-Since their IPO, they have grown approximately 7-8% annually while scaling EBIT. If they meet their forecast, a 10x EBIT multiple should be fair, representing an upside of over 120%

5) European regulations focused on energy efficiency renovations will come into full force in 2026 and are expected to have full effect by H2

4) Since early 2026, they have entered into two strategic partnerships, which should boost growth

3) At the beginning of 2026, they received their largest order by far as a public company, with an order of 15m; the previous record was just over 5m

2) Last year, they described their forecast as 'highly uncertain'; this year, they describe it as 'moderately uncertain'.

1) They have right-sized their costs, the effects of which will be visible in H2 2025, thereby achieving operating leverage as they generate DKK 16m EBIT on DKK 148m revenue, resulting in an EBIT margin above 10%

-Historically, their forecasting has been a bit hit or miss, but several factors suggest that their 2026 forecast is achievable

-Market cap is 125m, with expected net debt below 20m at year-end, resulting in an EV of below 145m.

-WMA (Danish HVAC) 2026 forecast is DKK 45-55m EBITDA and DKK 290-310m revenue, representing a midpoint forecast of DKK 32m EBIT, which corresponds to less than 4x EBIT

intet har ændret sig i casen, den er meget attraktiv.

Har købt en mindre position i Zaptec, ath order intake og forventer øget gross margin i outlook og vækster i alle markeder gør at jeg er optimistisk i forhold til 2026.

SNX med fin report, øger omsætningen med 28,8% men har engangsomkostninger på 1,5m og fik reduceret lageret i december som betød lavere marginer. Tror væksten fortsætter i 2026 med 20% og de skalere EBITA til 50m og giver cirka 45% upside målt med en multiple på 15x EBITA.

Enig hun var også forsigtig under q3 callet, men hun lød endnu mere forsigtig under q4 callet. At de ikke betaler udbytte kan også være tegn på at de er mere usikre på fremtiden?

Det store selloff i Nelly tror jeg hænger sammen med at CEO var meget forsigtig i CC, lad os se hvad der sker, vækster de fint og scalere EBIT i q1, så kan der komme relief rally. Jeg undrer mig over at de ikke betaler udbytte.

Der har været stort selloff i SaaS seneste 1 måned hvilket har påvirket Pexip, men jeg tror Pexip er et af de bolag som er meget sværer at kopiere gennem AI. Jeg tror AI kan blive bra for Pexip da det måske kan reducere OPEX eller holde OPEX i ro going forward.

Pexip igen med stærk performance, man rammer det øverst forecast interval med 131m USD ARR, der er noget timing i forhold til en stor order som bliver pushet fra q4 til q1, som påvirker EBIT i q4, men ellers rigtig bra. Trader til EV/EBIT 16x på mit 2026e, og betaler 4 kr udbytte (6 % yield).

Selve reporten var stabil, men CEO var meget forsigtig iforhold til 2026.

Nelly ramte ikke helt mine forventninger. Man har gjort store forbedringer på vigtige KPI som return rates og egne produkter og har nu en stabil forretning. Spørgsmålet er om der er plads til flere optimeringer i 2026?

Jo det er kosttilskud de arbejder med gennem MLM forretningsmodel. De har en ret unik tilgang, ved at man kan tage test der er mere uddbyende end dem man får hos lægen, for at se om man er i ubalance.

Zinzino med deres største MA som vil tilføje 60m USD i sales i 2026. Zinzino har lavet 9 opkøb seneste 2 år, og har været succesfulde med at integerere dem. Når Work IT group EBIT% level, så er dette mindre end 5x EBIT køb.

Plejd er en af de stærkeste small-cap-aktier i Sverige, og den fortjener den høje multiple, den har i øjeblikket. Jeg synes, at 350 mio. EBIT i år er realistisk, og jeg tror, at bruttomarginen vil skalere op i 2026, mens væksten vil ligge over 30 % givet det momentum, de har lige nu.

Interesting – it makes sense, since we need to control our own energy supply and not depend on unreliable countries.

Now Hove is out with forecast and midpoint forecast suggest good growth and higher EBITDA. New investments to keep up with growth going forward, India is expected to go from 52 GW to above 100 GW in 2030, so this market will be extremly good for Hove going forward.

NWC har forbedret sig en smule i 2025, men forhåbenligt bliver det endnu bedre i 2026.

You can add that Hove has very low customer churn (1-2% of revenue) and that the business model consists of offering pumps and grease, which customers repeatedly purchase, but orders can fluctuate and therefore quarters can be volatile.

I believe there are good opportunities for growth and scaling of EBIT in 2026, and if sentiment around the stock changes, we could get a combination of multiple expansion + EPS growth.

If you look at wind turbine stocks in 2025, they have had strong returns, and despite Trump's dislike of wind turbines, optimism has returned.

They have a strong position in Europe, USA, and India. The wind turbine industry has struggled in 2024 and 2025 primarily due to high interest rates, but the number of newly installed wind turbines is expected to see a strong rebound in 2026 (most orders are already known)

Since the IPO in 2021, Hove has scaled revenue from 103m to 205m (midpoint forecast), and scaled EBITDA from 6m to now 22.5m. Hove's revenue has grown more than the wind turbine industry, which means they are gaining market share.

The case that I see the highest potential upside in for 2026 is Hove. Hove offers services and grease primarily to the wind turbine industry. Market cap 125m, net assets 62m, midpoint forecast 20m EBIT (2025), trading at EV/EBIT 5.75