Morning Comment Sweden-05/13/2026

Research evidence excerpt

Morning Comment Sweden-05/13/2026

Morning Comment Sweden

13 MAY 2026

Today’s research focus S&P 500 intraday

7.420

• MAHA.A - Maha Capital - Valuation range SEK 13.0-19.1 ps: Maha 7.410

Capital is repositioning from E&P to fintech following the acquisition of

7.400

KEO, a B2B payments and lending platform targeting LATAM and Canada.

7.390

A recent USD 27m capital raise at SEK 16/share implies a solid pro forma

net cash position of ~USD 120m, funding the initial credit expansion and 7.380

supporting access to potential external funding. The announced LOI for a 7.370

potential SPAC combination with BWIV provides a fast-track to a U.S. 7.360

listing and access to up to ~USD 130m, while supporting the separation 7.350

of fintech and energy assets. The PetroUrdaneta E&P asset adds high- 7.340

risk, high-reward upside amid improving geopolitics. LINK 7.330 16:00 17:00 18:00 19:00 20:00 21:00

Pareto Securities AB has been paid by the issuer to produce this research

report. This material is considered by Pareto Securities to qualify as an US and Asia indices (at time of publication)

acceptable minor non-monetary benefit according to the EU MIFID 2

1.00%

directive. 0.80% 0.73%

• BINV - BioInvent - Buy, TP SEK 110: Yesterday late afternoon, BioInvent 0.60% 0.50%

published EHA abstracts which included little new data from the BI-1808 0.40%

CTCL program, and no new data for BI-1206, creating a confusion 0.20% 0.11%

whether “that was it” in terms of new data. The stock traded down 11% at 0.00%

market close as a result of this communication, which we deem an -0.20% -0.16% -0.14%

overreaction, as the company confirmed to us that more data (with a later -0.40%

cut-off data) will come for both BI-1808 in CTCL and the BI-1206 triplet -0.60%

data in NHL.