Recipharm (No_rec, TP: SEK) - Discontinuing coverage

We have discontinued coverage of Recipharm, owing to its takeover by EQT. Our last published recommendation, target price and estimates should no longer be relied upon.

Northern Lights

Recipharm (Hold, TP: SEK232.00) - Raised bid for the company

Recipharm reported a strong Q4 report on 28 January, with sales in line with expectations but EBITDA 14% above consensus. On the same day, EQT and the founders raised their bid for Recipharm to SEK232 per share (from SEK220), which was recommended by the independent part of the board of directors. We reiterate our HOLD but have raised our target price to SEK232 (220).

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

As a result of DNB Markets acting as financial advisor in conjunction with the company’s announcement (link) of a strategic review prompted by a non-binding letter of intent from Firda AS to explore a potential sale of its business segment assets, we have withdrawn our target price and recommendation.

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Helped by still-solid core revenues, cost reduction YOY and moderate loan losses, HELG reported a Q1 ROE of 12.3%, despite some margin pressure. With solid earnings generation, the bank increased its CET1 ratio by ~20bp to 18.0% and still guides for a 0.8%-point benefit from the implementation of Basel IV, boding well for meaningful distributions. We have lowered our 2026–2027e EPS by 0–1%, That said, we reiterate our target price of NOK167. With the stock trading at a 2026e P/E of ~12.4x, we continue to find the valuation fair and reiterate our HOLD.

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

Smartoptics’ Q1 results marked a slower start to the year than we forecast, primarily owing to weaker sales in Devices, which seems to be back to near-term tariff-induced uncertainty. On the flip side, we understand the slowdown seen towards end-Q1 has already caught up again in order inflow, and thus we remain upbeat for the quarters ahead. Following an estimate reduction, we have lowered our target price to NOK27 (30) but reiterate our BUY.