Lond Capital — Investment Research
Independent single-page institutional briefs on under-covered listed companies across Europe and North America. Select a company to download the full PDF.
LOND CAPITAL
Investor Relations
Updated June 2026
Mining / Copper
Gaming Tech
Copper Fox Metals & Kambi Group
TSXV: CUU · CA$405m
Copper Fox Metals
Copper developer leveraged to the cycle via a 25% carried interest in Teck-operated Schaft Creek and 100% of Arizona's Van Dyke, with Teck just greenlighting a CA$9.1m program toward PFS transition.
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First North Stockholm: KAMBI-B · SEK 4.0bn
Kambi Group plc
Independent B2B sportsbook supplier emerging from a contract reset — Q1 2026 adjusted EBITA up 64%, full-year guidance held through a Colombia tax hit — at ~8x forward EBITA against a Sportradar/Genius Sports duopoly worth multiples of that.
Cleantech
Food Processing
Groupe TERA & AGRANA
Euronext Growth Paris: ALGTR · ~€13m
Groupe TERA
French air-quality sensor pure-play trading close to its ~€7m net cash after selling its profitable lab business and returning €13m to shareholders.
VIE: AGR · €722m
AGRANA Beteiligungs-AG
World #1 in fruit preparations at 0.34x EV/Sales, with EBIT guided to more than double next year.
Defence & Safety Tech
Industrials
Frequentis AG & PALFINGER AG
VIE / FRA: FQT · €955m
Frequentis AG
World #1 in air-traffic-control voice systems at ~1.6x EV/sales versus peers at 2.5–4x, with US revenue accelerating.
VIE: PAL · €1.24bn
PALFINGER AG
Global #1 in loader cranes near 7x EV/EBITDA versus peer Hiab at ~10.5x, with net debt cut by €200m+.
Oil & Gas E&P
Banks
BW Energy & SpareBank 1 SMN
Oslo: BWE · ~US$1.4bn
BW Energy
Funded path to roughly quadruple output to 100,000+ bopd by 2028 at ~US$1.9bn EV against a ~600m-barrel base.
Oslo: MING · NOK 27.5bn
SpareBank 1 SMN
Fortress-capitalised Norwegian bank — 17.1% CET1, ~7% yield — trading below book at around 10x earnings.
Retail Technology
Cleantech
StrongPoint ASA & Aduro Clean Technologies
Oslo: STRO · NOK 463m
StrongPoint ASA
Grocery retail-tech with Sainsbury's as anchor client, UK revenue +93% YoY, at 0.41x EV/Sales.
Nasdaq: ADUR · US$493m
Aduro Clean Technologies
Water-based chemical recycling at a claimed 75–80% yield, with a signed offtake LOI ahead of its first European plant.
Agribusiness
Listed Private Equity
DN Agrar Group & Matador Secondary PE
BVB: DN · RON 490m
DN Agrar Group
Romanian dairy major at 9.8x earnings on a 45% EBITDA margin, with a BVB Main Market upgrade dated H1 2027.
BX Swiss: SQL · CHF 63m
Matador Secondary Private Equity
PE secondaries vehicle compounding NAV at 12% p.a. for 20 years, with direct pre-IPO SpaceX exposure.
Oncology
Private Equity / Nano-Cap
Double Bond Pharmaceutical & Audacia
Spotlight: DBP-B · SEK 29.5m
Double Bond Pharmaceutical
Clinical-stage micro-cap with two EMA orphan designations and glioblastoma survival data, at ~US$3m EV.
Euronext Growth Paris: ALAUD · ~€28m
Audacia
Listed French entrepreneurial private-equity house offering public access to quantum, aerospace & defence and growth capital (~€705m AUM), trading well below its 2021 IPO price after a dilutive rights issue.
Utilities / CEE
Food / Consumer Staples
Electrica & LDC
Bucharest: EL · LSE GDR: ELSA · ~€1.8bn
Electrica
Romania's listed integrated electricity group — regulated grids, national supply and a growing renewables arm — at ~9x earnings, under-followed internationally despite a London GDR.
Euronext Paris: LOUP · ~€3.6bn
LDC
One of Europe's largest poultry producers and a leading French ready-meals maker (Le Gaulois, Loué, Maître Coq, Marie) — a family-controlled compounder at ~13–14x earnings, barely followed outside France.
Packaging / Mid-Cap
Shipping / Product Tankers
Silgan Holdings & TORM
NYSE: SLGN · ~$4.2bn
Silgan Holdings
Defensive US rigid-packaging maker with 22 straight years of dividend increases, near a 52-week low at ~14x earnings, with declared M&A ambitions in medical packaging.
Nasdaq Copenhagen: TRMD A · NYSE: TRMD · ~$2.9bn
TORM
137-year-old product-tanker owner running ~100 vessels, yielding ~8% at ~8x earnings, having just upgraded 2026 guidance on a tightening tanker market — with the US listing under-owned versus Copenhagen.
Battery Tech / Nano-Cap
Gold Mining / Micro-Cap
Altech Batteries & Viva Gold Corp
ASX: ATC · ~A$72m
Altech Batteries
Australian-listed battery-tech nano-cap building Europe's first grid-scale solid-state sodium-chloride battery plant in Saxony via a Fraunhofer IKTS JV — with a conditional €46m German government grant alone exceeding the current EV ahead of a 30 June 2026 financial close.
TSXV: VAU · ~C$28m
Viva Gold Corp
Nevada-focused gold developer trading at roughly 5–6% of its own US$364m after-tax NPV, with 504k oz M&I gold on the Walker Lane Trend, a 43.4% IRR PEA, and a PFS now under way as gold sits near record highs.
Industrial / SMID-Cap
Emak SpA
BIT: EM · ~€150m
Emak SpA
Italian family-controlled industrial mid-cap (Yama Group) with 49% gross margins across outdoor power equipment, pumps and components — €622m revenue, €68m EBITDA — trading on roughly 2–3x EV/EBITDA against Husqvarna at 7–9x.
49%
Gross Margin
Across outdoor power equipment, pumps & components
€622m
Revenue
Full-year group revenue
2–3x
EV/EBITDA
vs Husqvarna at 7–9x
Lond Capital
Lond Capital is an independent investor relations agency arranging unconflicted institutional roadshow programmes for listed companies on a flat-fee basis — no broker conflicts, no success fees.

Not investment advice. For information purposes only. All figures are sourced from company filings and public market data as at May–June 2026.