Catalysts Scalability and Space Efficiency: AutoStore’s cube-based, modular system delivers up to 60% more storage per square foot, enabling rapid expansion and optimal use of limited warehouse space, a critical advantage in booming e-commerce and urban environments. Favorable Industry Tailwinds: The convergence of surging e-commerce, persistent supply chain pressures, and the demand for leaner, more efficient operations creates a robust growth environment, supporting the projected 14% CAGR over the next 5–10 years.

Catalysts Industry Tailwinds : Nederman is poised to benefit from increasing global awareness and regulatory demands for improved air quality. Industries are investing in advanced air filtration systems to enhance employee health and reduce heating costs by maintaining cleaner air environments.

Catalyst: Enhanced Pricing Power: Limited availability of high-quality, skiable terrain enables Skistar to command premium pricing and maintain robust margins. Digitalization to help limiting costs preasure : by leveraging digital tools such as the skistar app, will allow skistar to drive down/maintain costs when it comes to staffing (e.g. self checkin and checkout) while improving customer experience.

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.

Catalysts Recurring Cash Flow: EQL’s core generic product delivers near‐“infinite” cash flow, thanks to its essential role in healthcare. Market Niche & Protection: Its product is too small for major competitors to challenge, ensuring a stable, low‐competition environment.

Catalysts Industry Tailwinds: Demographic Shift, an aging population with increasing financial needs and a desire to stay active is driving demand for part-time and flexible work options. Regulatory Support, policy initiatives promoting longer working lives and flexible scheduling are creating an environment favorable to staffing solutions tailored for older workers.

Catalysts New product launches, such as Pro-B3, D30, and the upcoming film industry product, could drive sales and earnings growth. Industry tailwinds in professional lighting and imaging could help, however currently no such signs in the reports.

Summary Holmen is trading at a premium (P/E ~23) amid cyclical weakness in sawmill products and lower energy income. A more reasonable multiple on “normalized” earnings is likely ~10–15× over a longer cycle, suggesting possible overvaluation if 2025 earnings do not rebound.

Catalysts Product Expansion: I-Tech's antifouling agent, Selektope, has been integrated into the product portfolios of six major global paint manufacturers, with ongoing development in others. This broadening adoption indicates a growing market acceptance and potential for increased sales.

Catalysts Business Expansion Opportunities: The company can leverage its existing data and software to explore new business models—such as transforming its app into a medical device for sleep apnea, monetizing data, or licensing its software as a development kit. Macro Trend: A growing societal focus on sleep’s importance supports increased market demand and provides an opportunity for accelerated growth.