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.

Dexcom Q1: strong growth and positive news

Nordic Semiconductor (Buy, TP: NOK160.00) - Not too bad given tail-end...

While implied guidance for H1 revenues is ~1–4% below our forecast and consensus, the underlying sequential performance is directionally in line with the broader set of peers to have reported to date. We find this growth and gross margin profile solid, given we are at the tail-end of the life of Nordic’s 10-year-old 55nm technology platform. Combined with the arguably unprecedented level of uncertainty for the company’s customers, we find it achieving a ~50% gross margin and accelerated Cellular...

Nordic Semiconductor ASA: 1 director

A director at Nordic Semiconductor ASA bought 20,090 shares at 102.500NOK and the significance rating of the trade was 50/100. 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 y...

Soft Q1 growth from Logitech

14% drop seems like an overreaction

Millicom (Buy, TP: USD39.00) - Solid underlying performance

We are a bit below consensus on service revenue, but believe this fully relates to Bolivia, where Millicom is set to report based on an assumed fair FX rate. Adjusting for this, we are in line with consensus on service revenue and EBITDA. We reiterate our BUY and have converted to a USD-based target price of USD39 (SEK375). The results are due at 12:00 CET on 8 May.

When it rains, it pours

Entra (Buy, TP: NOK130.00) - Net lettings slip again

Q1 EBIT was broadly in line with our forecast, but financing costs were higher following a refinancing, and net financing was guided higher than we expected. However, net lettings were weak (again) at NOK-73m (lost 2.36% of its annual rent income), and were down c6.1% over the past three quarters. We have cut our 2025e EPS by 10%, but reiterate our BUY and NOK130 target price, with our key investment case the upside potential in the stock in an M&A scenario.

The trend continues

Q1 beat, but muted Q2 guidance

Signs of sector recovery, and more Q1 results

The markets were much quieter following the Easter break, with limited news; however, the names we cover saw their shares up 2.6% on average, with Atrium Ljungberg (7.1%), SBB (7.1%) and Pandox (4.8%) the top performers. JM released its Q1 results and we reiterated our BUY, believing it has passed the earnings trough, while we reiterated our HOLDs on Corem and Fabege following their quarterly reports. The weighted-average implied EBITDA yields on the stocks we cover are 5.04% for 2025e and 5.34%...

Avanza Bank Holding AB: 1 director

A director at Avanza Bank Holding AB bought 1,500 shares at 313.130SEK and the significance rating of the trade was 69/100. 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 year...

Vital Signs: Actionable charts

In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.

Nordic Semiconductor (Buy, TP: NOK174.00) - Near-term momentum likely ...

While the effects of trade tensions and tariff upheaval remain uncertain, our discussions with industry sources suggest strong, improving order momentum in Q1. Moreover, we expect the recently announced 90-day tariff pause to drive pull-forward of US imports. This has led us to shift our estimates from H2 towards H1. Beyond tariff-induced pull-ins, Dexcom channel replenishment dynamics remain one company-specific source of uncertainty to watch, while we estimate a limited effect. We remain sligh...

Q1 reporting begins, volatility persists, CEO to leave and ‘special ex...

The ‘tariff volatility’ in credit and equity markets persisted this week, reversing many of the gains from previous weeks. Atrium Ljungberg kicked off Q1 reporting season. Öresund’s representative left the board of Stenhus and appointed a special examiner to review the company’s management. Castellum’s CEO Joacim Sjöberg stated he plans to leave by Q4 2026. The weighted-average implied EBITDA yields on the stocks we cover are 5.33% for 2025e and 5.66% for 2026e.

Europris (Buy, TP: NOK90.00) - Well-equipped for a harsher climate

Q1 earnings were below expectations, partly due to negative currency hedging effects in Norway and Sweden, and continued weakness in Sweden. However, we believe Europris is well-positioned for the current market climate and expect a successful turnaround in Sweden by 2028. We reiterate our BUY as we continue to find the valuation attractive, but have cut our target price to NOK90 (95) on lowered estimates.