Company analyses

We consistently prepare fundamental analyses and news related to small listed companies.

The main focus of these analyses is to provide information about the companies' daily operations, management and ownership, as well as their upcoming pipeline.

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Analyses

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Impala Nordic publishes equity analysis on OncoZenge AB (publ)

2025-08-12

Impala Nordic has published an updated equity research report on OncoZenge, where we present our view on the Company’s recent developments.

OncoZenge is a Swedish research company developing BupiZenge™, a pain-relieving lozenge intended for the treatment of oral mucositis. The Company plans to conduct a European Phase 3 trial, which will form the basis for marketing authorisation of BupiZenge™ in Europe.

Impala Nordic publishes equity analysis on Brain+ A/S

2025-06-25

Impala Nordic initiates coverage on Brain+, a Danish life-science company pioneering digital solutions for improved dementia care, helping people affected by dementia live better lives. The Company is developing Ayla, the world's first dementia-care platform, aiming to reach operational break-even by mid 2026.

Impala Nordic publishes analysis on ChargePanel AB (publ)

2025-06-24

Impala Nordic releases an updated analysis of ChargePanel AB as a result of the Company's recent successes, including the agreements with Eways and Arval, which are expected to contribute annual revenues in the millions.

Impala Nordic publishes analysis on Lappland Guldprospektering AB (publ)

2025-06-04

Impala Nordic has prepared a company analysis on Lappland Guldprospektering AB (publ). Lappland Guldprospektering is a Swedish company active in gold prospecting with a focus on developing and conducting gold mining on a larger scale in Sweden and the rest of the Nordic region.

Impala Nordic initiates analysis coverage of DUG Foodtech AB (publ)

2025-05-13

Impala Nordic initiates analysis coverage of DUG Foodtech, a company that develops and sells alternative dairy products based on potatoes. The main focus is on beverages, where the company's DUG brand offers an alternative to milk and other non-dairy-based beverages.

Impala Nordic has prepared a summary of the investment case in Diamyd Medical AB (publ)

2025-04-17

Diamyd Medical is a biotechnology company that develops precision medicine therapies for the prevention and treatment of autoimmune type 1 diabetes. The Company is currently conducting a rights issue of SEK 208 million to secure capital ahead of the early reading of the Company's phase 3 study DIAGNODE-3 in March 2026.

Impala Nordic initiates analysis coverage at Prebona AB (publ)

2025-03-20

Impala Nordic initiates analysis coverage at Prebona AB (publ). Prebona is a company that develops environmentally friendly and functional products, including for eliminating bad odors and surface coatings. Impala Nordic sees several exciting value drivers ahead, including expected cash flow positivity after the end of Q1.

Impala Nordic publishes analysis on Carbiotix AB (publ)

2024-12-02

Carbiotix is active in the extraction of prebiotics from plant-based side streams, proteins and other active ingredients. The company is currently focusing on commercializing and out-licensing the up-cycling service NutraCycle.

Impala Nordic initiates analytical coverage of ZignSec AB (publ)

2024-07-10

Impala Nordic initiates analytical coverage of ZignSec AB (publ). ZignSec is a leading player in digital solutions for AML and KYC compliance. The group, which consists of several companies, jointly offers a wide range of RegTech solutions. The company is listed on First North Stockholm.

Impala Nordic publishes analysis on Hoi Publishing AB (publ)

2024-04-08

Impala Nordic initiates analysis coverage on Hoi Publishing AB (publ). Hoi is a fast-growing Nordic publishing group with a unique hybrid business model and a successful acquisition strategy that drives significant revenue growth and improved profitability. The company is listed on NGM.

Impala Nordic publishes analysis on Adverty AB (publ)

2024-03-06

Adverty is a pioneer in In-Play advertising and has developed the world's first programmatic platform for automated advertising in mobile games. The company has experienced impressive growth from 5 million SEK in 2021 to over 50 million SEK in 2023, with a positive operating profit reported for the fourth quarter of 2023. Adverty shows no signs of slowing down, indicating a promising future for 2024.

OncoZenge AB

Impala Nordic initiates analysis coverage of OncoZenge AB (publ)

2024-01-16

Impala Nordic initiates analysis coverage of OncoZenge AB (publ). OncoZenge is in an intensive phase of preparing BupiZenge for phase 3 studies and securing a study partner who can also promote a possible market launch in Europe. OncoZenge is currently working to secure PRIME status with the EMA, which can facilitate the regulatory process. With a drug candidate that has the potential to improve the quality of life for people with oral mucositis, OncoZenge faces exciting future opportunities.

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Impala Nordic initiates analysis coverage of ChargePanel AB (publ)

2023-12-21

Impala Nordic initiates analysis coverage of ChargePanel AB (publ). ChargePanel is focused on increasing the number of recurring revenues and connected charging points and is expected to increase its revenues and market share, especially with increased demand for charging infrastructure for electric vehicles. Management's goal is to achieve profitability and positive cash flow by the end of 2024, which is a trigger for the case.

Doctor in a lab

Impala Nordic initiates analysis coverage at Diagonal Bio AB (publ)

2023-07-24

Impala Nordic starts analytical coverage at Diagonal Bio AB (publ). The company has a strong pipeline ahead and aims to obtain CE marking for LAMPlify and then launch and commercialize its LAMPlify system for biomarker identification in 2023.

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Impala Nordic initiates analysis coverage of Blick Global Group

2023-04-11

Impala Nordic initiates analysis coverage of Blick Global Group AB (publ). Blick Global Group aims to expand by acquiring 1-3 companies per year. The company has shown impressive annual revenue growth of 25% over the past three years and, supported by structural trends such as deregulation and digitalization, the company is facing an exciting growth journey.

Teaser

A large telescope aimed at the sky

Teaser analysis - Northern Capsek Ventures AB

2025-10-28

Impala Nordic begins coverage of Northern Capsek Ventures AB (“CapSek” or the “Company”) and publishes a teaser analysis. CapSek is an investment company that invests in fast-growing tech companies in Swedish growth regions. The company focuses on companies in the scale-up phase, with an emphasis on software companies.

One head

Impala Nordic initiates analysis coverage at Brain+ A/S and initiates with a teaser.

2025-03-26

Brain+ is a Danish health tech company transforming dementia care by enabling scalable, high-quality solutions for health and care providers. The Company is developing Ayla, the world's first dementia care platform for the scalable delivery of Cognitive Stimulation Therapy (CST), the leading non-pharmacological therapy for dementia.

Charging an electric car

Impala Nordic initiates analysis coverage at Adventure Box Technology AB (publ) and initiates with a teaser.

2025-03-10

Adventure Box has recently completed the acquisition of the iGaming company Lion Gaming Group Inc. (“Lion Gaming”), and communicated several letters of intent regarding the acquisition of additional companies and assets within iGaming. Through the acquisition of Lion Gaming, the Company is fundamentally changing, with both a new focus and stronger finances. Lion Gaming's estimated turnover amounted to 51.7 MSEK for 2024 with an EBITDA result of 2.3 MSEK.

Impala Nordic initiates analysis coverage at DUG Foodtech AB (publ) and initiates with a teaser.

2024-12-20

DUG is a Swedish foodtech company that develops plant-based foods based on potatoes.

Impala Nordic initiates analysis coverage of Zwipe AS and initiates with a teaser

2024-12-12

Zwipe AS is a Norwegian company founded in 2009 operating in biometrics. The company develops and sells biometric cards, with a focus on the access management market.

Impala Nordic initiates analysis coverage at Prebona AB (publ) and initiates with a teaser

2024-11-04

Prebona is a materials technology company that delivers environmentally friendly and functional products in areas such as odor elimination and surface coatings.

Impala Nordic initiates analysis coverage of Carbiotix AB (publ) and initiates with a teaser

2024-10-25

Carbiotix operates in biotechnology and has developed an upcycling service that enables companies in the food and beverage industry, among others, to utilize plant-based side stream products.

Impala Nordic initiates analysis coverage of Tangiamo Touch Technology (publ) and initiates with a teaser

2024-10-11

Tangiamo is a company operating in the gaming industry. The company specializes in physical gaming tables for casinos and has recently broadened its operations to iGaming through the acquisition of Trustplay AB. The focus going forward is to grow within the iGaming sector and work towards profitability. The upcoming rights issue strengthens the Company's financial position and its potential for future growth.

Impala Nordic initiates analysis coverage of HOI Publishing AB (publ) and initiates with a teaser

2024-03-11

HOI Publishing is a Swedish hybrid publisher with a digital focus and an ambitious acquisition agenda, which offers interesting growth opportunities. The company's unique model, where the author and the publisher share the risk, creates good conditions for launching a large number of titles while limiting the financial risk. Hoi ended 2023 with strong sales growth and is completing a significant acquisition of the publishing house Ekström & Garay and is facing an exciting year ahead.

ZignSec AB

Impala Nordic initiates analysis coverage on ZignSec AB (publ) and initiates with a teaser

2024-03-08

ZignSec operates in RegTech, which includes various technical solutions for regulatory compliance. ZignSec's digital solutions allow companies to meet regulatory requirements for know-your-customer (KYC) and anti-money laundering (AML) in real time. With a forecasted market for digital ID verification solutions of over USD 30 billion by 2024, ZignSec faces significant growth opportunities.

Adverty AB

Impala Nordic initiates analysis coverage of Adverty AB (publ) and initiates with a teaser

2024-02-14

Adverty is at the forefront of advertising technology with its unique, patent-protected in-play ads in mobile games. Their technology enables smooth ads and has driven strong growth and profit in Q4 2023. With successes in the US and Europe and clients such as Red Bull and Coca Cola, Adverty strengthens its leadership in a gaming advertising industry expected to reach $131 billion by 2025.

ZignSec AB

Impala Nordic publishes a teaser on Moberg Pharma

2023-11-23

Moberg Pharma is a Swedish pharmaceutical company with operations in the treatment of nail fungus. Moberg Pharma has currently received its preparation MOB-015 approved in Sweden and approximately 10 European countries. In addition, the company has an ongoing phase-3 study in the USA where topline results are expected in January 2025. Moberg Pharma is traded on Small Sap and has a market capitalization of approximately SEK 200 million. Price 7.10 sec. $MOB.

OssDsign

Impala Nordic publishes a teaser on OssDsign

2023-11-06

OssDsign is a Swedish medtech company with a focus on bone replacement products, specializing in the spine. The company's products support the body's ability to heal the skeleton, which is particularly challenging for spine and skull surgeries. Today, the company's focus is entirely on their spine product, OssDsign.

Coverage comments

OncoZenge - Coverage comment

2026-02-03

OncoZenge – Coverage comment

2025-12-23

OncoZenge Coverage Commentary - Execution enhanced through expanded Molteni partnership

2025-12-04

Carbiotix - Signs first JCDA agreement with global wine producer

2025-11-05

Coverage comment Prebona – Commercial acceleration in the textile market

2025-10-28

Lappland Gold Prospecting - Found record levels of gold in Stortjärnhobben

2025-10-01

Brain+ Launches first NHS pilot in UK primary care

2025-09-24

Carbiotix - Decides on delisting from Spotlight

2025-09-22

OncoZenge - Has appointed LINK Medical as CRO for the upcoming European Phase III study of BupiZenge™.

2025-09-11

Seed

Research comment Carbiotix – Conducts directed share issue

2025-08-12

Lappland Gold Prospecting - Green light to take over Stortjärnhobben

2025-06-27

Prebona - Sharpens sales opportunities - Distribution agreement in Asia and key competence in place

2025-06-12

ChargePanel - Agreement with Arval increases recurring revenue significantly

2025-06-12

DUG Foodtech - Expanded store listing strengthens growth prospects

2025-06-11

Prebona - A quarter below expectations

2025-05-27

Diamyd Medical - Successful capital raising

2025-05-05

Carbiotix - Directed new issue with premium

2025-04-22

OncoZenge - Enters License Agreement for the GCC Region

2025-04-11

Hoi Publishing AB (publ) - Secures financing through rights issue

2025-04-03

Carbiotix - Strong momentum

2025-04-01

OncoZenge - European partner secured and treasury strengthened

2025-03-28

Carbiotix - One step closer to breakthrough

2025-03-28

ChargePanel - Secures at least 5.8 MSEK through TO2

2025-03-11

Carbiotix - Aim of license agreement

2025-02-14

OncoZenge - Secures funding for phase 3 study

2024-01-28

Carbiotix - Strengthens the treasury through targeted new issue

2024-01-24

Chargepanel - Secures record-breaking deal worth 4.2 million SEK annually

2024-01-16

OncoZenge - Intends to enter into agreement for commercialization in Europe

2024-01-14

Carbiotix - Strong growth of customer projects

Carbiotix - Strong growth of customer projects

2024-12-20

OncoZenge - Partnership is terminated

OncoZenge - A significant setback

11/21/2024

Chargepanel - Strong growth YoY

Strong growth YoY - seasonally weak quarter

2024-11-13

ZingSec

ZingSec - G2 Acquisition completes acquisition of ZignSec

2024-11-08

OncoZenge

OncoZenge - Partnership in place

2024-10-18

Hoi Publishing

Hoi Publishing – Hoi makes major acquisitions

2024-09-02

Hoi Publishing

Hoi Publishing - Report Commentary Q2 2024

2024-08-26

 ZignSec AB

Report comment Q2 2024 - Good cost control

2024-08-22

 OncoZenge - Report comment

OncoZenge - Report Comment

2024-06-13

Hoi Publishing

Hoi Publishing - Strong sales growth expected to continue

2024-06-03

ChargePanel

ChargePanel - Strong start to the year with good growth opportunities in 2024

2024-05-24

Diagonal bio

OncoZenge - Positive stability data for BupiZenge™ and exploration of collaborations in China

2024-04-05

Diagonal bio

OncoZenge - Report comment and PRIME message

2024-02-28

Diagonal bio

Diagonal Bio signs distribution agreement for LAMPlify® with Techtum Lab

2024-02-19

Man looking at his mobile phone and charging his electric car

ChargePanel - Raising new capital and continuing the journey to profitability

2024-02-06

Diagonal Bio

Diagonal Bio - Progress towards commercialization and revenue focus through pilot tests

2023-11-03

Diagonal Bio

Diagonal Bio has CE-marked LAMPlify - A promising future for the Company in the global market

2023-07-25

An unknown person is playing with a game controller

Blick Global Group and OMI gaming, certified game for global launch and strategic review.

2023-06-26

A woman uses a VR headset

Blick Global Group and OMI gaming - new game release

2023-05-30

Blick Global Group

Look at Q1 2023: Report commentary from Impala Nordic

2023-04-27

Easy to read and informative

In today's analysis climate, target prices rarely turn out to be in line with reality. Analysts' recommendations result in a high deviation between target prices and actual share prices. We exclude target prices and offer informative analyses with the aim of being readable and easy to understand.

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