Analyst Comment

Inderes: Skin in the Game

Summary

Inderes has introduced a new long-term incentive program (PSP 2026–2028) for approximately 15 key individuals, focusing on Total Shareholder Return with performance thresholds set between EUR 20 and EUR 60 per share.
The program requires participants to hold Inderes shares equivalent to at least three months' gross salary, emphasizing its design for owner-managers rather than as a retention tool.
The analyst views the PSP as a positive development, aligning management incentives with shareholder value creation, and considers the target level of EUR 30 per share ambitious yet realistic over a three-year period.
The potential maximum dilution of 150,000 shares, or 8.5% of current shares, is contingent on achieving a TSR of EUR 60 per share, equating to approximately EUR 78 million in shareholder value creation.

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Inderes announced today a new long-term incentive program (PSP 2026–2028).

The PSP is targeted at approximately 15 key individuals, roughly 10% of the company's workforce, and is likely to cover senior management and key roles across all three business units: Research, Events, and Software. The program uses absolute Total Shareholder Return as the sole performance metric, with a minimum threshold of EUR 20, a target level of EUR 30, and a maximum of EUR 60 per share. Participation requires holding Inderes shares worth at least three months' gross salary, reinforcing that the program is designed for genuine owner-managers rather than serving as a standalone retention tool.

We see this as a welcome development. The structure ties management incentives directly to shareholder value creation, which is exactly what a good incentive program should do. The target level of EUR 30 is ambitious but realistic over a three-year horizon and reflects a degree of confidence in the company's direction.

The maximum dilution of approximately 150,000 shares (around 8.5% of current shares) is worth noting, but maximum dilution is only realized if TSR reaches EUR 60 per share implying roughly EUR 78 million in shareholder value creation at that level.

Overall, we view the PSP as a meaningful governance improvement that brings long-needed alignment between management and shareholders. We make no changes to our estimates or recommendations following this announcement. Inderes will publish its Q1 results on April 24, and our Q1 preview will be available within the coming weeks.

Inderes operates in the financial industry. The company provides a community platform for investors and listed companies. Via the platform, users can communicate with each other and exchange investment tips. The customers consist of both companies and private individuals. In addition, the company offers analysis services and a basis for investment decisions. The largest operations are in the Nordic region.