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A

AutoStore Holdings Ltd.

Buy by micke

Autostore is a tech company within warehouse automation. They seem to have a very good system with good ROI for customers. Installations are done via integration partners and Autostore has many large installations. The company is listed in Oslo but the majority owners are in the US. Valuation was very high at the IPO 2021, driven by high growth within e-commerce during Covid. The growth outlook is now negative for 2024, if/when growth returns the share price will increase. The share isn’t cheap but at 11 NOK Autostore seems reasonably priced with good long term potential.
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  • 12.50 +20.08% by 03/10/2025
03/10/2024｜Analyses:3
2
C

Commerzbank AG

Buy by micke

Commerzbank continues to deliver and repeat their plans to increase profits. I think Commerzbank’s result estimates are reasonable, looking back a few years their estimates have been conservative. Long term I think banks that are well run, such as Commerzbank, should be traded at P/E=10 or a bit higher on long term profits. The new CEO (former CFO) elaborated on 3 billion in profit and current market cap. (19 billion), there is room for higher share price. With these numbers I se a potential of 58%, in couple of years, share price from today’s €16 to €25. And we will be getting share buybacks and dividends on the way. Short term there can be high volatility, for example Uni-Credits interest in Commerzbank or not.
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  • 20.00 +20.55% by 02/10/2025
02/10/2024｜Analyses:8
2
Q

Qliro AB (publ)

Buy by Alpha

Qliro is a growth opportunity within e-Commerce payments. The payment and check-out service provider turned profitable in 2023 and aims for (international) expansion. The shares are priced 50x PE TTM. Based on increasing payment volumes in 2024 I expect a strong growth in EPS. Assuming continued growth the share has 50% upside (50x EPS 2024) potential in the short term. Qliro recently issued 50Mkr new shares to invest in further expansion. 2023-2024 results show that the company has good potential for long-term growth.
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  • 45.00 +60.43% by 28/09/2025
30/09/2024｜Analyses:8
1
N

Norion Bank AB

Buy by Alpha

Norion is a niche bank focused on real-estate financing (50%) and SME (19%). As a niche player in the financial sector the company has better growth opportunities. The bank operates in segments with higher risks and higher margins. When well-managed this results in higher profit margins. The share is valued at <7x PE 2023 with >15% ROE. The company is undervalued at 0.5 PEG and is an attractive value investment (compared to the larger banks).
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  • 52.00 +25.91% by 18/09/2025
18/09/2024｜Analyses:9
1
B

BioArctic AB (publ)

Buy by Alpha

Bioarctic is a long-term growth investment into a bio-tech research company developing Alzheimer medication and other nervous system related medication. Its leading product LEQEMBI is a fast growing Alzheimer disease modification treatment. LEQEMBI sales are expected to turn BioArctic profitable in 2025. The company is valued at 14x PS 2025 and around 17x PE 2026. BioArctic is the market leader in AD, and has a portfolio with nervous system related treatments. I expect the price to recover above 200 in 2024 upon EU approval (after the recent 35% drop). In the longer term the share price has the potential to double (3-5 years).
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  • 215.00 +30.70% by 01/03/2025
16/09/2024｜Analyses:11
1
A

ABN AMRO Bank N.V.

Monitor by Alpha

ABN is a Dutch bank with Retail banking, Wealth management and Corporate banking services in North-West Europe. Income comes mostly from NII, of which 90% in the Netherlands. A forward looking annual net profit of >€2B in 2024 gives a valuation of 6x PE at €12B market cap. 2024 results will depend on cost control and the interest rate climate. ABN is a buy with a 10% annual dividend yield (50% payout) plus €500M share buyback in 2024. And the low 0.6 PB ratio makes it an attractive investment.
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  • 17.50 +10.55% by 01/03/2025
22/08/2024｜Analyses:8
3
F

Fortum Oyj

Hold by Alpha

Fortum is a defensive utilities investment in a quality company with a strong balance sheet. The company strategy is to focus on core business with improved cost efficiency. In the energy market Fortum is well positioned providing base-load and flexible energy capacity in the Scandinavian market. 90% of EBITDA results from 45TWh low CO2 hydro and nuclear power generation. Fortum is valued at 10x TTM earnings, including a relative weak Q3'23 and Q2'24 (priced at €14,5). The share is fairly priced with 8% dividend yield and some upside potential (market performance).
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  • 15.50 +6.90% by 15/04/2025
20/08/2024｜Analyses:12
1
R

Railcare Group AB (publ)

Sell by Alpha

Railcare is a defensive investment in infrastructure services for rail transport. At >15x PE the Swedish railroad services market potential is priced in. Recent analyst recommendations increased popularity with its effect on the share price. In the second half of 2024 I expect a 20% correction after strong share price development in the last 12 months. Especially as the Q2'24 results showed a significant drop in margins.
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  • 24.00 -20.00% by 01/03/2025
15/08/2024｜Analyses:7
2
A

Adecoagro S.A.

Hold by Alpha

Adecoagro is a non-cyclical investment into industrial scale agriculture in South America. The business segments are Sugar, Ethanol and Energy (50% with over 50% EBITDA margin) and other Farming (50% with around 15% EBITDA margin). In 2024 the company has a 3% dividend yield plus 9% share repurchase program. This would have a positive effect on future ROE and EPS. Combined with <6x PE for TTM earnings the company is relative cheap (20% margin of safety).
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  • 15.00 +34.47% by 14/08/2025
14/08/2024｜Analyses:9
2
S

SBM Offshore N.V.

Hold by Alpha

SBM Offshore is an investment in long-term contracts and cash-flow in the oil industry. SBM Offshore is an offshore technology company delivering FPSO (Floating Production Storage and Offloading) platforms (that produce around 2 million barrels per day). After a positive Q2'24 the company increased 2024 targets and doubled its share repurchase program. My investment case is based on the Lease and Operate business with double digit growth and 50% EBITDA margin. This provides a sound basis for annual cash flow. The company is undervalued at 6x 2023 EPS. Priced at €16 the company returns a 10% cash yield with >20% margin of safety on its 2025 earnings potential.
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  • 20.00 +16.21% by 02/05/2025
09/08/2024｜Analyses:11
1
L

Centrus Energy Corp.

Buy by Alpha

Centrus investment case is a bet on the revival of nuclear energy, and winning government support from 3.4B$ for LEU plus 2x RFP's for HALUE by the US DoE. This US based supplier of LEU (>$200M) and enrichment technical services (>$100M), with customers in the US, Asia and Europe, operates the only facility licensed by the U.S. Nuclear Regulatory Commission (NCR) to produce HALEU (20% U-235). HALUE is the fuel required for many types of Small Modular Reactors (SMRs). Centrus is at least 5 years ahead of competition on High-Assay Low Enriched Uranium. Future demand for HALUE and the sanctions on Russian LEU (30% of US/EU demand) are multi-billion dollar growth opportunities for Centrus in the coming 10 years. Given the potential the company is undervalued at 15x PE (est 2024).
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  • 75.00 +26.86% by 01/12/2024
07/08/2024｜Analyses:17
3