Better Collective (BETCO): BetMGM Cuts Guidance on Prediction Market Pressure
BetMGM cut 2026 revenue guidance by roughly $200M and named prediction markets as the driver, the first time a US sportsbook has put a number on what was, until now, a theoretical threat. Better Collective sits downstream of these economics, trades at roughly 2x peer multiples, and is funding a EUR 40M buyback partially absorbed by insider sales. The canary is...
Smart Eye (SEYE): Adds Second Resident Engineer in Detroit as Stellantis Ramp Nears
Our career page scan of Smart Eye and its subsidiaries identified an open position indicating a continued and growing workload at a key customer site in one of the company's core automotive markets
The EU AI Act Gets a 16-Month Extension; Some Nordic Names Benefit More Than Others.
The AI Act delay is not a gift to industry, it is an admission that EU regulators and standard-setters are behind schedule. With high-risk deadlines pushed to December 2027 and embedded AI to August 2028, we looked at four Nordic names where the extension actually matters on the margin...
Physitrack (PTRK): First US Deal Signals Physitrack's Enterprise Pivot Is Working
Physitrack's first US enterprise deal is immaterial in size, less than 0.3% of Lifecare revenue, but the signal matters more than the dollars. An academic medical center is a credibility-conferring reference account, and this is the third institutional deal in March alone, all enterprise-scale and all with built-in expansion language. The go-to-market is shifting, and the market continues to ignore it...
Physitrack (PTRK): Lands Two Swiss Deals in 17 Days
PTRK announced its second Swiss institutional deal in under three weeks, with bespoke clinical workflow modules that materially raise switching costs. The deals themselves are small, but the pattern of enterprise traction is building. The stock trades at SEK 8.8 versus our SEK 22-25 SOTP, held down by mid-transition optics, indiscriminate SaaS repricing, and Nordic small-cap outflows. The bigger catalyst remains a US win...
Better Collective (BETCO): Structural Headwinds and Near-Term Weakness
The short thesis on BETCO rests on both short-term factors like weak SEO traffic not yet appreciated by markets and a current share price artificially boosted by aggressive buybacks, but also on long-term structural challenges like AI search, the rise of prediction markets, and more.
Physitrack (PTRK): Market Overreaction Creates an Attractive Entry Point
We are adding our first position to the portfolio. It’s a Swedish-listed SaaS microcap company whose share price is down down 46% from its 6-month high.
Embracer Group (EMBRACB): 30% Drop Reveals an Attractive Implied Coffee Stain Valuation
Embracer’s share price fell 29.8% yesterday to SEK 60 as the stock began trading without the rights to Coffee Stain Group. The decline reflects the arithmetic removal of a subsidiary, not a deterioration in Embracer’s operations.
Lind updates on the latest events: the Q3 report and divestment of clinics. Furthermore, we view the value disconnect as significant following an unjust share price decline.
Physitrack (PTRK): Strategic Restructuring Aligns With Long-Term Value Creation
Lind comments on PTRK's strategic divestment of non-SaaS assets within the Wellness segment. We view the move positively and that it aligns with our long-term investment thesis of PTRK.
Embracer (EMBRACB): Soft Quarter Ahead of CSG Spin-Off
Lind provided a short earnings comment on Embracers’ Q2 report. Embracer delivered a mixed Q2’25/26, with net sales slightly ahead of expectations but continued weakness in PC/Console dragging margins. Organic growth of 6% and steady performance in Entertainment & Services support an unchanged full-year outlook, with Q4 still expected to be the key release quarter. Near-term estimate changes appear limited, while the upcoming Coffee Stain spin-off remains the clearest catalyst given the market’s discount to the unit’s underlying quality.
Physitrack (PTRK): Market Misses the Cash-Flow and SaaS Quality Shift - Earnings comment
Physitrack’s Q3 confirmed steady progress in its SaaS transition, with EBITDA up 25% and free cash flow turning positive for a fourth consecutive quarter. Lifecare remains the core profit driver, growing ARR 13% YoY and delivering sector-leading margins, while Wellness has nearly reached breakeven following a successful cost reset. Despite these structural gains, the group trades at just ~1.8x EV/S 2026E—far below SaaS peers valued at 5–6x—leaving significant upside once sentiment normalizes and cash generation becomes more visible.
Sleep Cycle (SLEEP): Diversification Gaining Momentum, but Capital Allocation Now Critical - Earnings comment
Sleep Cycle’s Q3 confirms steady progress in its transition from a pure subscription model to a broader sleep-tech platform. Partner revenue surged 55% YoY and now represents 11% of total sales, offsetting part of the continued subscriber decline. Despite high margins, a cash-rich balance sheet, and EV/EBIT below 6x, the market still prices in structural decline. We believe sentiment can only shift through decisive capital deployment—particularly buybacks—to signal management’s confidence and unlock the clear valuation gap.
Better Collective (BETCO): Unlicensed Exposure on HLTV.org
Field tests confirm that HLTV.org, owned by Better Collective, promotes GG.bet—an unlicensed operator banned by Sweden’s regulator—while remaining accessible from Swedish IPs and accepting SEK deposits. This constitutes illegal marketing under the Swedish Gambling Act, exposing BETCO to compliance scrutiny and reputational damage.
Carasent’s Q3 2025 marked a clean turn to profitability—revenue +27% YoY to SEK 82m, ARR SEK 323m (+16% organic), and operating margin ~9%—supporting management’s reaffirmed 2025 targets. The market is re-rating on improved execution, but guidance hinges on Q4 project delivery.
Better Collective (BETCO): Artificial Air - Update
Better Collective’s core publishing traffic continues to deteriorate, with steep declines in North and Latin America—particularly Brazil, where visibility has collapsed. Global traffic is down 27% Y/Y against a consensus still expecting revenue growth, implying material downside risk to forecasts.
