Nordic small cap stocks9 Jul 2025

Brdr. A&O Johansen - $AOJ

When valuing a cyclical wholesale retailer one cannot simply apply a multiple. At depressed earnings after a post-covid bull-whip effect and economic downturn, AOs future earnings power is understated in my opinion.

The market's belief in a reversion to the mean doesn't factor in the substantial investments in IT and infrastructure made by the company pre-covid. This makes AO an attractive investment prospect with minimal risk of terminal capital loss.

$AOJ trades at an estimated forward FCF-yield of 10%, having historically grown FCF 15% per year. I foresee a solid shareholder return of about 15-25% per year for the next 3-5 years, when the increased earnings power is recognized by the market.

Not investment advice, but merely my take on an interesting company.

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Episoder(40)

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A quick update on Berner Industrier after the Q1 report.

3 Jul 2min

Betsson AB Q1 2026 - All eyes on the World Cup

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7 Jun 5min

Evolution AB Q1 2026 - Buybacks are back in town

An update on the decent Q1 report, as well as some takes on the new buyback programme.Not financial advice

22 Mai 7min

Avtech AB - Q1 2026

A quick recap of Avtech's soft Q1 report. Growth year-over-year, but decline quarter-over-quarter. Not what you like to see from a SAAS-company. Not financial advice

6 Mai 5min

Opter AB - Q1 2026

Modest topline growth in the first quarter for Opter AB, leaving some shareholders disappointed.Looking beyond the slow growth however, the report showcases very encouraging signs for the company.Not ...

26 Apr 4min

Berner Industrier AB - $Berner

A short introduction to the small, lesser known, serial acquirer Berner Industrier. They prefer to execute, rather than talking the talk. Not financial advice

25 Apr 3min