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Pandora A/S: A Nordic phoenix (Part 1 of 2)
Deconstructing the Rise, Fall, and Rebirth of a Danish global jewelry giant
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Fjord Alpha
Ørsted: Reset, recapitalized, repriced
A battered renewables leader with a repaired balance sheet, a fully funded growth pipeline, and the scale advantages to mount a durable recovery.
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Fjord Alpha
4
Evolution: An American fortress
Why slow U.S. regulation, once seen as a headwind, is quietly entrenching Evolution's dominance in live dealer iGaming in the U.S.
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Fjord Alpha
2
Embracer: Catalysts have started to stir
A modest rally in recent days after a flurry of positive news: Green shoots emerging
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Fjord Alpha
Embracer: Forged in fire, awaiting a new fellowship
Why the market is mispricing a leaner, meaner IP powerhouse after its near-death experience.
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Fjord Alpha
9
ChemoMetec: The Danish tollbooth for the cell therapy revolution
Mission-critical life science tools with dependable recurring revenue. This small-cap company ($CHEMM) is a superb business, but comes with a premium…
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Fjord Alpha

August 2025

GN Store Nord: Finding signal in the noise
After a debt-fuelled crisis of identity, this 150-year-old Danish champion is being deeply misunderstood. The market sees a messy conglomerate; I see a…
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Fjord Alpha
2
Evolution AB's Asian headwinds
$EVO's Asian operations have faced a severe challenge in the form of organized cybercrime. This article explains the nature of the threat, the company’s…
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Fjord Alpha
6
Ambu A/S: Beyond the Bag
A high-quality business with a durable moat, but does the valuation offer a compelling return?
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Fjord Alpha
Three Swedish compounders: What is the verdict?
Summarizing the key takeaways from my first three deep dives on Carasent, Evolution, and Vitec - and a look at what comes next.
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Fjord Alpha
1
Vitec Software: A Swedish Constellation Software
After a 40% drawdown, the market is questioning the M&A playbook. I believe it's missing the durability of the underlying engine, and the valuation is…
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Fjord Alpha
3
Evolution AB: The Price of Dominance
Why the market is mispricing the transition from hyper-growth to durable compounding.
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Fjord Alpha
7
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