Nordic small cap stocks

Envar AB is a recent IPO in Sweden, trading at a market cap of 750 million SEK at a share price of 60 SEK.

Their core video game concultancy business generates stable, growing and strong FCFs, which they redeploy into generating their own IP through the game Witchspire. The game is set to be released in early access in Q2 2026.

Not financial advice. Thanks for listening.

2025 has been difficult for shareholders in Opter. I explain the developments this year, and why the EPS has declined.

More importantly, I explain why I believe 2026 will see a return to earnings growth for the company, as well as a comeback for the stock.

Not financial advice.

Teqnion is a small serial acquirer from Sweden. They have experienced difficulties on a subsidiary level for quite some years. Management has even made som mistakes regarding capital deployment as well as some governance issues.

Despite these concerns, I believe in a strong incremental return on capital of around 15%. The reinvestment rate sits at 100%, and corresponds to a shareholder CAGR of 15% if the multiple stays flat. This may be an opportunity to get in on a long term compounder in its absolute infancy, if you can stomach the risks.

Not financial advice.

Paradox is a developer and publisher of strategy games, with many famous legacy games.

In this episode, I explain some of the nuances behind gaming accounting, and the short-comings of traditional accounting when it comes to intangible assets.

Paradox is a quality, long term compounder. I fore-see a bumpy ride ahead, due to some potentially failed releases. This could mean opportunities to buy a great company experiencing some short term problems.

Not financial advice

Quick recap of the solid company performance from Generic in H1, despite poor stock performance. A valuation update at the end.

Disclaimer, this is not financial advice. An investment carries severe risk of capital loss.

Betsson AB is an established player within the online gambling sector, led by a supreme capital allocator in the owner-operator Pontus Lindwall. It trades at a market cap of 22 billion SEK, or approximately 2 billion USD.

At a share price of 155 SEK the company trades at a FCF-yield of 10%, while growing earnings double digits. This is due to a looming regulatory risk, which could severely affect current earnings power.

However, I believe that despite the risk, the current multiple of 10 times P/E is so low, that risk/reward is very promising. I foresee a shareholder CAGR of above 15% even with conservative estimates for future growth and negative regulatory events.

Not financial advice, and an investment in Betsson AB carries severe risk.

A quick recap of the strong performance of Medistim in H1 2025, and a valuation update.

Investors seems to be missing the forest for the trees. Short term noise have built an impression that Evolution deserves to trade at 12 times earnings. But remember, the P/E multiple is not only a component of growth.

Market valuations of sectors varies over time, and there is no permanent anti-ESG underperformance. If so, any quant with a screen would outperform the market.

I foresee a clear path towards multiple expansion, despite modest expectations for company performance. In this analysis, I try to explain what the returns could look like over 5 years.

A growing and stable internet service provider from Sweden. The company is founder-led with extreme earnings stability for such a small company.

The company is setting up for international expansion after having built a stable earnings base in the Swedish market.

Thanks for listening. Not financial advice

One cannot simply compare a swedish serial acquirer to another. They own vastly different assets, corresponding in vastly different expectations for organic growth.

Furthermore, some companies has a proven track record when it comes to capital allocation. Bergman & Beving is the OG in this regard.

Putting swedish serial acquirers in a spreadsheet comparing P/E multiples or other measures without context should be considered a sin.