Isofol Medical AB: 1 director

A director at Isofol Medical AB bought 500,000 shares at 0.610SEK and the significance rating of the trade was 53/100. 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 ...

Northern Lights

Isofol Medical Full steam ahead

Isofol Medical had a pivotal Q3 in terms of clinical and commercial milestones. We expect results from the interim readout in Q1 2021e and the DSMB to recommend an expansion of the study to demonstrate statistical significance on PFS. On the back of two successful licensing deals, securing a path to the market should now be able to continue unhindered. We have raised our fair value to SEK14–28 (SEK10–23).

Medistim (Hold, TP: NOK190.00) - Sales in Americas weaken

Revenues grew 3.5% YOY in Q1 (currency-neutral total sales grew 2.2%), below our estimate c6%. The EBIT margin of 24% was almost back to normal and in our view shows the low margin in Q4 2023 (16.4%) should be seen as a one-off. However, we remain concerned about revenue growth, especially in the Americas, after the fifth consecutive quarter of declining currency-neutral sales. Thus, while we reiterate our HOLD, we have lowered our 2024–2026e sales by c3–8% and cut our target price to NOK190 (210).

Catena (Buy, TP: SEK515.00) - Time to put the money to work

The Q1 results were solid in our view; although the vacancy rate rose, it was from a very low level, and was therefore of limited concern. We reiterate our BUY and have raised our target price to SEK515 (500). In our view, Catena has (too much) firepower following its last equity raise and we would like to see more M&A, project activity, or speedy reinvestment. Following the equity raise the stock looks highly valued on a 2025–2026e P/FFO of 21–19x, but that drops to 15–14x adjusted for earnings from our forecast recurring development gains.

Kesko (Hold, TP: EUR17.00) - Technical(ly) weak

Q1 disappointed due to Building & Technical Trade (BTT) profitability well below expectations. We continue to see a mixed case, with stable to gradually improving Grocery Trade (GT) but still-weak Building & Technical Trade. We reiterate our HOLD but have cut our target price to EUR17 (18), after lowering our 2024–2026e clean EBIT and DPS by c4%.