The record
Coverage
Short write-ups on individual companies that came out of a systematic screen, each carried through to a verdict. The screen ranks businesses on returns on capital; these notes ask the second question it cannot — whether the quality is still intact today, and whether the price leaves anything for the buyer. Roughly half of these are rejections. They are published for the same reason the null results are: a research record that only shows the names that passed is not a record. Nothing here is investment advice.
9 write-ups, of which 5 are rejections. Each states what the screen found, what survived scrutiny, and what would change the verdict. Not investment advice.
| # | Company | Ticker | Verdict | In one line |
|---|---|---|---|---|
| 1 | Lime Technologies | LIME.ST | Buy | The only name in a 129-company Swedish universe that passes every quality *and* price test, trading 25% below its... |
| 2 | Nordrest Holding | NREST.ST | Buy, conditional | Contract catering compounding revenue at 28% a year while doubling its margin, at 11× EBIT — but the margin is the... |
| 3 | Evolution | 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... |
| 4 | RevolutionRace | RVRC.ST | Watch | A 27%-return, net-cash, 70%-gross-margin business at 14.5× EBIT that has not grown profit in three years. |
| 5 | CTT Systems | CTT.ST | Rejected | Trading 43% below its 200-week average and simultaneously more expensive than it was at peak earnings — the decline... |
| 6 | Betsson | BETS-B.ST | Rejected | Statistically the cheapest name in the universe at 5.6× EBIT, and the cheapness never closes because the historical... |
| 7 | Indutrade | INDT.ST | Rejected | Spent roughly SEK 8.2bn on acquisitions over four years and grew operating profit by SEK 148m. |
| 8 | I-Tech | ITECH.ST | Rejected | The prettiest small-cap business found — a patented marine antifouling agent at 57% gross margins — whose patent... |
| 9 | BioGaia | 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... |