Nordic small cap stocks

A quick recap of Avtech's soft Q1 report. Growth year-over-year, but decline quarter-over-quarter. Not what you like to see from a SAAS-company. Not financial advice

Modest topline growth in the first quarter for Opter AB, leaving some shareholders disappointed.Looking beyond the slow growth however, the report showcases very encouraging signs for the company.Not financial advice.

A short introduction to the small, lesser known, serial acquirer Berner Industrier. They prefer to execute, rather than talking the talk. Not financial advice

A look at the strong Q4 report for Veteranpoolen, and the setup for 2026.Not financial advice.

A short update on the strong Q4 report of the Norwegian medtech company Medistim ASA.Not financial advice.

An update on Betsson after the poor Q4 report.

A short update on the Q4 and full year report for the concultancy firm Bouvet.

A short update on the Q4 report from Generic AB.Not financial advice.

Quick recap of the report and my views on the valuation.Not financial advice.

A short look at the Q3 report from Bergman & Beving. Let me know if the updates are too short in order to bring any value. I try to focus on the most important things for the stock, in order to respect the listeners time. As a consequence, reports without much new information, will lead to very short episodes.

A short update on $PDX after shares fell 15% after the Q4 report.Not financial advice.

Röko was a highly anticipated IPO in 2025. With a strong shareholder base, and the former Lifco CEO at the helm, the company came to market at a high valuation. Could this be a potential long-term compounder after only being established in 2019? Falling more than 40% since the top, the question remains whether the current valuation is attractive.Important companies mentioned; Lifco, and Constellation Software. Not financial advice.

Avtech is a micro cap SAAS-company within the aviation technology space. With strong growth and great margins, this is a potential hidden gem from the swedes. However, at a market cap of only 460 million SEK, the investment entails substantial risks. Not financial advice.

In some cases, entry multiples largely determines your return in a stock. In others, they might cloud your view, and you risk losing out on the long term potential. Using company examples from previous episodes, $BOUV, $BAHN, $GENI, $OPTER, $MEDI.Thanks for listening.

Vitec is a serial acquirer of VMS-providers in Europe. They have reached the lowest stock price in 5 years, and has fallen more than 50% from the top. The question remains, what are the expected returns for the future?The recent draw-down in serial acquirers is long awaited. Many investors has simply bought a basket of these, with little notion for the price that they pay. Hopefully, gone are the days where one can simply assume a higher terminal value to these stocks, in order to justify an increase in valuation. Not financial advice.

Freetrailer is a danish micro cap company within the sharing economy. Through their app, customer may rent a trailer for free, with small value-add services on top. This is a win-win concept for the customers and the society, but what about potential investors?This is not financial advice. Thanks for listening.

Envar AB is a recent IPO in Sweden, trading at a market cap of 750 million SEK at a share price of 60 SEK. Their core video game concultancy business generates stable, growing and strong FCFs, which they redeploy into generating their own IP through the game Witchspire. The game is set to be released in early access in Q2 2026. Not financial advice. Thanks for listening.

2025 has been difficult for shareholders in Opter. I explain the developments this year, and why the EPS has declined.More importantly, I explain why I believe 2026 will see a return to earnings growth for the company, as well as a comeback for the stock. Not financial advice.

Some companies seem optically cheap, but never seems to get recognition from the market. A common reason behind this classic value investing trap, is reinvestments into property, plant and equipment.

Teqnion is a small serial acquirer from Sweden. They have experienced difficulties on a subsidiary level for quite some years. Management has even made som mistakes regarding capital deployment as well as some governance issues. Despite these concerns, I believe in a strong incremental return on capital of around 15%. The reinvestment rate sits at 100%, and corresponds to a shareholder CAGR of 15% if the multiple stays flat. This may be an opportunity to get in on a long term compounder in its absolute infancy, if you can stomach the risks.Not financial advice.

Paradox is a developer and publisher of strategy games, with many famous legacy games. In this episode, I explain some of the nuances behind gaming accounting, and the short-comings of traditional accounting when it comes to intangible assets. Paradox is a quality, long term compounder. I fore-see a bumpy ride ahead, due to some potentially failed releases. This could mean opportunities to buy a great company experiencing some short term problems. Not financial advice

Quick recap of the solid company performance from Generic in H1, despite poor stock performance. A valuation update at the end. Disclaimer, this is not financial advice. An investment carries severe risk of capital loss.

Betsson AB is an established player within the online gambling sector, led by a supreme capital allocator in the owner-operator Pontus Lindwall. It trades at a market cap of 22 billion SEK, or approximately 2 billion USD. At a share price of 155 SEK the company trades at a FCF-yield of 10%, while growing earnings double digits. This is due to a looming regulatory risk, which could severely affect current earnings power. However, I believe that despite the risk, the current multiple of 10 times P/E is so low, that risk/reward is very promising. I foresee a shareholder CAGR of above 15% even with conservative estimates for future growth and negative regulatory events. Not financial advice, and an investment in Betsson AB carries severe risk.

A quick recap of the strong performance of Medistim in H1 2025, and a valuation update.

Some companies always seems to trade at a low multiple. Charlie Munger hates that kind of business.In this episode I go through the working capital cycle of a product company, and explain why they deserve a low multiple. If I could go back in time to understand something early in my investing career, this would be high on the list.

Investors seems to be missing the forest for the trees. Short term noise have built an impression that Evolution deserves to trade at 12 times earnings. But remember, the P/E multiple is not only a component of growth. Market valuations of sectors varies over time, and there is no permanent anti-ESG underperformance. If so, any quant with a screen would outperform the market. I foresee a clear path towards multiple expansion, despite modest expectations for company performance. In this analysis, I try to explain what the returns could look like over 5 years.

A growing and stable internet service provider from Sweden. The company is founder-led with extreme earnings stability for such a small company.The company is setting up for international expansion after having built a stable earnings base in the Swedish market. Thanks for listening. Not financial advice

One cannot simply compare a swedish serial acquirer to another. They own vastly different assets, corresponding in vastly different expectations for organic growth. Furthermore, some companies has a proven track record when it comes to capital allocation. Bergman & Beving is the OG in this regard. Putting swedish serial acquirers in a spreadsheet comparing P/E multiples or other measures without context should be considered a sin.

A best in class IT concultancy firm from Norway. At a market cap of 800 MUSD, this quality compounder has great opportunity to continue outperforming the market. The company is trading at a FCF-yield of 5%, and growing revenues 10% annually. Without the need to retain earnings in order to grow the investment could yield a 15% annual return, with very low risk of terminal capital loss. There is risk of multiple compression in the near term as it trades at 20 times earnings. In such an event, Bouvet could be a fantastic opportunity. This is not financial advice.

A capital efficient micro cap staffing company from Sweden. The company doesn't need to retain earnings to grow, but still grows 10% annually. Trading at a FCF (and dividend) yield of 5%, it's destined to deliver shareholder returns of 15% annually. The company has a very low business risk, due to a simple, yet brilliant business model. Investing doesn't get any more boring (nor better) than this. Not financial advice.

When valuing a cyclical wholesale retailer one cannot simply apply a multiple. At depressed earnings after a post-covid bull-whip effect and economic downturn, AOs future earnings power is understated in my opinion.The market's belief in a reversion to the mean doesn't factor in the substantial investments in IT and infrastructure made by the company pre-covid. This makes AO an attractive investment prospect with minimal risk of terminal capital loss.$AOJ trades at an estimated forward FCF-yield of 10%, having historically grown FCF 15% per year. I foresee a solid shareholder return of about 15-25% per year for the next 3-5 years, when the increased earnings power is recognized by the market. Not investment advice, but merely my take on an interesting company.

Medistim ASA is a medical techonology company with a near monopoly within their niche and a razor-blade business model.In a more than 50% draw-down due to macro-economic factors, this is a secular compounder available at a reasonable price. At a 4% FCF-yield, the company is in position to deliver double digit growth for the foreseeable future. The company has great margins, 30% ROE, and no need to retain earnings in order to grow.Not financial advice, just my opinion on an interesting company.

A promising micro cap software as a service company from Sweden. At a market cap of 70 MUSD it trades at a FCF yield of 3% while growing ARR 20%. The company retains no earnings, grows profitably and has a founder-led management team. No financial advice, merely my take on the company.

A quality micro-cap technology company from Sweden. The company grew 24% in 2024, and does so without the need to invest a lot of capital or retaining a lot of the earnings. The company has a scalable business model, and is expected to grow double digits for the foreseeable future, trading at a FCF yield of more than 3%. This may be a secular compounder with substantial upside. No financial advice, and only my opinion about the company.

In this episode I explain why investing in nordic small cap companies is a unique opportunity for individual investors. Companies mentioned; Plejd AB, Opter AB, Freetrailer, Medistim. Hosted on Acast. See acast.com/privacy for more information.