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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…
 • Fjord Alpha
Evolution: The US engine roars
Record-breaking revenue in the "Big Three" states proves the North American thesis is stronger than ever.
 • Fjord Alpha
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…
 • 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…
 • 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!
 • 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.
 • Fjord Alpha
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
 • 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
 • Fjord Alpha
Fjord Alpha
Fjord Alpha
Deep dives on Northern European mid-caps seeking non-consensus ideas and targeting 20%+ CAGR. Private investor with Nordic roots. Independent and long-term perspective.
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