$ABVX Received some questions on how FDA will see this? My views below, some of which some of you have already articulated: FDA doesn’t issue Black Box label like they are issuing bagels. Lot of thinking and negotiations goes into it. BB decisions are based on totality of evidence. Non-clinical, clinical, safety, CMC all reviewers have to come to an agreement that what they are seeing is absolutely triggered by the drug and nothing else. If they conclude it’s the drug, then next step is whether efficacy outweighs potential safety risk? Is this something that can be ignored for now and be asked to monitor in post market safety assessment and reevaluate labeling in 3-5 years if BB is needed at that point? If no conclusion can be reached, Advisory Committee is the last option. If I use Abivax current situations as an example, following will play the role: 1) If high 50mg dose for 52 weeks caused breast and prostate cancer, why didn’t even higher dose and longer duration of total 100mg for 16 weeks 2 year 50mg 3 years of 25mg cause those cancers in phase 2 OLM? No drug changes have been made between the trials hence Phase 2 safety data are representative of potential commercial safety as well. Longer the safety data the better. FDA likes it. - Individual patient history: High refractory patients compared to other arms and overall entire study in more severe and prior ~5-6 drug exposure patients. Also use of concomitants and steroids in the trial as standard practice. Is this just carry over from previous drugs? prostate cancer was flagged early during induction and breast cancer appropriate for age. Too early for cancer to trigger. - Robust animal tox studies, pharmacology data, external literatures with no sign of toxicity - No CMC impurities in ~25 batches of 50mg dose manufactured so far and assessed for any impurity above allowed limit and well characterized new impurities with supportive tox evaluation Based on what we know today, this is heavily tilted toward no BB in my opinion. There should also be pre-NDA meeting with FDA in next 3-4 months. *Not a financial advice. Opinion only!

Skjult verdi i brøytekanten? Terranor drifter/vedlikeholder veier for offentlig sektor i Norden. Med en forsiktig modell (under ledelsens >8 % vekst og >5 % EBITA) lander min multiple-baserte verdi rundt 43 kr/aksje i base (56/32 bull/bear) mot 23 i dag. Har fokusert på margin of safety og har derfor ikke vært spesielt gavmild multiplene, også i bull-scenario. $TERNOR Caset blir spesielt interessant når du regner marginsensitiviteten: holder du EV konstant, faller 2026E EV/EBITA fra 7,4x på 2 % til ~3x på 5 %. Små marginløft kan flytte caset mye!

Terranor Group welcomes investors, analysts and media to its Capital Markets Day on Tuesday 26 May 2026 in Stockholm. qcnl.tv/p/t9hdiDjk5g07sP8cl4… Kan være verdt å få med seg denne. Når de målet om 5% margin kan de levere over 10kr EPS og aksjen står i 26kr.

Terranor CMD i morgen. Tipper den kan fint illustrere en realistisk vei til 5% margin, samt vekstmulighetene. Etter tendersesongen nå er ferdig tror jeg på 17-20% organisk vekst og 4% EBITA margin i 2026. Om det inntreffer ser vi sub 3x EBITA og fort rundt 30% FCF yield. Mulighet for å øke dividend/buyback policy også?

Terranor Group AB Vedlikehold av veiinfrastruktur i Sverige, Danmark og Finland, hovedsakelig gjennom 4 års kontrakter med staten som motpart (~85% av salg). Normalisert inntjening indikerer attraktiv prising på under 3x EV/EBITA og 4-4.5x P/E. Sterk balanse, utbytte, fine vekstmuligheter og 20% ROCE, samt masse triggere for videre marginekspansjon. Markedet virker å ikke skjønne trenden i underliggende lønnsomhet, der jeg regner meg frem til rundt 4x EV/Cash EBIT and 4.6x P/E justert for IPO costs og litt småtteri av non-recurring costs for 2025.

Terranor Group AB Vedlikehold av veiinfrastruktur i Sverige, Danmark og Finland, hovedsakelig gjennom 4 års kontrakter med staten som motpart (~85% av salg). Normalisert inntjening indikerer attraktiv prising på under 3x EV/EBITA og 4-4.5x P/E. Sterk balanse, utbytte, fine vekstmuligheter og 20% ROCE, samt masse triggere for videre marginekspansjon. Markedet virker å ikke skjønne trenden i underliggende lønnsomhet, der jeg regner meg frem til rundt 4x EV/Cash EBIT and 4.6x P/E justert for IPO costs og litt småtteri av non-recurring costs for 2025.