Two birds with one (very tiny) stone

Nordic Semiconductor (Buy, TP: NOK174.00) - Still appears set for a pivotal year

While we see data points suggesting the strong Q4 results and Q1 guidance are probably seeing some tailwinds from pre-emptive demand pull-forward ahead of tariffs and intensifying trade tensions, we believe underlying momentum is materially stronger than we forecast and thus have significantly raised our estimates across the board for 2025–2026. Therefore, while we see some risk to the magnitude of sequential growth in Q2–Q3e not being in line with normal patterns, we continue to expect 2025 to be a year where the perception-reality gap on the company’s competitiveness and financial trajectory...

Flerie (Buy, TP: SEK57.00) - Entering tougher times with care

Entering tougher times with care Q1 saw a 6% decline QOQ in Flerie’s NAV, as FX movements and valuation overshadowed progress across its portfolio (e.g. positive results for Lipum and AnaCardio). We have lowered our target price to SEK57 (68) to reflect a more challenging environment for early-stage life science assets, but reiterate our BUY as we continue to like the diversified, conservatively valued portfolio and the share redemption scheme at NAV (set for end-Q2). Flerie is set to take listed holding Toleranzia private subject to AGM approval, which should improve funding conditions agains...

VEF (Buy, TP: SEK2.50) - Executing on exits and buybacks

Q1 saw 1% NAV growth QOQ in USD terms, as operational progress and FX effects (mostly relating to the BRL) offset multiples contraction. We are encouraged by the recent partial exit of Juspay at a 37% IRR, 4x CoC and valuation in line with NAV, and see further near-term upside potential in this name. We have cut our target price to SEK2.5 (2.9), mainly on the USD headwind versus the SEK, but reiterate our BUY, as we still see scope for a re-rating from continued exits, deleveraging and the recently announced buyback programme.

Nordea (Buy, TP: SEK155.00) - Resilient returns at a discount

Nordea’s Q1 was a robust quarter, with a resilient >15% ROE on a strong capital position (200bp management buffer) underpinning Nordea’s widening ROE lead versus its peers. We have raised our 2025–2027e EPS by 3–4% and our target price to SEK155 (148). Nordea is trading at a c15% P/E discount to its Swedish large bank peers, which we find unjustified given its superior ROE versus the peer group. We reiterate our BUY.