Gapwaves

Heliospectra

Avtech Sweden

TagMaster

Image Systems

Flexion Mobile

* Concentration risk with one product accounting for more than 20% of total sales, limiting revenue diversification.
* Potential vulnerability to technological disruptions in the fast-changing mobile gaming environment.
* Uncertainty regarding the company's dependence on key individuals.

* Strong recurring revenue model based on in-app transactions from mobile games, providing stability and predictability.
* Asset-light business model allowing for scalable growth with high incremental returns and minimal reinvestment needs.
* Market leader in its niche with sustainable competitive advantages, including switching costs for customers.
* Operates in the growing gaming market with limited competition in its specific segment.
* Demonstrates profitability and positive operating cash flow, with returns on invested capital exceeding the cost of capital.

* Lack of consistent earnings growth, with EPS not showing stable or accelerating growth patterns over the past 5-10 years.
* Poor stock price performance since IPO, failing to meet the 10% compounded growth target.
* Absence of dividend payments or dividend growth, limiting appeal for income-focused investors.

* Strong financial health with low debt ratios, and good interest coverage.
* Efficient accounts receivable management, indicating good working capital control.
* High Operating Cash Flow and Free Cash Flow conversion rates, suggesting strong cash generation ability.
* Revenue growth consistently above industry average over the last five years, indicating market share gains.

* Lack of a clear dividend policy, potentially limiting income for shareholders seeking regular payouts.
* Insufficient information on the company's bonus program and sustainability-related performance incentives, raising questions about long-term alignment with shareholder interests.
* Insufficient number of independent directors on the board, potentially compromising the ability to challenge management effectively.
* Lack of clear information on CEO evaluation and succession planning, which could pose risks to long-term leadership stability.

* Strong founder-led leadership with CEO Jens demonstrating deep industry knowledge.
* Lean with a senior team boasting over five years of tenure, indicating stability and proven teamwork.
* Consistent delivery on promises, including meeting quarterly revenue guidance, and a well-defined strategy for capturing opportunities in the app distribution market.
* Management's commitment to innovation and long-term value creation, evidenced by continued investment in new products despite short-term earnings impact.
* Significant insider ownership, with the CEO and COO owning more than 20% of outstanding shares, aligning management interests with shareholders.