Catalysts Industry Tailwinds: Continued global demand for wastewater treatment driven by urbanisation, water scarcity, and stricter environmental regulations. A rising focus on circular economies that value resource recovery from organic waste.

Q1 2025 Update Decent revenue and earnings report, numbers supporting a mean reversion play on multiple. Catalysts Strong Pricing Power: Consistent improvement in gross margins, rising from mid-15% levels in early years to nearly 19% in recent projections.

Catalysts Historic Growth: HEXPOL has demonstrated robust growth over the years—expanding from modest beginnings in 2001 to achieving sales over 22 billion SEK in 2023—and its strong track record suggests that this momentum is likely to continue. Gross Margins: The company has maintained stable gross margins (18-23%) last five years, reflecting enduring pricing power vs customers.

Q1 2025 Update Very weak quarter both in terms of order intake 142 mUSD (also including about 30 mUSD for "as a service" orders) vs 182 last Q!, no implications for long term valuation. No need to rush in to this stock.

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.