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We maintain a cautious view on growth

Q2e: -1% organic growth, SEK 441m adj. EBIT (-13% y-o-y). Growth outlook remains uncertain; estimates rel. unchanged. Reiterate HOLD, trading at 7x adj. EBIT and 7% FCFy '24e

Stillfront Group (Buy, TP: SEK20.00) - Increasingly an H2e story

We reiterate our BUY but have lowered our target price to SEK20 (21) ahead of Stillfront’s Q2 results. We expect continued flattish revenue growth YOY, but with a sharp drop in user acquisition spending QOQ to drive solid margins. We have edged down our 2024–2025e revenues by c1%, and our adj. EBITDAC by 1–2%. The results are due at 07:00 CET on 22 July.

Sinch (Buy, TP: SEK45.00) - Looking for stability

We expect Q2 results (due at 07:30 CET on 19 July) to be similar to Q1’s, and forecast 4% organic gross profit growth (3% in Q1). We are largely in line with consensus on sales, gross profit and EBITDA, and estimate stable cash-flow generation of SEK400m. We reiterate our BUY and SEK45 target price.

Novo Nordisk (Buy, TP: DKK1200.00) - Co-morbidities in focus at ADA

Focus at the 2024 American Diabetes Association (ADA) conference on 21–24 June was on the health benefits of treating obesity and the positive impact on comorbidities. Based on our observations, we expect broad-based penetration of GLP-1 drugs in the US, with prescribers ranging from cardiologists to pulmonologists. We reiterate our BUY and have raised our target price to DKK1,200 (1,100), mainly on higher forecast GLP-1 sales.

Storebrand (Buy, TP: NOK127.00) - Set for continued growth in AUM

We forecast Q2 PTP before amortisation of NOK2,163m on strong AUM growth, and a NOK1.1bn gain on the sale of Storebrand Helseforsikring (results due at 07:30 CET on 12 July). The higher AUM base due to Asset Management and Unit Linked reserves should raise Savings’ PTP, while the ongoing repricing supports growth in Insurance. We reiterate our BUY and have raised our target price to NOK127 (125), finding the stock attractively valued at a 2025e P/E of ~9x, adjusted for the expected capital release from Guaranteed reserves.