Our investments

 
 

SoftwareOne target price 11,1 CHF

SoftwareOne is a global provider of software and cloud technology solutions, headquartered in Stans, Switzerland. The company helps organizations optimize and manage their software and cloud investments across the entire lifecycle—from licensing and procurement to migration, modernization, and ongoing operations. With over 9,000 employees in about 60 countries, SoftwareOne serves more than 65,000 business customers worldwide. Its proprietary PyraCloud platform provides data-driven insights to maximize value and efficiency in IT environments.


Crayon target price 195 NOK

Crayon is a Top 5 worldwide Value-Added Reseller of products from Microsoft and other leading tech companies in the world. They have 4.000 employees, have a significant consultancy business and has been growing 20% CAGR organically last years. They are entering 2025 with good steam on most engines and we should expect another year with double digit profitable growth and massive Net Income improvement.  We had a target price sized 195 NOK before the merger. Read our latest analyses dated March 17th.

SoftwareOne/Crayon Q1 Preview -20.05.25

Crayon- When plan A fails, go to B- 23.04.25

SoftwareOne vs Crayon, we still say NO thank you- 14.04.25

Crayon letter from Syvertsen and Rugseth - Comment to letter and peer update - 07.04.25

Our recommendation – don’t sell - 17.03.25

Crayon vs Peers- 13.03.25

Q&A with SoftwareOne (and Crayon) - What did we learn? 28.02.25

Questions to SWON after the Q4 results - 26.02.25

SoftwareOne Q4- Bullshit Continues - 21.02.25

Crayon the growth champion. Target price 195 NOK - 17.02.25

Crayon Q4- Money on the street- 11.02.25

The Beauty and the Beast - 05.02.25

Read previous Newsletter and analysis about Crayon here

 

Protector Forsikring is a Nordic based P&C Insurance Company with 40% of its revenue from UK, now entering France. Sverre Bjerkeli was co-founder of the company in 2004 and worked as CEO in 15 years until he left in 2021. Read Sverre and David’s top quality analysis :) on PROT by pressing the links bellow and you will learn more about this profitable growth compounder.

 

Morrow Bank target price 17,9 NOK

Morrow Bank is a Scandinavian consumer credit bank that scores very well on all KPIs. They have a market-leading cost-to-income (C/I) ratio of 26%, demonstrate prudent growth, and maintain solid credit control. Following a recent portfolio acquisition in Q3 2024, profitable growth is currently underway. An application for a banking license in Sweden (moving from Norway) has been submitted to the authorities, with expected feedback in Q2. A favorable response would provide further upside for the share, but the risk-reward remains highly attractive even without a Swedish license.

Morrow bank- Q1 Preview - Target Price 17,9 NOK- 02.05.25

Morrow bank- Target price 17,9 NOK - 06.03.25

 

B3 Consulting Group

B3 Consulting group is a Swedish consultant company in the IT sector with a strong growth story and a fast growing company in Poland. Sverre Bjerkeli is the chairman of B3 Consulting Group. After a silent period for more than a year we will soon be back with an short analysis on the company.

B3 Presentation by Hvaler Invest 25.03.25
Hvaler Invest walkthroug of B3 Q3 figures- presentation - 26.10.23

 

WEBSTEP

Webstep is a Norwegian consultant company in the IT sector in Norway. Read more about WSTEP here.  David Bjerkeli is a board member in Webstep.  After a silent period for more than a year we will soon be back with an short analysis on the company.

 

LINK Mobility

LINK Mobility is one of Europe's leading providers of mobile communications and Communications Platform as a Service (CPaaS) solutions, based on volume of messages, customer engagement serving corporate customers, SMEs and public sector customers.

 

Other Investments

At the moment we have smaller positions in companies in on our prospect list. They are typically companies suggested by people we know to be very competent value investors.