Northern Lights

Vicore Pharma (Buy, TP: SEK41.00) - Waiting for trials to start

Vicore Pharma reported a Q2 operating loss of cSEK25m; as expected, the report was a non-event. More interesting is the upcoming data from the extended dose-finding Phase I trial that should be available during the autumn. We also expect the company to initiate phase II trials in IPF and dcSSc in the next six months, while the VP02 programme should be ready for clinical trials in about a year. We reiterate our BUY recommendation and SEK41 target price.

Northern Lights

Yubico (Buy, TP: SEK340.00) - Cybersecurity debt remains unpaid

2024 was a big year for data breaches, where Yubico achieved four strong bookings beats versus high sell-side expectations, while winning numerous awards. Investors may question whether 2025 can get better, as short interest has increased, but we are not concerned about recent insider sells. We see it as a beneficiary of increased threats, where the cybersecurity threat remains unresolved. We forecast 42% EPS growth YOY for 2025 (facing a high base), with additional upside potential from its strategic partnerships in B2B2C, implementation with Microsoft Authenticator, and ambition to move up i...

Logistea (Buy, TP: SEK18.00) - Achieving financial synergies

We maintain our positive view ahead of the Q4 results following strong refinancing activities at the end of the quarter. These should be reflected in Logistea’s ‘earnings capacity’, where we forecast ∼10% growth QOQ – a potential near-term catalyst in our view. Due to rising market interest rates, we have lowered our target price to SEK18 (20), but reiterate our BUY.

Bufab (Hold, TP: SEK425.00) - One C-part at a time

We forecast flat organic growth in Q4, following six consecutive quarters of negative growth. We expect a gradual organic improvement in 2025–2026 and believe Bufab is well positioned to stand out in the current challenging market given its leading position. Following a change of analyst, we have made minor divisional estimate changes and increased our EBITA for 2025e by 4% and 2026e by 9%. We have increased our target price to SEK425 (415) to align with historical multiples, but reiterate our HOLD.