Teqnion - Standing on the Shoulders of Giants: Teqnion AB (OM: TEQ) is a Swedish industrial group active across a wide range of technical niches. The company operates through a decentralised structure of subsidiaries with strong focus on culture, cash flows and M&A. Teqnion is following in the footsteps of successful Swedish serial acquirers such as Indutrade, Addtech and Lagercrantz, from whom management draws a lot of inspiration. Despite its aspirations, Teqnion is still in its infancy with a
Feb. 2, 2023, 4:19 p.m.
Keystone Law Group - Not Playing by the Traditional Rules: Keystone Law Group PLC (AIM: KEYS) is a full service UK law firm that provides legal services to SMEs and high net worth individuals. Through an unconventional platform business model, the company has managed to establish remarkable organic growth combined with strong returns on invested capital. The stock has declined significantly during 2022 due to, from my point of view, temporary headwinds and valuation normalisation. This has in my
Nov. 22, 2022, 5:01 p.m.
Spyrosoft - Polish IT at your service: Spyrosoft (WSE: SPR) is a Polish software engineering company riding the secular tailwind of digital business transformations. Despite the explosive development since its founding in 2016, the company is still relatively small in size and has a significant runway for growth left to pursue. I believe the company offers an interesting investment case which can be summarized in the following points:
March 31, 2022, 3:19 p.m.
Epsilon Net - Quality is not an Act, it is a Habit: Epsilon Net S.A. (ATSE: EPSIL) is a Greek small-cap active within the IT sector providing market leading software applications that aid particularly SME's with their digital transformation. The company enjoys several tailwinds, setting it up for strong growth rates in the upcoming years. Nevertheless, the key for substantial shareholder returns lies within the execution of the management team to continue its recent performance. Following the wo
July 20, 2021, 2:17 p.m.
Fortnox - An SMB's Best Friend: Fortnox (NGM: FNOX) is a SaaS- and cloud-based ERP software provider with specific focus on accounting and financial services. Despite its high valuation, I believe the company is fairly valued and offers a compelling investment case: Fortnox is developing a sticky one-stop-shop ecosystem that constitutes the backbone for many SMBs. The company enjoys typical industry tailwinds and is a market leader in Sweden (~26% MS), which it will focus on to strengthen even f
June 7, 2021, 3 p.m.
Kaspi - Central Asian Super App in the Making: Kaspi (LSE: KSPI) is a technology and financial services company from Kazakhstan dominating the fields of digital finance and e-commerce. Through its Super App, Kaspi has developed a sticky ecosystem offering a wide range of products and services with possibly one of the strongest network effects I've come across. One can think of the company as a combination of Amazon, PayPal and a bank with an application that shares characteristics similar to WeC
May 5, 2021, 7:41 a.m.
Exasol - David against Goliath in the Data Space: Exasol (XET: EXL) is a promising German small cap competing against tech giants such as Snowflake, Amazon, Microsoft and Alphabet in the Database Management Systems (DBMS) market. Similar to the biblical saga of David against Goliath, Exasol is a clear underdog but should definitely not be underestimated. Overall, I'm impressed by the company and have added the stock to my watchlist, however I won't consider a position at current levels due to an
April 15, 2021, 3:02 p.m.
Admicom - A Finnish Software Gem: Admicom (HSE: ADMCM) is a Finnish software company that provides pure cloud- and SaaS-based ERP solutions to its clients within the construction industry. I believe that the stock currently offers an attractive risk-reward with market outperforming returns over the next five years. My thesis is mainly based on the following points:
April 1, 2021, 2:19 p.m.
