started investing in [...]

April 2017

Equity report: ENEA – Further strengthens its position

In this report analyst Daniel & Cecilia evaluates Enea, a company specialized in providing communicational software. Technical analyst is Daniel Rosengren. The analysis focuses on [...]

Equity report: Semcon – Possible revaluation?

Analyst Fredrik von Plomgren has written a report about Semcon, an international product development company. Technical analyst is Davud Serezlic. The analysis focuses on the [...]

Equity report: Solteq – Growth potential through acquisitions

In this report analyst Nils Betsholtz is diving into Solteq, a Finnish IT-consultant operating since 1982. The analysis discusses the promising prerequisites for topline and [...]

LINC Articles: Publication II – Flag pattern and the scallop formation

In this LINC article about pattern formations, analyst Carl Becht and Dado Serezlic have analyzed one pattern formation phenomenon each within technical analysis: the Flag [...]

Equity report: Eurocon – Increased margins despite labour shortage

In this report analyst Jesper Wijk evaluates the prospects of Eurocon, a company operating in the engineering-consultancy sector. The analyst sheds light on how the [...]

Equity report: Motion Display – Exhibiting economies of scale

This report is written by Henrik Sundström, and technical analyst in the report is Jesper Carlsson. The analysis focuses mainly on the operative leverage of [...]

Equity report: NGS – Offering exposure towards structural growth

In this report, analyst Gustav Furenmo evaluates the prospects of NGS, a company facing structural headwinds in their cost base, but at the same time a [...]

Equity report: Mr. Green – Bright outlooks after solid 2016

This report is written by Filip Eriksson, and the analysis focuses mainly on new growth areas for Mr Green.  The analysis is written in Swedish. [...]

Equity report: MQ – High yield and growth potential

This equity report is written by analysts Douglas Tindberg and Wilhelm Sondén, and they investigate the outlooks for MQ. If you want to contact the analysts, [...]

Equity report: Uniflex – Is strong market growth enough?

In this equity report, analysts William Celsing and Nils Betsholtz investigates the prospects of Uniflex as an investment. If you want to get in touch with [...]

Macro report: The case for uranium – Deal or doom

This week, macro analyst Martin Holmquist provides us with an analysis of the market for uranium. The analysis feature a breakdown of the growth prospects [...]

March 2017

Equity Report: Absolent Group – Expanding in a growing market

In this equity report, analysts Cecilia Skoglund and Daniel Nilsson evaluates Absolent Group. If you want to get in touch with the analysts, please send [...]

Introducing LINC Articles: A brand new article series from our TA-team

In this LINC article, six analysts have described one useful tool or phenomenon within technical analysis as well as regressional finance. Every article has an [...]

Equity report: ZetaDisplay – Growth through strategic acquisitions

In this equity report, analyst Jesper Wijk evaluates the investment prospects of ZetaDisplay. Technical analyst is Andreas Israelsson. This report is written in Swedish. Case summary: [...]

Macro report: An outlook for the wind energy market

This week, macro analyst Ludvig Tingåker provides us with an analysis of the Wind energy market. The analysis feature a break down of the growth [...]

Macro report: Japanese equity – an outlook for an overlooked market

This week, macro analyst Sebastian Svensson Bromert provides us with an analysis of the Japanese equity market. The analysis features macro, exploring mainly the currency and [...]

Macro report: The case for investing in Africa

This week, Ludvig Tingåker and Martin Holmqvist from our macro team, evaluates the investment prospects of Africa. Case summary Increasing population Extensive amount of natural [...]

February 2017

Equity Report: Tobin Properties – solid real estate portfolio

In this report, analysts Gustaf Nordenlöw and Valentino Rogic evaluates the potential of the real estate company Tobin Properties. This case is written in Swedish. If [...]

Macro Report: FX analysis – What next for the Euro?

In this macro report, Master student Alex Mikaelsson provides us with an in-depth analysis of the currency. Macro and political factors are examined complemented by [...]

Equity Report: NEPA – Strong growth but high expectations

NEPA is concluded to have a bright growth outlook, but is the current valuation fair? In this report, analyst and bachelor student Nils Betsholtz evaluates what [...]

Equity Report: Polygiene – Odour free turn around?

In this analysis, Jesper Wijk and Filip Eriksson analyze Polygiene. The company is currently striving to expand its business, and according to this report, Jesper [...]

January 2017

Macro Report: The Case for European High Yield

The spring semester's first analysis comes from our macro team. In this report, analyst and master student Alex Mikaelson looks into the investment prospects of the [...]

Macro Report: Analyzing what a Trump win means for markets

In this report, macro analysts Alex Mikaelsson and Martin Nilsson analyze the potential implications of Trumponomics regarding FICC - Fixed Income, Currencies and Commodities. If you want [...]

December 2016

Equity Report: eWork Group – strengthening its unique position

eWork Group AB has an interesting position as a an intermediary in the consulting business, and in this report, Analysts Gustaf Nordenlöw and Daniel Nilsson, [...]

Equity Report: Lovisagruvan – a high risk mine

Lovisagruvan is a Swedish mining company, and analysts Thuva Mayonmarukan and Jesper Wijk investigate the future potential of its business. If you want to contact [...]

Equity Report: Nordic Leisure – growth through acquisitions

In this report, analysts Christan Erlandsson and Victor Väggö analyzes the online casino company Nordic Leisure, by evaluating the potential growth strategies that can increase [...]

Equity report: Bredband2 – increased B2B investments

In this equity report, master students Filip Düsing and Marcus Levéen Pehrsson analyze Bredband2, and evaluate how the growth strategy affects forward looking multiples and cash [...]

Macro report: Copper – a metal with potential

The head of our macro team, Sebastian Svensson-Bromert, looks into the investment prospects of copper in this report. If you want to contact him or if [...]

November 2016

Equity Report: Somero – continues to strengthen its position

This equity report is written by master-students Laura Christoffel and Vili Korpela, and the report evaluates Somero. This is the first report for the semester [...]

Equity Report: A City Media – solid growth and margin expansion

This analysis is written by Gustaf Nordenlöw and Henrik Sundström, and they look into the potential outcomes of A City Medias strategy going forward, and [...]

Equity Report: Novus Group International

In the first equity report from LINC R&A for this semester, analyst Gustaf Nordin evaluates Novus Group International as an investment prospect. This analysis in written in [...]

October 2016

Macro report: Scenario analysis of the upcoming OPEC meeting

LINC R&A presents our second macro analysis for the semester, a scenario analysis of the upcoming OPEC meeting. This analysis was written by our macro [...]

Macro Report: Analyzing the events in Q4

This week, analysts Martin Nilsson and Alex Mikaelsson from our Macro-team has analyzed the major economic events in Q4 2016. What are the potential consequences of [...]

September 2016

Macro report: Does silver shine brighter than gold?

The first analysis of this semester comes from the macro team within LINC R&A. The analysts have evaluated the silver market and the future potential of silver as an [...]