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Ovzon AB: Compounder of the New Space Race
While the market chases LEO volume, this Swedish small-cap has cornered the market on stealth, creating a unique asymmetric opportunity in the defense…
7 hrs ago
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Fjord Alpha
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Fjord Alpha's outlook into 2026
My observations on the 2026 investment landscape and a status report on our core Nordic theses.
Jan 8
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Fjord Alpha
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December 2025
GN Store Nord: Thesis and mispricing intact
Q3 2025 validates the turnaround narrative while the market still prices GN like a distressed cyclical.
Dec 18, 2025
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Fjord Alpha
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Hexatronic: Fallen Angel offers asymmetric opportunity
A deep dive into the battered Swedish fiber compounder, the aftermath of a short-seller attack, and the coiled spring of US infrastructure spending.
Dec 10, 2025
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Fjord Alpha
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Embracer: The great unbundling
Coffee Stain IPO's on the 11th of December, thereby splitting Embracer Group into two parts. Here is why this is likely to unlock value for…
Dec 4, 2025
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Fjord Alpha
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November 2025
Evolution: The US engine roars
Record-breaking revenue in the "Big Three" states proves the North American thesis is stronger than ever.
Nov 25, 2025
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Fjord Alpha
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12
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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…
Nov 18, 2025
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Fjord Alpha
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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…
Nov 13, 2025
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Fjord Alpha
5
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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!
Nov 6, 2025
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Fjord Alpha
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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.
Nov 4, 2025
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Fjord Alpha
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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
Oct 23, 2025
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Fjord Alpha
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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
Oct 21, 2025
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Fjord Alpha
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