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USWE: Continued growth focus after weak Q1
USWE Sports (USWE) began the 2026/27 financial year with results below our expectations. The main reason is that the strategic shift from distributor sales to expanded direct sales to retailers has taken longer than anticipated. Price discipline and fewer discounts have also weighed on sales, while at the same time strengthening margins. A third factor is that the new business model places greater demands on business systems and logistics flows, which drove costs higher during the quarter. In line with the company, we believe the measures USWE is now implementing will deliver higher and more stable sales growth, improved profitability and stronger cash flows over time. The latest report has nonetheless prompted adjustments to our model, and we lower our fair value to SEK 12.41 (13.46) per share.
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Advenica: Weaker Q2 despite record service revenues
Advenica's second quarter came in below our expectations, with total revenues of MSEK 47.3 against our estimated MSEK 56.4 and last year's record MSEK 60.8. EBIT slipped to a negative MSEK 6.3 as product sales remained low, though service revenues reached a new all-time high of MSEK 41.5. The company also announced a doubling of its office space in Malmö to support continued growth. We see the current volatility as short-term noise and maintain our fair value of SEK 23 per share.
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Precise Biometrics: MOSIP compliancy adds potential
Pecise Biometrics recently announced that its biometric matching solution, BioMatch, has achieved MOSIP compliance, validated jointly with the Modular Open Source Identity Platform (MOSIP). The certification qualifies BioMatch for MOSIP-based government digital-identity deployments and adds a recognised credential to Precise's offering in the public-sector ID market. The shares gained more than 100 per cent on the news.
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USWE: Updated financial targets
Net sales in the last quarter of USWE Sports (USWE) for the broken financial year 2025/26 amounted to SEK 31.7 million, which was well below our forecast of SEK 39 million. However, the underlying sales trend is positive. In total, net income for the year totals SEK 135 million, which means a currency-adjusted organic growth of 13 percent compared to the previous financial year.
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