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Samhällsbyggnadsbolaget i Norden AB (publ)

Hold by micke

SBB has gone from a well respected company some years ago to a high risk investment. My view; SBB grew fast when financing was cheap and got financial problems when financing costs went up and property valuations declined which lowered SBBs financial rating putting further stress on financials. Leiv Synnes now runs SBB and in my opion seems to be doing a good job. The Norwegian investment company AKER is now a major shareholder, which I think gives some kind of stability and balance to founder Ilija Batljan and retail investors. SBB states in 2025Q2 report that equity per share is 8.9SEK, where as LTV is still an issue at around 60%. The current share price is 4,74SEK. As I think risk is gradually going down the valuation the coming years should close the gap between book value and share price.

5.50 +16.03% (07/09/2026)

07/09/2025｜ Analyses:0

Elekta AB (publ)

Buy by micke

Elekta has medical equipment for cancer treatment and neurosurgery. Elekta has an updated product portfolio and it seems as there is high interest from customers. Elekta’s market is more or less a duopoly with Varian by Siemens Healthcare. My general impression is that cancer treatment is continuing to grow and new products are significantly better than old, which should be good for future sales development. However Elekta EVO has not got US FDA approval yet which is negative for sales. FX effects and tariffs have negative effect now but these effects will probably be mitigated over time. The Elekta share price has been declining significantly the last years and is now at a 10 year low at 44 SEK. Many investors are short the share, probably due to weak financials, and quite weak outlook near term. I think 10% net profit on revenue would be reasonable and that growth will pick up, motivating P/E of 15, which in a positive outlook motivate a long term share price of 70 SEK in a few years. I think it looks like a good time to start investing in Elekta long term.

55.00 +23.93% (26/08/2026)

07/09/2025｜ Analyses:3

AutoStore Holdings Ltd.

Hold by micke

AutoStore is a tech company within warehouse automation. They seem to have a very good system with good ROI for customers. Installations are done via integration partners and AutoStore has many large installations. The company is listed in Oslo but the majority owners are in the US. Valuation was very high at the IPO 2021, driven by high growth within e-commerce during Covid. The share seems reasonably priced at 9.1 NOK with good long term potential.

11.00 +17.02% (17/08/2026)

18/08/2025｜ Analyses:3

Commerzbank AG

Hold by micke

Commerzbank continues to deliver and repeat their plans to increase profits. I think Commerzbank’s result estimates are reasonable, looking back a few years their estimates have been conservative. Long term I think banks that are well run, such as Commerzbank, should be traded at P/E=10 or a bit higher on long term profits and a positive profit trend. The outlook for 2025 was confirmed an slightly raised after 25Q2, Net result ~€2.5bn – respectively ~€2.9bn before restructuring charges. For FY2025 there will be lower costs for CHF loans in PL, I guess ~500M, and no significant costs after FY2025. Commerzbank has a positive outlook with a 2028 plan with yearly growth and cost efficiencies. With these numbers I see that the share price should be around €35 during 2026 and a potential to reach €40 in a couple of years. Short term the share price can be volatility, for example Uni-Credits interest in Commerzbank or not. Commerzbank will be returning (buy back and dividend) ~100% of profits before restructuring costs for FY2025 and following years. In July Commerzbank applied for further €1bn in share buy backs, and higher interest in EU stock market vs US which will probably drive the share price higher during 2025 and there could be a peak for the share in 2025H2 with extra high share price.

40.00 +9.89% (07/08/2026)

18/08/2025｜ Analyses:9

Betsson AB

Hold by micke

Betsson has a good track record of growing revenue and EPS. Betsson's main markets are western Europe and Latin America. Markets are increasingly regulated which has a bit negative effect on the result but could be good for the long term business. The current share price is 162 SEK, the EPS was €4 25Q2, P/E ~10. I assume quite stable EPS with some growth YoY.

170.00 +4.68% (18/07/2026)

07/08/2025｜ Analyses:0

Railcare Group AB (publ)

Short-list by Alpha

Railcare provides railroad (transport) services in Sweden. Its market is expected to grow supported by several long-term trends. Railcare has set financial goals for 2027 to grow revenue and improve its operating margin. The share price developed strong in the first three quarters of 2024 based on the company results and analyst coverage that triggered growth in private investors. In the past 6 months the share price corrected due to lower margins and EPS. Expected growth in revenue has not yet materialized. In Q1 2025 revenue and operating margin declined with a significant impact on EPS. The company needs strong reports in the coming quarters to justify its PE ratio >20x. In the long term Railcare is a defensive investment supported by positive market trends. On my short-list for for better buying opportunities (<25kr) as profitability is lagging.

30.00 +12.78% (08/09/2025)

09/07/2025｜ Analyses:10

Scandic Hotels Group AB (publ)

Sell by Alpha

Scandic Hotels Group is a leading hotel operator with 55k hotel rooms in Scandinavia. The company has recovered to positive cash-flow and earnings after the pandemic. In the coming 5 years it plans to increase the number of rooms with 10.000. The company started to report IFRS 16 from 2019. Since than earnings per share declined from 7kr to 3.40kr. Bottom line profit growth has been negative for 10 years. The operating margin improved and the profit margin declined due to higher financial costs. With a PE ratio of 24x, compared to its 10 year average (12x P/E), the market has priced in a positive growth scenario. The current multiple is too high for a good risk/return.

07/07/2025｜ Analyses:0

Spago Nanomedical AB (publ)

Monitor by Alpha

Spago Nanomedical is an early stage Biotech startup developing nano-materials as contrast fluid for MR scans to improve detection of cancer. At the current Phase I/IIa the company is pre-revenue and a high-risk investment.

04/03/2025｜ Analyses:0

Boliden AB (publ)

Hold by micke

Boliden is a well managed company, but generally the profits are very dependent on the metal prices. Zinc, copper, nickel are the most important metals in that order. There is a balancing effects with some gold and silver. Boliden also have smelters which also can balance results. Boliden is a part of the recycling of metals. I see Boliden as a long term investment and would benefit from increased investments in the green sector and if/when global building sector gains pace. The purchase of a mine in Portugal from Lundin Mining will increase production but needs financing, the plan is a share issue and bank loans.

400.00 +5.26% (10/02/2022)

02/02/2025｜ Analyses:4

Mercedes-Benz Group AG

Hold by micke

MBG has been generating good profits and capital returns to share holders, both dividends and share buy backs. The main profit drivers are luxury ICE cars and vans. MBG had a €4bn buyback program 2024,and has a new €3bn program will start with goal of completion 2025Q2. The two buy back programs will reach the technical limit of 10% of all shares, the CFO has plans to ask the board and AGM 2025 for a new buy back program. MBG has significant value in Daimler trucks which could be transferred to share holders. ICE is an area where MB is very skilled and moving to EV:s there is a significant risk that new competitors mainly from China will change the market. The share prices reflects high risk so MBG could still be a good investment.

58.00 +9.41% (28/01/2025)

06/12/2024｜ Analyses:1

Flow Traders N.V.

Hold by Alpha

Flow Traders is an investment into ETP growth and market turmoil. The company is doing well when volumes and volatility peak (like in Aug'24). After a €17 low the share price climbed to €21 in October benefiting from increased volatility. In November the VIX dropped significantly (after the election of Trump) to below 15. Market's sentiment about the (US) economy is currently positive. In this market the annual earning should land around €2,50/share in 2024 and the share price has little upside potential. Flow Traders is however a long term hold as an insurance and for its venture assets. Although the market turmoil insurance has become less attractive without a dividend yield.

22.50 +6.84% (13/12/2024)

15/11/2024｜ Analyses:8

Fortum Oyj

Hold by Alpha

Fortum is a defensive utilities investment in a quality company with a strong balance sheet. The company strategy is to focus on core business, and quickly divesting non-core assets. In the energy market Fortum is well positioned providing base-load and flexible energy capacity in the Scandinavian market. 90% of EBITDA results from 45TWh low CO2 hydro and nuclear power generation at competitive prices. Fortum is valued at 10x TTM earnings. The share is fairly priced with 8% dividend yield. The dividend return has the potential to grow based on the low debt level and strong cash position. Over time I expect Fortum to increase EPS from higher margins and revenue growth driven by increased demand.

15.00 +8.30% (26/02/2025)

30/10/2024｜ Analyses:12

Centrus Energy Corp.

Author: Alpha

Centrus investment case is a bet on the revival of nuclear energy as part of the global energy transition. The case is supported by recent announcements for nuclear power supply to data-centers. This US based supplier of LEU (>$200M) and enrichment technical services (>$100M), with customers in the US, Asia and Europe, operates the only facility licensed by the U.S. Nuclear Regulatory Commission (NRC) to produce HALEU (20% U-235). HALUE is the fuel required for many types of Small Modular Reactors (SMRs). Centrus is at least 5 years ahead of competition on High-Assay Low Enriched Uranium. Future demand for HALUE and the sanctions on Russian LEU (30% of US/EU demand) are multi-billion dollar growth opportunities for Centrus in the coming 10 years. The US government stimulates investments with RFPs for LEU (3.4B$) and HALUE (2.7B$). In the short term the supply by TENEX is a risk for revenue and profits. In the long term (3-5 years) Centrus can become a global player in nuclear enrichment. A long term hold in the portfolio to invest in the energy transition.

29/10/2024｜ Analyses:20

Qliro AB (publ)

Buy by Alpha

Qliro is a growth opportunity within e-Commerce payments. The payment and check-out service provider turned profitable in 2023 and aims for (international) expansion. Qliro recently issued 50Mkr new shares to invest in further expansion. 2023-2024 results show that the company has good potential for long-term growth. The shares are priced 60x PE TTM. Increasing payment volumes from new merchants should result in a strong growth in EPS in 2024 and the coming years. Assuming continued growth the share has 60% upside potential (50x est. EPS 2024).

44.00 +61.17% (29/09/2025)

29/10/2024｜ Analyses:10

Nordic Paper Holding AB (publ)

Short-list by micke

A company specializing in kraft paper for paper bags and packaging etc. and natural grease paper for the food industry. The company has been subject to a new major owner, SVP Strategic Value Partners, with about 48% of the shares. NordicPaper acquired a Canadian company which was included in the reporting from 2022Q. There are yearly seasonal effects from maintenance stops in Q3 at all Nordic Paper production plants. There are ongoing investments in Bäckhammar (about 500MSEK in 2024) which should be completed end of 2025, where after estimated to contribute 100MSEK/year in EBITDA. Energy costs should be lower for Q3, but ~70% hedged. The product volumes seem to be quite stable YoY. Raw material costs are significant part of the product price thus NordicPapers’s focus is mostly on margin. NordicPaper seem like a well managed company, with good profits in a stable market. It could be a good long term investment.

55.00 +10.62% (23/06/2025)

25/10/2024｜ Analyses:0

Norion Bank AB

Buy by Alpha

Norion is a niche bank focused on real-estate financing (50%) and SME (19%). As a niche player in the financial sector the company has better growth opportunities. The bank operates in segments with higher risks and higher margins. When well-managed this results in higher profit margins. The share is valued at <7x PE 2023 with >15% ROE. The company is undervalued at 0.5 PEG and is an attractive value investment (compared to the larger banks).

52.00 +27.61% (07/07/2025)

18/09/2024｜ Analyses:9

BioArctic AB (publ)

Buy by Alpha

Bioarctic is a long-term growth investment into a bio-tech research company developing Alzheimer medication and other nervous system related medication. Its leading product LEQEMBI is a fast growing Alzheimer disease modification treatment. LEQEMBI sales are expected to turn BioArctic profitable in 2025. The company is valued at 14x PS 2025 and around 17x PE 2026. BioArctic is the market leader in AD, and has a portfolio with nervous system related treatments. I expect the price to recover above 200 in 2024 upon EU approval (after the recent 35% drop). In the longer term the share price has the potential to double (3-5 years).

215.00 +23.56% (19/12/2024)

16/09/2024｜ Analyses:11

ABN AMRO Bank N.V.

Monitor by Alpha

ABN is a Dutch bank with Retail banking, Wealth management and Corporate banking services in North-West Europe. Income comes mostly from NII, of which 90% in the Netherlands. A forward looking annual net profit of >€2B in 2024 gives a valuation of 6x PE at €12B market cap. 2024 results will depend on cost control and the interest rate climate. ABN is a buy with a 10% annual dividend yield (50% payout) plus €500M share buyback in 2024. And the low 0.6 PB ratio makes it an attractive investment.

17.50 +14.83% (12/02/2025)

22/08/2024｜ Analyses:8