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Nordea

Commissioned Equity Research

Finvaulta tracks 6 editions of Commissioned Equity Research from Nordea, published between August 10, 2026 and August 26, 2026. Each edition is summarized on its own page.

Latest edition · August 26, 2026

Solwers 202608260700 fullreport

Nordea cuts its fair value range for Solwers to EUR 1.7–2.0 (from EUR 2.6–3.0) following weak Q2 results and a net debt/EBITDA covenant waiver through June 2027. Full-year 2026E adjusted EBITA estimates are cut by 64% amid negative organic growth and billing rate pressure.

Solwers reported a weak Q2 with net sales declining 5% y/y to EUR 20.8m (12% below Nordea estimates) and adjusted EBITA dropping to EUR 0.1m. Profitability was hampered by a 2.8pp drop in billing rate to 79.8% alongside wage inflation. In response, Solwers secured a temporary net debt/EBITDA covenant amendment with its lender through June 2027, limiting near-term M&A capacity. Nordea cut top-line forecasts by 4–5% for 2026–28 and slashed 2026E adjusted EBITA by 64%, lowering its fair value range to EUR 1.7–2.0 per share (including EUR 0.2 for unannounced M&A).

Read the latest edition in full

Key takeaways from the latest edition

  • 1.Solwers' Q2 net sales fell 5% y/y to EUR 20.8m (12% below Nordea's estimate) with adjusted EBITA plunging to EUR 0.1m versus EUR 0.7m a year ago.
  • 2.The company secured a temporary amendment on its net debt/EBITDA bank covenant effective until the end of June 2027.
  • 3.Nordea cut adjusted EBITA estimates by 64% for 2026E and 7–21% for 2027E–2028E due to declining billing rates and pricing pressure.

What this series covers

  • KEY DATA
  • PERFORMANCE
  • VALUATION APPROACH
  • ESTIMATE CHANGES
  • Nordea IB & Equity - Analysts
  • Q2 results weak; amendment to covenant received
  • Sales declined by 5% y/y; organic growth clearly negative
  • We cut EBITA by 64% for 2026E and by 7-21% for 2027E-28E
  • Fair value range cut significantly to EUR 1.7-2.0 (2.6-3.0)
  • SUMMARY TABLE - KEY FIGURES
  • Valuation and estimate revisions
  • SOLWERS: VALUATION EXCLUDING UNANNOUNCED M&A; DERIVED VALUATION MULTIPLES
  • M&A scenario
  • Detailed estimates
  • Reported numbers and forecasts
  • Disclaimer and legal disclosures
  • Fair value and sensitivity
  • Marketing material

Edition archive

Series at a glance

Editions tracked
6
First edition
August 10, 2026
Latest edition
August 26, 2026
All Nordea research

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