Humana AB: 2 directors

A director at Humana AB bought 2,500 shares at 37.730SEK and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board mem...

Strong end to the year in Norway

Yubico (Buy, TP: SEK275.00) - Second noisy quarter in a row

We see Yubico as a continued beneficiary in this heightened cybersecurity threat landscape. The short-term momentum of our thesis has come down amid tougher comparables and a higher burden of proof, while we expect soft Q1 results. For investors willing to look beyond the short-term noise, we believe most negatives are factored in (it is the fifth-most shorted stock on the Stockholm Main Market), and we expect it to reverse the bearish sentiment in 2025. We reiterate our BUY, but have cut our target price to SEK275 (310).

Kongsberg Gruppen (Hold, TP: NOK1450.00) - Less European exposure than peers

We expect Q1 EBITDA of NOK2.2bn (results due at 07:00 CET on 8 May). Kongsberg Gruppen’s valuation premium to European defence peers has shrunk as peer multiples have converged on expectations of higher European defence spending. We believe this is warranted by its lower share of defence sales to EU countries. We continue to find the valuation demanding, while struggling to see negative share price catalysts. Hence, we reiterate our HOLD while we have raised our target price to NOK1,450 (1,300).

Mixed upside potential, despite market recovery expectations

Pent-up demand and falling interest rates remain the backbone for newbuild recovery expectations. However, as the recovery has not yet started, property developers screen as the most attractive long-term, but visibility remains mixed. Diversified construction companies are more attractive on near-term P/Es, although many seem to be fully valued on solid share-price performance over the past six months. We maintain a neutral sector view; NCC and Skanska are our top picks.