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Update as of 13 May: Amidst the tariff chaos and thus increased uncertainty about underlying growth trends, and after Balfour's recent quarterly report, I lowered exp. revenue growth to 12 per cent p.a., increased profit margins just a notch to 3.5 per cent and reduced the discount rate slightly to 9 per cent, still resulting in a fair value close to 600p.

Based on analyst forecasts until 2027 and a discount rate of 15%. Terminal PE of 35.

Catalysts That Could Drive Value Urbanization Trends: As more people move to cities, demand for Balder's residential and commercial properties is likely to increase. Economic Recovery: Post-pandemic economic growth can boost occupancy rates and rental incomes.

Summary Table after asset infusion Method Estimated Fair Value (₱/share) 1. Dividend Discount Model ₱5.56 2.

Sleep Cycle AB — Investment Narrative, Update Q1 2025 Executive Summary Sleep Cycle AB (Nasdaq Stockholm: SLEEP) is the category-leading sleep-tracking app with ~904 000 paying subscribers and a decade-long proprietary data set exceeding three billion recorded nights. The asset-light subscription model generates robust profitability (average EBIT margin ≈ 26 % over 2022-2024) while free cash flow and a net-cash balance (≈ 157 m) support an ordinary plus special dividend.

It was an innovator, but not is is mostly hype, with stagnating car sales.

Catalysts Are there any products or services that could move sales or earnings meaningfully? Are there any industry tailwinds this stock is benefitting or hindered from?

· The company's stock value has declined this week due to economic and political circumstances in Spain and Europe, particularly with the potential exit of France from the Euro. However, the company's strong fundamentals suggest it will continue on an upward trend, albeit at a slower pace.

Catalysts Strong Market Tailwinds: The current addressable market is estimated at around SEK 25 billion annually, while the company’s full-year revenue for 2024 stands at approximately SEK 1.8 billion. This significant market gap highlights substantial upside potential as defense spending continues to rise globally, particularly in Europe and North America where defense budgets are expanding.