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Fjord Alpha

Deep dives on Northern European mid-caps seeking non-consensus ideas and targeting 20%+ CAGR. Private investor with Nordic roots. Independent and long-term perspective.

Platform
Substack
PricingFreemiumPublishesWeekly
Issues49Founded10 months agoLast Issue11 days ago
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Latest Issues

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...

11 days ago
7

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...

20 days ago
6
2

Vitec Software Group Q1-26: Steady hands, expanding margins, and the AI advantage

I’ve taken a look at Vitec Software Group’s Q1 2026 report. If there was any remaining investor concern following a slight margin dip at the end of 2025, this first-quarter report offers a comeback. CEO Olle Backman put it well on the earni...

23 days ago
9

Evolution Q1-26: A shifting global footprint and a €1.2 billion mystery

The stock traded down on the Q1-26 report, but has since recovered. With green sprouts under the hood, here is my take on the regional shifts and Evolution's capital allocation enigma.

Evolution’s Q1 2026 report is out, and it’s again mixe...

a month ago
3
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Carasent acquires InfoSolutions and deepens its moat significantly

This morning, Carasent announced the acquisition of InfoSolutions Sverige AB for an Enterprise Value (EV) of SEK 115 million. InfoSolutions is the leading software provider connecting Electronic Health Record (EHR) systems with laboratories...

a month ago
2

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  • Fjord Alpha

    Deep dives on Northern European mid-caps targeting 20%+ CAGR. Private investor with Nordic roots. 25 years in-market. Independent and long-term, looking for non-consensus ideas the market is not pricing.

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