Inga stora överraskningar idag när Riksbanken sänkte sin styrränta och öppnade dörren för ännu större sänkningar.
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Greetings my fellow investors,
a Day Late, a Dollar Short was a song by Hanoi Rocks. My “weekly bulletin” is a day late, but I’m not short on the dollar. I’m quite sure that wasn’t the point of the song, but anyway, third week in Stockholm is behind.
It was clearly the worst week so far, and hopefully to come also. I lost 4 out of 7 days to a sickness. Flu & couching isn’t bad, but when the little one doesn’t sleep because of breathing problems, this is pretty much suitable to describe the situation. So I didn’t get much work done, but at least we seem to be back in business now.
Anyway, it wasn’t a completely wasted week. Here are some “highlights”:
- Value Creators concept is official out with Fortnox. Many thanks for @lucas.mattsson who did a good job with this one. Feedback is welcomed. @tommi.saarinen helped a lot with “automatic” data collection via Bloomberg, making the process much smoother in the future. We’ll be making a Swedish and Finnish versions also soon.
- Managed to get a very rough, quick and dirty template for the other concept under development - still much work to be done.
- Moved forward with some ESG analysis that I have had in a backlog for a while.
- Naturally normal analysis work was done, for example an update on Detection Technology and many news comments.
- Lots of other small stuff so I wont be a wrench on the wheels of Inderes.
Definitely not the week I was aiming for, but hey, no point in complaining about things you cannot control. Life happens and we move along towards better times. And hey, Kinnevik is up 6 % so at least investing is easy 
PS. In case you dont know Hanoi Rocks, it probably just means you aren’t 100 years old. Even I’m too old for them, but I have educated myself 
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Jag, varje dag:
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Greetings once again,
First month in Stockholm is already behind. I guess time flies when you’re having fun, but I think part of the reason is that there’s just so much to do and no time to slow down. Unfortunately we have still been little under the weather, but in general it was a good enough week. Hoping for a full recovery soon.
A bit of reflection from the last month. I have noticed that I have developed a much better understanding of our Swedish business, even though I have mostly tried to stay on my lane (equity research). So that’s a positive. Also, I think I know most of the people here, so that’s a big bonus, though there’s plenty of room for improvement in my “knowledge”. I have a much better grasp of the competitive situation here now – I knew it before, but it’s different to “live it" also. At the same time there’s a huge opportunity here for independent research, but the culture is so used to “cheerleading” and +XX % upsides to fair values that building trust and understanding takes time. It’s not an easy task to tackle, but it wasn’t easy in Finland either in the beginning. There’s a tipping point here also. We just need to find a way to get to it.
I have also noted some limitations that our current “system” has and hoping that we can improve on this in the future. Let’s just say that we need more co-operation between our local teams – and I hope to see plenty of my Finnish colleagues also here in Stockholm. I’m quite sure it will help us in the long run.
Some minor things from the last week:
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Another Value Creator is out, this time Revenio from Helsinki. Currently there’s only a Finnish version but it will be translated to English and I guess Swedish soon enough. Here’s the link to the Finnish version. Hoping that we’ll get another out next week, but someone else has to do the heavy lifting this time.
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I have been preparing myself to Q3 earnings season, meaning some pre-silent calls with the companies that I cover. No major surprises here, but naturally they wouldn’t tell this to me directly. There were plenty of negative profit warnings in my coverage during the summer. It’s a tough market situation especially in the professional services sector, but it’s nothing new anymore.
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Good week in the stock market. I have been thinking about the stock market in general, because I’ll be making a presentation to our analyst team next week. I’m hoping to compile a solid data package prior to that, and it should help with other projects also. I suppose I need to start working on Q3 expectations report also, this is something that we publish in Finland. More about this next week.
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Now that the silent period is starting, I can say that I made a mistake in my timing here: I should have focused on the outbound meetings while the window was open (and book them beforehand), but had too much internal stuff to do then. Now I have booked meetings etc. but they are happening after the earnings, which will be a very busy time then. Well, live and learn, I won’t run out of things to do anyway.
I’m sure I’m forgetting a lot, but I guess that’s it for this week. Next week should be more interesting with plenty of things to do 
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Do you see, that there is a market for you from finnish companies, that you could provide analyses also in swedish in Sweden markets?
I think it creates allways more trust, when there is an analysis in your native language. Nevertheless, everybody in Sweden speaks excellent english.
But are they as interrested to invest, if they have to get to know a company in english? I think in Sweden also media writes a lot of stories about big companies.
But how about small cap… I don’t think, they know them as well as finnish investors don’t know that many small caps in Sweden.
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These companies are somehow reminiscent of me or my investing skills… 
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Yeah, the language question is a tough one. Even though the Swedes speak English, my gut feeling is that there’s a demand for Swedish content. In this world of “content overflow” one needs to make everything as easy as it can be - without losing the depth of analysis behind the content.
We have research in English and in Swedish from Finland, and I guess we need to dive into the data to find out what works. Of course there’s also the fact that majority of our Finnish analysts aren’t fluent in Swedish, so there’s much more pressure on the translation team to not only to translate but make sure that the “tone” of the comment comes through.
But certainly we have good content from Finnish companies that we need to get to this side of the bay. It’s one way to further strengthen our position also in Finland, when our reach grows.
There is a huge amount of small caps that are kind of under the radar here in Sweden, and of course visa versa when it comes to the knowledge of the Finnish companies here. This “cross-researching” is significant opportunity to us, but of course it will take time.
However, we also need to speed up the process and “ignite a spark”, and I believe that Value Creators can be that. I think we kind of need to serve an interesting company in a silver platter in the beginning, and if that works, those interested in the company will find more information. Again this is just my gut feeling, but I think that a 50 page extensive report isn’t going to the way that many investors want to get to know the company at first - but they might be reading that report after they know it’s worth their time.
And of course we need to find other ways to “introduce” companies to both sides. We are working on it
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Yeah, I think there is very small amount of companies that ride under the radar in Finland. Big thanks to Inderes for that.
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