Positive US hospital capex outlook for H2'24

The weekly navigator

From the past week, we highlight: 1) we hosted investor lunches with the CEOs of Svolder and Byggmästaren at our Stockholm office; 2) we met with Investor, which is continuing to execute on its M&A agenda; 3) we met with VEF, which is seeing positive momentum for fintech VCs in its core markets of Brazil and India.

Elekta AB: 1 director

A director at Elekta AB sold 7,250 shares at 65.000SEK and the significance rating of the trade was 53/100. 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 years clearly showin...

The weekly navigator

This week, we hosted investor lunches with the CEOs of VNV Global, Latour, Flat Capital, Linc and Aeternum Capital at our Stockholm office.

Low churn, strong defense

The weekly navigator

From the past week, we highlight our investor lunches with the CEOs of Spiltan, Industrivärden, Creades, Bure and Öresund at our Stockholm offices.

Small Cap Miner – August 2024

The weekly navigator

From the past week, we highlight: 1) we upgraded Latour to BUY (HOLD) and raised our target price to SEK332 (285), as we see enough positives to look beyond the steep premium to NAV; 2) we upgraded Lundbergs to HOLD (SELL) and raised our target price to SEK555 (510), as we believe the negative triggers have long since played out and have a more positive view on its real estate exposure; and 3) Investor announced a new CFO. Also, tomorrow marks the start of our ‘investment company weeks’ at DNB M...

Elekta (Hold, TP: SEK76.00) - Stronger-than-expected Q1 report

Although a seasonally weak quarter, Q1 earnings were stronger than expected: sales beat consensus by c4% (3% above our estimate), adj. EBIT by 17% (6% above) and order intake by 9% (1% above). Overall guidance remained for a weaker H1 YOY and a stronger H2, and for the year, organic sales growth in the mid-single digits and an improved adj. EBIT margin YOY. We reiterate our HOLD and have raised our target price to SEK76 (74).

Expect a roll-out and pick-up in H2

Americas drive a solid beat across the board. Q2 will remain soft, but new launches and improvements to come. Adj. EBIT up 1-2% for '24/'25e-'26/'27e.

Good start to year in Q1

Lundbergs (Hold, TP: SEK555.00) - Negatives seem to have played out

Q2 saw Lundbergs’ NAV growth slightly underperform the SIXRX, and we continue to expect limited NAV growth over the coming 12 months. That said, we see little in terms of negative triggers, and believe its real estate exposure (c30% of GAV) could prove more benign in the falling interest rate environment. We have upgraded to HOLD (SELL) and raised our target price to SEK555 (510), reflecting a neutral portfolio view and a 10% target discount.

Slow start to the year in Q1'24/'25e

Medistim (Buy, TP: NOK190.00) - Record-high quarterly sales

Revenues of NOK144.9m were a quarterly record-high, up 5.5% YOY (currency-neutral sales +4.1%) and above our NOK135m estimate. The EBIT margin (28.5%) expanded further from its low in Q4 2023 (16.4%) and, while we believe it will continue to ‘normalise’, the company’s ‘going direct’ efforts will likely prevent it from rising significantly short-term. However, we believe these efforts are moving in the right direction, validating the strategy. We have upgraded to BUY (HOLD) but we reiterate our N...