https://cr.abgsc.com/feed/analysernu/ News and articles from cr.abgsc.com ABG Sundal Collier - Commissioned research (cr.abgsc.com) ABG Sundal Collier - Commissioned research (cr.abgsc.com) research@abgsc.com (cr.abgsc.com) research@abgsc.com (cr.abgsc.com) Fri, 04 Sep 2026 04:45:07 GMT <a id="bm-comp-9ec127f8-3a6d-4107-8534-42b7bd33c2c3" name="bm-comp-9ec127f8-3a6d-4107-8534-42b7bd33c2c3" class="BMCustomAnchor"></a><table><tr><td bm-component-id="9ec127f8-3a6d-4107-8534-42b7bd33c2c3" style="vertical-align: top; width:100.000000%;"><ul><li>Helps brands to market efficiently through insights</li><li>Underlying ARR +8% y-o-y in 2025 carries into 2026e</li><li>We set a fair value range of SEK 17-30</li></ul></td></tr></table><a id="bm-comp-40e1925c-a613-495c-bb98-a8a2fea43690" name="bm-comp-40e1925c-a613-495c-bb98-a8a2fea43690" class="BMCustomAnchor"></a><table><tr><td bm-component-id="40e1925c-a613-495c-bb98-a8a2fea43690" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Improving marketing efficiency for consumer companies</h3><p>Nepa is a marketing intelligence company combining survey data, sales data, and marketing investment analysis to help global brands optimise short- and long-term growth. Its product suite is based around three products: MMM, which helps brands to optimise their marketing channel mix; its most popular product Brand Tracking, which measures brand strength; and Campaign Pulse, a live feedback tool for campaigns. In 2025, 61% of net sales came from subscriptions, with the rest from ad hoc services. It has ~115 subscribing customers, including several well-known brands, with an ARPU of SEK 1.1m. With a 20-year history of tracking brands, Nepa has amassed a large proprietary dataset, which increases the value and switching costs for its customers in addition to limiting AI disruption risk.</p><h3 class="bm-h3">Turning a corner to become more scalable</h3><p>Nepa made significant changes in 2025 to become more scalable, including putting greater focus on the subscription part of its offering. We expect its strong underlying ARR growth (+8% in 2025 vs -17% reported) to carry into our forecast period, driven by improved customer outreach. Combined with leverage on the now-reduced opex base, this could lift EBITDA to SEK 6m in 2026e and SEK 15m in 2027e, vs SEK -5m in 2025. Seeing no capex needs, we expect cash flow to improv</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/Nepa/Equity-research/2026/9/nepa---marketing-measurement-on-a-recurring-base/'>Läs mer på ABG Sundal Collier</a> Fri, 04 Sep 2026 04:45:07 GMT SE0008066302 Analys <a id="bm-comp-9e7df946-ffe4-4bc1-958a-cae01ecefd10" name="bm-comp-9e7df946-ffe4-4bc1-958a-cae01ecefd10" class="BMCustomAnchor"></a><table><tr><td bm-component-id="9e7df946-ffe4-4bc1-958a-cae01ecefd10" style="vertical-align: top; width:100.000000%;"><ul><li>Focus on the Power segment</li><li>Sales held up, earnings was weak</li><li>Divestment of Construction expected to close in Q3</li></ul></td></tr></table><a id="bm-comp-4572afb2-ece6-46b5-a27f-b75a73ce7c86" name="bm-comp-4572afb2-ece6-46b5-a27f-b75a73ce7c86" class="BMCustomAnchor"></a><table><tr><td bm-component-id="4572afb2-ece6-46b5-a27f-b75a73ce7c86" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Power improves, Construction masks underlying progress</h3><p>Qben infra reported solid sales but a weaker cost base weighed on earnings. Sales were SEK 344m and EBITA SEK -24m, including ~SEK 30m of IAC. The largest was a SEK 14m write-down of unfinished Team Bygg projects, while acquisition and integration costs related to B45 also weighed on earnings. Adjusted EBITA was SEK 6m. Power increased sales by 6% to SEK 202m and returned to positive EBITA of SEK 5m, corresponding to a 2.6% margin. While profitability was softer than we would have liked, the order book now exceeds NOK 1bn. Inspekt increased sales by 39% to SEK 63m and narrowed its EBITA loss to SEK 2m from SEK 6m in Q1'26. Construction remained the main drag, with sales of SEK 81m and EBITA of SEK -27m.</p><h3 class="bm-h3">Construction exit sharpens the portfolio but we cut earnings</h3><p>Qben has made two important portfolio decisions: it cancelled the planned Inspekt divestment and subsequently signed an LOI to divest Construction for ~NOK 50m, with closing expected in Q3. Following Q2, we leave our sales estimates broadly unchanged but make sizeable cuts to group earnings. Qben expanded rapidly last year and now needs more time than we previously expected to adjust its cost base. We therefore lower our earnings estimates across all segments.</p><h3 class="bm-h3">Execution and liquidity now take centre stage</h3><p>Following the disposals of Rail and Kvalitetsbygg and the</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/qben-infra/Equity-research/2026/9/qben-infra---needs-more-time-to-convert-growth-to-earnings/'>Läs mer på ABG Sundal Collier</a> Wed, 02 Sep 2026 16:00:05 GMT SE0023114012 Analys <a id="bm-comp-2c790b99-ac22-41d6-a419-95e104c5879c" name="bm-comp-2c790b99-ac22-41d6-a419-95e104c5879c" class="BMCustomAnchor"></a><table><tr><td bm-component-id="2c790b99-ac22-41d6-a419-95e104c5879c" style="vertical-align: top; width:100.000000%;"><ul><li>We cut '26e EBIT by 15% and '27e by 32%</li><li>Long-term potential still intact, but likely to take more time</li><li>EV/EBIT drops from 12.0x in '26e to 5.7x in '28e</li></ul></td></tr></table><a id="bm-comp-acf050ff-61de-409c-b8eb-f9654a7faac2" name="bm-comp-acf050ff-61de-409c-b8eb-f9654a7faac2" class="BMCustomAnchor"></a><table><tr><td bm-component-id="acf050ff-61de-409c-b8eb-f9654a7faac2" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Lower volumes and slow retail roll-out...</h3><p>Xplora delivered a disappointing Q2 report, with revenues down 9% y-o-y and a flat adj. EBITDA of NOK 61m, which led to a 30% share price drop. There were two main disappointments: first, senior device volumes declined 17% y-o-y on tough comps from last year's 2G shutdown boost. This was bound to normalise at some point, but the share reaction shows the market had extrapolated the strong 2025 performance. Second, the Doro Connect rollout has taken longer than the market expected. At the November '25 CMD, Xplora guided for a 900-store rollout from January '26. The result so far is one store pilot complete, with a rollout to ~135 Norwegian Power stores starting in September. The company had clearly underestimated the necessary preparations, including building a new POS system for SIM activation.</p><h3 class="bm-h3" style="text-align:left;">...lead us to cut estimates materially</h3><p>In our view, the long-term potential remains, but with a delayed retail roll-out the ramp-up in conversion rate will be slower than initially anticipated. We do a complete reset, cutting '26e, '27e and '28e EBIT by 15%, 32% and 34%, respectively. We still expect a 12% senior conversion rate long term, but we do not expect this to be reached until '29e, rising gradually from ~1% at YE'26e to 3% in '27e and 7% in '28e. We expect the first milestone of 10k senior sub</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/xplora_technologies/Equity-research/2026/9/xplora-technologies---a-setback-but-long-term-potential-intact/'>Läs mer på ABG Sundal Collier</a> Wed, 02 Sep 2026 11:00:04 GMT NO0010895782 Analys <a id="bm-comp-5a6a284b-7dd3-4dec-a307-b4e7abf948c5" name="bm-comp-5a6a284b-7dd3-4dec-a307-b4e7abf948c5" class="BMCustomAnchor"></a><table><tr><td bm-component-id="5a6a284b-7dd3-4dec-a307-b4e7abf948c5" style="vertical-align: top; width:100.000000%;"><ul><li>Dell Storage sales +26% y-o-y driven by data center modernisation</li><li>Decent correlation to Proact System sales (partner to Dell), positive for Q3-Q4e</li><li>Delivery times the uncertain factor, but demand continues to surprise positively</li></ul></td></tr></table><a id="bm-comp-02938b06-1399-4cfb-b627-ab118650e504" name="bm-comp-02938b06-1399-4cfb-b627-ab118650e504" class="BMCustomAnchor"></a><table><tr><td bm-component-id="02938b06-1399-4cfb-b627-ab118650e504" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Dell Q2'27 with strong growth rates across the board</h3><p>Dell reported its Q2'27 numbers yesterday after market close in the US, with sales +58% y-o-y and +5% vs cons, while EPS beat cons by 43%. AI-optimized servers, networking, storage and PC segments (both commercial and consumer) all with strong growth rates. Guides for Q3 sales +80% y-o-y and +18% vs cons, accelerating growth vs Q2 in all segments. Dell commented on the conf call for example: "<em>AI is an important catalyst, but the opportunity extends well beyond AI optimised infrastructure. AI requires modern, disaggregated architectures that keep data accessible and in motion across compute, storage, and networking. It is also accelerating investment across traditional IT environments as customers seek greater performance, efficiency and resiliency</em>." Share +10% in after-market, and a positive read-across to most Nordic IT hardware peers.</p><h3 class="bm-h3">Storage revenues accelerating - positive read-across to Proact</h3><p>For Proact, there is a positive read-across from the 26% growth in storage revenues (in the Infrastructure Solutions Group segment), up from 8% in Q1 and clearly above cons 8%. Likely positive price development (driven by memory) and pre-buying from customers behind the strong growth figure. Correlates relativel</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/proact/Equity-research/2026/9/proact---dell-q2-storage-sales-12-vs-cons/'>Läs mer på ABG Sundal Collier</a> Wed, 02 Sep 2026 07:45:04 GMT SE0015961222 Analys <a id="bm-comp-412c263a-85da-4a3f-a588-b4c07779a9f4" name="bm-comp-412c263a-85da-4a3f-a588-b4c07779a9f4" class="BMCustomAnchor"></a><table><tr><td bm-component-id="412c263a-85da-4a3f-a588-b4c07779a9f4" style="vertical-align: top; width:100.000000%;"><ul><li>Sports margin flat y-o-y as FIFA World Cup...</li><li>...did not aid the operations as much as we had expected</li><li>Trading 30-35% below peers at 3.8x '26e EV/EBITDA</li></ul></td></tr></table><a id="bm-comp-ee877441-d7e5-48dc-ae80-25da08bab37b" name="bm-comp-ee877441-d7e5-48dc-ae80-25da08bab37b" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ee877441-d7e5-48dc-ae80-25da08bab37b" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">World Cup did not aid Q2</h3><p>Q2 was a bit softer than we had anticipated on both revenue and adj. EBITDA, as these were roughly 10% below our estimates. As such, the company also cut its revenue, adj. EBITDA and cash flow guidance. The sports margin was flat y-o-y, and Gentoo's customers were relatively active in terms of offering incentives and bonuses to players. While this is likely to benefit turnover in Q3, it puts some risk on the sports margin for the quarter. That said, we continue to expect a return to growth in H2, but it is likely that growth will be held back by the ongoing deleveraging work.</p><h3 class="bm-h3">Estimate revisions</h3><p>We cut '26e-'28e revenue and adj. EBITDA by 3% and 5%, respectively. This means that our '26e revenue of EUR 100m is in line with the upper end of the updated guidance range, while our '26e adj. EBITDA is just below the mid-point of the guidance. Our new estimates reflect a somewhat more cautious growth outlook, as the deleveraging focus will likely shift the focus from growth to cash flow even more. That said, the comps are becoming easier, and we believe that Gentoo could return to growth if the underlying iGaming market turns more favourable.</p><h3 class="bm-h3">Trading at 3.8x '26e EV/EBITDA</h3><p>Gentoo is trading at 3.8x '26e EV/EBITDA, below Better Collective (7.5x) but in line with Gambling.com (3.8x). This means that Gentoo is trading </p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/gentoo-media/Equity-research/2026/8/gentoo-media---deleveraging-focus-in-h226/'>Läs mer på ABG Sundal Collier</a> Fri, 28 Aug 2026 17:00:07 GMT US36467X2062 Analys <a id="bm-comp-9933b91f-e1b3-4de6-89a2-d6141c4eb7c8" name="bm-comp-9933b91f-e1b3-4de6-89a2-d6141c4eb7c8" class="BMCustomAnchor"></a><table><tr><td bm-component-id="9933b91f-e1b3-4de6-89a2-d6141c4eb7c8" style="vertical-align: top; width:100.000000%;"><ul><li>H1 above expectations, driven by strong margins and cost control</li><li>Soft autumn intake guidance leads to cuts in '26e-'28e estimates</li><li>Fair value range of NOK 14-20</li></ul></td></tr></table><a id="bm-comp-8f63b2e5-7a51-4e6c-a4e9-d6868a4f41fc" name="bm-comp-8f63b2e5-7a51-4e6c-a4e9-d6868a4f41fc" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8f63b2e5-7a51-4e6c-a4e9-d6868a4f41fc" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">H1'26 strong</h3><p style="text-align:left;">Group revenue was NOK 277m, 5% above our estimate of NOK 265m. Adj. EBITA was NOK 56m (for a 20.1% margin), above our estimate of NOK 46m. The margin beat was mainly driven by Sonans, which delivered lower-than-expected opex, and by ONH, which grew by ~15%, supported by new online programmes and a higher share of recurring revenues. This implies AY'25/26 revenues of NOK 549m, +16% y-o-y, and adj. EBITA of NOK 109m (19.8% margin).</p><h3 class="bm-h3" style="text-align:left;">Estimate cuts based on soft autumn intake</h3><p style="text-align:left;">For the 2026/27 intake, Sonans is guided to end the academic year 10-15% behind the prior year, compared to our estimate of +5%. Edrupt (EnkelEksamen) is consolidated from February 2026, and remains on track for continued double-digit growth. ONH is expected to be broadly flat, with growth in recurring revenue from continuing students offsetting softer new intake. As a result, we cut our '27e-'28e revenue estimates by 12-14% and adj. EBITA by 17-21%. The lower opex in Q2 shows solid cost control, and together with margin accretion from Bj&#248;rknes and synergies, partly mitigates the margin decline from lower volume. The company now states there is an indication of impairment and that it will update its goodwill impairment assessment for Sonans after the enrolment period is closed. A trading update covering the final autumn intake is likely to </p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/lumi-gruppen/Equity-research/2026/8/lumi-gruppen---margins-strong-but-softer-intake-weighs/'>Läs mer på ABG Sundal Collier</a> Thu, 27 Aug 2026 20:00:07 GMT NO0010927288 Analys <a id="bm-comp-1f1c3da0-8c76-4bcd-b542-a083bfabe51f" name="bm-comp-1f1c3da0-8c76-4bcd-b542-a083bfabe51f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="1f1c3da0-8c76-4bcd-b542-a083bfabe51f" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">H1 above driven by strong margins and cost control...</font></li><li><font color="#000000">... but AY 26/27 outlook looks soft</font></li><li><font color="#000000">Cons to lower revenue estimates, EBITA offset by cost actions</font></li></ul></td></tr></table><a id="bm-comp-45f83629-aa0f-4c55-a82c-e8334cbb1de6" name="bm-comp-45f83629-aa0f-4c55-a82c-e8334cbb1de6" class="BMCustomAnchor"></a><table><tr><td bm-component-id="45f83629-aa0f-4c55-a82c-e8334cbb1de6" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Revenues +5%, adj. EBITA well above estimate</h3><p>Group revenues was NOK 277m, 5% above our estimate NOK 265m. Adj EBITA was NOK 56m (20.1% margin), above our estimate of NOK 46m. The margin beat is mainly driven by Sonans, which delivered lower opex than expected, and by ONH, which grew ~15%, supported by new online programmes and a higher share of recurring revenues. EnkelEksamen (Edrupt), consolidated from February, added NOK 18.5m revenue and NOK 4.2m adj. EBITA (22.6% margin) in the period, and is on track for continued double-digit growth in 2026/27</p><h3 class="bm-h3">Sonans fall intake guided down 10-15%</h3><p>For the 2026/27 intake, Sonans is guided to end the academic year 10-15% behind the prior year (we had +5%). ONH is expected to be broadly flat, as growth in recurring revenue from continuing students offsets a softer new intake. The company has implemented cost measures aimed at protecting profitability, alongside ongoing growth initiatives including continued programme portfolio development, pursuit of institutional accreditation for ONH, acceleration of the Bj&#248;rknes integration, and continued double-digit growth expected at EnkelEksamen. Lumi will issue a trading update covering the final fall intake later, likely in 6-8 weeks.</p><h3 class="bm-h3">Cons down on softer guidance, but cost measures help</h3><p>Post-period, Sonans sales for 2026/27 have developed materially </p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/lumi-gruppen/Equity-research/2026/8/lumi-gruppen---delivering-on-h1-h2-looks-more-challenging/'>Läs mer på ABG Sundal Collier</a> Thu, 27 Aug 2026 07:00:05 GMT NO0010927288 Analys <a id="bm-comp-4865075b-ca00-4e0c-8cb8-bba70fdeef4e" name="bm-comp-4865075b-ca00-4e0c-8cb8-bba70fdeef4e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="4865075b-ca00-4e0c-8cb8-bba70fdeef4e" style="vertical-align: top; width:100.000000%;"><ul><li>Orders +5%, adj. EBITA +5% above us on higher Power margin</li><li>'26e-'28e adj. EBITA up 1-2%; expect company to beat FY guidance</li><li>M&amp;A pipeline strengthening, aims to close an acquisition this year</li></ul></td></tr></table><a id="bm-comp-10314d76-3ef6-4cb2-85dd-39fe72b288c2" name="bm-comp-10314d76-3ef6-4cb2-85dd-39fe72b288c2" class="BMCustomAnchor"></a><table><tr><td bm-component-id="10314d76-3ef6-4cb2-85dd-39fe72b288c2" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 results</h3><p>Inission delivered a strong Q2, with adj. EBITA of SEK 41m +5% vs. our estimate with a 6.4% margin (4.5%) on sales of SEK 635m (3% below ABGSCe, but still +19% y-o-y). Order intake of SEK 719m was up 39% and 5% above our forecast for a book-to-bill of 1.13x. Inission Power (Enedo) drove the beat, with EBITA reaching SEK 3.8m (-4.7m) against our SEK 2.3m, representing a 3.1% margin in its third straight profitable quarter. Cash flow was held back by inventory built-up; this was partly seasonal, but also partly due to safeguarding against PCB and component shortages.</p><h3 class="bm-h3">Estimate changes</h3><p>We raise '26e-'28e adj. EBITA by 1%/2%/2%, mainly on a stronger Inission Power margin, as the turnaround in that segment continues to exceed our expectations. Our H2 estimate implies SEK 215m of sales per month, the middle of the company's flagged SEK 210-220m range. Management left the FY'26 sales guidance of SEK 2,300-2,500m at a &gt;6% EBITA margin unchanged. However, on the call, they said that this was mainly out of prudence and that they are confident of reaching SEK 2.5bn. They added that there is a good chance of exceeding this target. We forecast SEK 2,588m at 6.9%.</p><h3 class="bm-h3">Outlook and valuation</h3><p>The near-term margin case rests on Inission Power, which management expects to improve further in H2 compared</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/inission/Equity-research/2026/8/inission---power-turnaround-progressing-well/'>Läs mer på ABG Sundal Collier</a> Wed, 26 Aug 2026 15:45:05 GMT SE0016275069 Analys <a id="bm-comp-4fe58668-52c6-4609-9cf4-2bfeaad4583f" name="bm-comp-4fe58668-52c6-4609-9cf4-2bfeaad4583f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="4fe58668-52c6-4609-9cf4-2bfeaad4583f" style="vertical-align: top; width:100.000000%;"><ul><li>Q2 adj. EBITDA 19% below FactSet consensus</li><li>'26 adj. EBITDA guidance down to EUR 44-47m (49-54m)</li><li>Value of deposits up 3% q-o-q to EUR 207m</li></ul></td></tr></table><a id="bm-comp-7e63a9b0-afb2-4b61-a818-f0cfc5ed11c6" name="bm-comp-7e63a9b0-afb2-4b61-a818-f0cfc5ed11c6" class="BMCustomAnchor"></a><table><tr><td bm-component-id="7e63a9b0-afb2-4b61-a818-f0cfc5ed11c6" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3"><strong>Q2 outcome</strong></h3><p>Gentoo reported Q2 revenue of EUR 22.9m, corresponding to a -9% y-o-y decline. This was 12% below both ABGSCe and Factset consensus. Moreover, adj. EBITDA of EUR 8.9m was 11% below ABGSCe and 19% below consensus. One part of the revenue miss was a timing matter, as revenue from some newly acquired revenue-share players didn't get recognised during Q2. The other part was that the sports margin was soft this quarter, suggesting that Gentoo's customer base contained operators with sports books that didn't perform well during the World Cup. That said, value of deposits was EUR 207m, up 3% q-o-q, suggesting that the underlying momentum is relatively intact.</p><h3 class="bm-h3">Guidance revised downward</h3><p>The Q2 report was a bit softer than expected, and Gentoo has therefore cut its '26 guidance. The new revenue guidance is EUR 97-100m (100-115m), and the new adj. EBITDA guidance is EUR 44-47m (49-54m). The new OCF guidance was also downgraded to EUR 32-36m (37-41m), in line with the EBITDA guidance revision. The consensus estimates already implied an adj. EBITDA guidance downgrade, meaning that the downgrade as such was not a surprise. Operating cash flow was EUR 6.4m, down EUR 1m y-o-y, but helping deleverage the balance sheet as the leverage ratio closed just shy of 2.6x LTM EBITDA (down 0.1x sequentially).</p><h3 class="bm-h3">Mechanically negative consensus estimate revisions</h3><p>The </p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/gentoo-media/Equity-research/2026/8/gentoo-media---a-bit-softer-than-expected/'>Läs mer på ABG Sundal Collier</a> Wed, 26 Aug 2026 07:00:05 GMT US36467X2062 Analys <a id="bm-comp-c2db8469-ebec-4b59-a957-ab43a7b4c070" name="bm-comp-c2db8469-ebec-4b59-a957-ab43a7b4c070" class="BMCustomAnchor"></a><table><tr><td bm-component-id="c2db8469-ebec-4b59-a957-ab43a7b4c070" style="vertical-align: top; width:100.000000%;"><ul><li>Orders +39% y-o-y and 5% above ABGSCe for a book-to-bill of 1.13</li><li>EBITA adj. of SEK 41m, 5% above ABGSCe, 6.4% margin (4.8%)</li><li>FY guidance unchanged, but expected run-rate implies higher sales</li></ul></td></tr></table><a id="bm-comp-cbe50055-1304-433d-ae20-5c075a9bbc9e" name="bm-comp-cbe50055-1304-433d-ae20-5c075a9bbc9e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="cbe50055-1304-433d-ae20-5c075a9bbc9e" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 results</h3><p>Orders were up 39% y-o-y and 5% above our estimate. Sales grew 19% y-o-y and were 3% below our estimate. With a margin of 6.4%, 0.5pp above our estimate, EBITA adj. was 5% above our estimate. Lease adj. FCF was -22m, bringing the R12m figure to 68m, i.e. 85% of net income. Inission Power (Enedo) drove the beat, with EBITA of SEK 3.8m (-4.7m) against our 2.3m, a third consecutive positive quarter at a 3.1% margin on higher volumes, pricing and a lower cost base. EMS EBITA of 37.1m (28.8m) was close to our 36.6m, despite weaker sales in April and May, with disruption in European PCB supply affecting the phasing of sales within the quarter. There is a conference call at 09:00 CET: <a data-bm-trackable="false" href="https://www.inissiongroup.com/sv/webcasts-inission-ab/" target="_blank">webcast</a></p><h3 class="bm-h3">Estimate changes</h3><p>The Q2 numbers in isolation imply EBITA adj. comes up 1%. Inission left its FY'26 guidance of SEK 2,300-2,500m at a &gt;6% EBITA margin unchanged, even though it flagged that it expects a run-rate of SEK 210-220m per month, implying SEK 2,589m at the midpoint, lending support to our view that the company will finish the year above guidance. Management sees strong demand in defence and data centre, weaker in industrial and electrification, and higher M&amp;A activity, with the ambition to complete one acquisition this year.</p><h3 class="bm-h3">Company valuation</h3><p>Over the past three months, the share has return</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/inission/Equity-research/2026/8/inission---inission-power-drives-beat-demand-still-strong/'>Läs mer på ABG Sundal Collier</a> Wed, 26 Aug 2026 06:15:06 GMT SE0016275069 Analys <a id="bm-comp-45de29d7-eeb3-481c-af3f-4dbcf10c973f" name="bm-comp-45de29d7-eeb3-481c-af3f-4dbcf10c973f" class="BMCustomAnchor"></a><table><tr><td bm-component-id="45de29d7-eeb3-481c-af3f-4dbcf10c973f" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">Financials fairly in line</font></li><li><font color="#1B2634"><font color="#000000">Entering the final stage of Phase 1b, Phase 2 expected by YE'26</font></font></li><li><font color="#000000">Fairly neutral share price reaction expected</font></li></ul></td></tr></table><a id="bm-comp-2d97dafe-195e-4fec-852a-b8bf00398ed4" name="bm-comp-2d97dafe-195e-4fec-852a-b8bf00398ed4" class="BMCustomAnchor"></a><table><tr><td bm-component-id="2d97dafe-195e-4fec-852a-b8bf00398ed4" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3" style="text-align:left;"><font color="#000000">Financials fairly in line</font></h3><p style="text-align:left;"><font color="#000000">For Q2'26, net income was in line with expectations at SEK -16m (vs. ABGSCe at SEX -15m and SEK -15m in Q1'<font color="#000000">26) as</font> opex remained well controlled, with a slight beat on CF from operating activities at SEK -14m (vs. ABGSCe at SEK -15m and SEK -16m in Q1'26). Cash and cash equivalents came in at SEK 115m (SEK 111m in Q1'<font color="#000000">26),</font> as the ~SEK 18m in net proceeds from the TO1 warrant exercise received in the quarter more than offset the operating cash burn.</font> <font color="#000000">Together with proceeds from the TO2 warrants due in November 2026, we continue to estimate a financial runway into 2028e.</font></p><h3 class="bm-h3" style="text-align:left;"><font color="#1B2634"><font color="#000000">Entering the final stage of Phase 1b</font></font></h3><p style="text-align:left;"><font color="#000000">During the quarter, Isofol continued to advance the Phase 1b dose-escalation part of its ongoing Phase 1b/2 trial of arfolitixorin in metastatic colorectal cancer, successfully evaluating the third dose cohort at 300 mg/m&#178; without dose-limiting toxicities and maintaining a consistently favourable safety profile across all three dose levels tested to date (120, 200 and 300 mg/m&#178;). In April, the company also received BfArM approval for an optimise<font color="#000000">d study design, including broader Phase 2 inclusion criteria, a direct comparison with leucovorin (</font>the standard folate component of current 5-FU-based chemotherapy regimens), and the addition of further study centres to address slower-than-expected recruitment. After the quar</font></p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/isofol-medical/Equity-research/2026/8/isofol-medical---maximising-the-dose-before-phase-2/'>Läs mer på ABG Sundal Collier</a> Tue, 25 Aug 2026 07:00:05 GMT SE0009581051 Analys <a id="bm-comp-1e550ddf-f884-4d9b-9594-88e14cd942f8" name="bm-comp-1e550ddf-f884-4d9b-9594-88e14cd942f8" class="BMCustomAnchor"></a><table><tr><td bm-component-id="1e550ddf-f884-4d9b-9594-88e14cd942f8" style="vertical-align: top; width:100.000000%;"><ul><li>Sales grew 26% organically, ahead of expectations</li><li>Sweden remains a clear profit driver despite mix effects</li><li>'26e EV/gross profit of ~6x, fair value range of SEK 25-40</li></ul></td></tr></table><a id="bm-comp-bb58091a-c96f-4e4d-8cb5-5eb7d6a7178a" name="bm-comp-bb58091a-c96f-4e4d-8cb5-5eb7d6a7178a" class="BMCustomAnchor"></a><table><tr><td bm-component-id="bb58091a-c96f-4e4d-8cb5-5eb7d6a7178a" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3"><strong>Larger customers, international traction drive a strong Q2</strong></h3><p>Skolon delivered a strong Q2'26, with sales of SEK 69m corresponding to organic growth of 26%. Growth was broad-based across markets, while Skolon continued to attract larger school organisations to its platform. The gross margin (less capitalised work) came in at 22% (24% in Q2'25), likely reflecting a higher share of partner revenue. Sweden stayed solidly EBITDA-positive (SEK 2.7m in Q2'26), while international markets remain in an investment phase, and we continue to model a gradual normalisation of this gap over time.</p><h3 class="bm-h3">Slightly raising our estimates</h3><p>We raise our '26e/'27e/'28e sales estimates by 3%, 2% and 1%, reflecting the stronger-than-expected paying user intake and continued momentum in framework agreement rollouts, which we expect to contribute meaningfully from Q3. We see the newly launched Skolon AI Studio as a longer-term option for partner revenue, but do not yet include a contribution in our estimates given limited visibility on monetisation.</p><h3 class="bm-h3">Implied valuation</h3><p>Based on our revised estimates, the company is trading at '26e-'27e 6-4x EV/gross profit (GP less capitalised work). In the UK, Skolon continues to build momentum outside the Swedish procurement cycle, as evidenced by agreements covering 60 schools signed during Q2. Germany remains at an earli</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/company-name/Equity-research/2026/8/skolon---broad-based-growth-continues/'>Läs mer på ABG Sundal Collier</a> Mon, 24 Aug 2026 07:45:03 GMT SE0017615784 Analys <a id="bm-comp-8d24409b-ead7-452b-bf02-7be7231a1c28" name="bm-comp-8d24409b-ead7-452b-bf02-7be7231a1c28" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8d24409b-ead7-452b-bf02-7be7231a1c28" style="vertical-align: top; width:100.000000%;"><ul><li>Q2e: 6% revenue growth y-o-y</li><li>'26e adj. EBITDA just below the low end of '26 guidance</li><li>Trading ~30% below peers at ~4x '26e EV/EBITDA</li></ul></td></tr></table><a id="bm-comp-35427c0c-c3e2-49ec-8604-4c47636ff77e" name="bm-comp-35427c0c-c3e2-49ec-8604-4c47636ff77e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="35427c0c-c3e2-49ec-8604-4c47636ff77e" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">World Cup unlikely to be a significant tailwind</h3><p>We expect Q2 revenue of EUR 26m, implying 6% y-o-y growth. This means that we expect adj. EBITDA of EUR 10m, corresponding to a 38% margin. Listed iGaming companies have provided mixed commentary in relation to the World Cup. However, the sports book performance and corresponding sports margins have largely been a function of which sports book solution an operator uses.. Given that Gentoo has a diverse set of customers, we believe that the sports margin is likely to be broadly in line with the historical average. This is corroborated, for example, by the recent Q2 earnings report from key peer Better Collective. Finally, we expect Gentoo to deliver free cash flow just shy of EUR 4m for the quarter.</p><h3 class="bm-h3">Estimate revisions</h3><p>We trim '26e-'28e EBITDA by 1-2%, as we incorporate somewhat more cautious operator outcome related to the FIFA World Cup. Our new estimates imply that we are just shy of the lower end of the company's '26 guidance for both revenue and EBITDA (guidance is '26 revenue of EUR 105-110m and adj. EBITDA of EUR 49-54m). That said, we expect the company's cash generation to help deleverage the balance sheet, which is a higher priority than revenue growth.</p><h3 class="bm-h3">Trading at 4x '26e EV/EBITDA</h3><p>Gentoo is trading at nearly 4x '26e EV/EBITDA, well below Better Collective (7.4x) but slightly above Gambling.com (3.8</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/gentoo-media/Equity-research/2026/8/gentoo-media---fcf-generation-remains-top-priority/'>Läs mer på ABG Sundal Collier</a> Mon, 24 Aug 2026 07:00:42 GMT US36467X2062 Analys <a id="bm-comp-d9af0106-029c-4e61-9169-b58f79b22956" name="bm-comp-d9af0106-029c-4e61-9169-b58f79b22956" class="BMCustomAnchor"></a><table><tr><td bm-component-id="d9af0106-029c-4e61-9169-b58f79b22956" style="vertical-align: top; width:100.000000%;"><ul><li>Q2 sales SEK 10m (vs. ABGSCe SEK 16m, 6.5m <font style="background-color:#ffff00;"></font>Q2'25)</li><li>No machine deliveries in Q2, but two machine orders de-risk '26e</li><li>China yet to convert, but 11 new customers added, three in SOFC</li></ul></td></tr></table><a id="bm-comp-8aabc716-c819-4e40-8b41-92c58c605340" name="bm-comp-8aabc716-c819-4e40-8b41-92c58c605340" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8aabc716-c819-4e40-8b41-92c58c605340" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 results</h3><p>Q2 sales were SEK 9.7m (vs. ABGSCe SEK 16m), all from Coating Services (SEK 9.1m vs 4.4m Q2'25) and aftermarket (SEK 0.6m vs 2.1m). No machine revenue was recognised. Aftermarket stayed weak on low activity at system customers. EBIT was SEK -13m (vs. ABGSCe SEK -8.5m). The cost base continues to come down, with personnel costs at SEK -12.3m (-15.3m Q2'25) and 41 FTEs (57). Impact has SEK 29.4m of system deliveries in backlog, with one machine shipped and installed during Q3. The company ended Q2 with a cash balance of SEK 15m (31m Q2'25), of which only SEK 8m is unrestricted, which can be compared to its R12m FCF of SEK -41m.</p><h3 class="bm-h3">Estimate changes and outlook</h3><p>We lower '26e/'27e/'28e sales by 9%/4%/4%, mainly on Coating Services cuts. Services doubled y-o-y in H1 to SEK 21m (10m) but landed below our run rate in Q2. Impact has two IC500s in backlog. HJWAVE went out in mid-July and Lindberg is scheduled for early Q4, so both '26 deliveries land in H2e. In total, we model two machine deliveries for FY'26e.</p><h3 class="bm-h3">Market backdrop still mixed</h3><p>Electrolyser consolidation should work in Impact's favour, with most leading international players already paying customers as the market enters its next investment phase, and the LT Metal LOI on iridium oxide coated PTLs adds value per component. China is the offset, where t</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/impact_coatings/Equity-research/2026/8/impact-coatings---backlog-to-carry-h2e/'>Läs mer på ABG Sundal Collier</a> Mon, 24 Aug 2026 07:00:02 GMT SE0001279142 Analys <a id="bm-comp-f8388bcb-4136-461e-8014-17a6223978c0" name="bm-comp-f8388bcb-4136-461e-8014-17a6223978c0" class="BMCustomAnchor"></a><table><tr><td bm-component-id="f8388bcb-4136-461e-8014-17a6223978c0" style="vertical-align: top; width:100.000000%;"><ul><li>Q2 organic growth of +91% marks a record quarter</li><li>We raise '26e-'28e sales by 7% and EBIT by 23%, 13% &amp; 9%</li><li>New aquaculture market entered; EU vote still pending</li></ul></td></tr></table><a id="bm-comp-b4e85ae0-fc7b-4d49-9d52-ba5e0eabb90d" name="bm-comp-b4e85ae0-fc7b-4d49-9d52-ba5e0eabb90d" class="BMCustomAnchor"></a><table><tr><td bm-component-id="b4e85ae0-fc7b-4d49-9d52-ba5e0eabb90d" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Record quarter, easy comps aside</h3><p>I-Tech delivered very strong Q2 results, with 91% organic growth, representing a record quarter despite easy comps. Growth was driven by I-Tech's top two customers, where CMP continues to demonstrate strong growth (+35% org. growth in H1) and the customer that previously had financial constraints has recovered and should now be at a stable run-rate, according to management. The gross margin held up at 59% (59% LY), which management attributes to production-cost work and price adjustments.</p><h3 class="bm-h3" style="text-align:left;">Estimate changes and outlook</h3><p>We raise '26e/'27e/'28e sales by 7%, on higher organic growth assumptions. We continue to expect support from rising CMP volumes and momentum among smaller customers (PPG, Jotun, Kansai Paints). On EBIT, we raise '26e/'27e/'28e by 23%, 13% &amp; 9%, reflecting operating leverage on a stable cost base, albeit partly offset by the expected EOGRT study costs (SEK 10m, phased across '26e-'27e and weighted to '27e).</p><h3 class="bm-h3" style="text-align:left;">Diversifying beyond Selektope</h3><p>Selektope is on ~3,500 of ~110,000 vessels, with room in new-build and drydocking (the latter being ~10x larger and the key opportunity), and China under-penetrated. On the EU re-registration, a vote is likely in Q4, approval runs to end-'26, and a legal appeal is prepared. Separately, I-Tech entered a new market via a nature-derived antifou</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/i-tech/Equity-research/2026/8/i-tech---beyond-a-single-molecule/'>Läs mer på ABG Sundal Collier</a> Mon, 24 Aug 2026 06:15:02 GMT SE0011167725 Analys <a id="bm-comp-e53fe676-bc59-419c-bd3a-e9a13403e6af" name="bm-comp-e53fe676-bc59-419c-bd3a-e9a13403e6af" class="BMCustomAnchor"></a><table><tr><td bm-component-id="e53fe676-bc59-419c-bd3a-e9a13403e6af" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">Q2 softer than expected, but underlying activity improving</font></li><li><font color="#000000">2026-27 estimates down on softer earnings</font></li><li><font color="#000000">Recovery still needs to materialise</font></li></ul></td></tr></table><a id="bm-comp-14988d19-55ee-416e-973d-7184d3cd2d65" name="bm-comp-14988d19-55ee-416e-973d-7184d3cd2d65" class="BMCustomAnchor"></a><table><tr><td bm-component-id="14988d19-55ee-416e-973d-7184d3cd2d65" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 misses, but we see signs of a gradually improving market</h3><p>Catella's Q2 EBIT came in at SEK 8m, below ABGSCe of SEK 26m and FactSet consensus of SEK 15m, mainly reflecting weaker-than-expected earnings in Investment Management, while Corporate Finance was broadly in line. Despite the miss, we see encouraging signs, with AUM broadly stable and transaction activity gradually improving across several markets. We expect this to increasingly support Corporate Finance, while transaction-related fees within Investment Management are likely to follow with some lag.</p><h3 class="bm-h3">We trim our estimates following the Q2 earnings shortfall</h3><p>Following Q2, we lower our EBIT estimates by 25% for 2026e and 4% for 2027e, while raising 2028e by 1%. The near-term cuts reflect softer earnings in IM and CF, while our longer-term view is largely unchanged. Although activity is expected to remain subdued in the short term, Catella highlights a robust pipeline. As transaction markets normalise, improved transaction evidence should support property valuations, AUM, investor inflows and fee generation. We therefore expect a more meaningful earnings recovery through 2027-28e.</p><h3 class="bm-h3">Recovery still to be proven</h3><p>Catella is trading at 8.3x 2027e and 6.5x 2028e P/E, while its strong balance sheet continues to support capital returns. However, earnings remain subdued, and the expected recovery has bee</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/catella/Equity-research/2026/8/catella---signs-of-improvement-but-delivery-still-pending/'>Läs mer på ABG Sundal Collier</a> Sun, 23 Aug 2026 18:30:36 GMT SE0000188518 Analys <a id="bm-comp-5b06816b-b513-4ae9-a587-9440d21d7baf" name="bm-comp-5b06816b-b513-4ae9-a587-9440d21d7baf" class="BMCustomAnchor"></a><table><tr><td bm-component-id="5b06816b-b513-4ae9-a587-9440d21d7baf" style="vertical-align: top; width:100.000000%;"><ul><li>Positive organic growth will take time</li><li>We slightly lower our sales estimates due to a reduction in FTEs</li><li>Trading ~10% below peer median</li></ul></td></tr></table><a id="bm-comp-f671a4bc-6370-49bb-8445-9b03663d98d9" name="bm-comp-f671a4bc-6370-49bb-8445-9b03663d98d9" class="BMCustomAnchor"></a><table><tr><td bm-component-id="f671a4bc-6370-49bb-8445-9b03663d98d9" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2'26 report</h3><p>Ogunsen reported Q2'26 sales of SEK 108m, marking a y-o-y decrease of 3%. It is worth keeping in mind that returning to positive growth is tough for consulting firms, as growth depends on billable hours, which is affected by lower headcount, and average FTEs at Ogunsen are down to 362 from 370 a year ago. Demand in the consulting segment was stable y-o-y, although fewer consultants, slightly lower utilisation and lower hourly rates weighed on sales. Recruitment demand remained slightly below last year but improved sequentially, indicating tentative signs of stabilisation. Adj. EBIT came in at SEK 4.6m (3.3m in Q2'25), with a higher margin of 4.3% (3.0%), likely driven by some cost control at the company.</p><h3 class="bm-h3">Slightly lowering our sales estimates</h3><p>The market remains tough, and we slightly lower our sales estimates by 4% for '26e-'28e on the back of the report. Consequently, we also lower our adj. EBIT estimates by 28% for &#8217;26e, as lower sales and fewer billable FTEs result in negative operating leverage, partly offset by continued cost control. A recovery in the consulting market will likely take time, with stronger margins eventually following from that.</p><h3 class="bm-h3">Getting better, but it takes time</h3><p>Ogunsen is trading at 10x-5x EV/adj. EBIT for '26e-'28e, ~10% below the peer median valuation. We see some demand KPIs improving, but we emphasise that </p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/ogunsen/Equity-research/2026/8/ogunsen---some-signs-of-stabilisation/'>Läs mer på ABG Sundal Collier</a> Sun, 23 Aug 2026 18:30:03 GMT SE0008406151 Analys <a id="bm-comp-622aa21f-634d-4cac-a735-7715731eaf0d" name="bm-comp-622aa21f-634d-4cac-a735-7715731eaf0d" class="BMCustomAnchor"></a><table><tr><td bm-component-id="622aa21f-634d-4cac-a735-7715731eaf0d" style="vertical-align: top; width:100.000000%;"><ul><li>Order book at a record high ~SEK 640m...</li><li>...with ~SEK 225m expected to roll out in the next 12m</li><li>Underlying business solid as recurring revenue continues to grow</li></ul></td></tr></table><a id="bm-comp-f26ccb7f-4e7d-4ef0-b265-abd110170939" name="bm-comp-f26ccb7f-4e7d-4ef0-b265-abd110170939" class="BMCustomAnchor"></a><table><tr><td bm-component-id="f26ccb7f-4e7d-4ef0-b265-abd110170939" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Strong headline numbers</h3><p>Clavister reported a strong Q2'26, with sales up 63% y-o-y. The growth was mainly driven by the NDMA contract, which we expected, but likely also by other defence deliveries. The underlying business remains solid and ARR grew 5% y-o-y in the quarter. The public sector takes longer to break into, but these customers are sticky once won, and contribute to recurring revenue. The energy sector, however, is faster to break into and therefore easier to win, and we see good potential for this end-segment to grow in the coming quarters. Adj. EBITDA came in at SEK 27m for a margin of 30% (17% in Q2'25), and adj. EBIT was also positive in the quarter at SEK 15m (-2m in Q2'25) for a margin of 17%. Order intake decreased by 25% y-o-y, but we do not read too much into this, as defence orders tend to be lumpy. The order backlog reached a record ~SEK 640m, of which ~SEK 225m is expected to be delivered over the next 12 months, giving strong revenue visibility.</p><h3 class="bm-h3">Increasing our estimates</h3><p>We increase our '26-'28 estimates on the back of the strong report. We now expect net sales to reach SEK 490m by '28e off the sharply higher 2026 base, with the adj. EBITDA margin reaching ~31% (18% in '25).</p><h3 class="bm-h3">Working capital release in H2</h3><p>Working capital tied up cash in the quarter, as deliveries on the NDMA contract ran ahead of milesto</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/clavister/Equity-research/2026/8/clavister---strong-quarter-strengthens-the-outlook/'>Läs mer på ABG Sundal Collier</a> Fri, 21 Aug 2026 14:45:08 GMT SE0005308558 Analys <a id="bm-comp-82a1b775-197f-47b5-87e6-565481df4c53" name="bm-comp-82a1b775-197f-47b5-87e6-565481df4c53" class="BMCustomAnchor"></a><table><tr><td bm-component-id="82a1b775-197f-47b5-87e6-565481df4c53" style="vertical-align: top; width:100.000000%;"><ul><li><font color="#000000">A better mix of growth drivers</font></li><li><font color="#000000">Costs reflect investments in the organisation</font></li><li><font color="#000000">EV/adj. EBIT of 10-9x '26e-'27e, 55% below its peers</font></li></ul></td></tr></table><a id="bm-comp-cf1b4fb3-fd57-492d-9754-8ebf6c2d5fdd" name="bm-comp-cf1b4fb3-fd57-492d-9754-8ebf6c2d5fdd" class="BMCustomAnchor"></a><table><tr><td bm-component-id="cf1b4fb3-fd57-492d-9754-8ebf6c2d5fdd" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Growth on a broader base</h3><p>Generic Sweden reported Q2 sales of SEK 49m, up 10% y-o-y, in line with our expectations. Messaging, the largest at 73% of sales, grew 11% y-o-y, which supports our view that the volume cycle likely bottomed out in Q1. Operator solutions grew 7% y-o-y, up from 3% in Q1 and following a declining 2025. We think the turn reflects a security environment where customers are placing more value on a nationwide network that works independently of the mobile operators. Digitalisation solutions increased by 11% y-o-y, affected by some timing effects, as one larger municipality went live later than planned. Reported EBIT was SEK 9m, for a margin of 19%, and adjusted for SEK 0.6m of one-off costs, adj. EBIT was SEK 10m, for a margin of 20% (21%).</p><h3 class="bm-h3">Costs likely to increase due to scaling</h3><p>We see '26 as an investment year rather than one of margin expansion, as Generic increases costs to grow. It is adding capacity in product management and platform operations, which we think is needed to reach new customer groups and sell more licences into the existing base. We keep our view of Generic reaching 21-22% EBIT margins over time, and make only marginal changes to our estimates after the report.</p><h3 class="bm-h3">Trading 55% below peers</h3><p>Generic is trading at 10-9x EV/adj. EBIT on '26e-'27e, around 55% below CPaaS peers, despite higher sales growth and higher EBIT margi</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/generic/Equity-research/2026/8/generic---investing-while-growing/'>Läs mer på ABG Sundal Collier</a> Fri, 21 Aug 2026 14:15:08 GMT SE0001790791 Analys <a id="bm-comp-3ebc4ff4-0bdc-46c2-8003-b397c5d2aa7e" name="bm-comp-3ebc4ff4-0bdc-46c2-8003-b397c5d2aa7e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="3ebc4ff4-0bdc-46c2-8003-b397c5d2aa7e" style="vertical-align: top; width:100.000000%;"><ul><li>Sales SEK 10m (vs. ABGSCe 16m) driven by Coating Services</li><li>No system deliveries in Q2, but two IC500s booked for Q3/Q4</li><li>Adj. EBIT SEK -13m (vs. ABGSCe -8.5m)</li></ul></td></tr></table><a id="bm-comp-1e3142bc-d18d-4381-b42e-f4e56c10a35e" name="bm-comp-1e3142bc-d18d-4381-b42e-f4e56c10a35e" class="BMCustomAnchor"></a><table><tr><td bm-component-id="1e3142bc-d18d-4381-b42e-f4e56c10a35e" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 results</h3><p>Sales came in at SEK 10m (vs. ABGSCe 16m, 6.5m LY). Sales was driven by Coating Services, with no machine deliveries in the quarter (in line with estimates). Although the quarter was absent of deliveries, the company has two orders pending for deliveries in its backlog. EBIT was SEK -13m (vs. ABGSCe -8.5m), with the loss narrowing y-o-y on a lower personnel run-rate as the 2024 cost programme reaches full effect. The company ended the quarter with a cash balance of SEK 15m (31m LY).</p><h3 class="bm-h3">Estimates and outlook</h3><p>On numbers alone, '26e-'28e sales change by -6%, and EBIT adj. changes by SEK -5m. After the quarter, Impact completed the HJWAVE IC500 delivery; that system and LINDBERG/Kering IC500 sit in backlog. Management states the 11 new paying customers (three in SOFC) point to growing solid-oxide opportunities, while noting volumes are still low. It views automotive as cautious in line with the weaker end-market, and the soft Chinese fuel-cell order intake as a timing shift rather than a change in demand.</p><h3 class="bm-h3">Valuation</h3><p>The share has returned -2% L3M (vs. peer median +0% and OMX Stockholm Allshare +4%), and is currently trading at 3.1x-2.1x '26e-'28e EV/Sales on our pre-report estimates vs. the peer median of 2.3x-0.8x. The company will be hosting a presentation in connection with its Q2 report at 11:00 CEST. Link <a data-bm-trackable="false" href="https://www.finwire.tv/webcast/impact-coatings/q2-2026/" target="_blank">here</a>.</p></td></tr></table><a id="bm-comp-73f91cfe-d9f6-44aa-894e-d23a48627152" name="bm-comp-73f91cfe-d9f6-44aa-894e-d23a48627152" class="BMCustomAnchor"></a><table><tr><td bm-component-id="73f91cfe-d9f6-44aa-894e-d23a48627152" style="vertical-align: top; width:100.000000%;"><table id="bm-img-4b872f94-628f-49f0-a213-06aafc4d8724" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviation ta</td></tr></table></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/impact_coatings/Equity-research/2026/8/impact-coatings---a-quarter-driven-by-coating-services/'>Läs mer på ABG Sundal Collier</a> Fri, 21 Aug 2026 07:15:09 GMT SE0001279142 Analys <a id="bm-comp-37657951-695f-4d75-8644-8c2288e58678" name="bm-comp-37657951-695f-4d75-8644-8c2288e58678" class="BMCustomAnchor"></a><table><tr><td bm-component-id="37657951-695f-4d75-8644-8c2288e58678" style="vertical-align: top; width:100.000000%;"><ul><li>Q2 sales 11% higher than ABGSCe SEK 62m</li><li>Gross margin down slightly, likely due to unfavourable mix</li><li>Likely modestly positive consensus estimate revisions</li></ul></td></tr></table><a id="bm-comp-9888b33b-433d-4b0f-b39d-4f1506889bba" name="bm-comp-9888b33b-433d-4b0f-b39d-4f1506889bba" class="BMCustomAnchor"></a><table><tr><td bm-component-id="9888b33b-433d-4b0f-b39d-4f1506889bba" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2'26 report</h3><p>Skolon reported net sales of SEK 69m (+11% vs ABGSC 62m), which was better than we expected, corresponding to organic growth of 26%. The ARPPU came in at SEK 201 (+2% vs ABGSC 197), with the number of paying users increasing to 1,083k, above our expectation of 1,073k. The gross margin declined a little bit y-o-y (likely due to a relatively higher share of partner revenues), from just over 24% to roughly 22%. From a geographic point of view, this was due to the gross margin in Sweden compressing from nearly 33% to nearly 30%, and that's consistent with the notion that the share of partner revenues had increased y-o-y, as Sweden is a relatively more mature market in terms of user penetration.</p><h3 class="bm-h3">Thoughts and outlook</h3><p>The company continues to invest in international markets as Sweden increasingly becomes a mature market. Although the EBITDA was negative, due to the expansionary, international investments in new geographies such as Germany, Sweden delivered a positive EBITDA of SEK 2.7m. In Q2 Skolon launched Skolon AI Studio, letting partners distribute AI based tools through its school network, which fits the existing partner revenue model. The contribution is not yet quantifiable.</p><h3 class="bm-h3">Consensus estimate revisions and valuation</h3><p>The share is down 23% YTD and is trading at 6-4x '26e-'27e EV/Gross profit on our unrevised estimates. F</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/company-name/Equity-research/2026/8/skolon---sweden-profitability-gains-continue/'>Läs mer på ABG Sundal Collier</a> Fri, 21 Aug 2026 07:00:09 GMT SE0017615784 Analys <a id="bm-comp-adf3281c-5462-47db-bc79-d09dcf9598c0" name="bm-comp-adf3281c-5462-47db-bc79-d09dcf9598c0" class="BMCustomAnchor"></a><table><tr><td bm-component-id="adf3281c-5462-47db-bc79-d09dcf9598c0" style="vertical-align: top; width:100.000000%;"><ul><li>Sales +21<font color="#000000">% vs. ABGSCe, EBIT SEK 21m vs. ABGSCe 13m</font></li><li>Easy comps, but +91% organic growth still very strong</li><li>Gross margin held at 59%; raw-material pressure mitigated so far</li></ul></td></tr></table><a id="bm-comp-800f9f8a-8cc4-42ba-b063-83eb52757970" name="bm-comp-800f9f8a-8cc4-42ba-b063-83eb52757970" class="BMCustomAnchor"></a><table><tr><td bm-component-id="800f9f8a-8cc4-42ba-b063-83eb52757970" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 results</h3><p>I-tech reported very strong Q2 numbers. Sales came in at SEK 59m (+21% vs. ABGSCe 48m) with 91% organic growth. The growth was driven by continued positive development among existing customers, as well as the recovery of the customer that saw volumes fall in 2025. EBIT adj. was SEK 21m (vs. ABGSCe 13m), for a margin of 36% (ABGSCe 27%); the gross margin held at 59% (59%) and the company writes that the raw-material cost pressure has so far been mitigated. FCF came in at SEK 23m (SEK 2.7m LY).</p><h3 class="bm-h3">Estimates and outlook</h3><p>On numbers alone, '26e-'28e sales change by +5%, and EBIT adj. changes by +15%. CEO writes that strong H1 provides a solid foundation for the remainder of 2026, with continued focus on customer growth, regulatory and business development, and strengthening Selektope's market position. On the EU process, I-Tech notes the Commission's draft act proposes non-renewal of medetomidine, the WTO-TBT consultation began in July, and an SCBP vote is likely in Q4.</p><h3 class="bm-h3">Valuation</h3><p>The share has returned +12% L3M (vs. peer median -1% and OMXSSMAC -9%), and is currently trading at 17x-9.1x '26e-'28e P/E on our pre-report estimates vs. the peer median of 30x-20x. T<font style="background-color:#ffffff;"><font style="background-color:#ffffff;"><font color="#212529">he company will host a</font> <a data-bm-trackable="false" href="https://www.youtube.com/live/-Z1xbtdES9Y" style="color: rgb(0, 123, 255); box-sizing: border-box; text-decoration: none; font-family: Arial, &quot;Unifont Calibri&quot;, &quot;Unifont Helvetica&quot;, &quot;Unifont Gotham&quot;, &quot;Unifont Arial&quot;, Unifont !important;" target="_blank">presentation</a> <font color="#212529">of the Q2 results at</font></font></font> <font color="#000000"><font style="background-color:#ffffff;"><font style="background-color:#ffffff;"><font style="background-color:#ffffff;">13:00 CET.</font></font></font></font></p></td></tr></table><a id="bm-comp-8f85b475-fe73-4138-90d7-a40bc2be5a37" name="bm-comp-8f85b475-fe73-4138-90d7-a40bc2be5a37" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8f85b475-fe73-4138-90d7-a40bc2be5a37" style="vertical-align: top; width:100.000000%;"><table id="bm-img-1d438ab5-b38f-4ea5-9907-824f4f740e73" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviation table</td></tr><tr><td></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier Estimates, Company Data</td></tr></table></td></tr></table><a href='https://cr.abgsc.com/foretag/i-tech/Equity-research/2026/8/i-tech---strongest-quarter-on-record/'>Läs mer på ABG Sundal Collier</a> Fri, 21 Aug 2026 06:45:07 GMT SE0011167725 Analys <a id="bm-comp-aa3d7ca3-c1da-40aa-957f-8148e5eb5839" name="bm-comp-aa3d7ca3-c1da-40aa-957f-8148e5eb5839" class="BMCustomAnchor"></a><table><tr><td bm-component-id="aa3d7ca3-c1da-40aa-957f-8148e5eb5839" style="vertical-align: top; width:100.000000%;"><ul><li>Q2: +6% sales growth, 2.2% EBITDA margin</li><li>'26e EBITDA down SEK 9m</li><li>Guarding continues to take steps forward, although slower</li></ul></td></tr></table><a id="bm-comp-2ad09eee-4868-4bd9-9dd7-fffc96e89911" name="bm-comp-2ad09eee-4868-4bd9-9dd7-fffc96e89911" class="BMCustomAnchor"></a><table><tr><td bm-component-id="2ad09eee-4868-4bd9-9dd7-fffc96e89911" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Some development but we hoped for more</h3><p>Tempest continues to deliver y-o-y improvements, although below our expectations. Guarding, the largest business area, grew sales by ~12%, while EBITDA improved from SEK 6.9m to SEK 7.4m. This was a bit below our expectations, the miss driven by some contracts that have not yet started. The company says the focus now is on improving sales growth. The SOC business is improving and contributing positively. Risk Solutions saw a top-line decline y-o-y of SEK 6.5m (adj.) and an EBITDA decline y-o-y from SEK 1.6m to SEK 0.9m in Q2'26, owing to the transition and start-up phase, going from ad hoc-driven operations to a more stable business with recurring revenue.</p><h3 class="bm-h3">Lower '26e on the miss, '27e-'28e slightly lower</h3><p>We lower '26e-'28e sales by 4% on the slower growth pace in Guarding, a clear focus area for Tempest going forward. We expect continued improvement from the internal work done, though a slightly slower '26e sales pace than before. On EBITDA, we cut '26e by SEK 9m on the miss in Guarding and Risk Solutions and the current contract portfolio's profitability. Pricing has been a challenge in security, but improving demand is lifting market pricing. Having scaled into a credible player, Tempest can now bid for new contracts more easily.</p><h3 class="bm-h3">Focus on core operations</h3><p>We believe the company took important steps throughout '25 with the d</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/tempest-security/Equity-research/2026/8/tempest-security---patrols-below-plan/'>Läs mer på ABG Sundal Collier</a> Thu, 20 Aug 2026 18:30:09 GMT SE0010469221 Analys <a id="bm-comp-3f72a658-792c-4079-af82-d474fcd30c5b" name="bm-comp-3f72a658-792c-4079-af82-d474fcd30c5b" class="BMCustomAnchor"></a><table><tr><td bm-component-id="3f72a658-792c-4079-af82-d474fcd30c5b" style="vertical-align: top; width:100.000000%;"><ul><li>Sales -SEK 16m, EBITDA -SEK 4.6m vs. ABGSCe</li><li>'26e-'28e EBITDA estimates likely down</li><li>Share to focus on margin miss</li></ul></td></tr></table><a id="bm-comp-9d39d30b-42d5-4e67-9e37-e657d782af44" name="bm-comp-9d39d30b-42d5-4e67-9e37-e657d782af44" class="BMCustomAnchor"></a><table><tr><td bm-component-id="9d39d30b-42d5-4e67-9e37-e657d782af44" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 details</h3><p>Tempest delivered a Q2 report with both sales and EBITDA y-o-y growth. Sales came in at SEK 153m (-10% vs. ABGSCe at SEK 169m), +6% y-o-y, driven by Guarding, and partly offset by Risk Solutions. EBITDA grew by SEK 9m y-o-y to SEK 3.4m (-4.6m, vs. ABGSCe at SEK 8.0m), for a margin of 2.2% (ABGSCe 4.7%, 3.2% Q2'26) driven by both Guarding and Risk Solutions. Looking at y-o-y development, we see positive progress in Guarding. Guarding, the largest segment, continued to show improvements as a result of the internal work done in 2025, with management noting continued good momentum in the SOC business. Risk Solutions was affected by the transition and start-up phase, going from an ad hoc-driven operations to more stable business with recurring revenue.</p><h3 class="bm-h3">Estimate changes and outlook</h3><p>Looking ahead, management is not providing a formal outlook, but acknowledges that the focus now is on accelerating sales, developing existing customer relationships, and capitalising on the Group-wide opportunities available in the Nordic market. We view Tempest's positive internal development as a sign that the company is taking important steps in the right direction. However, growth was slower than we expected and the margin lower, and we therefore expect consensus estimates for '26e&#8211;'28e adj. EBITDA to come down.</p><h3 class="bm-h3">Final thoughts</h3><p>A report in the right direction with sales and profit</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/tempest-security/Equity-research/2026/8/tempest-security---progress-made-but-expectations-ahead-of-delivery/'>Läs mer på ABG Sundal Collier</a> Thu, 20 Aug 2026 07:30:07 GMT SE0010469221 Analys <a id="bm-comp-9525cde2-3a90-4877-8d8f-01a629c6e53a" name="bm-comp-9525cde2-3a90-4877-8d8f-01a629c6e53a" class="BMCustomAnchor"></a><table><tr><td bm-component-id="9525cde2-3a90-4877-8d8f-01a629c6e53a" style="vertical-align: top; width:100.000000%;"><ul><li>Type A meeting with the FDA scheduled for September 9</li><li>Implementing cost-saving measures</li><li><a data-bm-trackable="false" href="https://ascelia-pharma.events.inderes.com/q2-report-2026/register" target="_blank">Conf call</a> at 10am CET</li></ul></td></tr></table><a id="bm-comp-86b1ffa7-61f0-49cd-994a-30ce1340f4f7" name="bm-comp-86b1ffa7-61f0-49cd-994a-30ce1340f4f7" class="BMCustomAnchor"></a><table><tr><td bm-component-id="86b1ffa7-61f0-49cd-994a-30ce1340f4f7" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Recent and upcoming relevant events</h3><p>Following the July 2, 2026 Complete Response Letter for Orviglance, which cited concerns over the SPARKLE re-read (potential reader bias and a T1-only scoring scope) alongside small product documentation questions, Ascelia disputed both clinical grounds while acknowledging the product quality points, and moved to request an expedited Type A meeting. The FDA has now accepted that request and scheduled the meeting for September 9, 2026. Ahead of it, Ascelia has submitted a briefing package addressing each CRL topic, confirming it has aligned with and implemented the FDA's product quality recommendations, and defending the scientific rationale for the SPARKLE re-read, including reader training and the use of T1-weighted imaging as the basis for assessing lesion visualisation. Management reiterates confidence in the overall data package, with an update expected once official meeting minutes are received following the September 9 meeting (issued within 30 days, i.e. by mid-September).</p><h3 class="bm-h3">Implementing cost-saving measures</h3><p>Operating cash flow was SEK -14m (SEK -16m in Q1'26), as opex decreased 30% q-o-q. Following a directed share issue of gross SEK 20m in the quarter, cash and cash equivalents came in at SEK 34m (SEK 38m in Q1'26). After quarter's end, Ascelia has implemented cost-saving measures including the departure of the CFO to provide flexi</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/ascelia-pharma/Equity-research/2026/8/ascelia-pharma---still-alive-fighting-to-reverse-the-fda-setback/'>Läs mer på ABG Sundal Collier</a> Thu, 20 Aug 2026 07:00:33 GMT SE0010573113 Analys <a id="bm-comp-bcc402d5-c667-4346-98df-aa99857686ff" name="bm-comp-bcc402d5-c667-4346-98df-aa99857686ff" class="BMCustomAnchor"></a><table><tr><td bm-component-id="bcc402d5-c667-4346-98df-aa99857686ff" style="vertical-align: top; width:100.000000%;"><ul><li>Sales of SEK 89m (+17% vs. ABGSCe 76m), a 63% y-o-y growth</li><li>Order book at a record at SEK ~640m</li><li>Acceleration is here</li></ul></td></tr></table><a id="bm-comp-c66e2c10-7c2d-47ae-b113-5ef92fc858b7" name="bm-comp-c66e2c10-7c2d-47ae-b113-5ef92fc858b7" class="BMCustomAnchor"></a><table><tr><td bm-component-id="c66e2c10-7c2d-47ae-b113-5ef92fc858b7" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Strong Q2'26 results</h3><p>Clavister reported Q2'26 sales of SEK 89m (+17% vs ABGSCe 76m), implying a 63% y-o-y growth. Although order intake decreased 25% (affected by multi-year contracts won last year), the order backlog remains strong at SEK 642m (375m Q2'25), with SEK 226m expected to be delivered coming next twelve months. Adj. EBITDA came in at SEK 27m (+47% vs ABGSCe). EBIT turned positive at SEK 13m (-5m in Q2'25). Adjusted for one-offs of SEK 2.5m, mostly related to the ongoing legal dispute, adj. EBIT came in at SEK 15m, growing from -2m in Q2'25.</p><h3 class="bm-h3">Underlying business continues to grow</h3><p>ARR increased by 4.5%, a cautious but stable growth rate, and keep in mind that the recurring base remains an important underlying business for Clavister. Gross margin improved to 82.5% (81.1%) driven by a better mix, mainly supported by the NDMA (Norwegian defence) contract.</p><h3 class="bm-h3">Keeping our view of accelerating from here</h3><p>On our unrevised estimates, Clavister is trading at 19-12x adj. EV/EBITDA for '26e-'28e. Management will host a presentation of the report CEST 09:00 (<a data-bm-trackable="false" href="https://register.gotowebinar.com/register/9109880904010535767" target="_blank">link</a>).</p><table id="bm-img-57958e57-7db7-4b31-b784-b754c96932bf" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Deviation table</td></tr><tr><td></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, Company data</td></tr></table></td></tr></table><a href='https://cr.abgsc.com/foretag/clavister/Equity-research/2026/8/clavister---defence-drives-record-quarter/'>Läs mer på ABG Sundal Collier</a> Thu, 20 Aug 2026 07:00:06 GMT SE0005308558 Analys <a id="bm-comp-da36495d-3c2f-4add-9953-1b3e294910a4" name="bm-comp-da36495d-3c2f-4add-9953-1b3e294910a4" class="BMCustomAnchor"></a><table><tr><td bm-component-id="da36495d-3c2f-4add-9953-1b3e294910a4" style="vertical-align: top; width:100.000000%;"><ul><li>Q2 EBIT of SEK 8m, vs. ABGSC of SEK 26m and cons. SEK 15m</li><li>AUM of SEK 161bn bang in line, while transaction activity continues to improve</li><li>Negative consensus revisions to follow</li></ul></td></tr></table><a id="bm-comp-391a176d-27d4-4843-af64-ba3cce97e4d5" name="bm-comp-391a176d-27d4-4843-af64-ba3cce97e4d5" class="BMCustomAnchor"></a><table><tr><td bm-component-id="391a176d-27d4-4843-af64-ba3cce97e4d5" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3"><strong>Q2 EBIT SEK 8, vs. ABGSC at 26m &amp; consensus at 15m</strong></h3><p>The Q2&#8217;26 underlying EBIT improved by SEK 43m y-o-y whe adjusting for one-offs, and came in at SEK 8m, which was 18m below ABGSC and 7m below FactSet consensus. Looking at underlying development, the Investment Management segment delivered weaker than expected results in Q2, while Corporate Finance was more broadly in line.</p><h3 class="bm-h3"><strong>AUM of SEK 160.8 bn in Q2, bang in line with both ABGSC &amp; consensus forecast</strong></h3><p>Net sales in Q2 came in at SEK 400m (722m), which was 7% above ABGSC's forecast and 8% above consensus. Reported EBITDA came in at SEK 27m, 19m below both ABGSC and FactSet consensus. The AUM came in at SEK 160.8bn, up 1% q-o-q (SEK 159.8bn), which was bang in line with both ABGSC forecast and consensus. The slight increase of 1bn sequentially is driven by FX tailwind, offsetting both capital outflow and lowered valuations in the underlying portfolios.</p><h3 class="bm-h3"><strong>Negative cons. revisions to follow</strong></h3><p>We expect consensus to cut their &#8216;26e EBIT by ~1-3% mainly reflecting the Q1 and Q2 earnings shortfall in IM, while improving activity and solid AUM should limit revisions to 2027-&#8216;28. Regarding the SEK 100m share buyback program announced in Q1, Catella repurchased 2.5m shares during Q2 for c. SEK 52m, corresponding to 2.95% of total shares outstanding. Cal</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/catella/Equity-research/2026/8/catella---q2-softer-than-expected-but-underlying-trends-improving/'>Läs mer på ABG Sundal Collier</a> Thu, 20 Aug 2026 06:30:06 GMT SE0000188518 Analys <a id="bm-comp-2ca46816-bb68-4eec-8b69-61f4bd3b5599" name="bm-comp-2ca46816-bb68-4eec-8b69-61f4bd3b5599" class="BMCustomAnchor"></a><table><tr><td bm-component-id="2ca46816-bb68-4eec-8b69-61f4bd3b5599" style="vertical-align: top; width:100.000000%;"><ul><li>Volumes strong, sales up 10% y-o-y</li><li>Adj. EBIT growth of 8% y-o-y, margin of 21%</li><li>DOCS now penetrated &gt;30% of municipalities</li></ul></td></tr></table><a id="bm-comp-a6e7491b-62ac-4d5f-89f9-2a0a6e1e8418" name="bm-comp-a6e7491b-62ac-4d5f-89f9-2a0a6e1e8418" class="BMCustomAnchor"></a><table><tr><td bm-component-id="a6e7491b-62ac-4d5f-89f9-2a0a6e1e8418" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2'26 details</h3><p>Generic Sweden reported Q2'26 sales of 48.7m, in line with our expectations (0% vs ABGSCe 48.7m), mostly driven by higher volumes in the SMS business (messaging segment), where we started to see a bottoming out already in Q1. Messaging solutions grew 10.7% y-o-y, and this could potentially be an end to the customer cost cautiousness that has held back the segment. The gross margin came in at 44%, in line with what we thought. Reported EBIT was held back by roughly SEK 1m from the settlement of holiday pay liabilities for older holiday days. Adjusting for this, adj. EBIT was SEK 10.3m, up 8% y-o-y and 10% above our SEK 9.4m.</p><h3 class="bm-h3">Thoughts</h3><p>The DOCS product continues to be a success story, and the penetration rate keeps climbing, with around 31% of Swedish municipalities now having the product. The share of wallet is unknown, but breaking into the public sector often takes time, as municipalities tend to sit on long frameworks. We therefore see this penetration rate as very positive for Generic. Growth in the segment was nevertheless lower this quarter at 11%, partly because much of the focus went to one of Sweden's larger municipalities, which went live later than initially planned.</p><h3 class="bm-h3">Valuation</h3><p>The company is valued at 10-9x adj. EBIT on our unrevised numbers for '26e-'27e, around 55% below its peers. Generic continues to operate with 21 employees (22 in Q</p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/generic/Equity-research/2026/8/generic---volumes-continue-to-grow/'>Läs mer på ABG Sundal Collier</a> Thu, 20 Aug 2026 05:45:07 GMT SE0001790791 Analys <a id="bm-comp-513880b7-7024-4dca-b70d-a55db123a629" name="bm-comp-513880b7-7024-4dca-b70d-a55db123a629" class="BMCustomAnchor"></a><table><tr><td bm-component-id="513880b7-7024-4dca-b70d-a55db123a629" style="vertical-align: top; width:100.000000%;"><ul><li>Sales 1% above us, but EBIT 10% below on a softer gross margin</li><li>Past the H2'25 trough, larger volume ramp to start in Q4'26</li><li>We cut '26e-'28e EBIT by 9-4% on ramp timing and FX</li></ul></td></tr></table><a id="bm-comp-ab6f6fb8-84d5-412e-afdf-d176287ebf70" name="bm-comp-ab6f6fb8-84d5-412e-afdf-d176287ebf70" class="BMCustomAnchor"></a><table><tr><td bm-component-id="ab6f6fb8-84d5-412e-afdf-d176287ebf70" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q2 results</h3><p>Q2 sales were 1% above ABGSCe while EBIT was 10% below, at SEK 27.4m (31.1m) and SEK 7.4m (11.2m), respectively. Volumes were pre-announced in July's H1 update, although Q2 Engine Equivalents of 3.1m (3.4m) were slightly below the 3.2m implied there, likely due to rounding. Unusually high engineering service revenue of SEK 1.0 million (0.3 million) drove the sales beat. The EBIT margin of 27.1% (36.1%) was 3pp below our estimate on a gross margin of 69.4% (71.4%) against our 72.0%. We view this as a quarterly fluctuation in a lower-volume environment rather than something to extrapolate. Despite still constituting a negative y-o-y development, the recovery from the H2'25 trough was confirmed.</p><h3 class="bm-h3">Estimate changes</h3><p>We cut '26e/'27e/'28e EBIT by 9%/7%/4%, as we have pushed back the EE ramp somewhat based on management comments that higher production volumes are expected towards the end of H2'26 due to the recovery of the commercial vehicle sector and the ramp-up of new programmes. We now forecast EEs of 3.2m/3.8m in '26e/'27e, with '28e essentially unchanged at 4.5m. Updated FX takes a further ~2% off '27e-'28e sales.</p><h3 class="bm-h3">Outlook and valuation</h3><p>The expected recovery looks broadly intact to us: H1 EEs were 15% above H2'25, and the company points to global commercial vehicle orders up ~30% y-o-y and ~140% in North </p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/sintercast/Equity-research/2026/8/sintercast---past-the-trough-but-recovery-pace-uncertain/'>Läs mer på ABG Sundal Collier</a> Wed, 19 Aug 2026 13:00:07 GMT SE0000950982 Analys <a id="bm-comp-5f722c2f-3fc6-46e1-9a82-36a271454af1" name="bm-comp-5f722c2f-3fc6-46e1-9a82-36a271454af1" class="BMCustomAnchor"></a><table><tr><td bm-component-id="5f722c2f-3fc6-46e1-9a82-36a271454af1" style="vertical-align: top; width:100.000000%;"><ul><li>Q2 EBITDA 13% below cons on lower senior device sales</li><li>Doro Connect first retail pilot complete, Norway rollout from September</li><li>Expect cons to lower '26 EBITDA by 4-6%, share to follow</li></ul></td></tr></table><a id="bm-comp-5c7cfba6-898a-457c-a259-c833fcc6bbe4" name="bm-comp-5c7cfba6-898a-457c-a259-c833fcc6bbe4" class="BMCustomAnchor"></a><table><tr><td bm-component-id="5c7cfba6-898a-457c-a259-c833fcc6bbe4" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">EBITDA NOK 49m, -13% vs cons</h3><p>Revenue was NOK 422m, 9% below cons of NOK 462m and 6% below ABGSCe of NOK 447m. The gross margin was 54.1% vs. cons of 51.5% and ABGSCe of 51.9%. Opex was NOK 180m, about in line with ABGSCe of NOK 179m and cons of NOK 182m, and we argue this shows good cost control. This gave an EBITDA of NOK 49m, 13% below cons of 56m and 8% below ABGSCe of NOK 53m, corresponding to an EBITDA margin of 11.5% vs. 12.9% in Q2'25. Capex was NOK 11m (ABGSCe NOK 12m), resulting in EBITDA-capex of NOK 38m, 8% below ABGSCe of NOK 41m. The miss vs cons is driven almost entirely by lower device sales in the Senior segment, which is not very surprising given the exceptionally strong growth the company has had in this segment the past year partly boosted by the shutdown of 2G networks.</p><h3 class="bm-h3">Senior device sales 8% below ABGSCe</h3><p>Total device revenue was NOK 332m, 6% below ABGSCe of NOK 355m. Kids &amp; Youth device sales of NOK 137m was 1% below ABGSCe, and Senior device sales (Doro) of NOK 198m was 8% below ABGSCe. Kids &amp; Youth service revenue was NOK 90m, 2% below ABGSCe of NOK 92m, corresponding to a growth of 10% y-o-y. Number of Kids subscriptions ended at 502k as pre-announced, of which 310k were Connectivity (ABGSCe 314k), 138k were Premium (ABGSCe 135k), 32k were B2B (ABGSCe 37k), and 22k were </p></td></tr>...</table> <a target='_blank' href='https://cr.abgsc.com/foretag/xplora_technologies/Equity-research/2026/8/xplora-technologies---ebitda--13-on-soft-senior-device-sales/'>Läs mer på ABG Sundal Collier</a> Wed, 19 Aug 2026 07:15:07 GMT NO0010895782 Analys