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Articles by Markus Augustsson
Equity research Angler Gaming, Q4 2025: Another quarter with margins expansion
Today, Angler Gaming plc published its interim report for Q4 2025. Below are our first impressions of the outcome, including deviations from our estimates. Revenues declined 16.5% year on year to approximately EUR 7.8m, missing our EUR 8.1m estimate by around 4% and extending the top-line contraction observed throughout 2025. The shortfall reflects the re-negotiated agreements with B2B-partners.
Mrkt BUZZ: Enrad set to benefit from new F-Gas regulation
The European Council, and earlier the European Parliament, have adopted two F-gas regulations that will reduce the use of fluorocarbons faster than before. Enrad, which sells refrigerators and heat pumps with natural refrigerants, should benefit from the new legislation. The European Council yesterday, Monday 29 January, adopted two regulations that will accelerate the phase-out of fluorinated gases (F-gases) and other substances that cause global warming and deplete the ozone layer.
Carlsquare in Sweden
Carlsquare’s presence in Sweden goes back to 2018, when we merged with renowned corporate finance specialists Jarl Securities. Since then our Stockholm-based team has gone from strength to strength, earning widespread recognition for M&A and ECM advisory across multiple sectors, as well as for highly sought-after equity research. The Carlsquare Group is a leading global technology investment bank.
Carlsquare weekly market letter: A second energy crisis on the horizon?
Read the weekly market letter here: Will there be a second energy crisis this autumn and winter? The Organization of Petroleum Exporting Countries (OPEC), led by Saudi Arabia, has managed to raise the price of oil again. If the oil price continues to rise, we could be back to a situation where consumers are faced with skyrocketing energy prices, and a new wave of inflation may hit the market. It is too early to tell, but it is worth watching! Below is the EIA’s forecast for the oil price from July.
Carlsquare weekly market letter: September is Christmas for traders
Read the weekly market here: China’s struggling economy is still rattling the market. However, not so much the US as Germany and Sweden, countries that are much more exposed to exports to China than the US The focus in the US will be on Friday’s monthly employment figures. But with the Fed maintaining its hawkish stance, it remains a traders’ market. September is usually the low point of the seasonal cycle.
Carlsquare weekly market letter: China and the US are dithering. The boat is rocking
Read the weekly market letter here: Carlsquare weekly market letter The US and Chinese economies are slowing down very rapidly. This will at least temporarily stop inflation. But in the US, interest rates are rising again, reaching 5%. When that happens, something will break in the system. The Fed holds its annual meeting in Jackson Hole on Friday. As the rumour mill is quiet, we don’t expect any significant changes in policy for the time being.
Carlsquare weekly market letter: The market breaks downwards
Carlsquare weekly market letter We are still in the summer lull so anything can happen. Higher interest rates are weighing on the market, along with a weak outlook from China and Fitch pulling the trigger on the banking sector. The Fed’s Jackson Hole meeting on 24 August could see the next significant change in policy. Technically, the market is poised for another leg higher as it is oversold.
Carlsquare weekly market letter: Oil and inflation stir emotions
Read the weekly market letter here: Carlsquare weekly market letter Rising inflation and oil prices are stirring the market. All eyes are on this week’s US CPI and PPI (inflation figures). An expected slowdown in September-October may create a buying opportunity. Earnings season is strong again, with 79% of S&P500 companies reporting better-than-expected earnings. The chart below shows the close relationship between US interest rates and the price of oil.
Carlsquare weekly market letter: FOMO and China in focus
Read the weekly market letter here: Carlsquare weekly market letter FOMO, the fear of missing out, still lingers. VIX hits new record – time to buy protection. China casts a shadow over markets. The summer doldrums may have already begun. It is time to recharge your batteries, which we recommend everyone do. Happy summer – see you all in August! The positive trend in equity markets continues, although we are increasingly concerned about China.
Carlsquare weekly market letter: The market is on the run, expecting rates to fall
Read the weekly market letter here: Carlsquare weekly market letter With lower oil prices and inflation, the market anticipates lower interest rates. Tech companies have now lifted the S&P 500 above crucial resistance. The window is open for the market to test all-time highs, but the Fed can still spoil the fun. The mighty seven tech stocks continue to lead the market. Among them, we will see a break in the strong uptrends.
Carlsquare weekly market letter: Time to take a break
Read the weekly market letter here: Carlsquare Weekly market letter Momentum traders are still ruling the market. But the VIX, which measures expected volatility, warns that the market is ready for a test to the downside. Still possible to trade big tech stocks, but with tight stops in place! Below is a heatmap for US stocks year-to-date, showing that Microsoft, Apple, Amazon, Google, Amazon, Nvidia, Meta and Tesla have outperformed the market.
Carlsquare weekly market letter: AI is driving the market forward
Read the weekly market letter here: Carlsquare Weekly market letter Excluding technology, the stock market is in a clear downtrend. Only a handful of stocks are lifting the market, namely the big, big tech companies. Is this because they are creating such value that it makes sense to buy into them, with AI as a common theme? Or is the tech sector just a hideout for liquidity when all other sectors seem to be adjusting to the recession? The reason, of course, is paramount.
Carlsquare weekly market letter: Commodities and tech in focus as USD turns higher
Read the weekly market letter here: Carlsquare Weekly market letter The US debt ceiling negotiations are weighing on the market. This will, of course, be resolved one way or another. But the outcome for the stock market may not be the bull run that many seem to believe Stock indices are stuck in consolidation. It is better to trade sectors or individual stocks in technology.
Carlsquare weekly market letter: Fed speech windfall in option expirations week
Read the weekly market letter here: Carlsquare Weekly market letter No less than 14 Fed speakers lined up this week, all with the gun to move the market, including Jerome Powell on Friday The market is still locked in a tight range, building energy. The options expiration this week may give the market a reason to continue in a tight range. Next week may show the true nature of the trend Below is the Max Pain for this Friday’s S&P 500.
Mrkt Buzz Zazz Energy: Fully secured rights issue approved
Zazz Energy held an extraordinary general meeting on April 18, where all the board’s proposals were passed with the required majority. The meetings’ objective was to approve changes to the limits of the company’s articles of association and to decide on a rights issue communicated in March 2023. The rights issue is guaranteed up to 100 per cent through subscription undertakings and guarantee commitments.
Research update Zazz Energy, Q4 2022: Possible upside in the stock, but significant risk
Read the full updated research report here: Research update Zazz Energy, Q4 2022 Possible upside in the stock, but significant risk The full year 2022 was challenging for Zazz Energy, with production stops and Irregularities surrounding management, accounting, and financing. We deem the risk-level surrounding the company have increased significantly during H2 2022, but the potential upside is still large given signs that the company can realize targets on its strategy.
First impression Zazz Energy, Q4 2022: Large write-downs and continued production standstill
Today, Zazz Energy published its interim report for the fourth quarter of 2022. Below is a summary of our first impressions of the report’s outcome and the income statement’s deviations from our estimates (set before information on production standstill). Net sales in the fourth quarter amounted to SEK 0 million. Our estimate was SEK 0 million following the production standstill earlier communicated by the company.
Research update Zinzino, Q4 2022: Profit growth in the cards for 2023
Equity research Zinzino Read the full research update below: In Q4 2022, Zinzino reported revenues in line with expectations. Driven by the gross margin, profitability was well above expectations. With an increasing gross margin and reduced headcount, profit should grow in 2023. In a base case scenario, a fair value per share is calculated at SEK 48.5 (44.4). Gross margin up for the second year in a row In line with our expectations, Zinzino increased revenues in Q4 2022 by 7.5% to SEK 429m.
Research update Risk Intelligence, Q4 2022: Large global customers can give a boost
Research update, Risk Intelligence Read the full research update here: Risk Intelligence has adopted new accounting principles for its revenue recognition. Net sales were slightly above our adjusted forecast, while profitability lagged. Critical systems ARR grew year-on-year by 9.7% to DKK 16.0m. We estimate a fair value per share of DKK 5.7 (6.7).
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