reports
- Frank Maaø
- Håkon Astrup
- Jesper Ingildsen
- Joachim Gunell
- Jørgen Lian
- Martin Huseby Karlsen
- Niclas Gehin
- Ole-Andreas Krohn
- Rune Majlund Dahl
- Ebba Bjorklid
- Håkon Astrup
- Joachim Gunell
- Johannes Grunselius
- Jørgen Lian
- Karl-Johan Bonnevier
- Markus Tryggvason Lanesskog
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Rune Majlund Dahl
- Simen Mortensen
- Tomi Railo
FLS FLSMIDTH & CO. A/S
SRBNK SPAREBANK 1 SR-BANK ASA
SVEG SPAREBANKEN VEST
ODF ODFJELL ASA
FREJA VERISEC AB
BILL BILLERUDKORSNAS AB
HELG SPAREBANK 1 HELGELAND
ORK ORKLA ASA
COLO B COLOPLAST A/S CLASS B
FKRFT FJORDKRAFT HOLDING ASA
LOOM B LOOMIS AB
ELO ELOPAK ASA
HAUTO HOEGH AUTOLINERS ASA
NELLY NELLY GROUP AB
- Cecilie Skaane
- David Martinsson
- Frank Maaø
- Håkon Astrup
- Joachim Gunell
- Karl-Johan Bonnevier
- Mats Bye
- Mattias Holmberg
- Niclas Gehin
- Niklas Wetterling
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Patrik Ling
- Rune Majlund Dahl
- Simen Mortensen
SAMPO SAMPO OYJ CLASS A
COOR COOR SERVICE MANAGEMENT HOLDING AB
SRBNK SPAREBANK 1 SR-BANK ASA
GN GN STORE NORD A/S
KOG KONGSBERG GRUPPEN ASA
NONG SPAREBANK 1 NORD-NORGE
SCST SCANDI STANDARD PUBL AB
FREJA VERISEC AB
7CA CAMURUS AB
KLED KUNGSLEDEN AB
ORK ORKLA ASA
SBANK SBANKEN
ALIG ALIMAK GROUP AB
POX PANDOX AB CLASS B
ADEB ADEVINTA
GENTME GENTIAN DIAGNOSTICS
KAHOT KAHOOT
ELIMP ELEKTROIMPORTOREN
- Joachim Gunell
Freja eID Group Planting the seeds for sales growth
Freja eID has built a strong platform and we are encouraged by early uptake metrics such as a 100k users expanding by 285% YOY and 252 relying parties showing 61% YOY growth. We also recognise that it still has a lot of work to do to demonstrate monetisation of the ecosystem, but Freja eID appears to have the right balance of user simplicity and capabilities. We forecast a 76% sales CAGR to 2023e and have lifted our fair value to SEK75–125 (50–100).
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Bullish Outlook Intact; Growth vs. Value Stalemate Continues Market dynamics remain positive and there continues to be an absence of breakdowns across the broad indexes and Sectors. As a result we remain bullish and we view any weakness as a buying opportunity. · S&P 500. The S&P 500 is currently testing short-term support in the 3630-3645 zone, which happens to coincide with a multi-week uptrend. If this area fails to hold, the next important support levels to watch would be 3588 foll...
PKG PACKAGING CORPORATION OF AMERICA
WK WORKIVA
UAN CVR PARTNERS LP
QYM SOCIEDAD QUIMICA Y MINERA DE CHILE S.A. SERIES B ADS
SMG SCOTTS MIRACLE-GRO COMPANY CLASS A
RPD RAPID7 INC.
NP NEENAH INC
MTD METTLER-TOLEDO INTERNATIONAL INC.
MOS MOSAIC COMPANY
MERC MERCER INTERNATIONAL INC.
KEYS KEYSIGHT TECHNOLOGIES INC
IP INTERNATIONAL PAPER COMPANY
CF CF INDUSTRIES HOLDINGS INC.
A AGILENT TECHNOLOGIES INC.
CLW CLEARWATER PAPER CORPORATION
FREJA VERISEC AB
COHU COHU INC.
RFP RESOLUTE FOREST PRODUCTS INC.
SWM SCHWEITZER-MAUDUIT INTERNATIONAL INC.
WRK WESTROCK COMPANY
ICL ICL GROUP LTD.
ESTC ELASTIC N.V.
CLDX CELLDEX THERAPEUTICS INC.
IPI INTREPID POTASH
- Dave Nicoski
- Ross LaDuke
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.
XOMA XOMA
UAN CVR PARTNERS LP
SM SM ENERGY COMPANY
SEDG SOLAREDGE TECHNOLOGIES INC.
RARE ULTRAGENYX PHARMACEUTICAL INC.
OTIC OTONOMY
ORBC ORBCOMM INC.
NK NANTKWEST
MYE MYERS INDUSTRIES INC.
INFN INFINERA CORPORATION
GPRK GEOPARK
GLP GLOBAL PARTNERS LP
DIS WALT DISNEY COMPANY
BCRX BIOCRYST PHARMACEUTICALS INC.
ALKS ALKERMES PLC
COWN COWEN INC CLASS A
TRUP TRUPANION INC.
FREJA VERISEC AB
COHU COHU INC.
EGHT 8X8 INC.
ENPH ENPHASE ENERGY INC.
MN MANNING & NAPIER
SWM SCHWEITZER-MAUDUIT INTERNATIONAL INC.
INFU INFUSYSTEMS HOLDINGS INC.
DFIN DONNELLEY FINANCIAL SOLUTIONS INC.
INSG INSEEGO CORP
PUMP PROPETRO HOLDING CORP.
WOW WIDEOPENWEST INC.
SOI SOLARIS OILFIELD INFRASTRUCTURE
ALPN ALPINE IMMUNE SCIENCES
MDB MONGODB INC. CLASS A
CARG CARGURUS CLASS A
RCUS ARCUS BIOSCIENCES
SMAR SMARTSHEET
DBX DROPBOX INC. CLASS A
EVLO EVELO BIOSCIENCES
DOMO DOMO INCORPORATED
PRVB PROVENTION BIO INC
TBIO TRANSLATE BIO
ATLC AL TAWFEEK LEASING
CHWY CHEWY INC. CLASS A
BBIO BRIDGEBIO PHARMA
HCAT HEALTH CATALYST
PGNY PROGYNY
FREQ FREQUENCY THERAPEUTICS
XPEL XPEL INC
DAC DANAOS
RXT RACKSPACE TECHNOLOGY
BILL BILL.COM HOLDINGS
FREE WHOLE EARTH BRANDS INC (A)
SHYF THE SHYFT GROUP INC
CMT COMPTON PETROLEUM CORP.
ATTO ATENTO S.A.
- Dave Nicoski
- Ross LaDuke
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.
URBN URBAN OUTFITTERS INC.
UFS DOMTAR CORPORATION
SEDG SOLAREDGE TECHNOLOGIES INC.
OCUL OCULAR THERAPEUTIX
NRZ NEW RESIDENTIAL INVESTMENT CORP.
MYE MYERS INDUSTRIES INC.
MERC MERCER INTERNATIONAL INC.
LUNA LUNA INNOVATIONS
LQDT LIQUIDITY SERVICES
KOP KOPPERS HOLDINGS INC.
KIRK KIRKLAND'S INC.
IIN INTRICON
IDN INTELLICHECK
HAYN HAYNES INTERNATIONAL INC.
CROX CROCS INC.
CPA COPA HOLDINGS S.A. CLASS A
CF CF INDUSTRIES HOLDINGS INC.
CDXS CODEXIS
ATI ALLEGHENY TECHNOLOGIES INCORPORATED
APPS DIGITAL TURBINE
ACD ADECOAGRO S.A.
AVNW AVIAT NETWORKS
SRT SARTORIUS AG
FREJA VERISEC AB
ATEC ALPHATEC HOLDINGS INC.
ATRO ASTRONICS CORPORATION
DLA DELTA APPAREL CO.
MGI MONEYGRAM INTERNATIONAL INC.
RFP RESOLUTE FOREST PRODUCTS INC.
UEIC UNIVERSAL ELECTRONICS INC.
VRA VERA BRADLEY INC.
TCS THE CONTAINER STORE GROUP
WKHS WORKHORSE GROUP
SNAP SNAP INC. CLASS A
CARS CARS.COM INC.
HNGR HANGER
FUV ARCIMOTO
APLS APELLIS PHARMACEUTICALS
QRTEA QURATE RETAIL INC. CLASS A
CBAT CBAK ENERGY TECHNOLOGY (N SHARES)
SOLO ELECTRAMECCANICA VEHICLES
MRNA MODERNA INC.
NOVA SUNNOVA ENERGY INTERNATIONAL
CRNC CERENCE
FVRR FIVERR INTERNATIONAL
LC LENDINGCLUB CORP
WW WW INTERNATIONAL INC.
CMLS CUMULUS MEDIA INC.
CRMD CORMEDIX INC.
ACCD ACCOLADE
IPI INTREPID POTASH
AYRO AYRO INC
ORIC ORIC PHARMACEUTICALS
GBTC GRAYSCALE BITCOIN TRUST (BTC)
BEAM BEAM THERAPEUTICS
SPT SPROUT SOCIAL
IBEX IBEX
FUBO FUBOTV
BALY BALLYS CORPORATION
MP MP MATERIALS CORP (A)
MTBC MTBC INC
PVBC PROVIDENT BANCORP INC
- Dave Nicoski
- Ross LaDuke
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.
TSLA TESLA INC
RYAM RAYONIER ADVANCED MATERIALS INC
RM REGIONAL MANAGEMENT CORP
PLCE CHILDREN'S PLACE INC.
NUAN NUANCE COMMUNICATIONS INC.
MTSC MTS SYSTEMS CORPORATION
MTRX MATRIX SERVICE COMPANY
LB L BRANDS INC.
INGN INOGEN INC.
FOSL FOSSIL GROUP INC.
FFIC FLUSHING FINANCIAL CORP.
DVN DEVON ENERGY CORPORATION
CREE CREE INC.
BGFV BIG 5 SPORTING GOODS CORP.
AXTI AXT INC.
ATRA ATARA BIOTHERAPEUTICS INC
FLR FLUOR CORPORATION
VSEC VSE CORP
IIIN INSTEEL INDUSTRIES INC.
FREJA VERISEC AB
HP HELMERICH & PAYNE INC.
OESX ORION ENERGY SYSTEMS INC.
OII OCEANEERING INTERNATIONAL INC.
SPWR SUNPOWER CORPORATION
WPX WPX ENERGY INC.
AGYS AGILYSYS INC.
RVP RETRACTABLE TECHNOLOGIES INC.
LCUT LIFETIME BRANDS
WNDW SOLARWINDOW TECHNOLOGIES INC
FUV ARCIMOTO
ROKU ROKU INC. CLASS A
APPN APPIAN
RIOT RIOT BLOCKCHAIN
CDLX CARDLYTICS INC
VVPR VIVOPOWER INTERNATIONAL
LASR NLIGHT
SONO SONOS
INTZ INTRUSION
HYRE HYRECAR
KOD KODIAK SCIENCES
SOLO ELECTRAMECCANICA VEHICLES
FCEL FUELCELL ENERGY INC.
CRNC CERENCE
REZI RESIDEO TECHNOLOGIES INC.
TCON TRACON PHARMACEUTICALS
ACCD ACCOLADE
SPCE VIRGIN GALACTIC HOLDINGS (A)
ALXO ALX ONCOLOGY HOLDINGS
AYRO AYRO INC
NBR NABORS INDUSTRIES LTD.
MGNI MAGNITE INC
VTRS VIATRIS INC.
- Alexander Aukner
- Joachim Gunell
- Jon Masdal
- Jørgen Lian
- Karl-Johan Bonnevier
- Martin Arnell
- Martin Hoang Nguyen
- Mats Bye
- Niklas Wetterling
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Patrik Ling
- Rune Majlund Dahl
- Simen Mortensen
HUFV A HUFVUDSTADEN AB CLASS A
ODF ODFJELL ASA
BALD B FASTIGHETS AB BALDER CLASS B
MTG B MODERN TIMES GROUP MTG AB CLASS B
INVESTMENT LATOUR AB
WAWI WALLENIUS WILHELMSEN LOGISTICS ASA
SCST SCANDI STANDARD PUBL AB
FREJA VERISEC AB
7CA CAMURUS AB
SKA B SKANSKA AB CLASS B
MOWI MOWI ASA
AKER AKER ASA CLASS A
K90 LOOMIS AB
RECI B RECIPHARM PUBL AB
IAR B IAR SYSTEMS GROUP AB
CGG CGG
HANDI HANDICARE GROUP AB
KOJAMO KOJAMO OYJ
SATS SATS
- Joachim Gunell
Verisec Underlying KPIs signal traction
Freja eID is showing early platform success, and its decision to disclose the number of users (68k, with an additional backlog of 95k) is a positive signal to us. That said, until it proves that the eID platform can accelerate top-line growth, the stock should continue to lag. Having cut our 2020–2022 sales forecasts by 6%, we have arrived at a fair value of SEK50–100 (60–110).
- Jesper Ingildsen
- Joachim Gunell
- Jørgen Lian
- Ole-Andreas Krohn
- Simen Mortensen
- Joachim Gunell
Verisec Changing its stripes
Verisec continues to demonstrate early success in building its Freja eID ecosystem, which is set to benefit from continued digitalisation tailwinds accelerated by Covid-19 and an increasingly eID-focused organisation. However, we await further signs that it can successfully monetise its ecosystem into paying customers, and have thus cut our 2020–2022e sales by 24%, and our fair value to SEK60–110 (70–110).
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
S&P 500 Coiled Spring Our view remains bullish as long as the S&P 500 is above the 2940-2980 support zone and we suggest buying any dips. Additionally, 3076 is a short-term support level to watch on the S&P 500; if 3076 holds it would be further confirmation that the bulls are still in charge. · What Would Alter Our Bullish Outlook? Key support levels we are watching include the 2940-2980 zone on the S&P 500, 9500 on the Nasdaq 100 (or $231.50 on the QQQ), and $133 on the Russell 2000...
QRVO QORVO INC.
STMICROELECTRONICS N.V. ADS
XLNX XILINX INC.
WK WORKIVA
TER TERADYNE INC.
SPLK SPLUNK INC.
PRO PROS HOLDINGS INC.
PFSW PFSWEB INC
MPWR MONOLITHIC POWER SYSTEMS INC.
MKSI MKS INSTRUMENTS INC.
MCHP MICROCHIP TECHNOLOGY INCORPORATED
LRCX LAM RESEARCH CORPORATION
EPAY BOTTOMLINE TECHNOLOGIES (DE) INC.
ECOM CHANNELADVISOR CORP
APPS DIGITAL TURBINE
AMAT APPLIED MATERIALS INC.
MRVL MARVELL TECHNOLOGY GROUP LTD.
SWKS SKYWORKS SOLUTIONS INC.
FREJA VERISEC AB
KLAC KLA CORPORATION
ASML ASML HOLDING N.V.
AMD ADVANCED MICRO DEVICES INC.
CDLX CARDLYTICS INC
AVLR AVALARA INC
ESTC ELASTIC N.V.
- Frank Maaø
- Joachim Gunell
- Mats Bye
- Nicolay Dyvik
- Niklas Wetterling
- Ole-Andreas Krohn
- Joachim Gunell
Verisec Going through changes
Verisec’s Q1 report was disappointing in our view, but we like that the divestment of non-core businesses lessens the financial risk and increases the margin and growth profile. We expect the stock to re-rate on greater Freja eID visibility in 2020, as we expect accelerated cloud security adoption driven by Covid-19. We have cut our fair value to SEK70–110 (80–120).
- Dave Nicoski
- Ross LaDuke
DXCM DEXCOM INC.
SHOP SHOPIFY INC.
INCY INCYTE CORP
RGLD ROYAL GOLD INC
NEM NEWMONT CORPORATION
VEEV VEEVA SYSTEMS INC CLASS A
QRVO QORVO INC.
NUE NUCOR CORPORATION
NOW SERVICENOW INC.
MASI MASIMO CORPORATION
ZBRA ZEBRA TECHNOLOGIES CORPORATION CLASS A
TSCO TRACTOR SUPPLY COMPANY
TECH BIO-TECHNE CORPORATION
TEAM ATLASSIAN CORP. PLC CLASS A
SMG SCOTTS MIRACLE-GRO COMPANY CLASS A
SFM SPROUTS FARMERS MARKETS INC.
RP REALPAGE INC.
ROK ROCKWELL AUTOMATION INC.
PZZA PAPA JOHN'S INTERNATIONAL INC.
PYPL PAYPAL HOLDINGS INC
PRLB PROTO LABS INC.
NERV MINERVA NEUROSCIENCES
MSCI MSCI INC. CLASS A
MPWR MONOLITHIC POWER SYSTEMS INC.
MOH MOLINA HEALTHCARE INC.
MNTA MOMENTA PHARMACEUTICALS INC.
MKTX MARKETAXESS HOLDINGS INC.
LMNX LUMINEX CORP
HZNP HORIZON THERAPEUTICS PUBLIC LIMITED COMPANY
HALO HALOZYME THERAPEUTICS INC.
GFI GOLD FIELDS LTD. ADS
FFIV F5 NETWORKS INC.
ETSY ETSY INC.
ELMD ELECTROMED
EBS EMERGENT BIOSOLUTIONS INC.
EBAY EBAY INC.
CYTK CYTOKINETICS INCORPORATED
CTMX CYTOMX THERAPEUTICS INC.
CTLT CATALENT INC
CIEN CIENA CORPORATION
CHMA CHIASMA
CHGG CHEGG INC.
CDNA CAREDX INC
VPA1 AVEO PHARMACEUTICALS INC.
AUDC AUDIOCODES LTD.
AU ANGLOGOLD ASHANTI LTD. ADS
AKBA AKEBIA THERAPEUTICS INC.
AGI. ALAMOS GOLD INC.
ADVM ADVERUM BIOTECHNOLOGIES
AAWW ATLAS AIR WORLDWIDE HOLDINGS INC.
K. KINROSS GOLD CORPORATION
CCO. CAMECO CORPORATION
SWKS SKYWORKS SOLUTIONS INC.
MAG. MAG SILVER CORP.
AEM. AGNICO EAGLE MINES LIMITED
ELA ELAND OIL & GAS
FREJA VERISEC AB
BIO BIO-RAD LABORATORIES INC. CLASS A
EA ELECTRONIC ARTS INC.
LSCC LATTICE SEMICONDUCTOR CORPORATION
MRTN MARTEN TRANSPORT LTD.
ODFL OLD DOMINION FREIGHT LINE INC.
SAM BOSTON BEER COMPANY INC. CLASS A
TREX TREX COMPANY INC.
WERN WERNER ENTERPRISES INC.
MTSI MACOM TECHNOLOGY SOLUTIONS HOLDINGS INC.
WMK WEIS MARKETS INC.
RVP RETRACTABLE TECHNOLOGIES INC.
CC CHEMOURS CO.
FLWS 1-800-FLOWERS.COM CL A
X UNITED STATES STEEL CORPORATION
COUP COUPA SOFTWARE INC.
SNDX SYNDAX PHARMACEUTICALS
KNSL KINSALE CAPITAL GROUP INC.
CDXC CHROMADEX CORP
IRTC IRHYTHM TECHNOLOGIES INC.
SPGI S&P GLOBAL INC.
SSRM SSR MINING INC
SPRO SPERO THERAPEUTICS
SE SEA ADS
BAND BANDWIDTH CLASS A
SIGA SIGA TECHNOLOGIES INC.
SMAR SMARTSHEET
AZN ASTRAZENECA PLC ADS
DOCU DOCUSIGN INC.
DUBA DRDGOLD LTD. ADS
SCPL SCIPLAY
AVTR AVANTOR INC.
VAPO VAPOTHERM
GNMSY GENMAB A/S
ADPT ADAPTIVE BIOTECHNOLOGIES CORP.
ZYXI ZYNEX
CGEN COMPUGEN LTD.
- Joachim Gunell
- Karl-Johan Bonnevier
- Ole-Andreas Krohn
- Olof Larshammar
- Patrik Ling
- Joachim Gunell
Verisec Freja eID momentum building up…
… as Covid-19 is forcing organisations to work remotely, resulting in a spike in demand for secure digital processes. Still, we are concerned about delayed sales cycles for its legacy security products, hence we have cut our 2020–2022e sales forecasts by ~10%, which cuts our fair value to SEK80–120 (100–140).
- Christoffer Wang Bjørnsen
- Eivind Sars Veddeng
- Håkon Astrup
- Joachim Gunell
- Karl-Johan Bonnevier
- Mattias Holmberg
- Niclas Gehin
- Nicolas McBeath
- Niklas Wetterling
- Ole Martin Westgaard
- Ole-Andreas Krohn
- Patrik Ling
- Rune Majlund Dahl
- Simen Mortensen
DNB DNB ASA
SAMPO SAMPO OYJ CLASS A
VWS VESTAS WIND SYSTEMS A/S
SECU B SECURITAS AB CLASS B
CTY1S CITYCON OYJ
PEAB B PEAB AB CLASS B
LUN H. LUNDBECK A/S
ATEA ATEA ASA
FREJA VERISEC AB
WALL B WALLENSTAM AB CLASS B
VITIF VITROLIFE AB
HELG SPAREBANK 1 HELGELAND
ORK ORKLA ASA
BRG BORREGAARD
COLO B COLOPLAST A/S CLASS B
ASSAB ASSA ABLOY
BIOA B BIOARCTIC AB
AXA AXACTOR SE
- Joachim Gunell
Verisec Freja eID launch – worth the wait
Quarterly volatility in the legacy business remains high, and while 2019 sales growth of 31% was a clear step forward, Q4 disappointed. With recent impressive ‘relying parties’ announcements, we expect Verisec’s Freja eID offering to become better reflected in the share price. We have lowered our fair value to SEK100–140 (110–150), but this still suggests an attractive investment opportunity in our view.
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