Struggle in Europe main issue in Q1

Securitas AB: 1 director

A director at Securitas AB bought 46,000 shares at 107.870SEK and the significance rating of the trade was 87/100. 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...

Securitas (Buy, TP: SEK158.00) - Back to investment grade

With all eyes on FCF before the report, Securitas took gearing back to investment grade at end-Q4. We have raised our forecasts slightly, with the company progressing well towards its end-2025 8% profit margin target. We still see a strong transformation case, with the potentially riskier early integration of Stanley Security now behind us; we thus reiterate our BUY and have raised our target price to SEK158 (154).

Lundbeck (Buy, TP: DKK44.00) - New guidance structure

Q4 sales and EBITDA missed our forecasts as strategic brands sales were soft. The 2024 guidance was also soft but in a new better structure, we believe, for revenue growth of 7–10% CER (-4% in DKK) and adj. EBITDA growth of 10–16% in CER (-9% in DKK). We also note the decision to move Lu AF82422 into phase III in MSA. We reiterate our BUY and DKK44 target price.

Pure Nickel Inc. - Mergers & Acquisitions (M&A), Partnerships & Allian...

Summary Marketline's Pure Nickel Inc. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Pure Nickel Inc. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments r...

Lundbeck (Buy, TP: DKK44.00) - Focus on guidance and M&A

We expect Lundbeck to reach the high end of its 2023 guidance, and forecast Q4 revenue of DKK5,111m and adj. EBITDA of DKK929m. For 2024, we look for continued good growth across strategic brands (we forecast 12.9%), and we believe investors will focus on the M&A agenda to strengthen the late-stage pipeline. We expect the 2024 guidance to be for revenue of DKK21.0bn–21.6bn and EBITDA of DKK5.7bn–6.3bn. We reiterate our BUY and DKK44 target price.

Swedish small caps

Swedish small caps

Securitas (Buy, TP: SEK154.00) - One of our top picks for 2024

In our view, Securitas ticks most boxes for a top pick in 2024, with its self-help opportunity in the finalisation of the transformation programme and the Stanley Security integration. Given the company’s good progress towards its 8% profit margin target by end-2025 is still not reflected in consensus (or our forecasts), and with the stock trading at a c30% discount to its 10-year average, we still see a strong investment case. We reiterate our BUY and have raised our target price to SEK154 (153...

Galleon Gold Corp - Company Profile and SWOT Analysis

Summary Galleon Gold Corp - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Galleon Gold Corp (Galleon Gold), formerly Pure Nickel Inc, is a mineral exploration company. It undertakes the exploration of nickel, platinum group elements (PGEs), copper, gold, silver, and associa...

Denarius Metals Corp. (TSXV: DSLV / OTCQX: DNRSF) – Advancing Two Mine...

Fundamental Research Corp has issued a report entitled “Advancing Two Mines to Production in 2024” and dated Dec 20, 2023. The full report is now at

Lundbeck (Buy, TP: DKK44.00) - Focus on progressing the pipeline

At Lundbeck’s R&D event in London yesterday, focus was on pipeline progression and its R&D commitment. Lundbeck believes two of the six discussed pipeline candidates could reach the market in 2029. In the coming years, we expect increased focus on acquisitions to strengthen the late-stage pipeline to facilitate timely new product launches before the ‘patent cliff’ (we estimate in 2029). We reiterate our BUY and DKK44 target price.

Lundbeck (Buy, TP: DKK44.00) - R&D event ahead

Despite a Q3 revenue miss, Lundbeck has narrowed its 2023 revenue guidance to DKK19.8bn–20.1bn but raised adj. EBITDA to DKK5.6bn–5.8bn, reflecting the Q3 beat on lower R&D costs. We expect the R&D event due on 30 November to be an eye-opener, as we believe most investors have assigned limited value to the pipeline. We reiterate our BUY and target price of DKK44.

Securitas (Buy, TP: SEK153.00) - Moving towards its targets

Securitas saw strong profit margin progress across its geographies in Q3, with another record high in the US. We have tweaked our forecasts following the results. As the company’s good progress towards its 8% profit margin target by end-2025 is still far from reflected in consensus (or our forecasts) and with the stock trading at a c30% discount to its 10-year average, we still see a strong transformation case. We reiterate our BUY and have raised our target price to SEK153 (150).

Lundbeck (Buy, TP: DKK44.00) - Another increase to guidance likely

We expect Q3 top-line growth of 8.7% YOY (consensus 7.8%), driven by strategic brands, for which we forecast sales growth of 10.5% YOY, and an EBIT margin of 16.5% versus consensus of 15.5% (results due at 07:00 CET on 8 November). We expect the company to raise its 2023 guidance for revenue to DKK19.9bn–20.2bn (from DKK19.5bn–20.1bn) and for adj. EBITDA to DKK5.4bn–5.7bn (from DKK5.2bn–5.6bn). We reiterate our BUY and have raised our target price to DKK44 (41).

Lundin Mining Corporation: 1 director

A director at Lundin Mining Corporation bought 3,305,900 shares at 9.873CAD 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...

Mining Monthly: August Edition

What you need to know: • The precious metals markets held flat in August, following the solid performance in July; mining equities fell modestly. • M&A continued to be light in August, we believe this is primarily due to the lack of clarity regarding the direction of interest rates. • Safe-haven assets like gold and silver continue to look highly attractive with mining equities trading close to trough multiples, creating buying opportunities for when investment dollars flow back into the sector...

Swedish Small-caps:Selected names on our radar Autumn 2023

Swedish Small-caps:Selected names on our radar Autumn 2023

Canada Zinc Metals Corp. - Mergers & Acquisitions (M&A), Partnerships ...

Summary Marketline's Canada Zinc Metals Corp. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Canada Zinc Metals Corp. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances...

Lundbeck (Buy, TP: DKK41.00) - CEO leaving on a high note

Bowing out on a high note, CEO Deborah Dunsire unveiled robust Q2 sales and a solid beat on adj. EBITDA, prompting an increase in the 2023 revenue guidance to DKK19.5bn–20.1bn (from DKK19.4bn– 20.0bn) and adj. EBITDA to DKK5.2bn–5.5bn (from DKK5.1bn–5.4bn). We see a strong possibility of incoming CEO Charl van Zyl extending the run of raised guidance with the Q3 report, and reiterate our BUY and DKK41 target price.

Lundbeck (Buy, TP: DKK41.00) - Still too early to raise guidance

We forecast Q2 top-line growth of 9.1% YOY (consensus 7.9%), driven by strategic brands, for which we forecast 15.4% sales growth YOY, and an EBIT margin of 16.1% (consensus 15.7%). We expect an unchanged 2023 guidance for revenues of DKK19.4bn–20.0bn and adj. EBITA of DKK5.1bn–5.5bn, but see scope for Lundbeck to raise its guidance later this year. We reiterate our BUY and DKK41 target price.