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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 +27.61% (07/07/2025)
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 +23.56% (19/12/2024)
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 +14.83% (12/02/2025)
22/08/2024｜ Analyses:8
3
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 +29.65% (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. The offshore company builds and operates 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. The investment case is based on the Lease and Operate business with double digit growth and 50% EBITDA margin. This segment 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 +21.88% (20/02/2025)
09/08/2024｜ Analyses:11
1
G

Garo Aktiebolag (publ)

Short-list by Alpha

GARO produces electrical system in two segments; e-Mobility (30%) and Electrification (70%). Earnings declined in 2022 and 2023 due to exposure to the construction industry. This resulted in a 85% decline in the stock price. The earnings in 2023 are disappointing with 0.6kr/share (after adjustment for one-off items). Given the slow-down in BEV-sales and construction the 2024 outlook is all but promising. At the moment the company is not invest-able with negative cash-flow, rising debt and dropping margins. The CEO and management need to present a valid turn-around strategy. Negative sentiment will prevail until actual improvements are visible in the results.
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07/08/2024｜ Analyses:3
0
B

Bayer Aktiengesellschaft

Buy by micke

Bayer is in an interesting turn around phase. The Bayer stock has dropped 50% in a year, down from €52 to €26. Bayer has several major problems. One major problem is lawsuits regarding Roundup, there seams to be potential to manage damages and a court has set down initial claims. An other major problem is within pharma, where patents for major drugs are expiring. The new CEO Bill Anderson is reorganising Bayer (with Dynamic Shared Ownership), reducing management layers with the goal of being a more result orientated and agile company. I see can see a negative scenario with a declining business. But I can also see a positive scenario where the CEO manages to cut costs and increase innovation and in that case the current share price is too low and could double over a some years.
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  • 35.00 +29.97% (16/07/2025)
18/07/2024｜ Analyses:3
0
N

Nordic Semiconductor ASA

Sell by Alpha

Nordic Semiconductor is a semiconductor supplier for ultra-low power communication electronics. Its target markets; IoT, smart-home and short range communication, are interesting for future growth. The company was valued 35x PE in 2023, as its revenue declined with 35% and its earnings declined with 65% in 2023. This turned worse in Q1-2024 as TTM revenue declined another 35% and the company made a loss. The market awarded this with 60% increase in share price. A company to keep on the watch-list as semi-conductor/IOT investment upon a price correction. For now I expect at least a 50% correction from 140 NOK.
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  • 65.00 -53.24% (02/04/2025)
25/06/2024｜ Analyses:0
0
S

Softronic AB (publ)

Buy by Jocke

Softronic AB provides a wide selection of IT and management services in Sweden. The company offers E-commerce platform, insurance systems, digitalization, E-health, digital sales platform, scanning, modern outsourcing, managed services, cyber defense as services and customer care system. The last quarter was wake with only 3,3% growth, but I expect that the consultant market will start go improve after summer. P/E is current 13,8 and that is historically low
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26/04/2024｜ Analyses:1
1
A

ABN AMRO Bank N.V.

Monitor by micke

A profitable bank that has high dividend, and share buy backs. The main drag on valuation is that most banks have low P/E due to market fear of macro. ABN has 50% dividend policy ~10% dividend, and since CET1 ratio is already above target I expect additional share buy backs. RoE target is 10%, which is lower than current level. 2023Q4 indicates that this is a good reference for 2024, i.e. EPS24=0.6*4=2.4, which would give PE24=6,7 which is good and will generate good return on capital without much risk in my opinion. I don't expect much increase in the share price since the Dutch state wants to sell off its large stake. Taking in to account the drop for sv. Handelsbanken on a soft report and ABN potentially has higher costs in 2024Q1 than 2023Q4, not sure about what rating to give, analysts are quite negative.
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  • 16.00 +4.99% (16/09/2024)
25/04/2024｜ Analyses:9
1
D

Deutsche Bank Aktiengesellschaft

Author: micke

DB had an improvement program running from 2019 to 2022, there is a follow up program until 2025, and DB continues to deliver good results, with significant improvement possibility (Nordic banks are at C/I=50%). There will be significant earning improvements. Capital return will probably increase by 50% YoY until 2026. "guidance of € 1.00 per share in respect of FY 2025, subject to 50% payout". DB has developed well over the last year, up from €9. The current share price around €15, P/E=4,77, gives good room for further increased share price.
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22/04/2024｜ Analyses:8
2
V

AB Volvo (publ)

Buy by micke

A very well managed company which should be able to continue to deliver fine results in the long run. The main business is trucks with construction equipment as a runner up. Currently Volvo (and Traton) expect the demand to normalise, which means that expected sales for 2024 are declining probably around 10% from record high in 2023. Both Volvo and Traton talk about defending margins. In my opinion Volvo seems to be the best trucking company now, the valuation seems low compared to many other industries but higher than its competitor Traton which is more of a turnaround case. The big question is how profits will develop. Long term I think AB Volvo is a buy, but short term not sure. After some consideration I think it is a buy now, there is a reasonably good chans that Volvo will be less cyclical going forward and there for motivated P/E should increase while I don't expect profits to drop that much even as volumes decrease 10%.
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  • 320.00 +16.36% (13/02/2025)
20/04/2024｜ Analyses:7
1
N

Norion Bank AB

Buy by micke

A bit higher risk than traditional big banks, since it works with credits that have higher risk and higher yield. The P/E=7.3 and the business seam to growth with low risk. Norion could be negative effected by lower rates, but it is hard to determine in what way. On the negative side the margins might be a bit lower, potentially the need for mortgages will decrease. On the positive side clients defaulting on loans should be lower and Norion’s funding cost would go down. All in all I see a P/E around 10 as a good buy.
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  • 56.00 +23.48% (07/04/2025)
08/04/2024｜ Analyses:4
2
R

Rana Gruber ASA

Short-list by Jocke

Rana Gruber ASA is a sustainable iron ore producer in Norway. It is engaged in the excavation, processing and sale of iron oxide in the form of hematite, magnetite and iron oxide pigments. Hematite is used for iron and steel production in smelters in Europe and magnetite is used in industrial water purification processes. Iron ore production takes place at the group's iron ore deposits at Ortfjell as open pit production and underground mining. It produces and sells iron ore concentrate and primarily serves steel producers and participants in the chemical industry. The majority of revenue from contracts with customers is derived from sales of hematite products. P/E 5,86, (increase from 4,1 2021) P/E* - P/B 3,21 P/S 1,50 Utdelning/aktie 4,27 NOK EPS 13,21 NOK Direktavkastning 5,52% EPS tillväxt* - The P/E has increased but it has a high ranking according to the magic formula (place 60) and I think it can be interesting to follow the progress
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02/04/2024｜ Analyses:0
2
A

L'Air Liquide S.A.

Hold by Jocke

Air Liquide is the 2nd largest gas company in Europe. Air Liquide operations consist, among other things, of manufacturing and selling gases to areas such as industry, chemistry, electronics, food, environmental care and healthcare. The company operates on a global level. Air Liquide was founded in 1902 and has its headquarters in Paris Europe needs to switch from Russian Gas to other suppliers and that will be beneficial for Air Liquide. If you look at the que figures, the revenue is increasing, and they also have a good cashflow. Since start, Air Liquide has increased its turnover and is still growing. So I see no problem with the P/E being just over 28.
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01/04/2024｜ Analyses:1
2
H

Hexatronic Group AB (publ)

Hold by micke

Hexatronic (HTRO) is a growing fiber optics company. The sales and profits have increased organically and via acquisitions over the previous years, but in 2023Q4 the market is softer with a slight decline in organic revenue while total revenue increase due to acquisitions. The share price had a fantastic rise from ~14SEK December 2020 to ~160SEK December 2022, where after the share price has crashed down to ~17SEK (21 Nov 2023), and probably now has normalized around 30SEK in 2024Q1. There should be low downside and good upside potential if interest rates fall and the fiber market grows. The 2024Q1 and 2024Q2 might be weaker than market expectations, potentially there is an opportunity to temporarily reduce and increase after the 2024Q2, but it could also be a straight line up if the market already calculates on a weaker Q1. Long term it could be a buy, with a ~22% upside in a year, but short term it is a hold for me.
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  • 38.00 +22.82% (03/05/2024)
28/03/2024｜ Analyses:8
2