Here are summaries and links to the research content we published this week.

Better Collective (BETCO): Structural Headwinds Point to Significant Downside

We maintain our negative view on Better Collective (BETCO), with a one-year price target of SEK 81 and a three-year target of SEK 68, versus today's price of approximately SEK 121. Our analysis identifies multiple converging pressures: deteriorating SEO traffic (down ~10% Y/Y in Q4), a buyback program that is now ~95% depleted and has been artificially inflating the share price, structural disruption from Google AI Overviews (threatening ~20% of traffic), the rise of prediction markets eating into sports betting volumes, and regulatory friction in key markets such as Brazil. We estimate 2027 EBIT at roughly 30% below consensus, yet the stock trades at a ~130% premium to peers, a gap we believe will close as buyback support fades. Read more

Physitrack (PTRK): Buyback Announcement a Strong Signal of Management Confidence

Physitrack (PTRK) has announced its intention to implement a share buyback program, which we view as a clear positive and a logical next step in the company's transition to profitable, cash-generative SaaS. CEO Henrik Molin cited materially improved cash generation and stronger margins exiting 2025, framing the buybacks as a disciplined capital allocation tool. With the share trading well below our assessed intrinsic value range of SEK 22–25, we consider repurchases at current levels highly accretive — and the market appears to agree, with the share up 14% on the announcement. Read more

Disclaimer

This analysis represents the independent views of Lind Research and is based on publicly available information believed to be reliable, but no warranty is given as to its accuracy or completeness. Nothing herein is investment advice or a recommendation. We publish openly, and companies do not influence our conclusions. Lind Research may hold positions in securities discussed.

Lind Research