Fjord Alpha
Independent research on Nordic and selected Northern European stocks, with new investment ideas, clear valuations and quarterly report reviews.
| Platform |  | Pricing | Freemium | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 52 | Founded | a year ago | Last Issue | 23 days ago |
| Active | |||||
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fjordalpha.comLatest Issues
Carasent Q3-26: Follow the cash
When I initiated coverage on Carasent in August 2025, the thesis was simple. It was a sticky, high-margin healthcare software engine, buried under the 2020–2022 acquisition spree and run by an operator who would let the operating leverage s...
Pexip Q2-26: Sovereign growth, high margins, and continued strong execution
Pexip keeps delivering strong quarters. Growth is picking up, defense deals are expanding, and cash margins remain very high. Yet while fundamental execution has consistently stepped up since my initiation on Pexip and my Q1 2026 update, th...
Carasent Q2-26: Another tick in the box
ARR is accelerating, churn is at record lows, AI is becoming an upsell (not a threat) and operating leverage continues to scale. Valuation still attractive. What's not to like?
When I first initiated coverage on Carasent, my core thesis wa...
Pexip Q1-26: Strong growth and margins - but not cheap
Pexip’s Q1-26 was the kind of quarter that changes the probability weighting of an investment case. See my original longer write-up on Pexip here.
ARR growth re-accelerated to 17% year over year, reaching $135.0 million, up from 12% in the...
Hexatronic Q1-26: The inflection point is here
In Q4-2025, Hexatronic looked like a fallen angel that had finally stopped falling. Q1-2026 suggests something more important: the company may now be entering its next earnings cycle.
The stock is also up 80% since my original BUY recomme...
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The writers behind this newsletter.
Private investor with Nordic roots and 25 years of experience. Independent research on Nordic and selected Northern European stocks, drawing on company reports, my network, company visits and investor meetings.
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