midgardfinance.com

@midgardfinance.com

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- Focusing on long term CAGR and ignoring short term volatility and noise 📈 - European investor 🇪🇺 - Nordic stocks 🇩🇰🇳🇴🇸🇪🇫🇮🇮🇸🇫🇴🇬🇱

Dark-background scatter plot titled "Efficacy vs tolerability (lower-left = best)". X-axis: AE-led discontinuation percentage from 0 to about 16%. Y-axis: weight loss at primary endpoint percentage from about -8% to -28%. Each of 15 drugs is one circular marker labeled with drug name, sponsor, development stage, and top dose with dosing frequency. Markers are colored by receptor mechanism: GLP-1 blue, GLP-1+GIP purple, GLP-1+GIP+glucagon red, GLP-1+GIP antagonist orange, GLP-1+glucagon teal, GLP-1+amylin lime, amylin pink. The lower-left corner represents the best trade-off (deep weight loss with low AE-led discontinuation). Drugs, deepest weight loss first: Retatrutide -28.3% with 11.3% discontinuation (Lilly, Ph3); Enicepatide -22.7% / 7.0% (Roche, Ph2); Zepbound -22.5% / 6.2% (Lilly, Approved); CagriSema -20.4% / 5.9% (Novo, Filed); MariTide -19.9% / 14.0% (Amgen, Ph2); UBT251 -19.7% / 4.0% (Novo, Ph2); Wegovy HD -18.7% / 5.4% (Novo, Approved); Eloralintide -16.4% / 7.4% (Lilly, Ph2); Wegovy -14.9% / 7.0% (Novo, Approved); Wegovy pill -13.6% / 6.9% (Novo, Approved); Foundayo -12.4% / 8.0% (Lilly, Approved); Berobenatide -12.3% / 9.3% (Pfizer, Ph2); Cagrilintide -11.8% / 4.0% (Novo, Ph3); Elecoglipron -11.8% / 4.1% (AZN, Ph2); Petrelintide -10.7% / 4.5% (Roche, Ph2). Retatrutide is the efficacy leader; among those shown MariTide and Retatrutide carry the highest AE-led discontinuation (around 11-14%); Zepbound, CagriSema, UBT251 and the newly FDA-approved Wegovy HD (semaglutide 7.2 mg) sit closest to the optimal lower-left. Receptor color legend at lower-right. Generic and molecule names for search: Zepbound is tirzepatide; Wegovy, Wegovy pill and Wegovy HD are semaglutide; CagriSema combines cagrilintide and semaglutide. Footer: midgardfinance.com/obesity.
Dark-background figure titled "Every obesity drug trajectory (16 drugs, grouped by mechanism)". A 4-column by 4-row grid of mini line charts, one per drug, all sharing the same x-axis (time on treatment in weeks) and y-axis (weight change from baseline in %). Each panel shows the drug name, its sponsor with route and dosing frequency in parentheses, the weight-loss curve over time as a colored line with markers, and the endpoint percentage annotated at the final point. Panels are grouped by receptor mechanism, with the classes ordered most-potent-first (by the single deepest endpoint in each class) and the strongest drug first within each class. Grid order, left to right then top to bottom: Retatrutide -28.3% (Lilly, subQ weekly); UBT251 -19.7% (Novo, subQ weekly); Enicepatide -22.7% (Roche, subQ weekly); Zepbound -22.5% (Lilly, subQ weekly); CagriSema -22.7% (Novo, subQ weekly); Zenagamtide -22.0% (Novo, subQ weekly); MariTide -19.9% (Amgen, subQ monthly); Eloralintide -19.7% (Lilly, subQ weekly); Cagrilintide -10.8% (Novo, subQ weekly); Petrelintide -10.7% (Roche, subQ weekly); Survodutide -16.6% (BI, subQ weekly); Wegovy pill -15.1% (Novo, oral daily); Wegovy -14.9% (Novo, subQ weekly); Foundayo -12.4% (Lilly, oral daily); Berobenatide -12.3% (Pfizer, subQ monthly); Elecoglipron -11.8% (AZN, oral daily). A dashed gray Zepbound reference line is overlaid on every other panel so each drug's gap to the approved market leader is visible at a glance. Lines are color-coded by receptor mechanism: GLP-1 blue, GLP-1+GIP purple, GLP-1+GIP+glucagon red, GLP-1+GIP antagonist orange, GLP-1+glucagon teal, GLP-1+amylin lime, amylin pink. Legend below the grid. Generic and molecule names for search: Zepbound is tirzepatide; Wegovy and Wegovy pill are semaglutide; CagriSema combines cagrilintide and semaglutide. Footer: midgardfinance.com/obesity.
Four small line charts on a dark background, titled "R&D intensity within each sector: Europe vs US". Each panel plots revenue-weighted R&D as % of revenue from 2006 to 2025 for a European basket (cyan) and a US basket (purple) of large caps in that sector. Semiconductors: the two lines track each other closely, ending Europe ~16% (ASML, Infineon, STMicro) vs US ~15% (Nvidia, Intel, Qualcomm, TI, AMD, Micron, Applied Materials, Broadcom). Pharma: close throughout, ending Europe ~16% (Sanofi, Novo Nordisk, Bayer) vs US ~18% (Lilly, Merck, Pfizer, J&J, Bristol Myers, AbbVie, Amgen). Software: Europe (SAP) ends higher at ~18% vs the US ~13% (Microsoft, Oracle, Adobe, Salesforce). Autos: essentially identical and low, both ~5% (Europe: VW, Mercedes, BMW; US: Tesla, GM, Ford). The takeaway: within matched sectors European firms invest as much or more, so the headline aggregate gap is a sector-mix effect. Footer reads "midgardfinance.com".
Horizontal cyan bar chart on a dark background titled "EU27: who spends most on R&D". The x-axis is research & development spending as a percentage of revenue, from 0 to about 25%. Thirteen EU27 large-cap companies are shown, largest at the top, each labelled with its country: Nokia (Finland) 23%, Ericsson (Sweden) 20%, SAP (Germany) 18%, Sanofi (France) 18%, Aumovio (Germany) 17%, STMicro (Netherlands) 17%, Novo Nordisk (Denmark) 17%, Infineon (Germany) 16%, ASML (Netherlands) 14%, Bayer (Germany) 13%, Merck KGaA (Germany) 11%, Valeo (France) 11% and Philips (Netherlands) 10%. Telecom-equipment makers, pharma and semiconductor names dominate Europe's R&D intensity. Footer reads "midgardfinance.com".
Horizontal cyan bar chart on a dark background titled "Software: whose insiders are actually buying". The x-axis is total insider open-market purchases (SEC Form 4, transaction code P) in 2026 year-to-date, in US dollars, from 0 to about 12 million. Seven US pure-software companies whose insiders bought more than $0.5M are shown, largest at the top, each bar labelled with the dollar amount and the role behind the largest buy: Palo Alto Networks $10.0M (CEO), ServiceNow $3.0M (CEO), Microsoft $2.0M (director), Salesforce $1.0M (director), Autodesk $0.8M (director), Tyler $0.7M (director) and Intuit $0.5M (director). Only the two CEO buys are large; the rest are modest director purchases. The amounts are tiny relative to each company's market cap, and most software insiders only sell. Footer reads "midgardfinance.com".
Horizontal cyan bar chart on a dark background titled "Software: the biggest stock buybacks". The x-axis is trailing-12-month net buyback (share repurchases minus issuance) as a percentage of current market cap, from 0 to about 14%. The ten US and European software companies with the highest buyback yields are shown, largest at the top: Fiserv 13.2%, Workday 12.2%, Adobe 11.1%, GoDaddy 10.9%, Roper 8.3%, Salesforce 7.9%, Amadeus (Spain, shown with a gold label) 7.5%, PTC 7.2%, Akamai 6.5% and Fair Isaac 6.5%. Each ticker is labelled with its country: nine (US) and Amadeus (ES). Footer reads "midgardfinance.com".
Horizontal arrow chart on a dark background titled "US & European software P/S re-rating: 2021 vs now". The x-axis is price-to-trailing-12-month-sales on a log scale from about 2x to 100x. Each of ~38 large US and European software companies is one horizontal arrow running from its 2021 average price/sales (tail) to its latest 2026 value (head). Pink arrows mark companies whose multiple expanded; teal arrows mark companies whose multiple compressed. Arrow thickness encodes 5-year median revenue growth (thicker = faster). The vast majority of arrows point left (compressed). Snowflake has the largest move of all, from about 110x sales in 2021 to 17x now (-84%). Only a handful re-rated upward (pink): Palantir 36x to 66x (+81%), Palo Alto +89%, Cadence +30%, DigitalOcean +24%, Oracle +38%, Fair Isaac +24%, Nutanix +6%. Most other names fell 50-90%, including Salesforce, Adobe, ServiceNow, Workday, Intuit, Okta, Zscaler, Unity and Atlassian. Every European name (SAP, Dassault Systemes, Amadeus, Nemetschek, TeamViewer) compressed, with SAP the mildest at -12% and TeamViewer the steepest at -91%. Footer reads "midgardfinance.com | Source: company filings".
Line chart of US market cap for three groups, 2015 to 2026, linear scale in trillions of USD: Semiconductors, all Software (infrastructure plus application), and Apple. Semiconductors and Software are full industry totals; Apple is a single company. A dotted vertical line marks the ChatGPT launch in November 2022. Until about 2023 the Semiconductors line is the lowest of the three. After ChatGPT it climbs steeply, crossing above both Apple and all Software, and reaches roughly $10 trillion. All software ends near $6 trillion and Apple near $4 trillion.
Line chart of Adobe organic ARR year-over-year growth from Q1 FY25 to Q2 FY26, declining every quarter: 12.3, 11.8, 11.7, 11.5, 10.9, 10.6 percent, below the dashed FY26 guide line at 10.2. A separate marker shows the reported 12.5 percent in Q2 FY26, lifted by the Semrush acquisition.
Line chart titled "Oral GLP-1 weight-loss trajectory: elecoglipron, orforglipron, oral semaglutide" with subtitle "All trials in obesity (no T2D). Same color = same molecule. Thick line = top dose." X-axis: time in weeks 0-72. Y-axis: bodyweight change from baseline (%) from -17.5 to +2. Five lines plotted. Elecoglipron 15 mg VISTA (cyan blue, thin line): drops from 0 to -6.5% at week 36, line stops at week 36 (Phase 2 trial endpoint). Elecoglipron 75 mg weekly titration VISTA (cyan blue, thick line): drops from 0 to -11.8% at week 36, line stops at week 36. Orforglipron 12 mg ATTAIN-1 (purple, thin line): drops to trough around -10.2% at week 48, slight regain to -9.3% at week 72. Orforglipron 36 mg ATTAIN-1 (purple, thick line): drops to trough around -13.4% at weeks 48-60, slight regain to -12.4% at week 72. Oral sema 50 mg OASIS-1 (green, thick line, single dose only - OASIS-1 tested only 50 mg vs placebo): drops smoothly to a plateau around -16% from week 52 to week 68. Vertical dotted line at week 36 marks "elec data ends (Phase 2)". Methodology note: all values are efficacy / on-treatment estimands; the companion bar chart shows oral sema as -15.1% which is the published treatment-policy estimand (model-based with Rubin's rules imputation); the curve here plots observed mean change ending at ~-16%; the ~1pp gap is the missing-data handling effect. Intermediate weekly visit values digitized from the published Lancet/NEJM figures with approximately ±0.5pp uncertainty.
Scatter plot titled "Obesity Phase 3 landscape: weight loss vs treatment dropouts" with subtitle "Survodutide sits alone in the high-dropout / mid-efficacy quadrant". X-axis: discontinuation due to adverse events (%). Y-axis: weight loss at primary endpoint (%). Six drugs plotted: Survodutide 6 mg SYNCHRONIZE-1 at 19% disc / -16.6% weight (red, outlier), Retatrutide 12 mg TRIUMPH-1 at 11.3% / -28.3%, Tirzepatide 15 mg SURMOUNT-1 at 6.2% / -22.5% (green, best-in-class), CagriSema 2.4/2.4 REDEFINE-1 at 6.0% / -22.7% (green), Orforglipron 36 mg ATTAIN-1 at 10.3% / -11%, Semaglutide 7.2 mg STEP-UP at 3.3% / -20.7%. Quadrant labels show high-efficacy / low-dropouts is best (top-left), high-efficacy / high-dropouts is mid (top-right), low-efficacy / high-dropouts is worst (bottom-right where survodutide sits).
Horizontal bar chart titled "Survodutide: the tolerability outlier in obesity Phase 3". Treatment discontinuation rate due to adverse events at primary endpoint, ordered top to bottom: Survodutide 6 mg (SYNCHRONIZE-1, BI/Zealand, weekly) 19.0% highlighted in red, gastrointestinal-related only. Retatrutide 12 mg (TRIUMPH-1, Lilly, weekly) 11.3% any adverse event. Orforglipron 36 mg (ATTAIN-1, Lilly, daily oral) 10.3% any AE. Tirzepatide 15 mg (SURMOUNT-1, Lilly, weekly) 6.2% any AE. CagriSema 2.4/2.4 mg (REDEFINE-1, Novo, weekly) 6.0% any AE. Semaglutide 7.2 mg (STEP-UP, Novo, weekly) 3.3% GI-related only. Footnote: AE = any adverse event; GI = gastrointestinal-related only - so survodutide's 19% understates the all-cause discontinuation rate vs peers' 6-11% all-cause numbers.
Line chart titled "CagriSema beats semaglutide alone in T2D - even at lower total dose". X-axis: week 0 to 68. Y-axis: body weight change from baseline (%). Five arms plotted: CagriSema 2.4/2.4 mg (GLP-1 + amylin combo, n=603, accent blue) ends at -13.7%. CagriSema 1.0/1.0 mg (lower-dose combo, n=595, muted blue, total 2.0 mg active drug - less than sema 2.4) ends at -11.3%. Semaglutide 2.4 mg (Wegovy, n=605, green) ends at -9.4%. Cagrilintide 2.4 mg (amylin alone, n=152, purple) ends at -7.4%. Placebo (n=149, gray) ends at -2.1%. All four active arms track similarly for first 8 weeks. CagriSema 2.4/2.4 diverges sharply by week 16. CagriSema 1.0/1.0 sits clearly above semaglutide 2.4 from week 12 onward despite lower total drug. No arm shows plateau at week 68. Treatment regimen estimand.
Two-panel horizontal bar chart titled "CagriSema beats semaglutide alone in T2D - even at lower total dose". Five arms ordered top to bottom: CagriSema 2.4/2.4 mg (GLP-1 + amylin combo, n=603), CagriSema 1.0/1.0 mg (lower-dose combo, n=595, shown in muted blue), Semaglutide 2.4 mg (Wegovy, GLP-1 alone, n=605), Cagrilintide 2.4 mg (amylin alone, n=152), Placebo (n=149). Left panel - body weight change at week 68: -14.2%, -11.3%, -10.2%, -8.4%, -1.5%. Right panel - HbA1c change at week 68: -1.91 pp, -1.78 pp, -1.75 pp, -0.80 pp, +0.09 pp. Note that CagriSema 1.0/1.0 has 2.0 mg total active peptide, less than the 2.4 mg in semaglutide 2.4 alone, yet still produces more weight loss.
Two-panel horizontal bar chart titled "Monthly berobenatide: 3x less drug than semaglutide, 6x less than tirzepatide". Left panel - annual drug substance (mg/year) at maintenance dose: berobenatide 9.6 mg monthly = 125 mg/yr, semaglutide 7.2 mg weekly = 374 mg/yr, tirzepatide 15 mg weekly = 780 mg/yr, MariTide 140 mg monthly = 1,820 mg/yr. Right panel - injection devices per year: berobenatide 13, semaglutide 52, tirzepatide 52, MariTide 13. Source: Pfizer ADA 2026 deck.
Horizontal bar chart titled "Berobenatide monthly: similar efficacy to tirzepatide weekly". Placebo-corrected body weight reduction at week 28: berobenatide 4.8 mg monthly -12.3% (13 doses/yr), tirzepatide 10 mg weekly -12.5% (52 doses/yr), semaglutide 2.4 mg weekly -9.0% (52 doses/yr). Caveat: no head-to-head trial; different patient populations and estimands across studies. Source: Pfizer ADA 2026 deck.
Lollipop chart on a dark background showing current EV/Sales versus 5-year median EV/Sales for 26 large software companies. 21 of 26 names trade below their 5-year median (cyan markers): Dassault Systèmes -60%, Adobe -57%, Workday -56%, Paycom -53%, ServiceNow -51%, Intuit -48%, Nemetschek -46%, HubSpot -45%, Atlassian -38%, Datadog -33%, Snowflake -33%, Salesforce -33%, Microsoft -32%, Veeva -26%, Okta -24%, Zscaler -24%, Fortinet -24%, SAP -20%, Cadence -15%. Roughly flat: Synopsys, MongoDB, Palo Alto Networks, CrowdStrike. Above 5-year median (purple): Oracle +9%, Cloudflare +45% (off chart), Palantir +180% (off chart). Each row shows a horizontal line from the 5-year median tick to a dot at the current value. Title: SaaSocalypse? 21 of 26 software names below 5y median. Source: company filings, daily prices through 2026-06-01.
Dark-background line chart titled 'STOXX 600 Operating Margin by Sector: Q1'18 - Q4'25'. Nine sector lines (ex-Financials, ex-Real Estate), each plotted as a trailing 4-quarter rolling average to smooth quarterly noise. Y-axis shows operating margin in percent, starting at 0. Latest values (TTM 2025): Health Care 23%, Info. Technology 17%, Comm. Services 15%, Utilities 14%, Consumer Staples 11%, Industrials 11%, Energy 11%, Consumer Disc. 9%, Materials 8%. Health Care is the highest and most stable; Info. Technology shows expansion from ~13% in 2018 to ~17% by 2025; cyclical sectors (Materials, Energy, Consumer Disc.) sit at the bottom and dipped sharply during 2020 COVID. Sector name labels appear to the right of each line endpoint, colour-matched to the line. midgardfinance.com.
Dark-background horizontal bar chart titled 'STOXX 600 Revenue Contribution by Sector: Q1'26'. Bars show absolute YoY revenue change in EUR billions, ex-Financials, ex-Energy. Teal = positive contribution, purple = negative. Each bar labeled with EUR bn change and YoY % growth rate. Values, ranked: Energy +5.7bn (+2.5%), Consumer Staples +4.6bn (+3.3%), Consumer Disc. +4.4bn (+1.7%), Health Care +3.5bn (+3.1%), Info. Technology +2.7bn (+6.3%), Industrials +1.6bn (+0.6%), Comm. Services +0.9bn (+1.2%), Real Estate +0.3bn (+4.6%), Materials -2.1bn (-3.0%), Utilities -4.6bn (-6.2%). Coverage: 254 companies (54% of index by market cap). midgardfinance.com.
Horizontal bar chart titled "Weight loss in pivotal obesity trials" on a dark background. Subtitle: "Treatment-regimen estimand. TRIUMPH-1 efficacy estimand shown separately." Four drugs shown top to bottom, each with trial name and duration: Retatrutide 12 mg (TRIUMPH-1, 80 wks): solid cyan bar to -25.0%, plus a faded dashed extension to -28.3% labeled "(efficacy estimand)". Tirzepatide 15 mg (Zepbound, SURMOUNT-1, 72 wks): solid blue bar to -20.9%. Semaglutide 2.4 mg (Wegovy, STEP 1, 68 wks): solid green bar to -14.9%. Liraglutide 3 mg (Saxenda, SCALE, 56 wks): solid gray bar to -7.9%. X-axis: Body weight reduction (%), 0 to 40. Footer: midgardfinance.com.
Horizontal bar chart titled "AI Chip Stack: Who Is the Market Paying Up For?" Four companies ranked by price-to-revenue ratio. $CBRS (Cerebras) at 133x, labelled "priced for decades of hypergrowth." $NVDA (NVIDIA) at 25x. $AMD at 20x. $ASML at 16x. The Cerebras bar dwarfs the others. Source: midgardfinance.com
Horizontal bar chart of Q1 2026 organic revenue growth for 11 Danish C25 companies, sorted ascending. ISS +7.4%, Ambu +7.3%, Novonesis +7.0%, Demant +6.0%, Carlsberg +3.6%, Tryg +3.5%, Royal Unibrew +2.1%, Pandora +2.0%, Maersk -2.6%, GN Store Nord -4.0%, Novo Nordisk -4.0%.
Horizontal bar chart showing Q1 2026 EPS surprise (%) for 14 Euro STOXX 50 companies vs EODHD analyst consensus. Green = beat, pink = miss. Top beats: BAS.DE +25%, TTE.PA +13%, BMW.DE +12%, ASML.AS +8%. Misses: RHM.DE -23%, IFX.DE -8%. RHM.DE miss due to delivery delays into Q2; full-year guidance maintained.
Horizontal bar chart showing Q1 2026 organic revenue growth for 22 Euro STOXX 50 non-financial companies, color-coded by 2026 guidance revision. Green = raised, gray = maintained, blue = lowered. Raised: Siemens Energy raised to 14-16%; Infineon raised to "significant" (>€16B); ASML raised to €36-40B. no guidance cuts.
Horizontal bar chart of Q1 2026 organic or comparable revenue growth for 23 Euro STOXX 50 non-financial companies, sorted ascending. Safran +23.0%, ASML +14.0%, Infineon +14.0%, Adidas +14.0%, Sanofi +13.6%, Deutsche Börse +12.0%, SAP +12.0%, Schneider +11.2%, EssilorLuxottica +10.8%, Siemens Energy +8.9%, L'Oréal +7.6%, Ferrari +6.0%, Hermès +6.0%, AB InBev +5.8%, Wolters Kluwer +5.0%, Danone +2.7%, Ahold Delhaize +2.0%, DHL Group +2.0%, Air Liquide +1.9%, LVMH +1.0%, Vinci -0.5%, Saint-Gobain -2.3%, BMW -4.3%. Green bars = positive growth, blue = decline.
Horizontal bar chart showing annualised ROA for 6 Euro STOXX 50 banks, Q1 2026. BBVA: 1.34% Intesa: 1.14% Santander: 0.92% Nordea: 0.73% ING: 0.55% BNP: 0.46%. UniCredit, Dt. Bank excluded. Computed as Q1 NI*4/end-period assets. Source: company press releases.
Horizontal bar chart showing cost-to-income ratio for 7 Euro STOXX 50 banks. Lower is more efficient. Q1 2026: UniCredit 33.4% Intesa 35.9% BBVA 38.0% Santander 42.8% Nordea 45.5% BNP 55.3% Dt. Bank 58.9%. Source: company press releases, midgardfinance.com
Horizontal bar chart showing ROTE for 8 Euro STOXX 50 banks, Q1 2026 vs Q1 2025. UniCredit: 25.8% Intesa: 25.0% BBVA: 21.7% Nordea: 17.4% Santander: 15.2% ING: 13.6% BNP: 12.8% Dt. Bank: 12.7%. Source: company press releases, midgardfinance.com
Six-panel chart showing Pandora TTM financials through Q1 2026. Top row: TTM income statement (revenue, gross profit, operating profit) and margin trends. Middle: revenue by market with US and Rest of World largest, China declining; ROIC steady above 40%. Bottom: TTM dividend and repurchase activity; concept stores by country with US dominant at 500+.
Line chart from 1975 to Mar 2026 showing two series: US margin debt as a percentage of GDP (blue solid line) and as a percentage of total stock market cap (green dashed line). The GDP ratio peaked at 3.0% in 2000 and 3.8% in 2021, and stood at 4.0% as of Jan 2026 - an all-time high. The market cap ratio stood at 1.9% as of Mar 2026, near historical lows. Gray shaded areas mark NBER recessions.
Horizontal diverging bar chart on a dark background. Title: "EU27 quality compounders: who are analysts upgrading (and downgrading)?". Each bar represents one of 18 quality European compounders, sorted from most downgraded (top) to most upgraded (bottom). X-axis: FY+1y EPS estimate revision vs 90 days ago (%). Bars left of zero are deep purple (downgrades), bars right of zero are cyan (upgrades). Country flags appear next to each ticker label. Top downgrades: DSY -6.4%, EL -4.7%, COLO -4.3%, MC -3.6%, EVO -2.9%. Top upgrades: ASM +24.1%, BESI +15.2%, ASML +12.3%. A dashed separator line divides downgrades (11) from upgrades (7). Error bars show analyst estimate spread. Footer: midgardfinance.com.
Stacked bar chart on a dark background showing Eli Lilly's quarterly drug revenue from Q1 2022 to Q1'26. All four quarters per year shown; Q4 for Mounjaro, Zepbound and Trulicity is estimated (midpoint of Q3 and following Q1) as Lilly does not break these out in its 10-K XBRL. Jardiance Q4 is actual reported data. Four drugs stacked per quarter from bottom: Jardiance (green), Trulicity (purple), Mounjaro (blue), Zepbound (cyan). The chart shows Trulicity declining from ~$2B/quarter peak to $0.9B while Mounjaro + Zepbound (both tirzepatide) grew to a combined $12.8B in Q1'26. Jardiance remains steady at ~$1.1B/quarter. Annotations mark the Mounjaro launch (Q3 2022) and Zepbound launch (Q1 2024). Footer: midgardfinance.com/companies/LLY/
A scatter/bubble chart on a dark background plotting 28 aerospace & defense companies with FY2027 analyst consensus. X-axis: FY2027 revenue growth (%). Y-axis: FY2027 EPS growth (%). Each company is labelled with its Yahoo Finance ticker; bubble size represents market cap. Bubbles are coloured teal for America (19 names) and purple for Europe (10 names). Reference lines cross at 0% on both axes. Top-right 'GROWING + EXPANDING' quadrant: $KOG +37% rev / +47% EPS, $RHM +35% rev / +46% EPS, $AXON +29% rev / +36% EPS. Bottom-left 'SHRINKING + CONTRACTING' quadrant: $BBD +4% rev / +2% EPS, $LMT +5% rev / +7% EPS. Universe filters: at least EUR 4.5B market cap and $1B trailing-twelve-month revenue (currency-normalised). Title: "Aerospace & Defense: who's expected to grow rev AND earnings?". Footer: midgardfinance.com/screener/europe.html.
A scatter/bubble chart on a dark background plotting 29 aerospace & defense companies. X-axis: FY2027 revenue growth (%). Y-axis: forward earnings yield (1 / Forward P/E, %). Each company is labelled with its Yahoo Finance ticker; bubble size represents market cap. Bubbles are coloured teal for America (19 names) and purple for Europe (10 names). Reference lines: vertical at 0% growth (growers vs shrinkers), horizontal dashed at the sector-median forward earnings yield. Top-right 'CHEAP + GROWING' corner highlights value-plus-growth combinations. Top-left 'value zone' (high yield, slow growth): $TXT 7.6%, $MTX 6.4%, $LMT 5.8%, $AM 5.7%. Bottom-right 'expensive but fast' zone (low yield, fast growth): $KOG +37%, $RHM +35%, $AXON +29%, $KTOS +23%. Universe: companies in the cfg target industries with at least EUR 4.5B marketcap and $1B trailing-twelve-month revenue (currency-normalised). Title: "Aerospace & Defense: forward earnings yield vs FY27 revenue growth". Footer: midgardfinance.com/screener/europe.html.
A scatter/bubble chart on a dark background plotting 9 professional data & analytics companies with FY2027 analyst consensus. X-axis: FY2027 revenue growth (%). Y-axis: FY2027 EPS growth (%). Each company is labelled with its Yahoo Finance ticker; bubble size represents market cap. Bubbles are coloured teal for America (3 names) and purple for Europe (6 names). Reference lines cross at 0% on both axes. Top-right 'GROWING + EXPANDING' quadrant: 🇺🇸 $EFX +9% rev / +19% EPS, 🇨🇦 $TRI +8% rev / +14% EPS, 🇬🇧 $EXPN +8% rev / +13% EPS. Bottom-left: 🇨🇭 $SGSN +6% rev / +7% EPS, 🇫🇷 $BVI +7% rev / +9% EPS. Universe filters: at least EUR 4.5B market cap and $1B trailing-twelve-month revenue (currency-normalised). Title: "Professional Data & Analytics: who's expected to grow rev AND earnings?". Footer: midgardfinance.com/screener/europe.html.
A scatter/bubble chart on a dark background plotting 9 professional data & analytics companies. X-axis: FY2027 revenue growth (%). Y-axis: forward earnings yield (1 / Forward P/E, %). Each company is labelled with its Yahoo Finance ticker; bubble size represents market cap. Bubbles are coloured teal for America (3 names) and purple for Europe (6 names). Reference lines: vertical at 0% growth (growers vs shrinkers), horizontal dashed at the sector-median forward earnings yield. Top-right 'CHEAP + GROWING' corner highlights value-plus-growth combinations. Top-left 'value zone' (high yield, slow growth): $WKL 8.6%, $AMS 6.5%, $BVI 5.8%, $EXPN 5.4%. Bottom-right 'expensive but fast' zone (low yield, fast growth): $EFX +9%, $EXPN +8%, $AMS +8%, $TRI +8%. Universe: companies in the cfg target industries with at least EUR 4.5B marketcap and $1B trailing-twelve-month revenue (currency-normalised). Title: "Professional Data & Analytics: forward earnings yield vs FY27 revenue growth". Footer: midgardfinance.com/screener/europe.html.
Heatmap on a dark background. Title: "European large + mid cap revenue growth by country and industry," with the words "revenue growth" highlighted in accent blue. Columns are 12 European countries with flags above their ISO codes: Austria, Belgium, Denmark, Finland, France, Germany, Netherlands, Norway, Spain, Sweden, Switzerland, UK. Rows are 21 sub-industry buckets: Tech split into Software, IT Services, Semis, Hardware; Healthcare split into Pharma, Biotech, Devices+; Financials Insurance only (banks and asset managers excluded because their revenue is rate-cycle or AUM-driven, not operational); Consumer Cyclical split into Luxury, Autos, Retail+Travel, Other; Consumer Defensive; Communication Services; Industrials split into Aero+Defense, Capital Goods, Transports, Services; Basic Materials; Energy; Utilities; Real Estate. Each cell shows the median 3-year YoY revenue growth rate (median of FY2023, FY2024, FY2025 year-over-year growth, post-COVID baseline, robust to one-off M&A spikes) and the company count. Color scale runs from purple at low or negative growth, through indigo, to teal at high growth, winsorized to the 5th-95th percentile; cells outside that range are annotated with a caret. 815 domestic listings (>= EUR 1B market cap; cross-listings excluded). Footer: midgardfinance.com/screener/europe.html.
Heatmap on a dark background. Title: "European large + mid cap Forward P/E by country and sector." Columns are 12 European countries from left to right: Austria, Belgium, Denmark, Finland, France, Germany, Netherlands, Norway, Spain, Sweden, Switzerland, UK. Rows are 24 sub-industry buckets: Tech split into Software, IT Services, Semis and Hardware; Healthcare split into Pharma, Biotech and Devices+; Financials split into Banks, Insurance and Asset Mgmt; Consumer Cyclical split into Luxury, Autos, Retail+Travel and Other; Consumer Defensive; Communication Services; Industrials split into Aero+Defense, Capital Goods, Transports and Services; Basic Materials; Energy; Utilities; Real Estate. Each cell shows the median Forward P/E and the company count. Color scale runs from teal at the low end through dark blue to purple at the high end, winsorized to the 5th-95th percentile of cell values; outlier cells are annotated with a caret. Cheapest sectors overall: Cons Cyclical Autos 9.2x, Energy 10.5x, Industrials Transports 10.7x, Banks 10.8x. Most expensive: Tech Semis 37x, Cons Cyclical Luxury 30x, Aero+Defense 26x, Tech Software 21x. Notable cells include France Autos 6.6 (Stellantis, Renault), France IT Services 7.5 (Capgemini, Sopra Steria, Alten), Norway Transports 6.9, Spain Banks 10.3, Switzerland Luxury 40 (Richemont, Swatch), Germany Software 30 (SAP), France Luxury 29 (LVMH, Hermes, Kering), Belgium Biotech 29, Germany Aero+Defense 29 (Rheinmetall, Hensoldt). Cells with fewer than three companies are shown as a dash. 935 companies total, all European exchange listings with EUR 1B or larger market cap. Footer: midgardfinance.com/screener/europe.html.
Horizontal bar chart titled "Priced for a business that is already dying," showing expected annual total returns for Adobe (ADBE) at $240 under four scenarios, assuming a 9x forward P/E and 10.25% FCF yield with the multiple held constant. Four bars from top to bottom: Adobe today (subscription revenue growing +13% per year): +23.2% per year. Cyan. Flat forever (what the market prices in): +10.2% per year. Violet. Kodak speed decline, labelled "bad investment": +4.2% per year. Blue. Nokia-handset speed decline, labelled "lose money": -4.8% per year. Magenta. Vertical reference lines mark the 4% bonds return and the 8% S&P 500 return. Model: return equals FCF yield plus FCF growth rate. Key takeaway: even if Adobe's business stayed completely flat forever, the stock would still return about 10% per year. To underperform bonds, Adobe's FCF needs to decline at Kodak speed (-6% per year). To lose money over a decade, Adobe needs Nokia-handset speed decline (-15% per year).
Financial table showing DSV's selected key figures and ratios for the period Jan 1 - Dec 31, 2025, comparing Q4 2025, Q4 2024, FY 2025, and FY 2024. Key Figures (DKKm): * Revenue: Q4 '25: 71,685 (vs 43,514 in Q4 '24); FY '25: 247,331 (vs 167,106 in FY '24). * Gross profit: Q4 '25: 19,119; FY '25: 66,859. * EBIT before special items: Q4 '25: 5,592 (vs 3,936 in Q4 '24); FY '25: 19,611. * Adjusted free cash flow: Q4 '25: 5,359; FY '25: 16,335 (significantly up from 5,550 in FY '24). Ratios: * Diluted adjusted EPS: 50.9 DKK for FY '25 (vs 51.6 for FY '24). Operating Profit by Division (Q4 '25 vs Q4 '24): * Air & Sea: 3,071 vs 3,103. * Road: 1,009 vs 311. * Contract Logistics: 1,514 vs 531.
A presentation slide titled "LVMH achieves a solid performance in an unfavorable global economic environment." It displays key financial figures for the 2025 fiscal year. Revenue is €80.8 billion (down 1% organic). Profit from recurring operations is €17.8 billion (down 9%). Net profit (Group share) is €10.9 billion (down 13%). Operating free cash flow is €11.3 billion (up 8%). Net financial debt is €6.9 billion.