I’m selling a couple of Swedish stocks.
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CDON
-Still glaringly undervalued. 8x 2022E EV/EBITDA. Should be at least 20x. Three factors enable the glaring undervaluation: 1) Marketplace transformation is not fully reflected in the numbers 2) No analyst coverage 3) Recent IPO. Good memories from the Digia-Qt spin-off (Qliro-CDON). -
Smart Eye
-Many Design Wins expected in 2021. Revenue starting to grow. Investor confidence in the story is strengthening. -
Efecte/Qt
-Efecte’s international business growth continues strong. International share of revenue is growing. Niilo and Steffan have strong experience in building partner networks at Microsoft.
-Qt’s growth is only accelerating driven by the new product version and changes in billing. Distribution license revenue will finally show a hockey stick. Great CEO who continues to strengthen the case among foreign investors through Zoom meetings.