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United International Enterprises (UIE): Danish history in Southeast Asia trading at ~30% discount to NAV
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The pitch®
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United International Enterprises (UIE): Danish history in Southeast Asia trading at ~30% discount to NAV
The company covered today, United International Enterprise (“UIE”) (CPSE:UIE), is a Denmark-based holding company whose core value is derived from…
Jan 11
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SKAKO A/S (SKAKO): A liquidation play trading at a discount to net cash
In this write-up, I am covering an outlier case, SKAKO (CPSE:SKAKO). What started as a strategic review in 2023 has turned into an orderly liquidation…
Nov 16, 2025
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Better Collective (BETCO) Q3-2025 Earnings Review
Better Collective has been a short favorite for a while now. When it is all said and done, I struggle to see how a company with (i) +21% of its free…
Nov 13, 2025
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Loomis AB (LOOMIS) Q3-2025 Earnings Review
In my view, the quarter was broadly fine operationally. However, I had hoped to see M&A pick up pace within non-cash verticals, as I continue to believe…
Nov 1, 2025
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Under the Surface®
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A handful of Danish special situations worth monitoring
Markets often feel like a newswire in a windstorm. Yet, if you manage to shut out the noise, you occasionally catch something interesting. In this post…
Dec 22, 2025
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Thoughts on Verisure (VSURE)
Shares currently trade at +30x FCFF (2026E). A lot has to go right for that valuation to make sense. Framed differently, applying a quick back-of-the…
Oct 9, 2025
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From Pit to Plant: Nordic Mining OEMs (Part 1)
This is the first of a two-part series exploring the Nordic mining equipment sector; an industry grounded in complex engineering and tested by shifting…
Jul 2, 2025
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Nordic P&C Insurance: Returning to Relative Outperformance
The property and casualty (P&C) insurance industry underpins nearly every economic activity globally.
May 16, 2025
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The bench®
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Lassila & Tikanoja Demerger: From trash to cash?
What could possibly be the least glamorous business an investor can own at a time when markets are fixated on anything related to AI?
Dec 9, 2025
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Medistim (MEDI): A Heart Surgeon’s Best Friend
Medistim, with ~80% market share in its niche, equips surgeons with the tools to “check the plumbing” before closing the chest. Yet adoption remains…
Jul 23, 2025
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Monday morning espresso® (archive)
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Monday Morning Espresso W44'25
Week 44 marked another earnings-heavy stretch, with ~225 Nordic companies reporting. Market tone remained bifurcated, with upbeat sentiment from…
Nov 3, 2025
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Monday Morning Espresso W43'25
The earnings avalanche is fully underway in the Nordics with ~350 reports hitting the tape last week and resetting expectations across sectors. The tone…
Oct 27, 2025
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Monday Morning Espresso W42'25
In the Nordics, the earnings season is has officially kicked off, with the first batch of companies reporting last week, mainly out of Sweden (37) and…
Oct 20, 2025
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Monday Morning Espresso W41'25
Just as a ceasefire took hold in the Middle East, attention quickly swung back to Washington where President Trump reignited trade drama with a fresh…
Oct 13, 2025
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