Endringer i MSCI Global Micro Cap Indexes:
Inn: Appear, Dellia Group, Integrated Wind Solutions, Skue Sparebank, Thor Medical
Ut: Cambi
Endringene trer i kraft etter børsslutt 27. februar.
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Kalqyl har intervjuat Jan Storli Eriksen, VD på Dellia Group, Dag Skipperud Johansen, VD Dellia AS och Thea Guldbrandsøy, FP&A Manager / VP Investor Relations, i samband med Q4’25-rapporten. Vi diskuterar bland annat kvartalet som varit, trading update, guidance för 2026, förvärvet av Kirirom, nya produkter och geografisk expansion.
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PAS:
Buy the dip(pies)
The Q4 miss versus prior guidance was driven by phasing effects, while underlying demand remains intact, with Jan and Feb sales exceeding total Q4 revenues. Guidance of NOK 910–960m in 2026 revenues, excluding Kirirom, appears achievable, supported by the current run-rate and increased Dippies availability. Dellia trades at 7.8x 2027e EV/EBIT despite an expected ~50% revenue CAGR over the next two years. We reiterate our BUY rec. and lift our to TP NOK 600 (470).
At full utilization of its 12k tons mango capacity, revenues are estimated to reach NOK
2.4bn and EBIT NOK 480m, assuming a 20% margin. Applying 10–12x EV/EBIT
implies a fair value range of NOK 824–989 per share at full capacity.
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