Lind Research #6

Welcome to Lind Research. You can find our latest research report on X here, where we..

This week, I expect to publish an in-depth analysis of a Swedish microcap where I find the market is neglecting the improvements and underlying quality of the business. The report will first be accessible to Premium and Professional subscribers and then made public after an embargo.

Last week

In last week’s edition, we highlighted that both Orgio and Protean had increased their stakes or initiated a position in Asmodee. The company reported earnings last week and saw a positive price reaction. The share price was up 7% at its high during the reporting day.

Investors taking positions

This section reviews the monthly letters and investor disclosures from prominent funds to identify interesting companies for further research.

Lancelot: Believes Vimian offers strong long-term potential despite short-term headwinds in its U.S. MedTech segment, supported by double-digit organic growth in other areas and continued operational improvements. For Gränges, they see an attractive entry point, highlighting the company’s U.S. positioning, improving capacity utilization, and low valuation as key drivers for future returns.

Kavaljer: They made several portfolio adjustments during April. They exited their positions in Kitron and Storytel, selling the latter at around SEK 100, but re-entered Storytel after its post-earnings drop, buying back shares below SEK 80. They also repurchased Pandora at a ~30% discount compared to their earlier exit price.

In addition, they increased its exposure to several existing holdings, including Carasent, Nilörngruppen, Sdiptech, Svedbergs, Swedencare, Nederman, and Securitas, signaling confidence in their long-term prospects.

Alcur: Participated in the IPO of Asker, a newly listed company on the Stockholm Stock Exchange. Asker is a serial acquirer focused on products for the European healthcare sector. With a CEO who has led the company for over a decade, Alcur believes Asker has built a high-quality group with strong and sustained growth, both organic and through acquisitions. The company generates solid cash flows and has ample opportunities to reinvest in further M&A. Despite being a small player in a large market, Asker is currently valued at EV/EBITA 21x for 2026E, according to FactSet.

Insider activity

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

Karnov Group’s CEO, Pontus Bodelsson, and CFO, Magnus Hansson, have purchased shares in the company for a combined total of approximately SEK 1.5 million. On May 23, Bodelsson acquired 12,000 shares at SEK 90.54 per share, amounting to SEK 1.09 million. Two days earlier, Hansson bought 4,706 shares at SEK 88.00, totaling SEK 414,000.