Lind Research #5

News highlights, Investors taking position, Insider activity...

Author

Kristoffer Lindström
May 19, 2025

Welcome to Lind Research. Sorry for the lack of weekly updates, I have been focused on an upcoming investment case write-up.

I am really excited about the opportunity in the company I am writing about, as the market seems to neglect the fundamental development and improvements they are making.

The investment case will first be accessible by Professional and Premium users and published publicly after a time embargo. Stay tuned!

Investors taking positions

In this section, we review the monthly letters and investor disclosures from prominent funds to identify interesting companies for further research.

Origo: Market turbulence in Q1 opened new opportunities, prompting unusually high activity. The firm exited long-held, now fully valued positions like Invisio and ALK-Abello, while increasing exposure to other favorites that became more attractive post-February selloff. New investments include Asmodee, Alm. Brand, and Kalmar, along with increased positions in BioGaia and Dynavox—the latter previously highlighted amid tariff concerns during Trump’s presidency.

Protean: Asmodee has emerged as a top performer and is now one of Protean’s larger holdings after an increased stake during the month. Strong sales momentum is expected in Q1, driven by popular distributed card games. Protean sees a compelling mix of organic growth, M&A potential, and low valuation, and anticipates further upside as the shareholder base stabilizes post-spin-off.

Interestingly, both Protean and Orgio have either taken positions in or increased their stakes in Asmodee, the spin-off from Embracer Group. The company will release its Q4 report for FY’24/25 on the 21st of May. Given market expectations, the current valuation does not seem that rich, but it is not directly cheap either.

Asmodee, from Koyfin

Adrigo: Increased its position in BHG Group after the stock dropped sharply on the earnings release, despite a strong run-up ahead of the report. Organic sales growth came in at a solid 8.2%, supported by strong performance in Sweden and, somewhat surprisingly, in Germany and Norway. The operating margin improved from -1.2% to 2.3%. Adrigo believes BHG is closing in on its mid-term margin target of 5%, with the potential to reach it by year-end.

Insider activity

Here we look for standout transactions from company insiders, which might indicate that a closer look at the company is warranted.

Gento: Fundacja Zbigniewa Juroszka Fundacja Rodzinna (ZJ Foundation), controlled by Zbigniew Juroszek, has acquired an additional 119,400 shares in Gentoo Media Inc., bringing its direct stake to 10.03%.

Together with close associates, the group now controls 29.03% of Gentoo Media’s outstanding shares and voting rights—approaching the mandatory bid thresholds of 30% in Sweden and 33% in Norway. Might there be a bid in the making?

Eyeon: Mattias Kaneteg, the main owner and senior advisor of tech company Eyeon, has acquired an additional 16,000 shares through House of K Holding. As of May 9, he holds 8.57 million shares, corresponding to a 24.38% stake in the company, according to Holdings. He has also been nominated as the new chairman of the board at the upcoming AGM.