Organic revenue growth accelerated to 18% in Q3, which was a positive surprise. Relative profitability was also above market consensus. Moreover, strong order intake continued, supporting expectations for Q4. We conclude from this that Incap could be returning to growth mode after some weaker quarters. However, the biggest customer could reduce its orders in 2027 and the magnitude of this effect is uncertain. Despite the relatively good Q3, the full-year guidance was left intact. Our fair value range remains at EUR 10.6-12.9, based on our DCF analysis, backed by a peer group comparison.

Reported revenue growth of 56% was strong due to Lacon acquisition. But organic growth was also strong and adj. EBITA above consensus (LSEG) for Q3. In addition, order intake indicates a strong Q4 2026. However, Incap's largest customer is diversifying its supplier base which will put pressure on the company's volumes going forward. Full year 2026 guidance is repeated. Orders from the defence sector are growing strongly but still relatively small part of net sales in a group level. CMD event is on 17 November. We argue Incap could set a long-term average revenue growth target of over 10% at its CMD.

Relais' Q3 adjusted EBITA of EUR 11.5m was 5% above Modular Finance consensus. Organic sales growth was 2% y/y. In Norway, the removal of temporary fuel price subsidies had a negative impact in September, while the company has been able to manage the situation. Actions to improve performance in Technical Wholesale continue and the company expects a positive impact from Q4 onwards. The demand situation has remained largely stable and we expect the company to focus on organic initiatives in the near term. We derive a slightly lower DCF- and multiples-based fair value range of EUR 15.3-18.7 (16.1-19.7).

Taaleri's Q3 results were above our expectations on all group key figures, supported mainly by positive fair value changes. Continuing earnings (EUR 12.0m) were above our expectation (EUR 10.4m), and grew by 18% y/y. Segment EBIT of EUR 9.4m was 29% ahead of our estimate, due to larger-than-expected positive fair value changes in Investments and Garantia. Following our estimate revisions and including the impact of a larger investment portfolio, we marginally raise our SOTP-based fair value range to EUR 8.4-9.6 (8.4-9.4).

Relais Q3 adjusted EBITA of EUR 11.5m was up 5% y/y and came 5% above Modular Finance consensus of EUR 11m. Organic sales growth was 2% y/y in Q3 (Nordea +4%). Net sales were EUR 111m (+10% y/y), 1% below consensus. Products and Solutions missed our estimate while other operating segments beat. We believe there could be slightly different seasonality in acquired businesses which could explain the deviation. Gross margin came 70bp below our expectation while adjusted EBITA margin beat by 20bp. The company continues to address margin softness in Technical Wholesale where top line growth has not been sufficient to offset organic investments higher cost base. Operating cash flow was down slightly to EUR 4.8m (EUR 6.6m a year ago). Relais does not give short-term outlook for 2026 but notes softening market conditions towards end of Q3, especially in Norway. We believe this relates to normalisation of diesel tax in the country and could be a temporary issue. On initial take, we expect consensus to make muted estimate revisions on the back of the Q3.

Taaleri’s Q3 2026 continuing earnings of EUR 12.0m grew by 18% y/y and came 15% ahead of our estimate. The beat in continuing earnings relative to our estimate was attributable to a EUR 1.6m of success fees. Excluding success fees continuing earnings came in line with our estimate. Total segment reporting income of EUR 17.0m came 11% ahead of our estimate mainly driven by higher fair value changes in Investments. Segment reporting EBIT of EUR 9.4m was clearly ahead of our EUR 7.3m estimate, driven largely by positive fair value changes in Investments but also supported by a lower-than-expected combined ratio in Garantia. In Renewable Energy the company wrote down EUR 0.6m of performance fees relating to Wind II & III funds. Despite the overall strength in the Q3 numbers we see a muted share reaction today, given lingering concerns related to exits. We expect to receive more details on exits during the conference call at 12:00 (CET time).

Aspo was not able to sell ESL Shipping at a reasonable price, and so both segments will be listed as separate companies. Independent Telko could even reach higher valuation multiples in 2027 than it could as part of the Aspo group. The planned demerger is expected to gain approval at the extraordinary general meeting, likely on 7 December 2026. For Q3, we expect clear growth in net sales and adjusted EBITA on a y/y basis. We believe that Aspo could even upgrade its full-year 2026 guidance alongside the Q3 report. Our estimates point to a fair value range of EUR 7.1-8.7, based on an equal weighting of our DCF, P/E and SOTP valuations. Our current forecasts still include both segments.

We trim 2026E adjusted EBITA by 1% while leaving 2027E-28E largely unchanged following Elanders’ Q3 report. Encouragingly, organic growth was strong at 6%, with Supply Chain Solutions (SCS) the key driver, while Print and Packaging Solutions (PPS) remained softer, with additional cost measures taken to mitigate lower volumes. Looking ahead, we expect the solid underlying momentum in SCS to continue. Combined with the exit of several larger lease contracts in late 2026 and 2027, which could generate annual savings of SEK 80-90m, and an otherwise lean cost base, we forecast 6-10% adjusted EBITA growth in 2027-28. We see further upside from stronger-than-expected operating leverage should volumes continue to recover. Elanders is trading at a lease-adjusted EV/EBITA of ~7.5x for 2027E. We keep our fair value range unchanged at SEK 44-100.

Net sales and adjusted EBITA were slightly above LSEG Data & Analytics consensus for Q3 and the company confirmed its full-year 2026 guidance. Overall, Scanfil’s operational performance has remained strong, combining solid organic growth and successful acquisitions with resilient profitability at around a 7% EBITA margin despite continued investments in future growth. The long-term revenue growth target was also upgraded to 15% in September. Our new fair value range is at EUR 11.9-14.5 (11.2-13.7) based on an equal weighting of three valuation methods: DCF, EV/EBITDA and P/E. On our estimates, Scanfil's valuation is 5% below the peer group median for 2026E.

Net sales and adjusted EBITA were around 2-3% above market consensus (LSEG) in Q3. Reported growth of 32% y/y was supported by acquisitions. Scanfil’s profitability (EBITA margin) remained healthy in Q3. Organic growth was 8.5% in the quarter, with the Americas delivering the strongest organic revenue growth. Defense sector has been 11% of net sales in 2026. Availability of components is getting harder. The value of new projects won during Q3 was EUR 48m. Increasing working capital has burden cash flow. Full-year 2026 guidance is unchanged. With a resilient margin profile and a supportive growth story relative to peers, the risk/reward remains attractive, we believe. Scanfil's customer base is expanding, organic growth is healthy, cost control is good and the balance sheet enables further acquisitions. Given the company's strong track record of strategy execution, we do not see materially higher risks ahead. The company aims to outperform the EMS market through exposure to sectors such as defense, energy, and medtech. Overall, we see the risk/reward attractive.