The colour is starting to wear off

Norway: Best ideas Q2'25

Bravida Holding AB: 1 director

A director at Bravida Holding AB maiden bought 3,360 shares at 87.500SEK and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ye...

Camurus: Signs USD870m deal with Lilly for LAI incretins

Camurus signed a USD870m deal with Eli Lilly, licensing its FluidCrystal technology for up to four long-acting injectable (LAI) incretin candidates. The upfront, development and regulatory milestones of USD290, combined with USD580m in sales milestones and tiered mid-single digit royalties, further

CMU: Volume takes centre stage

Limited changes post Q1

Consolidated in line weak from JV's

Good Q1e sales, but recent slow-down

Camurus Q1: Beat on profitability, Buvidal/Brixadi momentum preserved

Camurus reported its Q1'25 results, with topline revenues of SEK558m (c. -6% vs css, primarily due to FX), and a beat on profitability with PBT coming in at SEK254m (c. +20% vs css). Buvidal maintained its growth momentum in Q1 with 3,000 new patients on treatment (vs. 4,000 in Q4, but consistent w

Not quite nailing it

Core 2% below, Jotun better

Core EBIT 2% below adj for on-offs, better on lower sales / margin

Sats (Hold, TP: NOK37.00) - Time for a breather

Q1 was slightly below expectations and the CMD targets were broadly in line with our forecasts and consensus. We have raised our target price to NOK37 (34) on higher estimates but have downgraded to HOLD (BUY), as we find the valuation fair following the recent strong share price performance.

Sweden needed for a homerun

EBIT 4% below, strong growth expected

EBIT 4% below on 4% higher cost. Members strong, +2% vs cons. Targets EPS of over NOK 3

More Q1 results and a proposed delisting

The Q1 reporting season is in full swing, with results from Catena, Entra, Pandox and Wihlborgs in the past week. In addition, Aurora Eiendom announced a proposal to delist from Euronext Growth Oslo. The weighted-average implied EBITDA yields on the stocks we cover are 5.00% for 2025e and 5.31% for 2026e.

Betsson (Buy, TP: SEK195.00) - Resilient growth and new markets

After a decent Q1, solid 70% revenue growth YOY in Latin America (1/4 of group revenue) and a surprisingly strong start to Q2 (c20% group revenue growth YOY in April), we have raised our 2025e EBIT by 3%. We expect net cash to increase to EUR242m at end-2025e, enabling more potential acquisitions and growth exceeding the structurally expanding market. We reiterate our BUY and have raised our target price to SEK195 (190).

Norsk Hydro (Sell, TP: NOK55.00) - Q1 shipments delayed to Q2

Norsk Hydro’s Q1 results fell somewhat short of market expectations (EBITDA 4% below consensus) and it cut its Extrusions guidance. A large share of the miss appears to reflect late shipments in the bauxite and alumina (B&A) segment following heavy rainfall, which should mean higher volumes in Q2. We have made only minor changes (-1–0%) to our 2026–2027e EPS. We continue to see downside risk to aluminium prices, and reiterate our SELL and NOK55 target price.

Muted estimate changes

Burning calories, stacking profits

Weak deliveries and higher cost