The investment case
Quality is a start.
Price still matters.
Company research that follows the numbers all the way to a verdict. What looks promising, what holds up, and what would change our minds.
9company studies5rejected cases, kept on recordSource dates appear in every write-up
A screen opens the question. These notes examine the business quality and valuation behind it.
Explore model ratingsCompany research
The thesis. The risks. The verdict.| Company | Ticker | Published verdict | The case in one line |
|---|---|---|---|
| Lime Technologies 2026-08-04 | LIME.ST | Buy | The only name in a 129-company Swedish universe that passes every quality and price test, trading 25% below its own four-year average. |
| Nordrest Holding 2026-08-04 | NREST.ST | Buy, conditional | Contract catering compounding revenue at 28% a year while doubling its margin, at 11× EBIT — but the margin is the whole thesis and it needs verifying. |
| Evolution 2026-08-04 | EVO.ST | Value position, not a quality holding | The dominant operator in its category at 10× EBIT with an 8% free cash flow yield — cheap because the market is pricing a jurisdiction problem,... |
| RevolutionRace 2026-08-04 | RVRC.ST | Watch | A 27%-return, net-cash, 70%-gross-margin business at 14.5× EBIT that has not grown profit in three years. |
| CTT Systems 2026-08-04 | CTT.ST | Rejected | Trading 43% below its 200-week average and simultaneously more expensive than it was at peak earnings — the decline is a bubble unwinding, not a discount. |
| Betsson 2026-08-04 | BETS-B.ST | Rejected | Statistically the cheapest name in the universe at 5.6× EBIT, and the cheapness never closes because the historical margins were earned in markets... |
| Indutrade 2026-08-04 | INDT.ST | Rejected | Spent roughly SEK 8.2bn on acquisitions over four years and grew operating profit by SEK 148m. |
| I-Tech 2026-08-04 | ITECH.ST | Rejected | The prettiest small-cap business found — a patented marine antifouling agent at 57% gross margins — whose patent protection expires this year. |
| BioGaia 2026-08-04 | BIOG-B.ST | Rejected on price | The best moat found anywhere in the search, at 23× EBIT and a 2.3% free cash flow yield, with the balance-sheet fortress spent and the dividend cut 42%. |