midgardfinance.com
@midgardfinance.com
- Focusing on long term CAGR and ignoring short term volatility and noise 📈
- European investor 🇪🇺
- Nordic stocks 🇩🇰🇳🇴🇸🇪🇫🇮🇮🇸🇫🇴🇬🇱
- European investor 🇪🇺
- Nordic stocks 🇩🇰🇳🇴🇸🇪🇫🇮🇮🇸🇫🇴🇬🇱
#$LOTB #LotusBakeries 🇧🇪🇪🇺
2025 results 📈
• Revenue: €1.36bn (+10%)
• Net Result: €172m (+13%)
• Dividend: €90 (+18%)
Segments 📈
• Biscoff: +13% (57% of sales)
• Natural Foods: +17% (25% of sales)
Compounding 📈
• 11% Revenue CAGR (20 years)
• Leverage ratio down to 0.25x
#DividendAristocrat 👑
2025 results 📈
• Revenue: €1.36bn (+10%)
• Net Result: €172m (+13%)
• Dividend: €90 (+18%)
Segments 📈
• Biscoff: +13% (57% of sales)
• Natural Foods: +17% (25% of sales)
Compounding 📈
• 11% Revenue CAGR (20 years)
• Leverage ratio down to 0.25x
#DividendAristocrat 👑
February 6, 2026 at 10:42 PM
#$LOTB #LotusBakeries 🇧🇪🇪🇺
2025 results 📈
• Revenue: €1.36bn (+10%)
• Net Result: €172m (+13%)
• Dividend: €90 (+18%)
Segments 📈
• Biscoff: +13% (57% of sales)
• Natural Foods: +17% (25% of sales)
Compounding 📈
• 11% Revenue CAGR (20 years)
• Leverage ratio down to 0.25x
#DividendAristocrat 👑
2025 results 📈
• Revenue: €1.36bn (+10%)
• Net Result: €172m (+13%)
• Dividend: €90 (+18%)
Segments 📈
• Biscoff: +13% (57% of sales)
• Natural Foods: +17% (25% of sales)
Compounding 📈
• 11% Revenue CAGR (20 years)
• Leverage ratio down to 0.25x
#DividendAristocrat 👑
#$COLO #$COLOB #Coloplast 🇩🇰🇪🇺
Organic growth 📈
• Total 6%
• Ostomy 4%
• Continence 7%
• Voice & Respiratory 8%
• Wound & Tissue 5%
• Urology 8%
2030 ambition 🔮
• 7-8% revenue growth
• >20% ROIC
Guidance FY 25/26 (Unchanged) ✅
• Organic Growth: ~7%
• EBIT Margin: ~28%
• Capex: ~5% of sales
#MedTech
Organic growth 📈
• Total 6%
• Ostomy 4%
• Continence 7%
• Voice & Respiratory 8%
• Wound & Tissue 5%
• Urology 8%
2030 ambition 🔮
• 7-8% revenue growth
• >20% ROIC
Guidance FY 25/26 (Unchanged) ✅
• Organic Growth: ~7%
• EBIT Margin: ~28%
• Capex: ~5% of sales
#MedTech
February 6, 2026 at 10:35 PM
#$COLO #$COLOB #Coloplast 🇩🇰🇪🇺
Organic growth 📈
• Total 6%
• Ostomy 4%
• Continence 7%
• Voice & Respiratory 8%
• Wound & Tissue 5%
• Urology 8%
2030 ambition 🔮
• 7-8% revenue growth
• >20% ROIC
Guidance FY 25/26 (Unchanged) ✅
• Organic Growth: ~7%
• EBIT Margin: ~28%
• Capex: ~5% of sales
#MedTech
Organic growth 📈
• Total 6%
• Ostomy 4%
• Continence 7%
• Voice & Respiratory 8%
• Wound & Tissue 5%
• Urology 8%
2030 ambition 🔮
• 7-8% revenue growth
• >20% ROIC
Guidance FY 25/26 (Unchanged) ✅
• Organic Growth: ~7%
• EBIT Margin: ~28%
• Capex: ~5% of sales
#MedTech
#$DSV 🇩🇰🇪🇺
"We continued the deleveraging plan" 📉
"Due to fast progress on the integration of Schenker ... we now expect to finalise the integration by the end of 2026 (previously expected by the end of 2028)." ⚡️
#SerialAcquirer #Schenker
investor.dsv.com/news-release...
"We continued the deleveraging plan" 📉
"Due to fast progress on the integration of Schenker ... we now expect to finalise the integration by the end of 2026 (previously expected by the end of 2028)." ⚡️
#SerialAcquirer #Schenker
investor.dsv.com/news-release...
February 4, 2026 at 10:46 PM
#$DSV 🇩🇰🇪🇺
"We continued the deleveraging plan" 📉
"Due to fast progress on the integration of Schenker ... we now expect to finalise the integration by the end of 2026 (previously expected by the end of 2028)." ⚡️
#SerialAcquirer #Schenker
investor.dsv.com/news-release...
"We continued the deleveraging plan" 📉
"Due to fast progress on the integration of Schenker ... we now expect to finalise the integration by the end of 2026 (previously expected by the end of 2028)." ⚡️
#SerialAcquirer #Schenker
investor.dsv.com/news-release...
#$LIFCO 🇸🇪
Organic net sales growth:
Quarterly: 3.8%
Annual: 4.2%
Return on capital employed excl. goodwill: 132% 🤩
"16 new businesses were consolidated during the year with estimated total annual net sales of about SEK 2.2 billion on the acquisition dates."
www.lifco.se/investors/mf...
Organic net sales growth:
Quarterly: 3.8%
Annual: 4.2%
Return on capital employed excl. goodwill: 132% 🤩
"16 new businesses were consolidated during the year with estimated total annual net sales of about SEK 2.2 billion on the acquisition dates."
www.lifco.se/investors/mf...
January 31, 2026 at 2:41 PM
#$LIFCO 🇸🇪
Organic net sales growth:
Quarterly: 3.8%
Annual: 4.2%
Return on capital employed excl. goodwill: 132% 🤩
"16 new businesses were consolidated during the year with estimated total annual net sales of about SEK 2.2 billion on the acquisition dates."
www.lifco.se/investors/mf...
Organic net sales growth:
Quarterly: 3.8%
Annual: 4.2%
Return on capital employed excl. goodwill: 132% 🤩
"16 new businesses were consolidated during the year with estimated total annual net sales of about SEK 2.2 billion on the acquisition dates."
www.lifco.se/investors/mf...
How Greenland’s Rare Earth Reserves Compare to the Rest of the World ⛏️🇬🇱
#Mining #RareEarthMinerals #Greenland
🦭💨🇺🇸 #FAFO #Blackmail #Mafia #TACO
@visualcap.bsky.social
#Mining #RareEarthMinerals #Greenland
🦭💨🇺🇸 #FAFO #Blackmail #Mafia #TACO
@visualcap.bsky.social
January 20, 2026 at 11:09 AM
How Greenland’s Rare Earth Reserves Compare to the Rest of the World ⛏️🇬🇱
#Mining #RareEarthMinerals #Greenland
🦭💨🇺🇸 #FAFO #Blackmail #Mafia #TACO
@visualcap.bsky.social
#Mining #RareEarthMinerals #Greenland
🦭💨🇺🇸 #FAFO #Blackmail #Mafia #TACO
@visualcap.bsky.social
Software - Application is the second worst performing industry YTD 📉🔪🩸
🇺🇸 $ADBE $CRM $NOW $INTU $FIG $DOCU $DDOG $ADSK $ROP
🇨🇦 $CSU
🇩🇪 $SAP
🇺🇸 $ADBE $CRM $NOW $INTU $FIG $DOCU $DDOG $ADSK $ROP
🇨🇦 $CSU
🇩🇪 $SAP
January 16, 2026 at 4:26 PM
Software - Application is the second worst performing industry YTD 📉🔪🩸
🇺🇸 $ADBE $CRM $NOW $INTU $FIG $DOCU $DDOG $ADSK $ROP
🇨🇦 $CSU
🇩🇪 $SAP
🇺🇸 $ADBE $CRM $NOW $INTU $FIG $DOCU $DDOG $ADSK $ROP
🇨🇦 $CSU
🇩🇪 $SAP
Not all healthcare is equal though.
December 31, 2025 at 3:56 PM
Not all healthcare is equal though.
Altria can play that game as well 📉
December 31, 2025 at 3:41 PM
Altria can play that game as well 📉
Inspired by the book "1929" by Sorkin 📕
New tech, leverage, debt, and belief in “this time is different”.
In the 1920s: radio and cars 📻🚗
Today: AI, crypto, cheap debt 🧠🪙💰
"History does not repeat itself, but it does rhyme."
New tech, leverage, debt, and belief in “this time is different”.
In the 1920s: radio and cars 📻🚗
Today: AI, crypto, cheap debt 🧠🪙💰
"History does not repeat itself, but it does rhyme."
December 30, 2025 at 10:00 PM
Inspired by the book "1929" by Sorkin 📕
New tech, leverage, debt, and belief in “this time is different”.
In the 1920s: radio and cars 📻🚗
Today: AI, crypto, cheap debt 🧠🪙💰
"History does not repeat itself, but it does rhyme."
New tech, leverage, debt, and belief in “this time is different”.
In the 1920s: radio and cars 📻🚗
Today: AI, crypto, cheap debt 🧠🪙💰
"History does not repeat itself, but it does rhyme."
The price of admission for a speculative boom 📉🗞️
An annotated DJIA chart from 1928 to 1934, pairing key market dates with NYT front pages 📰
What stands out: optimism never really breaks, from the 1929 peak to the 1932 bottom 🤞
Best on a large screen 🖥️🖱️
midgardfinance.com/1929/
An annotated DJIA chart from 1928 to 1934, pairing key market dates with NYT front pages 📰
What stands out: optimism never really breaks, from the 1929 peak to the 1932 bottom 🤞
Best on a large screen 🖥️🖱️
midgardfinance.com/1929/
December 30, 2025 at 10:00 PM
The price of admission for a speculative boom 📉🗞️
An annotated DJIA chart from 1928 to 1934, pairing key market dates with NYT front pages 📰
What stands out: optimism never really breaks, from the 1929 peak to the 1932 bottom 🤞
Best on a large screen 🖥️🖱️
midgardfinance.com/1929/
An annotated DJIA chart from 1928 to 1934, pairing key market dates with NYT front pages 📰
What stands out: optimism never really breaks, from the 1929 peak to the 1932 bottom 🤞
Best on a large screen 🖥️🖱️
midgardfinance.com/1929/
We coincide with Evolution AB and Novo Nordisk A/S. I like some of your other names as well. I also like Lifco AB and Atlas Copco AB, which neither of us own. I don't think I would buy Castellum myself.
December 30, 2025 at 5:16 PM
We coincide with Evolution AB and Novo Nordisk A/S. I like some of your other names as well. I also like Lifco AB and Atlas Copco AB, which neither of us own. I don't think I would buy Castellum myself.
The price of admission for a multi-decade moat 🎢
Novo Nordisk is in a historically large ~70% drawdown 📉
Volatility is sometimes the tax you pay for long-term CAGR 📈
#NovoNordisk #NVO #NOVO-B.CO
Novo Nordisk is in a historically large ~70% drawdown 📉
Volatility is sometimes the tax you pay for long-term CAGR 📈
#NovoNordisk #NVO #NOVO-B.CO
December 27, 2025 at 2:28 PM
The price of admission for a multi-decade moat 🎢
Novo Nordisk is in a historically large ~70% drawdown 📉
Volatility is sometimes the tax you pay for long-term CAGR 📈
#NovoNordisk #NVO #NOVO-B.CO
Novo Nordisk is in a historically large ~70% drawdown 📉
Volatility is sometimes the tax you pay for long-term CAGR 📈
#NovoNordisk #NVO #NOVO-B.CO
Annotated stock price chart for Novo Nordisk since 1981, including the gene-splicing and human insulin eras.
🔗 midgardfinance.com/novonordisk
🔵 Novo Nordisk
🟣 Competition
🟡 Markets
#NovoNordisk #NVO
🔗 midgardfinance.com/novonordisk
🔵 Novo Nordisk
🟣 Competition
🟡 Markets
#NovoNordisk #NVO
December 27, 2025 at 12:46 PM
Annotated stock price chart for Novo Nordisk since 1981, including the gene-splicing and human insulin eras.
🔗 midgardfinance.com/novonordisk
🔵 Novo Nordisk
🟣 Competition
🟡 Markets
#NovoNordisk #NVO
🔗 midgardfinance.com/novonordisk
🔵 Novo Nordisk
🟣 Competition
🟡 Markets
#NovoNordisk #NVO
Why am I comfortable owning NVR at a perceived non-cheap multiple?
NVR preserves free cash flow across cycles.
Land is optioned, not owned.
Cash does not vanish when volumes slow 💸
Four geographic segments move on different timelines.
That is why buybacks stay monotonic 📉
NVR preserves free cash flow across cycles.
Land is optioned, not owned.
Cash does not vanish when volumes slow 💸
Four geographic segments move on different timelines.
That is why buybacks stay monotonic 📉
December 25, 2025 at 9:56 PM
Why am I comfortable owning NVR at a perceived non-cheap multiple?
NVR preserves free cash flow across cycles.
Land is optioned, not owned.
Cash does not vanish when volumes slow 💸
Four geographic segments move on different timelines.
That is why buybacks stay monotonic 📉
NVR preserves free cash flow across cycles.
Land is optioned, not owned.
Cash does not vanish when volumes slow 💸
Four geographic segments move on different timelines.
That is why buybacks stay monotonic 📉
This only works because the operating business keeps generating cash.
Quarterly revenue: ~$1.0B (2010) -> ~$2.6B (Q3 2025) 📈
Net income Q3 2025: ~$343M (~13% margin).
Interest expense is basically noise versus profits.
Cycle-driven earnings turned into permanent per-share ownership 💰🔁
Quarterly revenue: ~$1.0B (2010) -> ~$2.6B (Q3 2025) 📈
Net income Q3 2025: ~$343M (~13% margin).
Interest expense is basically noise versus profits.
Cycle-driven earnings turned into permanent per-share ownership 💰🔁
December 25, 2025 at 9:56 PM
This only works because the operating business keeps generating cash.
Quarterly revenue: ~$1.0B (2010) -> ~$2.6B (Q3 2025) 📈
Net income Q3 2025: ~$343M (~13% margin).
Interest expense is basically noise versus profits.
Cycle-driven earnings turned into permanent per-share ownership 💰🔁
Quarterly revenue: ~$1.0B (2010) -> ~$2.6B (Q3 2025) 📈
Net income Q3 2025: ~$343M (~13% margin).
Interest expense is basically noise versus profits.
Cycle-driven earnings turned into permanent per-share ownership 💰🔁
They can be a bit tricky to distinguish from each other. If you made these with matplotlib, then there is a module that allows you to draw a line between the label and the data point. I can't remember the name.
December 7, 2025 at 1:16 PM
They can be a bit tricky to distinguish from each other. If you made these with matplotlib, then there is a module that allows you to draw a line between the label and the data point. I can't remember the name.
Oracle is an interesting choice. I hope both prove to be good investments for you 💙
November 29, 2025 at 8:27 AM
Oracle is an interesting choice. I hope both prove to be good investments for you 💙
What exactly did you see happen to Adobe and Duolingo?
November 27, 2025 at 10:29 PM
What exactly did you see happen to Adobe and Duolingo?
Would you buy a company spending over $2B on buybacks every quarter, sitting at a ~$130B market cap, with steady fundamentals and real AI tools actually shipping?
Because... that company is literally here.
$ADBE #ADBE 🎨💻🔥
Because... that company is literally here.
$ADBE #ADBE 🎨💻🔥
November 27, 2025 at 10:18 PM
Would you buy a company spending over $2B on buybacks every quarter, sitting at a ~$130B market cap, with steady fundamentals and real AI tools actually shipping?
Because... that company is literally here.
$ADBE #ADBE 🎨💻🔥
Because... that company is literally here.
$ADBE #ADBE 🎨💻🔥
How much would you pay for a company with...
• forward EPS ~24 USD
• ROIC ~28%
• gross margin ~89%
• operating margin ~36%
• recurring revenue ~90% 🔁
• 10y revenue CAGR ~15% 📊
• FCF margin ~40% 💵
• R&D spend ~18% of revenue 🧪
Asking for a friend called $ADBE (share price ~320 USD) 📈🔥
• forward EPS ~24 USD
• ROIC ~28%
• gross margin ~89%
• operating margin ~36%
• recurring revenue ~90% 🔁
• 10y revenue CAGR ~15% 📊
• FCF margin ~40% 💵
• R&D spend ~18% of revenue 🧪
Asking for a friend called $ADBE (share price ~320 USD) 📈🔥
November 27, 2025 at 8:11 PM
How much would you pay for a company with...
• forward EPS ~24 USD
• ROIC ~28%
• gross margin ~89%
• operating margin ~36%
• recurring revenue ~90% 🔁
• 10y revenue CAGR ~15% 📊
• FCF margin ~40% 💵
• R&D spend ~18% of revenue 🧪
Asking for a friend called $ADBE (share price ~320 USD) 📈🔥
• forward EPS ~24 USD
• ROIC ~28%
• gross margin ~89%
• operating margin ~36%
• recurring revenue ~90% 🔁
• 10y revenue CAGR ~15% 📊
• FCF margin ~40% 💵
• R&D spend ~18% of revenue 🧪
Asking for a friend called $ADBE (share price ~320 USD) 📈🔥
Pandora Q3
• ROIC: 43% 🔥
• Silver: ~32 USD/oz 🪙🚀
• Gold: ~2,900–4,000 USD/oz 📈
• US LFL: +6% 🇺🇸
• Europe LFL: -1% 🇪🇺
• RoP LFL: +6% 🌏
• Australia LFL: +4% 🇦🇺
• Net store openings (12m): +65 CS, +85 SiS 🏬
• China stores: -33 QoQ, -60 YoY 🇨🇳
#PNDORA #PNDORA.CO #Pandora #2025Q3
• ROIC: 43% 🔥
• Silver: ~32 USD/oz 🪙🚀
• Gold: ~2,900–4,000 USD/oz 📈
• US LFL: +6% 🇺🇸
• Europe LFL: -1% 🇪🇺
• RoP LFL: +6% 🌏
• Australia LFL: +4% 🇦🇺
• Net store openings (12m): +65 CS, +85 SiS 🏬
• China stores: -33 QoQ, -60 YoY 🇨🇳
#PNDORA #PNDORA.CO #Pandora #2025Q3
November 18, 2025 at 12:24 PM
Pandora Q3
• ROIC: 43% 🔥
• Silver: ~32 USD/oz 🪙🚀
• Gold: ~2,900–4,000 USD/oz 📈
• US LFL: +6% 🇺🇸
• Europe LFL: -1% 🇪🇺
• RoP LFL: +6% 🌏
• Australia LFL: +4% 🇦🇺
• Net store openings (12m): +65 CS, +85 SiS 🏬
• China stores: -33 QoQ, -60 YoY 🇨🇳
#PNDORA #PNDORA.CO #Pandora #2025Q3
• ROIC: 43% 🔥
• Silver: ~32 USD/oz 🪙🚀
• Gold: ~2,900–4,000 USD/oz 📈
• US LFL: +6% 🇺🇸
• Europe LFL: -1% 🇪🇺
• RoP LFL: +6% 🌏
• Australia LFL: +4% 🇦🇺
• Net store openings (12m): +65 CS, +85 SiS 🏬
• China stores: -33 QoQ, -60 YoY 🇨🇳
#PNDORA #PNDORA.CO #Pandora #2025Q3