AcadeMedia AB (Buy, TP: SEK92.00) - Finding bolt-on acquisitions again

Q1 was in line with our forecasts, showing growth across all segments. We see a solid demand outlook, driving growth, and an attractive valuation (2024/25–2026/27e FCF yield of 15–20%), with AcadeMedia back in acquisition mode (four bolt-ons in Q1) and the now recurring share redemption programme (SEK300m) addressing its weak track record in capital allocation. We see the potential for a continued re-rating and reiterate our BUY and SEK92 target price.

Q1 beat driven by Adult Education

Strong Q1 but temporary drivers

ChemoMetec (Buy, TP: DKK540.00) - More than on track

The Q1 results were much stronger than expected, even after the increased full-year guidance in October, which now already looks conservative to us. In our view, this looks like a ‘beat and raise’ strategy, and we would not be surprised to see several guidance increases as new products increasingly contribute and end-markets continue to improve, which, considering the operating leverage, could drive significant positive consensus earnings revisions. We reiterate our BUY and have raised our target price to DKK540 (505).

Kojamo (Buy, TP: EUR10.50) - Expecting improved rental markets

The Q3 results were in line with our forecasts, with continued muted Finnish residential rental markets. However, we expect markets to gradually improve, given a low supply of newbuilds over 2025–2027e and falling unemployment rates. With declining interest rates, we also see the potential for the company to restart project developments in 2025–2026. On the current valuation, we find the risk/reward attractive. We have upgraded to BUY (HOLD) and raised our target price to EUR10.5 (10).

Olav Thon (Buy, TP: NOK265.00) - Deep value and growth potential

Olav Thon reported Q3 FFO 4% below our forecast, owing to tax cost deviations. The company continues to have one of the sector’s strongest balance sheets, and we continue to expect it will make transactions that can increase EBIT and FFOps. Despite its robust balance sheet and its solid historical growth, the stock is trading at one of the sector’s deepest NAV discounts. We reiterate our BUY and NOK265 target price.