Lind Research #8

Welcome to Lind Research. Here to help you discover great investment opportunities in the Nordics. This week, we highlight PTRK, ARJO, ACAST, and insider activity in BONEX, GIGSDB, and VERVE.

I hope no one has missed the opportunity to read the research report on PTRK. Premium members gained access to this report on the 27th, and it was released to everyone after a one-week access embargo. 

We aim to publish 6-10 case deep-dives annually and will continue to provide full coverage on the ideas when they are in play. Access will always be given first to Premium members, followed by all other subscribers.

Here is the thesis summary:

Find the full report here.

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.

Arjo (ARJO): Compelling Turnaround Opportunity Amid Excessive Market Pessimism

Ticker: ARJO | Timeframe: 12-18 months | 🏥 Healthcare | 🔁 Turnaround

Read the complete Idea note here.

Acast (ACAST): North American Inflection Point Drives Profitability Turnaround

Ticker: ACAST | Timeframe: 12-18 months | 🚅 Financial momentum

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.

Bonesupport

Bonesupport’s incoming CEO, Torbjörn Sköld, has purchased 15,000 shares in the medtech company. The shares were bought at a price of SEK 252.60 each, amounting to a transaction worth approximately SEK 3.8 million, according to a company press release.

GiG Software

Richard Carter, CEO of iGaming service provider GiG Software, has purchased an additional 126,080 shares, increasing his holding by 55% since the Q1 report. So far this year, Carter has acquired over 1.6 million shares and now holds just over 2.2 million. Combined, the company’s management and board own around 4% of the total share capital.

Verve Group

On June 3, Remco Westermann, CEO and major shareholder of Verve, acquired 119,146 shares through his company Bodhivas. According to the Swedish Financial Supervisory Authority’s insider registry, the purchase included 99,146 shares in Frankfurt at €2.98 per share (totaling €295,800) and 20,000 shares in Stockholm at SEK 33.40 per share (totaling SEK 668,000).