Debatforum

Ugekommentar #2 med Helge Larsen. Om tendenser og aktier, som debatteres på ProInvestor.com. Denne uge taler han bl.a. om Smart Money og banditter i habitter, om nye, spændende initiativer på ProInvestor.com, og hvorvidt der kommer en korrektion på aktiemarkedet. Aktiespecifikt: Genmab, Norvartis, J&J, Anavex. https://www.youtube.com/watch?v=rrVtnpLUXIg

Pareto Securities can publish an initiation research on Linkfire IPO next week. Initiation research is often a major catalysts for IPO stocks, as it introduces the stock potential and valuation to the public. The stock is starting to move on this.

Er det kun mig der er lidt træt af børsens daglige artikler om dagens aktier. Synes tit overskrift får det til at lyde at aktier stikker helt af i op eller nedadgående. Men reelt rykker de kun lidt. Lidt for meget EB over det. "Dan­ske Bank stry­ger til tops da­gen før regn­skab og Novo er bund­s­kra­ber i grøn åb­ning"

I den første af 3 sommerspecials fortæller Hansen & Larsen om aktier, som har givet gode afkast det seneste år og hvorfor Zealand Pharma, Hansa Biopharma, AMBU og Anavex kan vise sig at blive gode investeringsbekendtskaber. Få uddybningen i afsnit 75. 00:00 - 01:40 Intro 01:40 - 01:00 16 pct. afkast i første halvår - hvad bringer andet halvår ? 05:20 - 06:30 Hvad skal investorerne holde øje med? 06:30 - 12:20 Fire aktier som har tjent Larsen godt de seneste 12 måneder 12:20 - 17:45 Fire aktier som har tjent Hansen godt de seneste 12 måneder 17:45 - 21:30 Fire aktier som Larsen har investeret i og tror på resten af året 21:30 - 27:55 Fire aktier som Hansen har investeret i og tror på resten af året 27:55 - 29:21 Afrunding https://www.youtube.com/watch?v=l6396Np69IU

FISH POOL PRICE STATUS 21.07.2021 Fresh Salmon 3-6 kg FCA Oslo Fish Pool Index - Spot market prices and export volume. [image: 95307_Bakkafrost.jpeg] 95307_priceStatus_2021_29.pdf

Er regnskabet virkelig så dårligt. Synes umiddelbart at det kører efter planen, men markedet er godt nok skuffet. Hvad overser jeg? Jeg har desværre mange, købt en del dyrere end nuværende niveau

I am very bullish on Linkfire. There are multiple catalysts in the next three months that should double the share price over that time horizon. Linkfire has the potential to be ten times higher over the next 3-5 years. Not many companies can achieve that. There are many music streaming companies, but only one company services all majors. Linkfire has 70% market share in the novel product. Linkfire has been growing revenues 50-70% CAGR. The growth is accelerating with penetration into new segments. The gross margin is stable at 76%. Linkfire is negotiating on purchasing the second largest company to strengthen its position. I am very bullish on Biovica. They have a novel breast cancer test and they are awaiting FDA approval this quarter. They have 30 studies from the most reputable US and European hospitals (Jo Hopkins, Cleveland clinics...) that the test works. It saves lives and money. The strength of the studies minimizes the risk. The company has build relationships with the hospitals, labs, and opinion leaders, so they will start selling the test right after the approval - everything is ready for commercialization. As we will get closer to the end of Q3, the share price performance should accelerate. It did for Xbrane and it does for many other pharma companies in a similar situation. I am a long Biovica. I am very bullish on Quantafuel. I wrote several times here about the company. They have the partners, the vision, and the first-mover advantage to become a global leader in plastic recycling. Based on my talks with the management I believe they will announce the proof of concept with one or two months. I believe this should be a major catalyst for the stock. I also understand that after reaching the milestone they should apply for the main listing in Norway, which would significantly increase their investor universe. Once they do proof of concept there should be a string of material catalysts. I believe it is a good candidate for doubling this quarter after they reach the proof of concept. I think the major share price growth will happen in Q4 once they start operating the plant in full. Investment thesis below:

This year I have analysed around 30-40 IPOs from Scandinavia. For me Linkfire was the most interesting company I looked at and bought into this year. The reason is simple: Linkfire has a potential to be ten times higher over the next 3-5 years. Not many companies can achieve that. There are many music streaming companies, but only one company services all majors. Linkfire has 70% market share in the novel product. Linkfire has been growing revenues 50-70% CAGR. The growth is accelerating with penetration into new segments. Gross margin is stable at 76%. Linkfire is negotiating on purchasing the second largest company to strenghten its position. There are multiple catalysts in the next three months that should double the share price over that time horison.

Er det holdbart eller? Hvis man vil have en god position i Gomspace tror jeg tiden er inde. Måske ikke lige idag; men så når den er faldet lidt tilbage igen. Der er en fornuftig vækst Q for Q. Godt nok ikke overskud endnu. Det kunne blive en ny Cbrain. Jeg er personlig vild med space; har gomspace Rovsing og Aac clyde space.

Bagsværd, Denmark, 19 July 2021 - On 7 May 2021 Novo Nordisk initiated a share repurchase programme in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the "Safe Harbour Rules"). This programme is part of the overall share repurchase programme of up to DKK 18 billion to be executed during a 12-month period beginning 3 February 2021. Under the programme initiated 7 May 2021, Novo Nordisk will repurchase B shares for an amount up to DKK 3.3 billion in the period from 10 May 2021 to 3 August 2021. Since the announcement as of 12 July 2021, the following transactions have been made: Number of B shares Average purchase price Transaction value, DKK Accumulated, last announcement 4,591,169 2,314,383,065 12 July 2021 110,000 544.18 59,860,166 13 July 2021 110,000 544.37 59,880,851 14 July 2021 110,000 545.41 59,994,726 15 July 2021 110,000 551.47 60,662,234 16 July 2021 110,000 553.94 60,933,080 Accumulated under the programme 5,141,169 2,615,714,122 The details for each transaction made under the share repurchase programme are published on With the transactions stated above, Novo Nordisk owns a total of 16,344,444 B shares of DKK 0.20 as treasury shares, corresponding to 0.7% of the share capital. The total amount of A and B shares in the company is 2,310,000,000 including treasury shares. Novo Nordisk expects to repurchase B shares for an amount up to DKK 18 billion during a 12-month period beginning 3 February 2021. As of 16 July 2021, Novo Nordisk has since 3 February 2021 repurchased a total of 17,505,946 B shares at an average share price of DKK 468.53 per B share equal to a transaction value of DKK 8,202,073,371. Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat diabetes and other serious chronic diseases such as obesity and rare blood and endocrine disorders. We do so by pioneering scientific breakthroughs, expanding access to our medicines and working to prevent and ultimately cure disease. Novo Nordisk employs about 45,800 people in 80 countries and markets its products in around 170 countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen (Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO). For more information, visit novonordisk.com, Facebook, Twitter, LinkedIn, YouTube. Further information Media: Mette Kruse Danielsen +45 3079 3883 [email protected] Michael Bachner (US) +1 609 664 7308 [email protected] Investors: Daniel Muusmann Bohsen +45 3075 2175 [email protected] Ann Søndermølle Rendbæk +45 3075 2253 [email protected] David Heiberg Landsted +45 3077 6915 [email protected] Mark Joseph Root (US) +1 848 213 3219 [email protected] Company announcement No 45/2021 For more details about Novo Nordisk, please visit www.novonordisk.com;

Jeg udgav bestselleren Den tålmodige investor i 2018. I denne korte video gennemgår jeg aktierne som jeg skriver om i bogen. Jeg har tålmodigt beholdt alle de større positioner. https://www.youtube.com/watch?v=saUvnu0-kCw

2cureX receives important ISO 13485:2016 certification 2cureX has been certified for ISO 13485:2016 compliance - an important milestone in the company's effort to bring 3D-microtumors to routine clinical practice, both from a regulatory and from a commercial perspective. In line with our strategy of becoming a full-fledged In Vitro Diagnostics (IVD) company 2cureX is happy to announce that we have been certified for ISO 13485:2016 compliance. Certification was issued by Bureau Veritas Certification Denmark A/S, a certification company accredited by DANAK. ISO 13485:2016 is the latest version of the standard for design, production, installation and servicing of Medical Devices and related services. For a Medical Device (including an In Vitro Diagnostic device) to be CE-marked, the manufacturer must prove that its Quality Management System fulfils a series of requirements. ISO 13485:2016 ensures compliance with those requirements and has therefore become the standard choice for all relevant players in the industry. "This is a very important step for us", said Ole Thastrup, CSO of 2cureX. "Being certified for ISO 13485:2016 shows the high degree of maturity we have achieved when it comes to our product design, development and manufacturing activities. It is also an important milestone in our path towards having products and services that are compliant with the upcoming EU Regulation 2017/746, known as IVD-R". "We are very proud of this achievement", stated Fernando Andreu, CEO of the company. "This has been an all-company effort that required true cross-functional teamwork and it sets us apart from other companies and institutions in the field of Functional Precision Oncology. In our effort to make patient-derived 3D microtumors part of routine clinical practice, quality and regulatory compliance is the only way to go. Furthermore, most hospitals require their suppliers to have a certified QMS, so we see this certification as a must in our commercialization efforts". 2cureX has two sites involved in product design and development activities, one located in Copenhagen, Denmark and one in Hamburg, Germany. The ISO 13485:2016 certification the company has achieved covers both sites. For more information about 2cureX: Fernando Andreu, Chief Executive Officer E-mail: [email protected] Telephone: +45 2279 5399 www.2curex.com

Linkfire: A Unique Play On Music Streaming Through Market Leader Growing At 50%+ CAGR Summary There are many streaming companies. But there is just one dominating service company that serves most of them with 70% market share. Its name is Linkfire. Linkfire connects consumers on social platforms who wanted to download a song to music streaming companies that provide the content. Linkfire collects revenues from both. Linkfire revenues have grown at 40%-60% CAGR with a stable 76% gross margin. The growth is accelerating further in 2021. Linkfire was a victim of a difficult IPO timing. If it was placed in January or February, its share price would've doubled on debut. Very strong catalysts in the next six months should cause the share price to double. Investment Summary Linkfire (LINKFI:STO) is an intelligent play on global music streaming. Music streaming revenues are estimated to triple from USD 25 billion in 2020 to USD 75 billion by 2030. Linkfire is the global leader in smart links for the music streaming industry, with an estimated 70% market share. The smart links connect consumers on social platforms who wanted to download a song to music streaming companies that provide the content. The company has been achieving extraordinary growth rates. Revenues have been organically growing at 40-60%, and the gross margins have been stable at 76%. Linkfire should have doubled on the IPO launch but did not due to challenging market conditions. There have been too many deals in Scandinavia that exhausted capital available for investment. That created this opportunity. Linkfire is attractive for both a short term and long-term play: In the next two quarters, the company should double due to broker research coverage initiation, the release of strong Q2 results and the acquisition of the major competitor. In the longer-term horizon, the share price should multiply further, driven by penetration into other untouched areas of streaming. Introduction to Linkfire Linkfire is a Denmark-based global market-leading marketing platform that connects music listeners to the music streaming industry. Linkfire had 85 000 artists (that includes major and independent record labels) that share their songs on social networks to consumers. In 2020 more than 1.5 billion songs were downloaded using Linkfire´s smart links. Linkfire was listed in Stockholm at the end of June 2020. The company is still in a blackout period. The brokers involved in the IPO are not allowed to publish a report, which represents an opportunity to buy early before the market understands the value proposition. Introduction to Linkfire's product What does Linkfire do? To show it I enclose the below slide. You see on a social network link to a music song - for example, an Instagram post. If you click on the post, you get on a Linkfire page, which gives you options from where you can download or play the song from. Linkfire is paid twice - by the artist who uses Linkfire to create the links to their songs and from the streaming services for linking the flow to them. Another illustration is Youtube. Source: Linkfire, Pareto Securities The business model Linkfire has two revenue streams: Platform service subscriptions - artists/record labels pay subscription fees to Linkfire to use the platform. At the end of 2020, Linkfire had 85 thousand artists. The client numbers have been growing at a CAGR of 92% (2017-2020). For illustration, Spotify has 5 million artists on its platform. So to get to a similar client number represents 6 000% growth potential for Linkfire. Traffic commissions - Linkfire receives a commission when a new consumer signs up for their service, plus Linkfire gets a percentage of transactions on certain products like tickets and live events. In 2020 more than 1.5 billion songs were downloaded using Linkfire´s smart links. The number of transactions has been growing at a CAGR of 55% (2017-2020). Traffic commission revenue represents the major revenue-driving force. The traffic monetization is improving too. Between 2017 and 2020, the revenue per thousand visitors increased by 330%. Traffic commission revenues have been growing at a CAGR of 127% (2017-2020). Source: Linkfire Strong Partner Relationships is the Barrier Against Competition Linkfire connects artists (often represented by record labels) with music streaming providers. Both groups represent revenues source. Linkfire has strong connections with both. Strong relationships are the main barrier of entry for Linkfire competition. No one in the industry has a similar relationship strength. The partners include Apple Music (NASDAQ:AAPL), Amazon Music (NASDAQ:AMZN), Snapchat (NYSE:SNAP), Pandora (OTCPK:PNDZF), Youtube (NASDAQ:GOOG), Warner Music (NYSE:T), Sony Music (NYSE:SONY), Live Nation (NYSE:LYV) and many others. This is delivered mainly by the technological superiority of Linkfire to competition. Major and independent labels are Enterprise customers on Linkfire's marketing platform Linkfire is the Market Leader That Will Lead the Industry Consolidation Linkfire estimates it has around 70% market share in the smart links. The other two major peers are: SmartURL used to be the market leader until unpaced by Linkfire. It has a long-tail of old links that still create significant traffic. Feature.fm - niche player founded in 2013, approximately ten times smaller than Linkfire. The niche segment; focuses mainly on indie artists and labels. Other niche players focused mainly on niche segments. Linkfire on the IPO calls mentioned that they see the competitors as an opportunity for industry consolidation. The management noted that there had been some negotiations. My interpretation is that there is a good chance of a transaction in the second part of the year. I believe that SmartURL could be an ideal target. It is owned by an Israeli company that has underinvested in the technology for years. This makes the disposal more likely and increases a chance of a very favourable price tag. Well-Allocated IPO The IPO was placed on the Stockholm Stock Exchange on 28 June 2021. A well-placed IPO - 15.4 million shares were issued at 11.20 SEK for a total deal size of SEK 172.5 million. The implied market capitalization post the transaction was 675 million SEK. Top 10 investors received approx. 80% of the transaction / Top 20 investors received approx. 85% of the transaction. The Greenshoe was 2 million shares, which is about 13% of the issued capital. So if you assume that the top 20 are long-term investors, almost all remaining 15% is covered by Greenshoe. Strong Financial Performance Projected to Accelerate The financial performance has been just extraordinary. 1.5 billion consumer connections in 2020 - 78% y/y growth DKK 24.3M Revenue (CCB) in 2020 - 43% y/y growth DKK 7.6M Revenue (CCB) in Q1-21 - 57% y/y growth The commission per thousand consumers DKK 3.76 in 2020 - 81% y/y growth The commission per thousand consumers DKK 6.87 in Q1-21 - 190% y/y growth Source: Linkfire Financial targets are equally encouraging: 50-70% organic sales growth approximately 80% margin Valuation High growth companies are valued based on Enterprise Value to Sales value to Sales multiple. I enclose below a valuation table for selected US peers. Source: Pareto Securities Research The table shows that companies that grow their revenues on average at 25%-30% trade at 11-12 times 2023 expected sales. Linkfire has been growing at much higher rates, and its superior growth rates are expected to continue. It therefore deserves at least equal multiple. Pareto estimates 2023 revenues at around 113 million DKK in their base case scenario and 140 million DKK in their bullish scenario. Source: Pareto Securities Research The current market capitalization is around 600 million SEK. Applying the above 11 times 2023 Pareto base case revenues of 113 million DKK would produce a market capitalization of approximately 1,250 million DKK, which is about 1,700 million SEK, around 2.8 times its current market capitalization, which would represent around 28 SEK per share. Applying the same multiple to the bullish scenario would produce a market capitalization of 1,540 million DKK (2,100 million SEK) or 3.5 times above the current capitalization, which would represent around 35 SEK per share. As mentioned above, the company is a victim of market timing. If the IPO would occur in January or February of this year, the share price would easily double on its debut. By June, the market got exhausted by too many IPO deals. This created an opportunity. The share price did not perform as expected, as many investors were already invested in previous deals. In this situation, the company will have to persuade investors that the above multiples are justifiable. Therefore the Q2 results will be significant. If the company confirms or beat the current forecasts, the share price should re-rate significantly. The company has a good line of material catalysts. My six months share price target is 14-15 DKK, and my one year target is around 20 DKK assuming at least three out of the below catalysts would materialize. Strong Catalysts Ahead Stocks move on catalysts. The stronger the catalysts, the stronger the move. Linkfire should be a perfect example of this. There is a number of solid catalysts ahead: Initiation of Research Coverage - the IPO was placed on 28 June. There is a 30 days blackout period during which no research can be published. The analyst has done a lot of work on Linkfire. I spoke to him on the analyst call. I would expect research publication shortly after the blackout. The research publication is usually a strong catalyst, as it defines the valuation framework for the investors. 2Q2021 results - the Q1 results were very strong with YoY organic revenue growth of 57%. The second-quarter revenue should reconfirm the strong growth trajectory. Beating the Q1 results should be a strong catalyst. Acquisition of a significant competitor - SmartURL, would increase the market position of Linkfire. The price tag should be quite favourable due to SmartURL underinvestment in technology. The market reaction to the acquisition should be quite favourable. Video-on-demand links - this is a new area, which I am believe Linkfire is considering to enter. There is no dominant market player in the area. Try to find where to download a movie from the internet. Very painful experience. The company sees this segment as the most promising new area to enter. It is a very material opportunity for the company that already has a relationship with the content providers. Other products - there are other streaming products where the company see the potential. These include mainly podcasts, audiobooks and gaming. IN the IPO materials, the company stated: Linkfire is continuously evaluating new markets to enter and have initiated discussion with potential customers for Film, Podcast and Audiobook The above indicates that the discussions are already happening. The new initiatives are material. The music streaming industry has annual revenues of around USD25 billion. In one of the presentations, the company stated that the total addressable market for all the Linkfire segments represents USD400 billion. The current product portfolio is therefore focused only on 6% of Linkfire's total addressable market. This just indicates the upside potential of the opportunity Conclusion Music streaming is currently a USD25 billion industry growing at a CAGR of 12% per year. Linkfire is the market leader growing at a five times higher rate than the music streaming market. The post-IPO share price trading has been slow due to too many IPO transactions in Scandinavia. If the company delivers as expected, the share price should re-rate significantly within three to six months period. Many catalysts represent an opportunity to multiply the share price several times over next 2 - 3 years.

Hej, er helt ny. Har købt ovenstående som tilsyneladende er steget over 800% på få dage. Tænker det er en fejl, men det hr stået sådan siden torsdag på Nordnet. Kan nogen Be/afkræfte dette? Pft

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https://www.redeye.se/research/817037/hansa-biopharma-q2-the-european-launch-is-underway?utm_source=MB&utm_medium=email

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Kurs 235 ramt idag passer med toppen d. 9 marts. Kan egentlig ikke lide at shorte men med BAVA kunne det have været en stor gevinst at shorte den siden 23 marts. Mange have troet på en afklaring med finansiering af fase 3. inden sommerferien. Jeg håber at BAVA finder finansiering udenom staten. Som jeg forstår det vil de fleste partier have en forhåndsaftale men vores sundhedsminister og regering satser på mRNA teknologien i stedet.

Ugekommentar #1 med Helge Larsen. Om tendenser og aktier, som debatteres på ProInvestor.com. Denne uge kommenterer han på Aegirbio, Ennogie, Genmab, North Media, Novo, Quantafuel og SmallCap Danmark. Disclaimer: Helge Larsen har aktier i Genmab, Novo og Aergirbio. https://www.youtube.com/watch?v=WTmHLhC36xM

Hansa Biopharma - Hansa Biopharma announces long term follow-up data demonstrating 3-year graft survival of 84% after imlifidase treatment and transplantation https://investors.hansabiopharma.com/English/press-releases/press-releases-details/2021/Hansa-Biopharma-announces-long-term-follow-up-data-demonstrating-3-year-graft-survival-of-84-after-imlifidase-treatment-and-transplantation/default.aspx