Service Technology
Service Technology is another of 3 categories we research and hold investments in. Compared to Industrial Technology, not much physical products shifts hands here. While a company like payments provider Shift4 fits both camps, we prefer to place it within the Service Technology camp, as the business operations gradually leans towards more value from the software — but still enabled by the hardware terminals.
We would do the same for Card Network giant Visa if we wrote about them, despite their massive physical cable network enabling much of their business. If you like the payments space, we actually did a writeup in 2024 covering a corner of this field.
Payment Providers - 2024
Understanding Payments. To quickly get up to speed on the world of payments, I would recommend Quartr´s Article on the Payment Value Chain. In summary, here is what happens before we see the accepted…
1 — Shift4
Shift4 - Investor Day Update
Since the first writeup on in Nov 2023, the stock is up ~100%. This development is underpinned by strengthened fundamentals and an unconventional capital allocation strategy that continues to build …
Shift4: Time for Weighing
If you are unfamiliar with Shift4, I’d recommend looking at my previous deep dive (#2), or read CEO Jared Isaacman’s shareholder letters. Jared (41), also known from Inspiration4 on Netflix, founded …
2 — Nordnet
Nordnet - 2025 Update
Note from Ole: The ideas and analysis in this writeup are my own (not AI). Still, an AI tool was used to help make the text more precise and readable. Disclaimer can be found in the bottom.
Nordnet
If you're outside the Nordics, you might not know Nordnet. It's a digital brokerage with a simple yet effective model: You can invest your savings capital there by paying small fees for every transac…
3 — Bouvet
Bouvet: Sleeping Compounder
Commentary: Over a long enough time period, a stock-price follow the fundamentals of a company. However, for long stretches, the valuation can move ahead of the fundamentals, and the stock may need a…
4 — Paradox Interactive
Paradox Interactive
This deep dive is a collaboration between Learning To Grow & The Outsiders' Corner. A former Swedish wonder-child now trades at a 5-year low of 139 SEK (-39% YTD). We hope this writeup will help dissect whether the stock response is war…