Fjord Alpha

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Pexip: From video bridge to fortress
How this Norwegian mid-cap is shifting from a low-moat video bridge to a higher-growth, cash-generating, secure platform. Will it clear Fjord Alpha’s…
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Fjord Alpha
Embracer Q2'25: The fire is out, engine needs to start
Embracer's Q2'25 report was so-so. Still, valuation remains attractive, and stock trading up. Let's dig into the Good, the Bad and the Ugly - and if it…
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Fjord Alpha
Ørsted Q3'25: It is windy - but now a buy!
The underlying numbers were dreadful, but this report was not about operations. It was about the balance sheet - and management delivered!
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Fjord Alpha
Evolution AB: Updated five-year outlook
After the sharp recent sell-off and weak Q3’25 print, my refreshed five-year valuation model still supports a Buy rating.
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Fjord Alpha

October 2025

Evolution Q3-25: Finding the green shoots in a disappointing report
A major revenue miss, FX headwinds and the Asian debacle are offset by resilient margins, US growth and emerging "green shoots" in Europe and RNG
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Fjord Alpha
Vitec Software Q3-25: A mixed bag, but investment thesis remains
Short-term noise continues for Vitec, mainly related to a non-core part of the business, but underlying, the engine keeps humming
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Fjord Alpha
Carasent Q3-25: The Inflection Point
Stunning profitability development, strong underlying revenue growth and long runway de-risk the investment case.
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Fjord Alpha
Pandora A/S: After the Phoenix, is it a BUY? (Part 2 of 2)
How product mix shift, forward integration, and brand elevation shape Pandora’s 2025–2030 stock returns
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Fjord Alpha
The Q3 earnings preview
Where the story stands for the companies that I have analyzed, and what I will be watching for in their upcoming Q3 reports.
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Fjord Alpha

September 2025

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