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Carasent Q2-26: Another tick in the box
ARR is accelerating, churn is at record lows, AI is becoming an upsell (not a threat) and operating leverage continues to scale. Valuation still…
Aug 5
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Fjord Alpha
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May 2026
Pexip Q1-26: Strong growth and margins - but not cheap
Re-accelerated ARR growth, record profitability, and a stronger segment mix make the Bull Case more credible. But valuation is no longer on our side.
May 15
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Fjord Alpha
7
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Hexatronic Q1-26: The inflection point is here
Hexatronic reported its Q1 results on April 29, 2026, and the market is finally validating the turnaround. The adjusted EBITA margin has officially…
May 6
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Fjord Alpha
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2
1
Vitec Software Group Q1-26: Steady hands, expanding margins, and the AI advantage
I take a closer look at how margin recovery, disciplined execution, and selective M&A are reinforcing the Vitec investment case following the Q1-2026…
May 3
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Fjord Alpha
9
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April 2026
Evolution Q1-26: A shifting global footprint and a €1.2 billion mystery
The stock traded down on the Q1-26 report, but has since recovered. With green sprouts under the hood, here is my take on the regional shifts and…
Apr 28
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Fjord Alpha
3
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Carasent acquires InfoSolutions and deepens its moat significantly
On paper, paying 2.8x ARR for a breakeven business looks like a standard, unexciting bolt-on. Here is why acquiring InfoSolutions is a textbook example…
Apr 27
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Fjord Alpha
2
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Carasent Q1-26: Core strength and surface noise
The headline missed the target, but the core engine is still strong. Organic growth in the Nordics is accelerating while Germany and AI move into the…
Apr 18
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Fjord Alpha
5
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Q1-26 reporting season begins
As reporting season approaches, the portfolio faces its next round of tests
Apr 12
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Fjord Alpha
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RaySearch AB: From planning tool to oncology software platform
RaySearch is evolving beyond treatment planning into a broader, workflow-critical software platform. If that continues, the upside should come from both…
Apr 2
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Fjord Alpha
10
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March 2026
Fjord Alpha Signal: Weekly Digest #02
Week of 30 March 2026: Consumer stocks are getting hammered, FinTwit observations, and the Q1 prints that soon will come knocking.
Mar 30
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Fjord Alpha
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Fjord Alpha Signal: Weekly Digest #01
Week of 23 March 2026: A few observations from the week and macro mood, four names where something actually changed, and one question the market hasn't…
Mar 24
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Fjord Alpha
4
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GN Store Nord: Divesting Hearing
The sale of Hearing changes the case. GN is no longer a misunderstood MedTech compounder with a temporary cyclical problem. It is becoming an exposed…
Mar 21
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Fjord Alpha
3
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