15 JUN 2022

Summary of the reporting period

The current situation

Markets around the globe have had a rough couple of months due to hardware shortages, rising inflation, and incresing interest rates. Add to this a terrible and recklessly war in Europe and it's starting to look like a perfect storm. Stock market indices are experiencing high volatility (mainly downwards), and tech and real estate have been especially volatile. However, investing in a fund is much more than just numbers on a screen. You're taking part in proven business models and strong cash flows.

So, how have the holdings of TIN New Technology developed? Have the growth and profitability plummeted as the prices on the stock market would suggest? Or are software businesses that are independent of hardware shortages not affected? Below, we're summarizing the Q1 financial reports of the top ten holdings in the fund.


Evolution offers live casino experiences to casino operators. Except for classic games like Roulette and Blackjack, Evolution has developed several new games that have been very successful, some of these are Crazy Time and Lightning Roulette.

The company grew its revenue by 39 percent in the quarter and earnings per share rose by 50 percent. The CEO Martin Carlesund says they do not have the capacity to meet the enormous demand, which confirms our belief that there's still room to grow. They have previously communicated that they're playing to release 88 new games during 2022. They presented some of these games on the 8th of February and they look very promising.


Founder and major shareholder Lars Wingefors is CEO of Embracer Group which is acquiring, developing, and publishing PC and console games globally. The company has a huge portfolio of brands and a vast pipeline of games in development.

Net revenue was reported at 5,229 MSEK which was an increase of 117%. Operating EBIT increased by 17% to 1052 MSEK. Since the start of the year, Embracer has emitted shares at a premium and acquired more studios. The latest series of acquisitions included: Crystal Dynamics, Eidos Montreal, and Square Enix Montreal. According to experts, the pricing was chocking low considering the well-established brands that were included.

"The stars were aligned, under other circumstances, the price could have been a lot higher", CEO Wingefors says about the deal.

Surgical Science

Surgical Science is number one in robotics for surgery. One of their business areas is giving soon-to-be surgeons the ability to practice in a simulated environment. Doing this decreases the number of incidents during surgeries, fastens recovery, and makes our healthcare system for efficient. In the long term, Surgical Sciences' software can change the way we think about what surgery is.

The company's revenue increased by 328 percent to 159 MSEK. Of that growth, 32 percent was organic. Profits grow by some 1000 percent from low numbers and amounted to 16 MSEK. Surgical reiterates that it seems likely they'll reach their financial targets of having 1.5 billion SEK in revenue by 2026 and an EBIT margin of 40 percent.


The company is active in digital marketing surveys. They have more than 3000 customers and 149 million connected consumers to their platform. The platform is scalable and the company is in a strong position in a growing niche market. By using CINTs' services it's never been easier to acquire relevant data about buying habits and demand for products and services.

The company reported revenues of 67 MEUR which was an increase of 139 percent. The organic growth was 28 percent. The gross margin increased to 61,3 percent and the EBITDA margin decreased slightly partially due to the acquisition of Lucid. The bottom line was close to zero.


The company develops instruments for cell counting and cell analysis. Their customers are research companies, universities, and food companies. What makes Chemometec interesting is the recurring revenues they have from consumables. If a customer has bought an instrument they'll have a need for consumables for that machine in the future. The sales of instruments increased by 76 percent in the quarter which is a good sign for an increase in sales of consumables going forward.

Their revenue increased by 60 percent to 112 million DKK. EBITDA was reported at 59 million, that's an increase of 86 percent from the previous year, which says a lot about the abilities of the company to scale.

Novo Nordisk

Novo is a giant in pharmaceuticals and number one in the treatment of diabetes. They also have promising pharmaceuticals for obesity.

Sales increased by 24 percent to 42 billion DKK and operating profit increased by 28 percent to 19 billion DKK.

Paradox Interactive

Paradox is the global leader in the publishing of strategic games for PC and console. Their games are known for having high quality and being challenging, which has given them a loyal community of players.

Their revenue increased to 476 MSEK, that's an increase of 31% from the previous year. Profit after taxes was 169 MSEK, which was an increase of 120 percent. The CEO Fredrik Wester states in the report that except for reporting a record high result they have the strongest pipeline of projects in the company's history.


Operatore in the casino business and owner of brands like Unibet and Maria Casino. They're a leader in sustainability and is the only operator in the world to report the share of revenue that's attributed to high-risk customers, that is customers with a risk of problematic gambling.

Their revenue decreased by 30 percent to 247 million British pounds and underlying EBITDA decreased by 77 percent to 25 million pounds. The falling result was primarily explained by a temporary ban in the dutch market. On the 8th of June, the company published a press release saying they've secured a license, and that unibet.nl will launch within a few days.


Their primary business is supplying innovative treatments for rear diseases.

Their revenue increased by 35 percent to 4.9 billion SEK. Adjusting for restructuring costs and loss of customers in Russia their earnings rose by approximately 50%.

Take-Two Interactive

The American developer and publisher of video games with iconic titles like Grand Theft Auto and NBA 2K. At the start of the year, they announced the acquisition of Zynga, for a price tag of 12.7 billion dollars. The rationale behind the acquisition was to broaden their business and getting a cut of the fast growing mobile gaming market.

Revenue increased by 11 percent to 930 million dollars, and their profits decreased by 49 percent and amounted to 111 million dollars.


Overall the reported figures of the top ten holdings have been predominantly positive. Admittedly, Kindred's results were lower than excepted. And you might have expected more from CINT but we're giving them some time to incorporate the acquisition of Lucid. However, the number of companies that exceeded expectations was far more. Chemometec, Paradox, Novo Nordisk, and Evolution all reported solid growth and showed they can scale their business.

The average growth rate of the top ten holdings was 69 percent. Acquisitions make up a large part of the growth, but the organic growth was impressive as well. Like we've said before, in the long term we're convinced that stock prices follow profits. In 2020 share prices rose faster than the profits. In the last five quarters, we've seen the opposite happen.

Joel Forsberg


Risk information
Historical returns are no guarantee of future returns. The money invested in the fund can both increase and decrease in value and it is not certain that an investor will get back all the invested capital. Please read Fact Sheets (PRIIP) and prospectuses available on our website or contact a distributor.
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