5 Compounders In The Making In Denmark
Here are some of my favorites from Denmark that are rarely discussed.
Welcome back, Fluenteers! 👋🏻
It’s our job to find the next Novo Nordisk, and I genuinely believe we can find it in the list I will be discussing here. Denmark offers one of the best landscapes for companies to innovate and conquer the world, look at Novo Nordisk, A.P. Møller - Mærsk, DSV, Vestas Wind Systems, Lego, and Carlsberg. It's not just luck, it's the location that matters.
Here are five companies that are high-quality compounders in their DNA and will start showing this in the future.
Future Compounder #5: SP Group A/S (Ticker: SPG.CO)
SP Group A/S manufactures advanced plastic and composite components for demanding industries.
Their parts are designed where metal fails, where hygiene is paramount, and where durability isn’t optional.
This is not commodity plastic.
It’s engineered performance.
Where SP Group thrives:
In corrosive environments
In sterile medical settings
In chemically aggressive processes
In sectors where failure means downtime
What they deliver:
Medical-grade components
Food-safe tanks and systems
Custom-machined technical plastics
Composite parts for transport, energy, and industry
Products are molded, machined, and laminated, then tested to perform for years.
Sticky by design.
SP Group doesn’t compete on cost.
It competes on trust, certification, and application-specific knowledge.
Switching suppliers requires:
Requalification
Compliance reviews
Operational risk management
Once embedded, it is rarely replaced.
Compounding through precision.
Growth doesn’t rely on new customer wins alone.
It scales within existing footprints.
Repeat orders from long-life applications
Maintenance, replacements, and upgrades
Expansion into adjacent use cases
Cross-selling across group subsidiaries
Each sale strengthens the ecosystem.
Each solution deepens the partnership.
Operationally lean. Financially focused.
Strong EBIT margins
Solid ROIC across segments
Scalable production with low capital intensity
Strategic bolt-on acquisitions to expand capability
Global footprint. Local execution.
Production across Denmark, Poland, the US, China, and Latvia
In-house tool design and cleanroom molding
ISO and industry-specific certifications
Local support with global reach
Secular tailwinds at their back:
Metal-to-plastic conversion
Lightweighting in transportation
Growth in medical device production
Rising hygiene and food safety standards
Renewable energy infrastructure (e.g., wind)
Each shift in regulation, efficiency, or safety strengthens demand.
This isn’t a cyclical supplier.
It’s a structural enabler.
SP Group embeds itself in systems that need to run, cleanly and reliably, for years.
It doesn’t advertise loudly.
It compounds quietly.
Future Compounder #4: Columbus A/S (Ticker: COLUM.CO)
Columbus A/S is a global consultancy specialized in digital solutions for manufacturing, food, and retail.
They don’t just implement ERP. They optimize entire value chains.
Where generic consultants fail to adapt, Columbus embeds industry logic from day one.
Expertise where complexity lives:
Discrete & process manufacturing
Food production & safety compliance
Retail, distribution, and omnichannel operations
Not tech-first. Industry-first.
Tools are tailored. Systems aligned.
What Columbus delivers:
ERP modernization (Dynamics 365 & Infor M3)
Cloud infrastructure and data strategy
Supply chain transparency
Customer experience platforms
Cybersecurity and compliance support
From back-end systems to customer-facing interfaces, fully integrated.
Deep implementation. Long-term engagement.
Most projects don’t end with go-live.
Columbus builds lasting partnerships:
Application management
Continuous optimization
Change management
Cross-border scalability
Clients don’t just adopt tech.
They evolve their operations.
Why clients stay:
Industry-specific accelerators reduce time-to-value
Templates built from 30+ years of implementation experience
Experts with deep vertical understanding
On-site and nearshore delivery blended for efficiency
Switching costs aren’t contractual.
They’re embedded in integration, training, and strategic alignment.
Profitable growth. Strategic clarity.
Recurring revenue from long-term service contracts
Focus on high-margin advisory and cloud services
Divestment of non-core assets to strengthen positioning
Ambition to be the preferred digital advisor in select verticals
Global reach. Local depth.
Presence in 9 countries
Strong foothold in Northern Europe and the US
Delivery hubs in India and Lithuania
Nordic roots, global execution
Secular drivers shaping demand:
Cloud migration in legacy-heavy industries
Need for real-time supply chain visibility
ESG and traceability requirements in food and manufacturing
Omnichannel complexity in retail
Data-driven decision-making as a competitive edge
Each shift makes Columbus more critical, not louder, just more relied upon.
Columbus doesn’t sell software.
It sells transformation.
Strategic. Integrated. Long-lasting.
A trusted partner for the companies that make, move, and feed the world
Future Compounder #3: Chemometec A/S (Ticker: CHEMM.CO)
Chemometec A/S develops and manufactures analytical instruments for cell counting and quality control.
Their solutions power critical processes in biotech, pharma, and cell-based research.
Where manual methods fall short, Chemometec automates precision.
Used where accuracy isn’t optional:
Cell therapy development
Bioprocessing and upstream manufacturing
Quality control in pharmaceuticals
Basic and applied cell research
Manual counting is too slow.
Flow cytometry is too complex.
Chemometec sits in between, optimized for speed, simplicity, and reproducibility.
Flagship platform:
NucleoCounter® system
Automated cell counters using fluorescence microscopy
Closed systems to eliminate human error
No calibration needed
Consistent results across operators, labs, and time
Why customers choose Chemometec:
Fast, standardized cell counts
Minimal sample prep
High reproducibility across global labs
Validated in GMP and regulated environments
Plug-and-play usability
It’s not just hardware.
It’s embedded in workflows from R&D to commercial production.
Sticky by nature.
Once validated, it is rarely replaced.
Switching would mean:
Requalification of production processes
Risk to consistency in yield or viability
Regulatory rework in GMP environments
Chemometec grows by staying in and expanding its use cases.
Where growth compounds:
New unit installations
Expanding usage within existing clients
Recurring revenue from disposable cassettes
Software modules and system upgrades
High customer retention and long replacement cycles
Each counter is a beachhead.
Each cassette sale reinforces it.
Operationally sharp. Financially robust.
High gross margins from consumables
Low capital intensity, strong cash flow
Self-financed growth
Relentless focus on profitable scalability
Global demand. Centralized excellence.
Production in Denmark
Direct sales in key markets: US, EU, China
Customers in 80+ countries
Focused commercial expansion in high-growth biotech regions
Structural tailwinds:
Growth in cell and gene therapies
Rise in biologics and personalized medicine
Demand for GMP-compliant, reproducible tools
Shift from manual to automated lab workflows
As biotech scales, so does the need for precise, reliable cell analysis.
Chemometec doesn’t chase trends.
It enables them.
Installed in the world’s leading labs.
Trusted where certainty is critical.
Growing quietly, precisely, and persistently.
Future Compounder #2: RTX A/S (Ticker: RTX.CO)
RTX A/S designs and develops wireless communication solutions for professional and industrial use.
They specialize where consumer-grade tech fails, and reliability can’t be compromised.
No noise. No dropouts. No surprises.
Where RTX delivers:
Enterprise-grade wireless handsets and VoIP systems
Industrial headsets and secure communication tools
Customized modules for OEMs and ODMs
Wireless audio for healthcare, logistics, and defense
Optimized for environments where connectivity is essential and conditions are unforgiving.
Not off-the-shelf. Purpose-built.
RTX doesn’t sell generic wireless tech.
It develops tailored solutions for niche applications:
Long-range, low-latency audio
Interference-resistant radio protocols
Multi-device communication under heavy load
Compliance with telecom, medical, and industrial standards
From hardware design to embedded software, fully integrated and tightly controlled.
Why customers embed RTX:
Custom radio protocols, not just Wi-Fi or Bluetooth
Full-stack R&D and product development
Proven track record in high-reliability use cases
White-label solutions for global OEMs
Switching is rarely an option.
The platform becomes part of the product.
Where revenue compounds:
Development agreements with licensing models
Long-term supply of proprietary hardware
Recurring revenue from modules and IP
Expansion across client portfolios and geographies
Each design win seeds a multi-year relationship.
Segmented go-to-market model:
Design Services
– Tailored R&D for OEM clients
– High entry barriers via deep collaborationEnterprise Products
– RTX-branded wireless communication systems
– Focus on healthcare, hospitality, and industrial usersProAudio
– Ultra-low latency and multichannel audio
– For intercoms, stage equipment, and specialized audio systems
Financially stable. Strategically focused.
Strong gross margins on proprietary tech
Capital-light development model
Balanced revenue mix between custom projects and own products
Focus on select verticals with high lifetime value
Global customer base. Danish engineering core.
HQ and R&D in Denmark
Manufacturing partners in Asia
Sales across Europe, North America, and Asia-Pacific
Close collaboration with industry leaders in telecom and electronics
Secular drivers:
Growth in wireless enterprise communication
Rising need for interference-free, secure audio links
Expansion of industrial automation and mobility
Shift from analog to digital voice systems in critical settings
Every device, headset, or module from RTX is built for one job:
To work flawlessly.
RTX doesn’t work for everyone.
It builds for the few who demand precision, stability, and custom control.
Invisible to the end user.
Indispensable to the system.
Engineered to stay.
Future Compounder #1: Tryg A/S (Ticker: TRYG.CO)
Tryg A/S is one of the leading non-life insurance providers in the Nordics.
They operate where risk is real, regulation is tight, and trust drives retention.
Insurance isn’t a product.
It’s a relationship built over time.
Where Tryg operates:
Denmark, Norway, Sweden, and Finland
Private, commercial, and corporate segments
Auto, property, liability, health, and specialty lines
Broad in coverage. Focused in execution.
What sets Tryg apart:
Strong brand recognition and customer loyalty
Best-in-class claims handling
Nordic cost discipline and digital efficiency
Deep data and pricing capabilities
Tryg doesn’t just insure.
It manages risk at scale.
Sticky by design.
Insurance isn’t a one-time sale.
It’s a multi-year engagement with multiple touchpoints:
Renewals and bundled policies
Add-on products over time
Premiums priced to reflect loyalty and risk profile
Switching means friction.
Tryg reduces it for onboarding, not for leaving.
Where growth compounds:
High retention across core markets
Upselling through customer platforms
Efficiency gains from digital claims and automation
Cross-selling through partners and bancassurance channels
Organic growth layered with operational leverage.
Strategic M&A executed at scale:
Codan acquisition solidified #1 position in Denmark
Created the largest non-life insurer in the Nordics
Synergies driven by IT integration, shared back-office, and claims optimization
Bigger isn’t enough, integration is where value is realized.
Financial profile:
Combined ratio: consistently below 90
Stable underwriting margin
Strong solvency position
Dividend commitment and capital discipline
Insurance is a game of risk pricing and cost control.
Tryg plays it with Nordic precision.
Secular drivers:
Rising demand for personal and health insurance
Digital-first customer expectations
Climate-related insurance needs (e.g., flood, storm)
Regulatory pressure favoring scale and stability
Each trend reinforces the moat.
Tryg gets stronger by doing what it’s already good at, better.
Tryg doesn’t sell peace of mind.
It delivers it.
Quietly underwriting daily life for millions.
Profitable. Predictable. Persistent.
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اتمنى العمل معكم متواصل وانتم احد أعضاء المنتدى الكرام وشكرا لكم جميعا على مروركم الطيب
This feast was so good that friends gathered at instead Ivan got anything very thoughtful about mastery