Analytikerkommentar

Nightingale applies for its shares to be listed on the Main Market of Nasdaq Helsinki

Av Antti LuiroHead of Nordic ER Development, Analyst

Translation: Original published in Finnish on 03/12/2025 at 06:34 pm EET

The submission of the application for moving to the main list was expected, as the company announced in November that it was looking into it. Trading in Nightingale's B shares is expected to commence on the Main Market of Nasdaq Helsinki on Wednesday next week, March 19, and at the same time the shares will be removed from the First North Growth Market Finland marketplace. Nightingale is also still investigating the OTC trading of its shares in the US, and we consider it quite likely that after the main list transfer, the company will apply for an OTC listing later in the spring.

The changes are driven by the internationalization of the company’s business. Nightingale has entered into a wide range of international partnerships, many of which have been in the US, so we do not think it is far-fetched to expect investor interest in the US market. In principle, a transfer to the main list and trading on the OTC market would facilitate international investments in the company.

The news has no impact on our view of the stock and we commented more extensively on this earlier in November here.

Nightingale Health är verksamt inom medicinteknik. Bolaget är specialiserat inom utveckling av medicintekniska produkter. Produktportföljen är bred och inkluderar plattformar och tjänster inom blodanalyser som används i sjukdomsförebyggande syfte. Utöver huvudverksamheten erbjuds även service och tillhörande kringtjänster. Verksamheten drivs globalt med störst närvaro i Europa.

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Key Estimate Figures07/03

	2024	25e	26e
Omsättning	4,4	5,2	8,2
tillväxt-%	4,2 %	19,2 %	58,2 %
EBIT (adj.)	−18,6	−17,3	−16,2
EBIT-%	−426,6 %	−332,6 %	−197,1 %
EPS (adj.)	−0,29	−0,27	−0,25
Utdelning	0,00	0,00	0,00
Direktavkastning
P/E (just.)	neg.	neg.	neg.
EV/EBITDA	neg.	neg.	neg.