contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


investerardagens-presentationer-pa-inderestv

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

United Bankers is a Finnish expert on wealth management and investment markets, established in 1986. It is one of the oldest non-bank asset managers in Finland. The Group's wealth management business includes funds, discretionary portfolio management, and structured investment products. In its funds, United Bankers specialises in real asset investment solutions, focusing on forest, real estate, infrastructure, and renewable energy. The company also provides capital markets services. United Bankers' headquarters is located in Helsinki.

unitedbankers.fi              Varainhoidon ja sijoittamisen asiantuntija | United Bankers    Luotettavia sijoituspalveluita vuodesta 1986. Yksilöllinen varainhoito, sijoitusrahastot ja sijoitusneuvonta.                             United Bankers’ fund UB Metsä sold land to Google in Vaala United Bankers’ special investment fund UB Metsä, which invests in Finnish forest estates, has sold a total of 327 hectares of land to the technology company Google. The transaction is part of a larger arrangement in which Google acquired a total of approximately 900 hectares of land from the municipality of Vaala for the construction of a potential data center. In late December 2025, United Bankers announced a project by its UB Renewable Energy (UB Uusiutuva Energia) fund, in which the fund stated it is developing energy parks in the Paatinkangas area of Vaala and the Metsä-Juntula area of Hyrynsalmi. These areas are planned for hybrid production encompassing wind power, solar power, and energy storage, which supports the operation of data centers and balances energy loads on the grid.

Structured products probably have the best margins, and they are pocketed immediately upon sale. You notice those margins at the latest when you record their value for the first time in the books and compare it to the acquisition cost… Edit: But a well-constructed investment loan basket can still be a good investment in terms of its risk-reward ratio.

Let’s share this from another thread, as it is UB’s own customer story after all: Finanssisektori sijoituskohteena - #926 käyttäjältä Sauli_Vilen For the sake of clarity, the share of those structured products in UB’s revenue is currently ~5%.

Sale has briskly finished the UB company report as well  The H2 report did not offer any major surprises. We remain positive about the company’s long-term outlook and expect brisk earnings growth from the company in the coming years. However, this year earnings will tread water, and at the current valuation, it is difficult to see upside for the stock without earnings growth. Consequently, we reiterate our target price of 18 euros and our reduce recommendation.                   Inderes              United Bankers H2'25: Yhtiö painaa kaasua kasvuinvestoinneissa  - Inderes    H2-raportti ei tarjoillut suurempia yllätyksiä. Tuloskasvuodotukset ovat siirtyneet vuodella eteenpäin kasvuinvestointien johdosta, mutta samalla pitkän aikavälin tuloskasvunäkymä on aiempaa parempi.

UB is simply cool; Sale interviews UB CEO John Ojanperä                    Inderes              United Bankers Q4’25: Hyvät numerot haastavassa markkinassa - Inderes    Aika: 12.02.2026 klo 17.02 United Bankers paketoi vahvan vuoden haastavassa markkinassa. Toimitusjohtaja John Ojanperä kommentoi analyytikko Sauli Vilénin haastattelussa.                             Topics: 00:00 Second half-year update  01:19 Year 2025  02:38 New sales  04:56 Private equity  09:05 Guidance  10:27 Alternatives  12:36 Open-ended real estate funds  14:11 Growth

Sale’s comments on UB buying Fourton  United Bankers announced on Wednesday that it is acquiring the entire share capital of the fund management company Fourton Oy. The acquisition is small for United Bankers’ scale, but it is a strategically logical step in expanding the company’s product offering and complements the current selection well.                   Inderes              United Bankers ostaa Fourtonin - Inderes    UB ostaa rahastotalo Fourtonin. Kauppa on UB:n mittakaavassa pieni, mutta se täydentää yhtiön tuotetarjontaa.

unitedbankers.fi              Varainhoidon ja sijoittamisen asiantuntija | United Bankers    Luotettavia sijoituspalveluita vuodesta 1986. Yksilöllinen varainhoito, sijoitusrahastot ja sijoitusneuvonta.                             United Bankers Plc (“United Bankers”, the “Company”) has today, by an agreement signed on 11 February 2026, agreed to acquire the entire share capital of the fund management company Fourton Ltd (“Fourton”). The transaction is intended to be carried out as a share exchange on 25 March 2026 at the earliest, and its final completion is subject to, among other things, the approval of the Financial Supervisory Authority, the share issue authorization granted by the Annual General Meeting of United Bankers, and the fulfillment of certain customary closing conditions. All of Fourton’s key personnel and other employees will continue in the service of the United Bankers Group after the transaction. Fourton is a Finnish fund management company founded in 2003, which has four actively managed equity funds. Fourton’s special expertise focuses particularly on Asian markets as well as small and medium-sized enterprises in Central and Southern Europe. According to Fourton’s preliminary financial statements for 2025, the company’s revenue was EUR 1.3 million and operating profit was EUR 0.4 million. The assets under management in the company’s funds totaled approximately EUR 150 million at the end of 2025. The fixed purchase price is determined based on certain financial figures and is estimated to be approximately EUR 4.2 million. The final amount of the fixed purchase price will be specified on the closing date of the transaction. Under certain conditions, the sellers are entitled to an additional purchase price, which will be paid three years after the closing of the transaction, and the maximum amount of which will be specified on the closing date. Upon completion, the arrangement will support United Bankers’ growth strategy through, among other things, the expansion of the fund selection and expertise, new customer relationships, and administrative synergies. Fourton has four investment funds: Fourton Fiesta Plus, Fourton Silkkitie Aasia, Fourton Komodo Indonesia, and Fourton ESG Dynasty. The arrangement is not expected to have a significant impact on United Bankers’ business operations or key figures.

United Bankers

Robit is a manufacturing company. The company specializes in drilling products used in the mining industry. The products include drilling machines, grinding cups, cleaning equipment, and adapters. In addition, technical solutions in the form of sensor systems are supplied. The company operates on a global level, with the largest operations in the European market. The company's headquarters are located in Lempäälä.

Here is a company report from Aapeli regarding Robit’s Q4 results  Robit’s Q4 figures fell short of our forecasts across the board due to lower-than-expected revenue. In contrast, market comments and the guidance provided for the current year, pointing towards earnings growth, were well in line with our expectations. However, reflecting the actual development, we slightly lowered our forecasts for the coming years. We see the stock’s valuation as slightly elevated for the current year. In our view, the clear medium-term potential of the stock has not disappeared, but its realization requires evidence of success in new sales, where the company still has much to prove. We reiterate our Reduce recommendation for the stock but lower our target price to EUR 1.15 (prev. EUR 1.20) in line with the forecast changes.                   Inderes              Robit Q4'25: Kasvunäytöt vielä kiven alla - Inderes    Robitin Q4-luvut jäivät kauttaaltaan ennusteistamme alhaiseksi jääneen liikevaihdon myötä.

Aapeli interviewed Robit’s CEO Mikko Kuusilehto                    Inderes              Robit Q4'25: Myynti jäi viime vuodesta - Inderes    Aika: 18.02.2026 klo 10.48 Robitin liikevaihto laski 13,8 % vertailukaudesta. Positiivista oli kassavirran merkittävä paraneminen sekä yhtiön antama kasvuohjeistus vuodelle 2026.                             Topics: 00:00 Introduction  00:09 Robit’s year 2025  01:00 Q4 profitability declined  02:28 Construction industry  03:08 Geographical distribution  03:44 Potential recovery of the construction industry in the Nordics  04:39 Guidance  06:08 Sales organization  09:41 Competitive landscape  12:20 Price pressures in the market

Robit hasn’t slipped into penny stock territory yet, but it seems to be only a matter of time. An incredibly poor performance in this commodities market where drilling and mining are happening like there’s no tomorrow. Sales is a skill, and this company has shown its “expertise” in it for many, many years running.

It’s truly painful to watch this company stumble along. ”The mining markets benefited from the rise in global metal market prices during 2025, which resulted in high activity levels globally throughout the year. In other key customer segments, the market situation remained moderate.” The mining industry is firing on all cylinders and drilling is happening all over the world, yet Robit isn’t needed for any of it. One poster mentioned earlier that Robit scaled back its R&D when they decided to go on an “adventure” in Australia. Now they are reaping what they sowed.

Robit is drilling holes in investors’ portfolios, and didn’t disappoint this time either—at least when compared to Inderes’ expectations. The main positive was the strength of the cash flow, which is indeed an important factor.  Q4 result was significantly weaker than expected Robit’s Q4 revenue fell to EUR 18.4 million, while we expected EUR 20.1 million. Revenue declined by 13.8% year-on-year, which was significantly more than our forecast of 6.0%. Operating profit was EUR 0.4 million, weaker than our expectations (EUR 0.9 million) and the comparison period (EUR 0.8 million).   Cash flow improved significantly A positive factor was the improvement in net cash flow from operating activities to EUR 2.5 million (Q4’24: EUR -1.6 million), supported by the release of working capital. Full-year cash flow rose to EUR 5.9 million (2024: EUR 1.5 million).                    Inderes              Robokommentti Robitin Q4-tuloksesta - Inderes    Robitin Q4-tulos jäi selvästi odotuksia heikommaksi liikevaihdon pudottua ennustettua jyrkemmin. Yhtiö ei pystynyt hyödyntämään kaivossektorin vahvaa kysyntää täysimääräisesti heikon markkina-asemansa vuoksi, mikä painoi sekä liikevaihtoa että...

Here are Aapeli’s preview comments as Robit releases its results on Wednesday.  We expect the company’s revenue to have decreased year-on-year, but earnings to have risen slightly above the comparison period, supported by efficiency measures implemented in recent years and a higher material margin. We estimate that Robit’s market situation has remained largely unchanged, with mining demand at a good level, while the construction industry’s situation has remained subdued. The main points of interest in the report will be the guidance for 2026 and more detailed market comments.                   Inderes              Robit Q4’25 -ennakko: Odotamme marginaaliparannuksen tukeneen tulosta - Inderes    Robit julkistaa Q4-raporttinsa keskiviikkona 18.2. noin kello 9:00.

Data center construction is experiencing a massive boom. It would be surprising if this didn’t start showing in the demand for Robit’s construction segment products, even though other construction activity remains low. At least the infrastructure contractor Louhintahiekka has excellent prospects for this and next year, thanks to the data center market: — The company’s revenue for the fiscal year ending in May 2025 was 77 million euros. This year it will exceed one hundred million, and the growth is profitable, Lahtinen says. “Resources are already being reserved for projects to be implemented in 2027. It looks like the boom will continue and companies also intend to carry out longer-term investment plans,” says Tamminen from Caverion. —                   Tärkeimmät talousuutiset | Kauppalehti – 16 Feb 26              Näissä yli kymmenen miljardin euron hankkeissa lapio on isketty jo maahan –...    Suomessa rakennetaan parhaillaan yli kymmenen miljardin euron arvoisia datakeskushankkeita. Suomalaisyritykset pääsivät buumiin mukaan, ja esimerkiksi Caverion nappasi historiansa suurimman diilin.

Robit

Enersense International operates in the industrial sector. The company's specialist expertise is found in project management for major industrial projects, which mainly includes design and construction, planning, logistics and administration. In addition to the main business, staffing and personnel management are offered. The company operates on a global level, with the Nordic and Baltic countries as home markets.

And the comparative figures for the previous year could be interesting. There are plenty of data center projects, and a strong competitive advantage is expected.

A few quarters without one-offs and then we’ll see strong results and confidence in the performance. I’m surprised how under the radar this is flying, but I’ll keep accumulating and wait for the breakout once the old skeletons have been swept into the trash.

Right after this, here is the company report on Enersense written by Aapeli  Enersense’s core businesses’ operating result fell short of our expectations in Q4, but nevertheless strengthened from the comparison period. However, the figures were overshadowed by numerous one-off items related to Enersense’s strategic focusing. On the other hand, the guidance given for the current year was well in line with our expectations, and as a result, forecast changes remained minor. We estimate that the expected return based on earnings growth in the coming years remains at a very attractive level. Reflecting this, we reiterate our Buy recommendation and our target price of EUR 5.2.                   Inderes              Enersense Q4'25: Pöydän puhdistamisen jälkeen tuloskasvua kohti - Inderes    Enersensen ydinliiketoimintojen operatiivinen tulos jäi odotuksistamme Q4:llä, mutta vahvistui kuitenkin vertailukaudesta

Here are Aapeli’s quick comments on the results.  Enersense released its Q4 report this morning. The operational earnings performance of the company’s core businesses fell slightly short of our expectations, while the reported result dropped deep into the red due to negative one-off items. Due to the numerous negative one-offs, interpreting the figures still requires more detailed analysis. A positive aspect of the report was that the company had progressed faster than targeted in the implementation of the Value Uplift program and simultaneously raised the program’s overall target. The earnings guidance range provided for the current year was, on the other hand, roughly in line with our forecasts. There were no major surprises in the market outlook, and we believe the demand situation can be expected to continue as a whole at least moderately well.                   Inderes              Enersense Q4’25 -pikakommentti: Lukuisia negatiivisia kertaeriä, mutta...    Yhtiön ydinliiketoimintojen operatiivinen tuloskehitys jäi hieman odotuksistamme, kun taas raportoitu tulos painui reippaasti pakkaselle negatiivisten kertaerien myötä.                             And right after that, here is the interview with CEO Kari Sundbäck.                   Inderes              Enersense Q4'25: Uusiutumisen vuosi takana - Inderes    Aika: 12.02.2026 klo 14.41 Vuosi 2025 oli Enersenselle uusiutumisen ja fokusoitumisen vuosi. Loppuvuoden onnistumisiin kuului tilauskirjan merkittävä kasvu sekä kannattavuuden paraneminen ydinliiketoiminnassa.

Here are Aapeli’s comments on Enersense signing an extension agreement with Helen.  Enersense announced this morning that it has agreed with the energy company Helen on an extension of the operation and maintenance agreement for the years 2027–2028. Enersense has been responsible for the operation and maintenance of Helen’s district heating and cooling production and distribution since 2022. The newly signed two-year extension agreement was included as an option in the original contract. The value of the agreement is over EUR 30 million, and it will be recorded in the Energy Transition business unit’s Q1’26 order backlog.                   Inderes              Enersense solmi jatkosopimuksen Helenin kanssa - Inderes    Sopimuksen arvo on yli 30 MEUR, ja se kirjataan Energy Transition -liiketoimintayksikön Q1’26:n tilauskantaan.

Here are the preview comments from Aapeli as Enersense reports its Q4 results on Thursday  We expect the operating result of the company’s core businesses to have grown, supported by efficiency measures. In the report, attention will be focused especially on the 2026 guidance, the progress of the Value Uplift efficiency program, and more detailed market comments.                   Inderes              Enersense Q4’25 -ennakko: Tehostusruuvin edistymisen kulmakerroin syynissä -...    Odotamme yhtiön ydinliiketoimintojen operatiivisen tuloksen kasvaneen tehostustoimien tukemana.

Aapeli has released a new company report on Enersense following the latest developments  We reiterate our target price of EUR 5.2 for Enersense, but following the share price decline, we upgrade our recommendation to Buy (prev. Accumulate). We have factored the company’s recently completed refinancing into our forecasts and made marginal fine-tuning to our operational forecasts. Due to the recent share price decline, we believe the expected return based on earnings growth over the coming years has once again become very attractive.                   Inderes              Enersense: Rahoitus paketissa, katse tuloskasvussa - Inderes    Olemme huomioineet ennusteissamme yhtiön hiljattain päätökseen saaman uudelleenrahoituksen sekä tehneet marginaalista hienosäätöä operatiivisiin ennusteisiimme.                             EDIT: OOPS: I posted this in the wrong thread earlier :D, thanks to the person who pointed it out

Enersense International

Outukumpu is a manufacturer of stainless steel and the group offers specialized solutions for various industrial purposes. The steel is used in tools, industrial infrastructure, and medical equipment. Customers are found on a global level, primarily in Europe and North America. Sales take place via global sales and service centers. The head office is located in Helsinki.

Here is a quick read from SalkunRakentaja about Outokumpu that only takes a few minutes.   The Trump administration’s 50 percent steel tariffs on EU imports remain in effect, although Outokumpu’s American production is primarily local. A greater risk lies in the fact that the full effects of CBAM and safeguard tariffs will only materialize with a delay of several months. If European industrial demand does not recover during 2026, investors may find they have bought into a promise that takes longer to be fulfilled than estimated.  Subheadings:  Carbon Border Adjustment Mechanism (CBAM) hits imports Growth in defense budgets materializes The bottom seems to have been passed Analysts more cautious than the market                    SalkunRakentaja – 2 Mar 26              Markkinat uskovat Outokummun käänteeseen - taustalla kolme syytä    Ruostumattoman teräksen valmistajan markkina-arvo on kovassa nousussa, vaikka yhtiö on yhä selvästi tappiollinen.

In my opinion, this upturn has not yet been fully priced in, and Outokumpu will continue its rise. The climb will, of course, be bumpy. According to forecasts, the European stainless steel market will grow at a CAGR of ~4.4–7% (depending on the source), and the value will rise from ~19–22 billion dollars (2024/2025) toward 30–93 billion dollars by 2030–2033. Growth is influenced by CBAM, new safeguards by July 2026: smaller quotas + higher tariffs, as well as green transition investments (hydrogen technology, renewable energy, and zero-emission construction). In the United States, the outlook is stronger and growth is faster: Stainless steel production grew +7.6% in 2025. The US market will grow at a CAGR of ~6.1–6.6% during 2025–2034, with the value rising from ~43 billion dollars (2025) to over 73 billion dollars by 2034. High import tariffs steer demand toward domestic producers and support volume growth. Federal investments in bridges, water, transportation, and the return of production to the USA increase demand. Key sectors include the automotive industry (lightweight structures), electronics, engineering, duplex grades, as well as the hygiene and process industries. It remains to be seen how the development of chrome production will be priced in during this upturn.

Quite a few stocks have a so-called hype premium, meaning future earnings are priced in. If the development is successful, these premiums are often still underestimated. It’s great that Outokumpu has moved—or rather, is moving—into this same league. You wouldn’t have expected it from this industry, inventing something concretely new for basic production. I also agree on the pricing; the option can be exercised practically for free, and the stake on the table is small. The return potential, on the other hand, is truly significant.

Outokumpu is currently priced like an old-world steel company, but Project Moon gives it a genuine option to transform into a high-margin materials technology house – and this option is still almost free in the market. Realism: hype or a real breakthrough? Why would this be more credible than 90% of “breakthrough projects”  Not a PowerPoint startup Own mine + own refining + own market MIT background, own Boston lab Clear, phased schedule Investments of €150–200M, no billion-scale madness CEO speaks surprisingly cautiously.   inderes It would be nice to hear the thoughts of someone smarter on this prospect.

Outokumpu aims to produce high-purity chromium metal (High Purity Chromium), which typically has a purity level of 99.9% (3N). The market price for 3N chromium metal ranges between $5.00–$6.50 per pound ($11,000–$14,000 per tonne).

That would be really great, indeed… Well, Outokumpu’s future is likely ultimately more in ferrochrome (=the chrome mine) than in the stainless steel ruined by the Chinese..?   The major shift is that previously Outokumpu used two-thirds of its own ferrochrome itself, but now the share of external sales has risen to nearly half. In the future, the ratio could flip so that a clear majority of the ferrochrome would be directed for sale. There should already be enough capacity for that as it is…   Competing ferrochrome production has been faltering in places like South Africa and Zimbabwe due to high energy costs. Demand is shifting towards Outokumpu more than before, also because the company produces ferrochrome with significantly lower carbon emissions. The company has introduced new products to its range, such as medium-carbon (i.e., lower-emission than before) ferrochrome and low-titanium ferrochrome…

TL;DR New technology to enrich ferrochrome ore from 53% content → 65%. And further development that could potentially even yield pure chromium, which is currently produced mainly in Russia and Kazakhstan (from chromium oxide). Current ferrochrome is about 1200 per tonne, at 65% content it would be about 1600 per tonne and pure chromium 9000 per tonne. All in euros, then. Timeline for the pilot 2027, production plant then 2029–2030 (this is for the 65% content). Pure chromium “sometime later”

Outokumpu

Multitude is a digital bank that offers lending and online banking services to consumers, small and medium-sized businesses, and other fintechs overlooked by traditional banks. The company was founded in 2005 in Finland and currently operates in 17 countries. The company operates with three business units: Consumer Banking (Ferratum), SME Banking (CapitalBox) and Wholesale Banking (Multitude Bank).

“Lomakylä Järvisydän - Backing Premium Hospitality Real Estate in Finland A €23.5 million financing package from Wholesale Banking is supporting the continued growth of Lomakylä Järvisydän, a Finnish real estate company focused on high-end hospitality assets. The transaction enabled the acquisition and enhancement of multiple landmark hospitality properties in the Finnish Lakeland region. This case reflects Wholesale Banking’s ability to support established operators and developers in the tourism and real estate sectors with tailored, asset-backed financing solutions that fuel long-term growth” The attached quote was found on the website, but I’m sure it could be found if one bothered to dig through the financial statements. As I understand it, this was apparently granted in 2024 or 2025.

I wonder when that was granted / how much of it is significantly remaining; Multitude seems to have quite substantial credit losses in general.

There has been talk in various media lately about the corporate restructuring/bankruptcy filings of the Järvisydän Group. In today’s local newspaper, the administrator mentioned that there is a significant amount of debt and the creditor is Multitude Bank. A quick check of Multitude’s website shows a “reference” for over 20 million in financing for a tourism company located in South Savo. I haven’t followed Multitude that closely, but this will likely have some impact on the company’s finances if write-downs have to be made—and they probably will be if the corporate restructuring goes through.

Great interview, Roni and Ilkka! Digitalization, scalability, a proven track record in risk management – I think there’s a lot of good here on top of an understandable business. The CEO has been with the company for a long time and there is a strong major owner; these are also things I like about this.

Awesome… Roni and Iikka have made a video about Multitude.                    Inderes              Multitude: P/E 6,5x. Saksaan listattu digipankki - Inderes    Aika: 23.01.2026 klo 14.32 Multituden tulos on noussut voimakkaasti viime vuosina ja osaketta hinnoitellaan silti P/E 6,5x. Olemme osakkeessa lisää‑puolella.                             Topics: 00:00 Intro  00:09 Multitude as a company  01:47 Customer base  02:26 Earnings have grown strongly  04:51 Credit losses  06:45 Operations across Europe  07:46 P/E 6.5x – why is the stock cheap?

Thanks Roni for the fairly comprehensive answer. I need to do my own background work better in the future. I personally still believe that in light of the figures, or compared to the Stockholm peers for example, this is glaringly mispriced at the moment. I’m just trying to find some explanation for this; maybe that German conservatism is a good guess!

Hi @Siirala You can read about the background of the company’s Frankfurt listing in this Kauppalehti article, for example, where founder and largest owner Jorma Jokela discusses the matter: Ferratum suuntaa mobiili edellä Frankfurtiin | Kauppalehti Nowadays, the company has many shareholders and, as far as I know, bond investors specifically in the DACH region, so in that regard, the Frankfurt listing is quite logical. It doesn’t seem to have gained much attention from retail investors there either; after all, Germans are, on average, presumably quite conservative and risk-averse investors. The company’s CEO explained the change of domicile to Switzerland in our first interview, so I’ll leave it here (timestamp 12:18-14:25): https://www.inderes.fi/videos/multitude-q424-sijoittajat-palkitaan-lisaosingoilla In other words, Euroclear previously caused challenges for Finnish shareholders (domiciled in Finland, listed in Germany). Now that the company’s domicile is also abroad, it is possible to invest in the company like any other foreign company. More details on the transfer can be found here: Multitude – Kotipaikan siirto Suomesta Sveitsiin - Castrén & Snellman We intend to film a short video soon where we will go through some of the company’s latest news

Multitude

Sonae is an investment company listed in Portugal, with companies across multiple geographies and sectors – with retail at its core. 

To learn more about Sonae, please visit the company’s website or contact the Investor Relations team using the details provided there: https://www.sonae.pt/en/

Sonae

Endomines Finland Plc is a Finnish mining company focused on gold production and exploration in the Karelian gold line in Eastern Finland. The company also owns the rights to seven gold deposits in the United States. Endomines produces gold for the jewellery and electronics industries, and creates value by converting natural resources into wealth, an investment, that remains sought after. Endomines is listed on the OMX Helsinki Main List (PAMPALO). www.endomines.com

Time is starting to run out for those hundreds of millions in investments. As I see it, these investments are aimed at reaching a production level or rate of around 70,000 ounces or more by 2030. Project planning for the facilities should be underway this year if they want to get them finished. I just haven’t heard of a single request for proposal (RFP) related to these plants yet. There is only a so-called handful of people in Finland capable of, for example, designing a concentrator plant. For us, for instance, industrial engineering is already fully booked for practically the rest of the year. Furthermore, a need for 200–300 new experts in addition to the existing ones is on the horizon. In my opinion, Kari Vyhtinen could elaborate a bit more on the current status of the planning.

The US and Israel attacked Iran > impact on the safe haven, gold? Are we heading toward $6000 / ounce or blowing right past it?

@m_jylha’s Pörssipodi featured Endomines CEO Kari Vyyhtinen as a guest   How does Endomines intend to achieve its ambitious goals, CEO Kari Vyhtinen? Last year was the best in the history of gold mining company Endomines. This year, the company plans to increase gold production by 10–20 percent and significantly increase exploration-related drilling. Endomines is planning investments of hundreds of millions of euros for the Karelian Gold Line, which would multiply production up to 100,000 ounces in 2030. Interest in gold is currently at a record-high level. What if it fades? The interviewee is CEO Kari Vyhtinen, who met with Mikko Jylhä. The podcast was produced in commercial collaboration with Endomines.                    Miltton              Pörssipodi – puhetta sijoittamisesta - Miltton    Kuuntele Milttonin uutta Mikko Jylhän juontamaa sijoitus-podcastia. Uuden Pörssipodin jaksot löydät aina täältä, Spotifysta ja Apple Podcastista.

If I am indeed interpreting those numerous payment installments of the deal correctly, 3.5 million Australian dollars will be paid today on the closing date. At the current exchange rate, that makes about 2.1 million in euros.

How much cold hard cash did the deals bring into the coffers?

Here are Atte’s comments on how the company has finalized the sale of three gold deposits located in Idaho.                    Inderes              Endomines sai Idahon kultaesiintymien myynnin päätökseen - Inderes    Kaupan loppuunsaattaminen on odotettu askel.

This is essential and crucial for productivity that such an extensive deposit is still within reach of the existing infrastructure! And the findings from the wider area mapping also guarantee continuity very far into the future! The general global situation is certainly keeping gold prices at a good level. To me, this seems like a very strong equation

Endomines Finland

Orthex is a Finnish manufacturer and supplier of household products. The company offers products such as plastic storage boxes, cutting boards, pots, bowls and other kitchen accessories. The majority of the range is accessed digitally via the company's e-commerce platform, and the products are also offered through licensed retailers. The largest operations are found in the Nordic market.

Some highlights from my own news feed and monitoring regarding Orthex over the past 3 months: Orthex launched the award-winning (couldn’t find the link right now) SmartStore Module, which is a sort of hybrid between a shoe rack and a stackable plastic storage box. It’s available at, for example, Kärkkäinen (quite few on the shelves in some stores), Prisma (hardly in stores), Bauhaus (4 units per store), HalpaHalli, Verkkis (not in stores), and it seems to be in so-called plastic discount stores. It’s interesting that I almost couldn’t find the product for this post when searching for “Orthex shoe rack,” etc., as I had a strong impression it was primarily intended as a shoe rack. Spring is the peak season for shoe racks (at least in Finland), so hopefully the product has been successfully rolled out to the field, accompanied by awards. I noticed at Kärkkäinen that Orthex’s and Sini’s boxes for recycling & storage were side by side. This has been a big hit for Orthex and I haven’t seen quite the same kind of box before, so I was surprised by how similar Sini’s version looked. I’m not sure which came first, the chicken or the egg, but having a similar product right next to it surely eats into sales or price levels. Orthex participated in the Ambiente trade fair, which is apparently one of the biggest and most significant fairs in the industry. Hopefully there was a good buzz there and new retailers were brought on board to distribute the products. A salesperson left in Norway (?) after a stint of several years. There didn’t seem to be any drama in this job change. Another employee retired after a 40 (?) year career linked to Orthex. Long stretches are generally a good sign, and this is just normal turnover. Consumer demand hasn’t supported Orthex, at least here in Finland, so much probably depends on how they’ve secured prime shelf space and whether competitors have taken Orthex’s territory by cutting prices. Sweden is obviously still challenging regarding consumption. So, Southern Europe is left with a major role from a growth perspective. Not much else to update. Looking at the stock price, the dividend has been recovered and that’s about it. It will be “exciting” to follow the earnings release and see what the company says about the situation, as to my eye, the performance has been that famous “normal execution.”

I was waiting for the Feb 28th list of largest shareholders, but it doesn’t really provide any information before the interim report. Iaik Oy has added what the OP fund has reduced.

A savvy buyer certainly also makes moves in situations like these, i.e., buying raw materials for stock if a sharp rise in prices is suspected  I don’t believe that the Strait of Hormuz will stay closed long enough to drive crude oil prices sky-high in the long term. The surrounding nations have such significant interests in keeping it open. The US still has the midterm elections, and for GOP supporters, high oil prices would be a major failure.

Producer Price Index by Industry: Plastics Material and Resin Manufacturing (PCU325211325211) | FRED | St. Louis Fed Polyethylene - Price - Chart - Historical Data - News I found these kinds of plastic raw material price charts; experts can probably say which of them should be followed specifically regarding Orthex. From what I concluded with a quick glance, the direction is the same, but the magnitude of the movement is percentage-wise smaller than with crude oil.  When oil cost over $100/barrel, Orthex’s share price was several euros higher than it is now. The price did start to drift downwards from there, of course, but it hasn’t turned back up even though oil has become significantly cheaper. So, the movement is driven by things other than just the price of oil.

Part of my thesis regarding the Orthex investment has been that the lower raw material (oil) prices should flow through to the bottom line. We might have seen a small indication of that last quarter, but now, due to the situation in Iran, oil prices have started to rise, which should affect the price of plastic raw materials. This probably isn’t a stock worth owning if the price of oil is over $100 per barrel. Need to monitor the situation…

I don’t own Orthex shares, I’m not willing to pay a brand premium for products like these, and I approach such products very much from a price-driven perspective. Still, I completely disagree with your conclusion. When comparing storage boxes from different manufacturers, for example in a discount store, I can’t actually think of many consumer goods where the consumer would notice quality differences so quickly. Whether we’re talking about how the lids fasten, the functionality of the boxes when stacking, or the quality of the plastic. From those premises, while looking for the “cheapest good” option, our household has ended up with Orthex plastic boxes. This is starting to veer into consumer experiences, but I believe quality matters, and I think in products like these, quality can stand out already at the moment of purchase, rather than only through the verification of its lifespan.

Bulk products, such as plastic boxes, are being produced for the market. Growth is difficult when competing products are sold at lower prices next to Orthex products in stores. The quality may be better, but consumers don’t really perceive it at a quick glance when making a purchase decision; visually, they look almost the same. On the other hand, Finnish furniture stores are going bankrupt, and furniture sales will likely shift even more to IKEA. People will then probably buy their plastic boxes there as well. Orthex products are not sold at IKEA. In Europe, one can try to expand, but they are up against Eastern European plastic box manufacturers whose production costs are lower, and freight costs from factory to store are also lower, potentially due to shorter transport distances. At the current earnings level and with unclear growth prospects, a higher share price level cannot really be justified. The coming years will surely include individual positive earnings surprises, and the share price could temporarily rise even higher. Addition regarding the comment below:  You can probably notice the difference in quality if you look more closely. But if a larger stack of private label boxes costs, say, 50 euros and roughly equivalent Orthex ones at the regular price cost 80 euros, there is a fairly high threshold for a low-income person to choose the more expensive option. Perhaps if they notice the thinner boxes breaking in use, they might choose the more expensive ones years later (if they have money in their bank account at that time). For example, in Jysk’s online store, a 20-liter Basic box is 5.50 euros, while a 21-liter Orthex Smartstore is 12.50 euros. A low-income mother will certainly be taken aback when trying to make a rational purchase decision.

Orthex

På investerardagen är det företaget som får ordet och berättar om sina aktuella händelser.


Automatisk &#xf6;vers&#xe4;ttning: Ursprungligen publicerad p&#xe5; finska 2025-11-25 06:35 GMT. Ge feedback <a href="https://forms.office.com/e/Q3HWRqeAY2">h&#xe4;r</a>.Investerardagens program 24/11/2025
<ul>
<li>United Bankers &#x2013; John Ojanper&#xe4;, verkst&#xe4;llande direkt&#xf6;r (<a href="https://www.inderes.fi/videos/united-bankers-sijoituskohteena-or-sijoittajapaiva-24112025">l&#xe4;nk</a>)</li>
<li>Robit &#x2013; Mikko Kuusilehto, verkst&#xe4;llande direkt&#xf6;r (<a href="https://www.inderes.fi/videos/robit-sijoituskohteena-or-sijoittajapaiva-24112025">l&#xe4;nk</a>)</li>
<li>Enersense &#x2013; Kari Sundb&#xe4;ck, verkst&#xe4;llande direkt&#xf6;r (<a href="https://www.inderes.fi/videos/enersense-sijoituskohteena-or-sijoittajapaiva-24112025">l&#xe4;nk</a>)</li>
<li>Outokumpu &#x2013; Kati ter Horst, verkst&#xe4;llande direkt&#xf6;r (&lt;RMd6lyMRZT_1&gt;l&#xe4;nk&lt;/RMd6lyZT_1&gt;)</li>
<li>Multitude &#x2013; Antti Kumpulainen, CEO (<a href="https://www.inderes.fi/videos/multitude-as-an-investment-or-investor-day-nov-24-2025-ojksl">l&#xe4;nk</a>, p&#xe5; engelska)</li>
<li>Sonae &#x2013; Jo&#xe3;o Dolores, Group CFO (<a href="https://www.inderes.fi/videos/sonae-as-an-investment-or-investor-day-nov-24-2025-p6o36">l&#xe4;nk</a>, p&#xe5; engelska)</li>
<li>Endomines &#x2013; Kari Vyhtinen, CEO (<a href="https://www.inderes.fi/videos/endomines-as-an-investment-or-investor-day-nov-24-2025">l&#xe4;nk</a>, p&#xe5; engelska)</li>
<li>Orthex &#x2013; Alexander Rosenlew, CEO (<a href="https://www.inderes.fi/videos/orthex-as-an-investment-or-investor-day-nov-24-2025">l&#xe4;nk</a>, p&#xe5; engelska)</li>
</ul>

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