Analyser
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 Wikipedia and headquartered in Malmö, Sweden Yahoo Finance, the company specializes in value-added vegetable fats serving industries such as bakery, dairy, nutrition, plant-based foods, foodservice, and personal care StockAnalysis. 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 LinkedIn 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
