Research

Lind Research seeks value in the Nordic public equity markets. We provide an in-depth analysis of investment opportunities with compelling risk-reward dynamics.

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Embracer Group (EMBRACB)

Research Note

Embracer Group (EMBRACB): The beat is priced; FY26/27 is the real test

Kristoffer Lindström

May 19, 2026

Embracer reports tomorrow at 07:00 CEST, call at 09:00 led by CEO Phil Rogers and CFO Müge Bouillon. First full-year report since the Coffee Stain spinoff was completed on 11 December 2025. In this post, we outline the consensus expectations and our key areas of focus in the report.

Kristoffer Lindström

May 12, 2026

Coffee Stain's first full year as a standalone listed company landed with a strong revenue beat, an in-line Cash EBIT print, and a capital return announcement that was the most material new information in the package. Net sales of SEK 260m in Q4 came in 15% above the SEK 227m consensus (+20% reported, +40% organic CC against the lapping base). Cash EBIT of SEK 81m printed -2% versus the SEK 83m consensus, meaning costs came in higher than the sell-side modeled. The new disclosure is the SEK 300m capital return program (SEK 150m cash dividend + up to SEK 150m buyback) and an explicit signal that the Board is prepared to distribute. Below the headline, the FX story on the full year is more material than the quarterly cost line, and every operational debate from our preview has at least a partial answer.

Coffee Stain (COFFEEB)

Video

Coffee Stain (COFFEEB): Video interview on EFN related to the Q4 '25/26 report

Kristoffer Lindström

May 12, 2026

Kristoffer joined EFN.se Börsfrukost to answer questions related to Coffee Stains Q4’25/26 report. Starting at 13.00, in Swedish.

Coffee Stain (COFFEEB)

Research Note

Coffee Stain (COFFEEB): Five Areas of Focus for Tuesday's Year-End Print

Kristoffer Lindström

May 11, 2026

Tomorrow Coffee Stain prints its first ever full year as a standalone listed company. The headline numbers are not the point. The question we walk in with is whether management is treating Coffee Stain as a portfolio of cash-generating IPs that should be tuned for yield, or as a platform that needs to fund the next thing. Q4 is the cleanest stress test we have so far: no Satisfactory launch tailwind, an inherited live-service (Fellowship), the biggest paid-franchise content drop of the year (Deep Rock Galactic Season 6), the long-awaited Teardown multiplayer release, and a Bloxburg revenue line attached to a Roblox stock down 34% since April 30. Consensus is thin, and tomorrow's reaction will be driven by tone on these five debates more than by the precise number. Share price has been strong since the post-listing forced selling stopped, which may pose an expectations risk if numbers come in below consensus.

Sleep Cycle (SLEEP)

Research Note

Sleep Cycle (SLEEP): Closing the Cycle

Kristoffer Lindström

May 11, 2026

Altor, via Snark Bidco, has launched a SEK 24.50 cash offer for Sleep Cycle. The two largest owners (62.9% combined) have already irrevocably accepted, so the deal is, for practical purposes, done. The 47% premium looks generous against Friday's close. It looks a lot less generous against the company Sleep Cycle actually is on the other side of its self-inflicted 2026 investment cycle. Altor is not doing charity.

Smart Eye (SEYE)

Research Comment

Smart Eye (SEYE): Seeing Machines Q3 Confirms the EU Pre-Build. Smart Eye Consensus Looks Wrong.

Kristoffer Lindström

May 7, 2026

A peer DMS supplier published Q3 KPIs today showing aggressive EU OEM production scaling for the July 2026 GSR deadline, hitting now in calendar Q1 2026 rather than waiting on the deadline itself. We mapped the disclosed royalty unit volumes and per-car economics against Smart Eye's current sell-side consensus for the next report, and the read-across creates clear tension with what the market is currently modelling.

Better Collective (BETCO)

Research Note

Better Collective (BETCO): BetMGM Cuts Guidance on Prediction Market Pressure

Kristoffer Lindström

Apr 17, 2026

BetMGM cut 2026 revenue guidance by roughly $200M and named prediction markets as the driver, the first time a US sportsbook has put a number on what was, until now, a theoretical threat. Better Collective sits downstream of these economics, trades at roughly 2x peer multiples, and is funding a EUR 40M buyback partially absorbed by insider sales. The canary is...

Smart Eye (SEYE)

Smart Eye (SEYE): Adds Second Resident Engineer in Detroit as Stellantis Ramp Nears

Kristoffer Lindström

Apr 13, 2026

Our career page scan of Smart Eye and its subsidiaries identified an open position indicating a continued and growing workload at a key customer site in one of the company's core automotive markets

Carasent (CARA)

Smart Eye (SEYE)

cBrain (CBRAIN)

Klarna (KLAR)

Flat Capital (FLATB)

Research Comment

The EU AI Act Gets a 16-Month Extension; Some Nordic Names Benefit More Than Others.

Kristoffer Lindström

Mar 30, 2026

The AI Act delay is not a gift to industry, it is an admission that EU regulators and standard-setters are behind schedule. With high-risk deadlines pushed to December 2027 and embedded AI to August 2028, we looked at four Nordic names where the extension actually matters on the margin...

Physitrack (PTRK)

Research Note

Physitrack (PTRK): First US Deal Signals Physitrack's Enterprise Pivot Is Working

Kristoffer Lindström

Mar 30, 2026

Physitrack's first US enterprise deal is immaterial in size, less than 0.3% of Lifecare revenue, but the signal matters more than the dollars. An academic medical center is a credibility-conferring reference account, and this is the third institutional deal in March alone, all enterprise-scale and all with built-in expansion language. The go-to-market is shifting, and the market continues to ignore it...

Physitrack (PTRK)

Research Note

Physitrack (PTRK): Lands Two Swiss Deals in 17 Days

Kristoffer Lindström

Mar 27, 2026

PTRK announced its second Swiss institutional deal in under three weeks, with bespoke clinical workflow modules that materially raise switching costs. The deals themselves are small, but the pattern of enterprise traction is building. The stock trades at SEK 8.8 versus our SEK 22-25 SOTP, held down by mid-transition optics, indiscriminate SaaS repricing, and Nordic small-cap outflows. The bigger catalyst remains a US win...

Research Roundup

Weekly Research Roundup #18

Kristoffer Lindström

Feb 22, 2026

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

Physitrack (PTRK)

Physitrack (PTRK): Value Creative Buyback Program Announced

Kristoffer Lindström

Feb 20, 2026

Physitrack (PTRK) just announced the intention to implement a share buyback program.

Better Collective (BETCO)

Better Collective (BETCO): Structural Headwinds and Near-Term Weakness

Kristoffer Lindström

Feb 20, 2026

The short thesis on BETCO rests on both short-term factors like weak SEO traffic not yet appreciated by markets and a current share price artificially boosted by aggressive buybacks, but also on long-term structural challenges like AI search, the rise of prediction markets, and more.

Kristoffer Lindström

Feb 13, 2026

Insights into new Activist Campaigns and more.

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Research

RESEARCH BY TYPE

RESEARCH BY COMPANY

ALL RESEARCH REPORTS & COMMENTS

Embracer Group (EMBRACB): The beat is priced; FY26/27 is the real test

Coffee Stain (COFFEEB): Q4 Wrap. Top-Line Beats, SEK 300m Coming Back, Fellowship Still the Open Question

Coffee Stain (COFFEEB): Video interview on EFN related to the Q4 '25/26 report

Coffee Stain (COFFEEB): Five Areas of Focus for Tuesday's Year-End Print

Sleep Cycle (SLEEP): Closing the Cycle

Smart Eye (SEYE): Seeing Machines Q3 Confirms the EU Pre-Build. Smart Eye Consensus Looks Wrong.

Better Collective (BETCO): BetMGM Cuts Guidance on Prediction Market Pressure

Smart Eye (SEYE): Adds Second Resident Engineer in Detroit as Stellantis Ramp Nears

The EU AI Act Gets a 16-Month Extension; Some Nordic Names Benefit More Than Others.

Physitrack (PTRK): First US Deal Signals Physitrack's Enterprise Pivot Is Working

Physitrack (PTRK): Lands Two Swiss Deals in 17 Days

Weekly Research Roundup #18

Physitrack (PTRK): Value Creative Buyback Program Announced

Better Collective (BETCO): Structural Headwinds and Near-Term Weakness

Activist Insight #1

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