Lind Research #9

Research: ASMDEE - Ideas: EMBRAC, LINDEX, DYVOX, CATB - Insider: STORY, EVO, EOID

Author

Kristoffer Lindström
June 16, 2025

Welcome to Lind Research. Here to help you discover great investment opportunities in the Nordics. This week, we highlight our research note on ASMDEE, Ideas on EMBRAC, LINDEX, DYVOX, CATB, and insider activity on STORY, EVO, EOID.

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.

Asmodee Buys Zombicide in First Post-Spin Deal

Asmodee (ASMDEE-B) has acquired the Zombicide IP from the struggling publisher CMON, likely at a discount. The franchise has sold over 2 million units and raised $50 million through crowdfunding, including $9 million for its Marvel Zombies edition.

This marks Asmodee’s first acquisition following the Embracer spin-off and signals a return to its M&A-driven growth strategy. The deal strengthens Asmodee’s core moats: brand power and global scale, with a distribution network in 130+ countries.

Shares are up over 50% since the spin-off, and more deals are reportedly in the pipeline.

Read the full note 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.

Coffee Stain Spin-off Creates Multiple Value Unlocking Opportunities for Embracer Group

Idea source: Lancelot

Ticker: EMBRAC | Timeframe: 12-18 months | 💼 Special situation

Lancelot Fonder believes that Embracer Group represents a compelling special situation investment despite weak near-term guidance due to limited major game releases. The fund identifies the upcoming Coffee Stain Group spin-off as a key value catalyst, noting the subsidiary’s strong operating margins exceeding 50% and expecting the separately listed entity to trade at 30-45 SEK per share. Lancelot argues that after adjusting for Coffee Stain’s value and Embracer’s net cash position of approximately 25 SEK per share, the remaining business trades at an exceptionally low valuation despite generating over 75% of total results. The fund sees the Lord of the Rings rights as Embracer’s most valuable asset, currently generating modest royalty income with significant upside potential.

Read the complete Idea note here.

 

Nordic Fashion Pure-Play Emerging from 5-Year Restructuring with Strategic Optionality

Ticker: LINDEX | Timeframe: 12-18m | 💼 Special situation

Magnus see a special situation value unlock opportunity as Lindex Group approaches the completion of its 5-year restructuring program while conducting a strategic review of its department store division. The recent settlement of the final legal dispute clears the path for restructuring exit and potential Stockmann divestiture, which could unlock significant value for the pure-play Lindex fashion business.

Read the complete Idea note here.

 

Assistive Communication Pioneer Poised for Double

Idea source: Origo, Per Johansson

Ticker: DYVOX | Timeframe: 12m | 📈 Bullish

Dynavox leads the assistive communication technology market with unique solutions for people with disabilities such as cerebral palsy, ALS, and autism. Despite strong fundamentals and proven societal value, the market underappreciates Dynavox’s growth potential, particularly in the underpenetrated U.S. market. With tariff protection, a scalable business model, and an expanding market share, Johansson forecasts a 100% upside potential within 12 months based on a 25x earnings multiple.

Read the complete Idea note here.

 

Misunderstood European Real Estate Manager Trading at 4x Core Business EBIT Following Strategic Asset Sale

Idea source: Kavaljer

Ticker: CAT-B | Timeframe: 24-36 months | 💼 Special situation

Kavaljer believes that Catella represents a classic sum-of-the-parts opportunity where complexity has obscured the value of a high-quality, scalable Investment Management business with 18% CAGR growth over 9 years and sticky recurring revenues. The May 2025 Kaktus Towers divestment for SEK 2.1B was the critical catalyst that transformed two-thirds of market cap from “uncertain mega-project” to cash, dramatically simplifying the balance sheet. With SEK 19/share in net assets providing downside protection, investors are effectively paying only 4x normalized EBIT (SEK 300M) for the core IM business, which deserves a 13-18x valuation. The appointment of experienced CEO Rikke Lykke and the potential for capital returns create multiple re-rating catalysts, while majority owner Johan Claesson’s strategic flexibility adds M&A optionality.

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.

Storytel (STORYB)

Jonas Tellander, founder and former CEO of audiobook company Storytel, sold 500,000 shares between Tuesday and Friday last week at prices ranging from SEK 88.71 to SEK 95.05 per share. The total transaction value was approximately SEK 46 million. Tellander, who served as CEO from 2005 to 2022 and remains on the board, was a major shareholder with just over 3.1 million shares before the sale, according to Holdings data.

Roxette Photo, a major shareholder in audiobook company Storytel, sold 1 million shares on June 11 at SEK 90 per share in a transaction totaling SEK 90 million. The deal, executed on First North and brokered by DNB Carnegie, represents 1.3% of the company’s share capital.

Following the sale, Roxette Photo holds 5.64 million shares, equivalent to 7.31% of Storytel’s capital and votes, according to Holdings. The company is represented on Storytel’s board by Jonas Sjögren.

Evolution (EVO)

Martin Carlesund, CEO of live casino developer Evolution, has acquired 100,000 shares in the company. The total purchase amounted to SEK 67.1 million, with an average price of SEK 671.27 per share, according to filings with the Swedish Financial Supervisory Authority.

Eyeon (EOID)

Mattias Kaneteg, chairman and major shareholder of tech company Eyeon, has acquired 12,873 shares through his company House Of K Holding. The shares were bought at SEK 26.28 each, totaling approximately SEK 338,300. The transaction was carried out on the Nordic SME market, according to the Swedish Financial Supervisory Authority.

Following the purchase, Kaneteg holds 8.67 million shares, representing 24.67% of the company's outstanding shares. He has been a frequent buyer of Eyeon shares in recent weeks.

Disclaimer - Not Investment Advice

The content on Lind Research is for informational purposes only and should not be considered as investment advice financial advice. One should always consult a qualified professional before making any investment decisions. Investments carry risks, including the potential loss of capital. Lind Research and its authors bear no liability for decisions made based on the information provided here. All views are personal and not reflective of any company mentioned. Lind Research, it’s affilaites, personnel, clients and/or partners might hold investments in securites discussed.

By accessing Lind Research, you acknowledge and agree to this disclaimer.