Citycon Oyj: 1 director

A director at Citycon Oyj bought 14,182,052 shares at 4.000EUR and the significance rating of the trade was 72/100. 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 clearl...

Too much pump, then numbers slump

Q3 below on Norway

Sales and EBIT -1% and -11% below. Norway explains the miss. Consensus to lower FY'25e estimates by 2-4%, '26e could follow

Margins and CF to improve further

Solid report with good CF and reduced gearing

Successful deleveraging allows higher payout

Strong core, stretched expectations

Small Caps, Big Ideas – August 2025

Building strength, one steady rep at a time

Neutral report

Sales in-line, EBIT +1% vs cons. Cons estm relatively unchanged, stock up 1-2%

Delivering on its promises

Better earnings and cash flows

Q2 slightly off the mark

Coor Service Management Holding AB: 1 director

A director at Coor Service Management Holding AB sold 17,625 shares at 38.380SEK and the significance rating of the trade was 70/100. 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 las...

XXL ASA: 3 directors

Three Directors at XXL ASA sold 40,572,464 shares at 10.000NOK. The significance rating of the trade was 89/100. 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 s...

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

Lundbeck (Buy, TP: DKK48.00) - Focus on Vyepti sales

We forecast Q1 sales c0.5% above consensus and an adj. EBITDA margin of 31.3%. We expect the strategic brands sales to rise by 18.3% YOY, including Vyepti sales of DKK913m (c2.2% above consensus). We forecast unchanged 2025 guidance for CER figures. From the pipeline, the FDA AdCom for Rexulti in PTSD is still unscheduled and the PROCEED trial has recently been expanded to additional IV doses. We reiterate our BUY, but have cut our target price to 48 (56).

EBIT 4% below, strong growth expected

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

XXL ASA (Hold, TP: NOK11.00) - Encouraging LFL growth

The Q1 results were below expectations, but we find the positive LFL growth encouraging amid challenging winter conditions and years of consecutive negative LFL growth. We have reinstated our recommendation at HOLD (NO REC) and target price at NOK11 (N/A), as the earnings trend remains subdued and near-term multiples and financial risk are high. However, this is partly offset by Frasers' NOK10 per share bid for the company.