Analyser
Adtraction
Company description
Adtraction is a Swedish digital marketing company that operates a full-service partner marketing platform connecting advertisers with a wide range of marketing partners, including content sites, influencers, affiliate publishers, comparison sites, and mobile apps. Founded in 2007 and headquartered in Stockholm, Sweden, the company specializes in performance-based marketing solutions where brands pay only for actual sales or leads generated, serving clients across industries such as e-commerce, fashion, beauty, travel, and financial services. Adtraction operates across Europe with local offices in the Nordics, the UK, Germany, the Netherlands, Spain, Poland, Switzerland, Austria, France, and Italy.
Buyout thesis
1. Predictable cash flows on a fixed cost base.
2. Three growth drivers ahead make buyout timing perfect.
3. Adtraction does not belong in the public markets.
Analysts
Hugo Winqvist, Marc Perman, Carl Röjvall & Ruben Höglund
Qualisys Holding
Company description
Qualisys Holding is a Swedish technology company that develops, manufactures, and distributes precision motion capture and 3D positioning systems for a wide range of applications, including sports biomechanics, medical technology, biomechanical research, industrial processes, and animation and entertainment. Founded in 1989 and headquartered in Gothenburg, Sweden, the company specializes in high-end optical motion capture cameras and proprietary software (such as its QTM platform) and sells its solutions globally through a direct sales force and partners across Europe, the Middle East, Africa, the Americas, and the Asia-Pacific region.
Investment thesis
1. IPO hangover, no sellers left.
2. Overreaction on the disappointing Q1 report.
3. Smoother earnings, higher multiples.
Analysts
Pontus Pragert & Ludvig Lindman Lindqvist
Vertiseit
Company description
Vertiseit is a Swedish technology company that develops, delivers, and distributes SaaS-based digital signage and in-store digital experience solutions for a wide range of applications, including retail, grocery, quick-service restaurants, and brand environments. Founded in 2008 and headquartered in Varberg, Sweden, the company specializes in proprietary software platforms, such as Dise, Grassfish, and Scala, combined with content, integration, and consulting services, serving major customers including H&M, Lindex, Coop, McDonald's, and Circle K. Through organic growth and a series of acquisitions, Vertiseit has built a pan-European and transatlantic presence with operations across Europe and the United States.
Investment thesis
1. SaaS mix shift still in progress.
2. Fragmented market opens up for acquisitions.
Analysts
Nils Olofsson & Gustaf Scharin
Lindab
Company description
Lindab is a Swedish industrial company that develops, manufactures, and distributes products and systems for ventilation and indoor climate solutions, with additional offerings in roofs, walls, and rainwater systems for the construction industry. Founded in 1959 and headquartered in Båstad, Sweden, the company specializes in energy-efficient ventilation systems and high-quality sheet metal building products, serving installers, contractors, and the wider construction sector across Europe. Lindab operates through two main segments, Ventilation Systems and Profile Systems, and is established in around 20 countries, primarily across the Nordic region, Western Europe, and Central Europe.
Investment views
1. Proven acquisitions based growth.
2. Potential margin growth and recovery.
3. Makro headwinds and uncertain construction market outlook.
Analysts
Nils Dahlberg, Viktor Mailind Pärsson & William Millert
Balco Group
Company description
Balco Group is a Swedish construction company that develops, manufactures, sells, and installs balcony systems for a wide range of applications, including renovation and new-build residential projects. Founded in 1987 and headquartered in Växjö, Sweden, the company specializes in glazed and open balcony solutions, facade systems, and related accessories, serving tenant-owner associations, private landlords, municipal housing companies, and construction firms. Balco Group is the market leader in the Nordic region with operations across Northern Europe, including Norway, Denmark, Finland, the UK, Germany, Poland, and the Netherlands.
Investment thesis
1. EU framework strengthens competitive advantage.
2. CEO removal & orders recovering
3. Margin improvement due to cost reduction and restructuring program.
Analysts
Anton Hedlöf & Axel Björkenheim
Avtech
Company description
Avtech Sweden AB is a Swedish technology company specializing in digital solutions for the aviation industry. The company develops systems and services that improve operational efficiency, flight optimization, and environmental performance for airlines and airports. Founded in 1988 and headquartered in Stockholm, Sweden, Avtech focuses on providing innovative software and real-time information services that help reduce fuel consumption, emissions, and operational costs. Through collaborations with airlines and aviation partners worldwide, the company delivers data-driven solutions designed to enhance flight safety, punctuality, and sustainability within the global aviation sector.
Analysts
Gustaf Scharin & Ida Bergqvist
AAK
Company description
AAK is a Swedish industrial company that manufactures and sells specialty plant-based oils and fats for a wide range of applications, including food ingredients, chocolate and confectionery, and technical products. Founded in 2005 through the merger of Karlshamns AB and Aarhus United A/S and headquartered in Malmö, Sweden, the company specializes in value-added vegetable fats serving industries such as bakery, dairy, nutrition, plant-based foods, foodservice, and personal care. AAK sells its products globally through a co-development model, working closely with customers across more than 20 production facilities worldwide. AAK is listed on Nasdaq Stockholm and focuses on sustainable, high-quality plant-based solutions for professional markets.
Investment thesis
1. Temporary volume driven multiple compression.
2. Structural EBIT/Kg expansion.
3. NWC to improve as commodity proces normalize
Analysts
Hugo Winqvist & Nils Olofsson
Duni
Company description
Duni is a Swedish company that develops and provides sustainable dining and food packaging solutions for the hospitality and food service industries. Founded in 1949 and headquartered in Malmö, the company focuses on creating innovative table setting products, takeaway packaging, and sustainable materials that enhance dining experiences while reducing environmental impact. Duni’s customers include restaurants, hotels, caterers, and food retailers across multiple markets. The company operates primarily in Europe and Asia and is listed on Nasdaq Stockholm.
Investment thesis
1. Strategic owner with potential buyout optionality.
2. Restaurant demand recovery driving volume growth.
3. M&A platform driving growth and the sustainable packaging transition.
Analysts
Carl Röjvall & Leo Wallinge
Securitas
Company description
Securitas is a Swedish security services company that provides protective services to businesses, organizations, and individuals worldwide. Founded in 1934 and headquartered in Stockholm, the company specializes in on-site guarding, electronic security solutions, risk management, and remote monitoring services. Securitas serves a wide range of industries, including retail, aviation, healthcare, and critical infrastructure, helping clients protect people, assets, and operations. The company operates in numerous countries across Europe, North America, Latin America, and Asia, and its shares are listed on Nasdaq Stockholm.
Investment thesis
1. Topline growth expected to accelerate.
2. Improved sales-mix deserves premium multiple.
3. Integration work will be visible in results
Analysts
Pontus Pragert & Ludvig Lindman Lindqvist
Arla Plast
Company description
Arla Plast is a Swedish industrial company that manufactures and distributes extruded plastic sheets for a wide range of applications, including construction, automotive, and industrial uses. Founded in 1969 and headquartered in Borensberg, Sweden, the company specializes in high-performance plastics such as polycarbonate and PET and sells its products globally through distributors and partners. Arla Plast is listed on Nasdaq Stockholm and focuses on sustainable, high-quality plastic solutions for professional markets.
Investment thesis
1. Executing a roll-up strategy in a fragmented market at attractive multiples.
2. Structural EU tailwinds strengthen competitive position
3. Market overreaction to transitory weakness in the Q3 report
Analysts
Pontus Pragert, Carl Röjvall & Ludvig Lindman Lindqvist
Surgical Science
Company description
Surgical Science is a Swedish medical technology company that develops virtual reality and simulation tools for training surgeons and healthcare professionals. Founded in 1999 and headquartered in Gothenburg, the company focuses on simulators for minimally invasive and robotic surgery to improve skills and patient safety. Its customers include hospitals, universities, and medical device companies worldwide, and it is listed on Nasdaq Stockholm.
Investment thesis
1. Simulation training is shifting from being optional to becoming mandatory.
2. Surgical Science is embedded in the entire global robotics ecosystem.
3. Operational milestones will drive EBIT margins short-term
Analysts
Erik Johnsson, Marc Perman & Leo Wallinge
Carasent
Company description
Carasent is a Nordic healthcare software company that develops cloud-based electronic health record (EHR) and digital healthcare management systems. Headquartered in Sweden, the company provides software solutions primarily to private healthcare providers across the Nordic region, helping improve efficiency, patient management, and data handling. Carasent is listed on Nasdaq Stockholm and focuses on expanding through acquisitions and organic growth in the digital healthcare market.
Investment thesis
1. Carasent’s potential for margin expansion is largely overlooked by the market.
2. Strong leadership and abundant dry powder support execution of value-creating initiatives.
3. Carasent targets Germany’s outdated EHR market, unlocking huge growth potential.
Analysts
Jakob Wahlberg
Revolution Race
Company description
RevolutionRace is a Swedish outdoor clothing company founded in 2013 and headquartered in Borås. The company designs and sells functional and affordable outdoor apparel for activities such as hiking and training, primarily through a direct-to-consumer online model. RevolutionRace operates globally with a strong digital marketing focus and is listed on Nasdaq Stockholm, targeting active consumers seekingdurable and versatile outdoor wear.
Investment thesis
1. The market’s reaction to ownership concerns appears exaggerated.
2. The market underestimates RVRC’s ability to manage its profitability.
3. RVRC’s strong financial performances and efficiency are largely overlooked.
Analysts
Jakob Wahlberg, Shuaib Ibrahim & Ludvig Söderberg
Trigano
Company description
Trigano is a French leisure vehicle manufacturer founded in 1935 and headquartered in Paris. The company designs and produces motorhomes, camper vans, caravans, and camping equipment, selling mainly across Europe through a portfolio of well-known brands. Trigano focuses on affordable recreational vehicles for the growing outdoor travel market and is listed on Euronext Paris.
Investment thesis
1. Best-in-class margins will bounce back in H2 which should trigger multiple expansion.
2. Oligopolistic market structure supports strong pricing power.
Analysts
Marc Perman & Leo Wallinge
