Inderes är verksamt inom finansbranschen. Bolaget tillhandahåller en communityplattform för investerare och börsnoterade företag. Via plattformen kan användarna kommunicera med varandra och utbyta investeringstips. Kunderna består av både företag och privatpersoner. Utöver erbjuder bolaget analystjänster och underlag för investeringsbeslut. Störst verksamhet återfinns inom Norden.
We increase our fair value range ahead of Inderes’s Q2 report. Our take from recent months is that the company has continued to grow in AGM and IR software. However, due to high market penetration in Finland, the long-term value creation opportunity lies in Sweden, where the steps are still relatively small and the future is more uncertain. We raise our 2024-26 EBITDA estimates by 7-8%.
Inderes is expected to release its Q2 2024 interim results on 13 August 2024. Inderes’ CEO Mikael Rautanen will present the results in a virtual live event on 15 August 2024 at 12:00 PM CET, and you can ask questions before or during the event.
Inderes continued better-than-expected sales performance in May with monthly sales up 15% y/y. The May sales of EUR 1.9m topped our estimate of EUR 1.7m with a clear margin.
Inderes is building a Nordic growth story on solid home market foundations. After acquiring a position in the Swedish IR event market, expansion in the country is easier, especially within events and AGMs. However, research needs wide retail investor reach, which requires greater awareness. We think successful expansion in Sweden offers upside, but the outcome is far from certain. Our fair value range is fine-tuned to EUR 19-20 (18-20).
Inderes delivered solid monthly sales data for April. The sales in April were up 33% y/y (driven by the timing of Easter) while we had input an increase of 20%. We conclude that we had underestimated the overall AGM season sales. Also, the company flags growth in event business as well as IR software. Although the delta seen in April cannot be extrapolated to the coming months' estimates we note that our Q2 sales estimate looks a bit shy after the beat in April.
Inderes is expected to release its Q1 2024 results on 23 April 2024. Inderes’ CEO Mikael Rautanen will present the results in a virtual live event on 24 April 2024 at 12.00 PM CET and you can ask questions before or during the event.
After a well in-line Q1 report, we emphasise that Inderes is showing progress in Sweden, although the steps remain rather small from a group perspective.
Inderes delivered a Q1 report well in line with our estimates. Rounded off, sales were a notch higher than our estimate, while EBITA missed by tens of thousands of euros.
We expect a broadly flat performance by Inderes in Q1, with the timing of Easter causing headwinds in March. The investment case and long-term growth still rely on expansion in Sweden, but we think group growth in 2024 will continue to be driven by the Finnish operations, with AGM services and IR software as key contributors. On unchanged estimates, our fair value range is EUR 18-20 (from EUR 18-19 previously).
Inderes reported February sales of EUR 1.7m, slightly below our estimate of EUR 1.8m. However, we note that the reported growth in February was 4%, which is in line with our estimate.
Inderes announced today that it has signed a Nordic-wide distribution partnership with Nordnet, enabling Inderes' and HC Andersen Capital's equity research reports to be distributed to 1.9m investors via Nordnet's services. We see especially the improved visibility in Sweden through the partnership important, probably supporting in Inderes' Swedish expansion.
Inderes is expected to report its Q4 2023 financial results on 6 February 2024. Inderes’ CEO Mikael Rautanen will present the Q4 2023 results on the following day, 7 February 2024, at 13:00 (CET) in a virtual live event followed by a Q&A session.
We do not fully extrapolate the clear miss in Inderes’ December sales. Importantly, the company continues to win more commissioned research agreements, which remains the backbone of the case, in our view. During 2023, the company built its Swedish foundation and further developed its comprehensive offering, which we think can support mid-single-digit growth, even if the market remains in a headwind.
Inderes's Q4 sales were surprisingly well below our estimate, given that the delta owes purely to December. Due to fixed costs driven cost base the absolute miss in EBITA was almost equal to the top-line miss and was clearly below our estimate. The number of commissioned research agreements continued to rise, which we find to be the positive spot of the report. In its guidance the company sees 2024 sales to grow and EBITA margin to improve vs. 2023.