Lind Research #12

Idea notes: SINCH, INWI, and AJAB. We also highlight insider activity in LITI, EAST, and ZZB.

Author

Kristoffer Lindström
July 14, 2025

Welcome to Lind Research. This week, we've identified three Idea notes to share: SINCH, INWI, and AJAB. We also highlight insider activity in LITI, EAST, and ZZB.

Idea notes

This is the Idea note section; It’s a collection of early signals – companies mentioned in fund letters, blogs, or by sharp investors online. Not a full pitch, just a starting point for ideas that might be worth a more in-depth look.

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Messaging Giant Poised for Recovery as Fundamentals Improve

Ticker: SINCH | Timeframe: 12-24 months | 🔁 Turnaround

Alcur has increased its stake in Sinch, believing that the market’s pessimism is now overly pessimistic. While Sinch was previously valued at high multiples during the pandemic due to strong growth expectations, subsequent setbacks in growth, cash flow, and leverage caused a significant drop in the share price. Alcur now…

Read the complete Idea note here.

Quality Windows Company Priced for Perfection

Ticker: INWI | Timeframe: 12 months | 😐 Neutral

Kavaljer believes Inwido is a high-quality company that has delivered strong operational performance and successfully navigated challenging market conditions through organic growth and strategic acquisitions. However, the fund argues that the current valuation…

Read the complete Idea note here.

Safe Life Partial Exit Validates Conservative Valuations and Creates Capital for Growth

Ticker: AJAB | Timeframe: 12-18 months | 📈 Bullish

Kavaljer believes that Byggmästaren’s partial divestment of Safe Life to Bridgepoint for SEK 525 million represents a significant valuation validation event that should help narrow the company’s NAV discount. The fund notes that the 15%…

Read the complete Idea note here.

Insider activity

Here, we seek out standout transactions from company insiders that may indicate a need for closer examination of the company.

Litium AB (LITI)

CEO Petter Blid acquired 14,000 shares at SEK 13.28 each on July 11, 2025, totaling approximately SEK 0.2m. The stock has risen 34% in the past six months, reaching SEK 13.30 on July 11, following a strong Q2 2025 report that boosted revenue and profitability outlooks.

Eastnine AB (EAST)

Chair Louise Richnau increased her holdings by 15,840 shares at SEK 48.14 each on July 11, 2025, totaling approximately SEK 0.7m. The purchase follows a dividend increase and a reduced leverage ratio.

Zinzino AB (ZZB)

CEO Dag Bergheim Pettersen sold a total of +30k series B shares at an average price of SEK 286 between July 10–12 2025, totaling approximately SEK +SEK 11m.

Disclaimer - Not Investment Advice

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