Lind Research #14

Welcome to Lind Research. Things are a bit slower this week due to the ongoing vacation. However, I still wrote a BETCO Q2 preview, where I have analyzed traffic data, and an Idea note on ADNODB sourced from Carnegie Micro Cap. I have also seen some interesting insider activity in ATT, ROKOB, and ELTEL.

Research

This is the Research section; It includes our published reports, updates, and notes from the past week, covering companies we’ve already investigated in more depth. These pieces reflect ongoing research, updated views, or new insights as part of our active coverage.

Better Collective (BETCO): Continued Traffic Weakness for Q2

Summary:

• SEO Traffic Model:

  Lind Research has developed an Excel model that tracks traffic estimates for all BETCO-owned websites, utilizing Ubersuggest data. The tracker will be updated monthly for premium members.

• Traffic Trends (Q2 2025):

  • North America: -2% QoQ, sharply down YoY (highest revenue per visitor).

  • Latin America: -9% QoQ.

  • Europe: +7% QoQ.

  • Global: +5.3% YoY, -1.2% QoQ.

    Traffic weakness in key regions (NA & LATAM) suggests Publishing revenue will likely decline ~5% QoQ, vs. market consensus expecting +3%.

• NDCs as Leading Indicator:

  Declining traffic correlates with fewer NDCs sent, which reduces both near-term CPA income and long-term revenue share.

• Google Core Update (June 2025):

  Large, broad update (June 30–July 17) had a mixed to negative impact on BETCO’s major sites.

• Share Price & Buybacks:

  Despite weak traffic trends, the share price has rebounded, likely due to buybacks accounting for ~16% of total volumes since May 22. The buyback window closes on Aug 26, shortly after Q2 results.

• Valuation & Risks:

  • BETCO trades at NTM EBIT 14.8x, above its 3‑year median (14.0x).

  • Analysts appear too optimistic, not fully factoring traffic declines and core update impact.

  • Combined with Brazil headwinds, US slowdown, and partner publishing issues, the margin of safety is minimal, leading to a cautious stance.

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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Strong Recovery Post-Q1 with Value-Creating Acquisitions

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

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.

Attendo (ATT)

Ulf Mattson, chairman of care provider Attendo, purchased 77,760 shares on Friday through a company at SEK 64.30 per share, a total transaction of approximately SEK 5 million, according to the Financial Supervisory Authority’s insider register.

Following the purchase, Mattson holds 102,150 Attendo shares, according to Holdings data.

Röko (ROKOB)

Fredrik Karlsson, CEO and co-founder of serial acquirer Röko, bought 19,000 shares on 17 July at SEK 2,570 per share, a transaction worth nearly SEK 49 million, according to the Financial Supervisory Authority’s insider register.

Karlsson founded the company together with Tomas Billing, and the pair remain Röko’s largest shareholders.

Eltel (ELTEL)

Eltel AB CEO Håkan Dahlström has purchased 100,000 shares at SEK 10.52 each, for a total of approximately SEK 1.05 million.

Following the transaction, Dahlström, who previously owned 1,000,000 shares, continues to build on his position in the company.