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Research report: Severely Mispriced Opportunity in an Overlooked Nordic Microcap

Investment case write-up

Author

Kristoffer Lindström
May 27, 2025

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Investment thesis summary

Lind is long this Nordic microcap name, as we believe the market has misunderstood and neglected due to historical biases and the broader shift away from microcap stocks. Beneath the surface, significant business improvements have gone unnoticed, creating a compelling mispricing opportunity. This is an active core position, which means we will engage with the company on value-unlocking initiatives.

Hidden Quality in a High-Moat SaaS Segment

Our +40-page detailed case write-up reveals a high-quality SaaS segment within the company, featuring substantial competitive moats, robust growth potential, and accelerating margins. Remarkably, this single segment's intrinsic value alone exceeds the current market valuation.

Upcoming Software-Driven Inflection Point

Rapid expansion of high-margin software revenues positions the company for significant margin improvement and increased stability in the coming years. Coupled with renewed strategic focus and efficiency initiatives, we see multiple catalysts poised to unlock value.

Clear Path to Unlocking Significant Upside

We have identified specific, actionable strategies that can materially enhance shareholder value:

  • Shift communications from EBITDA to cash flow metrics.

  • Improve transparency in segment reporting.

  • Aggressively optimize cost structures.

  • Explore strategic alternatives for non-core segments.

  • Resolve shareholder dynamics weighing on valuation.

Compelling Risk-Reward Scenario

Our Sum-of-the-Parts (SOTP) valuation suggests substantial upside potential from current price levels, presenting an opportunity with a projected IRR exceeding +30%. With clear strategic initiatives in place, optimized outcomes indicate even more significant returns.

Download the full research report below.

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