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

Valmet (Buy, TP: EUR30.00) - Q1 on the weak side

Following a mixed but negatively skewed overall Q1, we have lowered our 2024–2026e clean EPS by c4% on average. We reiterate our BUY and EUR30 target price.

Komplett (Hold, TP: NOK10.00) - Challenging market set to persist

The Q1 report was weak, as revenues were badly hit by a challenging market, which looks set to persist near-term. We reiterate our HOLD and have cut our target price to NOK10 (12) on negative estimate revisions. At our new target price, the stock would be trading at a 2026e P/E of c5x, which we find to be warranted given the subdued market outlook and weak balance sheet.

XXL ASA (No_rec, TP: NOK) - Weak Q1, but better than forecast

XXL reported weak Q1 results, albeit slightly better than expected, as it continues to underperform in a challenging market. On a positive note, the company continues to make progress on its strategic initiatives and has improved its financial position following the private placement. We have cut our 2024–2025e EBITDA by 21–13% on slightly revised revenue and margin assumptions.