Independent research on Europe's uncovered small caps
Long-form, primary-source research on listed small caps in Switzerland, Italy, Austria and Germany — companies no one else covers.
Cyberoo: The Deadlines Are the Demand
A fiscal year stretched to fifteen months makes every headline growth rate incomparable, and the extra quarter added almost nothing: on the company's own like-for-like figures, the January–March 2026 stub contributed roughly €1.7m of cybersecurity revenue against a 2025 monthly average of about the same. Underneath, monthly EBITDA fell by roughly 30% while margin dropped eleven points. The genuine news is working capital — receivables from the largest shareholder fell from €11.5m to €2.6m — but €5.3m of that left by offset rather than cash, and an unconsolidated leasing subsidiary with a €15m facility now sits beside the group's receivables machinery. No rating.
Equity Research · Euronext Growth MilanTECMA Solutions: An Italian Proptech Sold to the AI Woodchipper
TECMA Solutions is a €17m Italian proptech that builds software, configurators and digital marketing infrastructure for residential real-estate developers. It lost €1.06m on €12.4m of revenue in FY2025, down 11% on the year, has accumulated losses larger than its equity, and trades on EGM — the segment most exposed to small-cap flight. None of those facts is the story. The story is that TECMA is the natural counter-example to our own SMG thesis: a company that sells capability to real-estate developers, not liquidity between them, and is therefore the kind of name where the AI-disintermediation argument actually has purchase. We initiate coverage at a Marketweight. The market is roughly right on the company; we want to own it only on a substantial derating or a tangible proof that its international and recurring-revenue shift survives the cycle.
Where attention is scarce, mispricing is not.
No coverage, no scrutiny
Below €500m of market value, sell-side coverage thins; below €150m it has all but vanished. Prices there are set by fund flows, family holdings and habit — rarely by anyone who has read the accounts.
A few names, fully understood
We would rather know a handful of businesses completely than skim hundreds. An initiation is months of filings, registries, site visits and interviews — and most companies we examine, we decline.
Paid to wait
We look for cash-generative businesses priced to hold up even if nothing goes right. The safety is in what we pay; a margin recovery, a re-rating or first coverage is upside we haven’t paid for.
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SMG Swiss Marketplace Group: The Market Sold a Toll Bridge Because Software Got Cheaper
SMG has lost nearly half its value since its September 2025 IPO while revenue grew 14% and EBITDA grew 29%. The derating treats a two-sided marketplace as if it were application software — the asset class actually being repriced by AI. We think that is a category error, and we take the strongest version of the AI bear case seriously before explaining why classifieds survive it: the marketplace is not the software layer an agent replaces, it is the database the agent has to query. We close with an unsolicited suggestion to management — the biggest AI opportunity at SMG is not in the product, it is in the software factory. This is a market view, not an initiation; SMG sits outside our coverage universe and carries sell-side coverage. No rating.
Equity Research · Vienna Stock Exchange (direct market plus); Munich m:accessWolftank Group: Remediation, Above and Below the Line
The 2026 turnaround narrative rests on a 2025 base year whose reported profit was produced by an internal revaluation; the operating business lost roughly €3m, minority shareholders own the profitable half of the group, and €27.7m of bank debt matures within twelve months. Against that: a genuinely strong Q1 and an order backlog whose arithmetic raises a €40m question.