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Stellantis is an underappreciated gem in an out-of-favor market. Recent layoffs at their Michigan plant unrelated to tariffs have only compounded the malaise brought on by recent whiplash trade policy changes.Read more

Despite the defunding of US governmental research and health services, Moderna remains in a commanding fundamental position. The company that made its name during the COVID-19 pandemic developing and manufacturing vaccines for the disease at breakneck pace also happened to have bagged a historic windfall in exchange for its performance.Read more

Over the coming decade, two forces converge to transform Vossloh’s prospects: Germany’s unprecedented €500 billion infrastructure fund and the strategic bolt-on of Sateba, Europe’s leading concrete-sleeper maker. Together they unlock fresh markets, deepen Vossloh’s moat, and set the stage for multi-year revenue and earnings growth.Read more

EBIT-margin trajectory: Historical: 2.3 % → 3.6 % (FY 22/23) ​, down to – 2 % (FY 23/24) ​, back to 3 % in Q1 24/25 ​ Forecast: Gradual recovery to 4–6 % by FY 25/26, reaching 6–8 % by FY 29/30 Revenue growth: Historical: + 70 % (FY 22/23) ​, + 30 % (FY 23/24) ​, + 27 % (Q1 24/25) ​ Forecast: ~ 15 % CAGR over the next five years (FY 24/25–29/30) Five-year share-price goal: Current fair value: € 8.5–9.0 per share Five-year target: € 14–15 per share (≈ 1.9 bn EUR market cap) Enterprise value (EV) outlook (DCF-based): Revenues rising to ~ 1.8 bn EUR by FY 29/30 EBIT of ~ 145 m EUR (8 % margin) → NOPAT ~ 102 m EUR FCF margin ~ 5 % → ~ 90 m EUR FCF Terminal-value multiple: EV/FCF = 15 → TV ~ 1.35 bn EUR Discounted EV: ≈ 1.18 bn EUR + net cash 0.69 bn EUR → ≈ 1.87 bn EUR → ~ 14.8 EUR/share Top risks: execution delays, margin pressure from competition, raw-material cost swings, subsidy uncertainty, heavy capex needs Narrative Outlook Over the next five years, thyssenkrupp nucera is poised to leverage its unique position at the intersection of mature Chlor-Alkali expertise and rapid Green-Hydrogen adoption. After a transitional phase in FY 23/24 with negative margins driven by upfront investments, the company’s shift toward series-manufactured AWE modules and high-growth project backlog supports a steady margin recovery.Read more

Brookfield Corporation A diversified asset management “powerhouse” Brookfield Corporation focuses on long-term investments across multiple industries, making it a stable player in asset management. The company’s operations rely on managing assets on behalf of institutional investors, while also holding significant proprietary investments “Withdrawals and reinvestments” One key reason Brookfield often shows negative revenue growth or cash flow fluctuations is its strategic reinvestment approach: Brookfield regularly withdraws money to distribute dividends or reinvest in other projects, resulting in financial metrics (like revenue growth or net income) that can seem negative or inconsistent.Read more

Update 27th Jan 2025 My original narrative was primarily based on Aswath Damodaran's Nvidia narrative and valuation. The recent news from DeepSeek further supports this narrative.Read more

In an era where artificial intelligence accelerates every sector, NVIDIA stands at the epicenter of a technology revolution. With hyperscale cloud providers and enterprises alike racing to deploy generative-AI workloads, NVIDIA’s GPUs have become indispensable.Read more

Avtal om samgående med CMB.TECH Efter stängningen i New York igår meddelade det belgiska shippingkonglomeratet CMB.TECH (Vi har en Behåll-rekommendation med en riktkurs 8,75 EUR), att det har tecknat ett avtal med avsikt att gå samman med Golden Ocean. Det offentliggjorda utbytesförhållandet är 0,95/1 CMB.TECH-aktie/Golden Ocean-aktie och baseras på ett substansvärde på 15,23 USD respektive 14,49 USD, vilket kan jämföras med våra senast publicerade substansvärde på 14,7 USD respektive 14,1 USD (baserat på siffrorna i Q4) och ett implicit utbytesförhållande om 0,96/1.Read more

Tillväxten i flottan sjunker, tillväxten i handeln stiger Q4-siffrorna var bättre än väntat tack vare lägre kostnader. Vi anser att utsikterna för LPG-handeln är starka med en förväntad handelstillväxt på 5,5 procent per år under 2025-26 (genomsnitt 2014-24: 7 procent per år), stärkt av export-tillväxten i USA och Mellanöstern.Read more