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 {
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        reportingCurrency
      }
      snapshot {
        transaction {
          date
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          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
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          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.

Sauli is a diligent proletarian and has completed UB’s company report this Monday evening  *UB’s sales have picked up after a sluggish start to the year, but the sales engine is still running at suboptimal capacity. A key challenge is the company’s spearhead funds, whose sales are sluggish. In this report, we have examined the sales prospects

CEO John Ojanperä was at the Investor Days presenting his company as an investment.                    Inderes              United Bankers sijoituskohteena | Sijoittajapäivä 24.11.2025 - Inderes    Aika: 01.12.2025 klo 13.00 Toimitusjohtaja John Ojanperä kertoo varainhoitoyhtiö United Bankersista sijoituskohteena.

UB’s international cooperation regarding the investment bank: UB Corporate Finance ja Clairfield International aloittavat neuvonantajakumppanuuden - Inderes It’s good to note at the outset that the investment bank’s share of the company’s revenue is only a few percent, meaning these are minor matters from the group’s perspective. We believe the cooperation is logical, as at its best it improves UB’s deal flow and, on the other hand, it enhances UB’s credibility in larger transactions (UB is still a relatively small player in the market). As far as I understand, no money changes hands here, so in this sense, it’s a smart move.

The latest UB fund interview has been published!                   Inderes              Uusi energiapuisto | Salkunhoitajat – UB Uusiutuva Energia - Inderes    Aika: 19.09.2025 klo 12.11 UB Uusiutuva Energia -rahasto käynnisti uuden energiapuistohankkeen. Salkunhoitajat Tapio Nuotio ja Heikki Kauppinen kertovat rahaston tuoreimpia kuulumisia ja tuntumaa markkinasta.                             Topics: 00:00 Energy Park  06:42 Subscription in October  07:55 Other projects  10:37 Development portfolios  12:20 Market outlook

United Bankersin suuromistaja osti yhtiön osakkeita noin 48 000 eurolla | Kauppalehti. Rasmus Finnilä, a board member and co-founder of United Bankers, purchased company shares for approximately 48,000 euros.

This video can also be found on the Inderes Nordic channel, where Sale interviews UB’s CEO, John Ojanperä.                Topics: 00:00 Intro 00:04 Highlights 01:16 Sales picture 02:38 Wealth management 04:15 Key funds 06:21 International sales 08:32 Forest products 10:33 Wood pricing 12:09 Finnish asset management

Sale has made a report on the United Bankers gang.  UB’s H1 report was clearly better than forecasts in terms of numbers. However, the earnings beat was largely due to performance fees, and forecast changes have remained marginal. We continue to have a positive view on the company’s long-term outlook, but in the short term, share price drivers are scarce as earnings move in the wrong direction and valuation is neutral. We revise our target price for UB to EUR 18.0 (previously EUR 17.0) and reiterate our reduce recommendation. Quoted from the report: No surprises in the outlook UB, as expected, reiterated its guidance and estimated that its operating profit would remain clearly below the 2024 level. Although H1 was clearly better than our expectations, the guidance is still very valid as 2024 numbers were exceptionally strong due to the divestment of the NFF2 fund. Regarding the outlook, the company was cautiously optimistic, which is in line with comments from the rest of the sector. Geopolitical tensions have eased, and capital market development has been strong despite turbulence. We expect the market situation to gradually improve, but H2 is unlikely to bring major fireworks, especially from the alternative side.                   Inderes              United Bankers H1'25: Odotamme edelleen tuloskasvuun paluuta - Inderes    UB:n H1-raportti oli numeroiden valossa selvästi ennusteita parempi. Tulosylitys johtui kuitenkin pitkälti tuottopalkkioista ja ennustemuutokset ovat jääneet marginaalisiksi. Suhtaudumme edelleen positiivisesti yhtiön pitkän aikavälin näkymään, mutta...

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.

CEO Mikko Kuusilehto talks about Robit as an investment. Robit is a specialist in wear parts used in drilling for the mining and construction markets, which designs, manufactures, and supplies its own products.                   Inderes              Robit sijoituskohteena | Sijoittajapäivä 24.11.2025 - Inderes    Aika: 24.11.2025 klo 16.00 Toimitusjohtaja Mikko Kuusilehto kertoo Robitista sijoituskohteena.

ROBIT OYJ PRESS RELEASE 18 NOVEMBER 2025 AT 1:00 PM ROBIT STRENGTHENS ITS SOUTH AFRICAN ORGANIZATION TO SUPPORT GROWTH Robit’s ongoing development project is progressing as planned. As part of this strategic development work, Robit is strengthening its organization in the strategically important South African market to support and develop the company’s growth in the region. Robit has appointed Duane Kukard as Vice President, South Africa, effective 1 December 2025. Kukard has served as Robit’s Sales Manager for South Africa since 2023. He will take responsibility for sales and business development in South Africa following Rumisha Chaithram’s transition to Vice President, Australasia, at the beginning of November. Kukard is an experienced sales and business professional with a strong background in the drilling and mining industry. He has over 20 years of experience in sales management, technical support, and operational strategy in international companies. “South Africa is a strategically important region for us, where Chaithram’s excellent work has laid a strong foundation for the next growth phase. Kukard’s appointment continues this development and supports Robit’s strategic goal to strengthen its position in the region as a global supplier of drilling consumables. It is also particularly important that we were able to find a competent person who knows the region well from within our own organization for the position,” states CEO, Mikko Kuusilehto. ROBIT OYJ Mikko Kuusilehto

We should already be on a growth path by the end of the year, and 2026 should have better things in store. The significant mining contract in Africa mentioned in the previous

Company Year Revenue Profit/loss     Robit 2012 26002,6 864,8   Robit 2013 30032,8 1746,5   Robit 2014 32703,5 2339,2   Robit 2015 45588,3 2243,8   Robit 2016 63931,8 4623,3

Can you, based on experience, speculate on the general reliability/durability of Robit’s products compared to the most durable products in the industry? In larger projects, it’s well-known that one cannot afford to use anything other than the most durable tools. The expensive downtime caused by tool breakage easily accumulates on a worksite.

Aapeli has prepared a new company report after Robit’s Q3.   Robit’s Q3 result was in line with our expectations despite lower revenue development. The company’s profitability development once again strengthened our confidence in the effectiveness of the efficiency measures taken in recent years. However, with the lowered guidance and market outlook, we significantly reduced our revenue forecasts for the coming years, which was also reflected in the bottom line. With our current forecasts, we see the stock’s expected return for the next 12 months remaining slightly below the required rate of return. In our opinion, the stock still has medium-term potential, but this would require successful new sales, for which the company still has to prove itself. We reiterate our Reduce recommendation for the stock and lower our target price to EUR 1.2 (previously EUR 1.3), reflecting negative forecast changes.                   Inderes              Robit Q3'25: Enää ylärivin kasvusta kiinni - Inderes    Robitin Q3-tulos oli linjassa odotuksiimme matalammasta liikevaihtokehityksestä huolimatta.

It doesn’t get cheaper; the product is indeed significantly cheaper per unit, but no product development has been done at all, only cost-cutting. Robit was much better quality-wise 5-10 years ago; they were a 30 MEUR company, making 4-5 MEUR profit. But then they decided to go public, and growth was only possible through cheapening, which required cheaper, worse, perhaps Chinese inserts. Now you can see it from their financial statements too, as they have almost no development costs at all, just cheap, cheap. In Finland, many large companies use these because the price per piece/kilogram is the best, but owner-led companies use larger Swedish companies.

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.

The investor day interview revealed the share of services in core businesses for 2024 (40%), as well as the service revenue amount of ~134M. (What I asked above) I’m interested to see what the figures will be in 2025 and 2026, both percentage-wise and in terms of service revenue. The share of services was followed by an * mark and a clarification regarding which services it concerned. The company’s service offering is likely to expand soon.

CEO Kari Sundbäck talked about his company as an investment at the Investor Days.                    Inderes              Enersense sijoituskohteena | Sijoittajapäivä 24.11.2025 - Inderes    Aika: 24.11.2025 klo 16.00 Toimitusjohtaja Kari Sundbäck kertoo Enersensestä sijoituskohteena.

Here are Aapeli’s comments on how Enersense plans to convert its convertible bond into a convertible hybrid bond.  The aim of the arrangement is to strengthen Enersense’s balance sheet, extend the maturity profile of its financing, and support the refinancing of other debt arrangements. The company’s financing restructuring was quite expected in the near future, and we consider the terms of the arrangement to be reasonably neutral in the current situation. The planned arrangement has no impact on our view of the company.                   Inderes              Enersense suunnittelee vaihtovelkakirjalainansa muuttamista vaihdettavaksi...    Järjestelyn tavoitteena on vahvistaa yhtiön tasetta, pidentää rahoituksen maturiteettiprofiilia ja tukea muiden velkarahoitusjärjestelyjen uudelleenrahoitusta.

6 months +99% and not much interest here either  There’s certainly still work to be done with trust, but one would think that with these growth figures, there would already be interest in the new leadership. Demand is guaranteed for years to come as the electricity infrastructure will be doubled; we are waiting for broader interest to emerge. The stock price will follow. Good work on the analysis from Aapeli.

Above all, Enersense seems to have, after the new CEO started working and by focusing on its core business, restored the confidence that had been lost due to continuously missed results.

Aapeli has prepared a new company report on Enersense following the Q3 results.  Enersense’s core business operating profit exceeded our forecasts by a clear margin in Q3. The realized development once again strengthened our confidence in the earnings turnaround we forecast for the coming years. Reflecting the report that exceeded our expectations and at least moderately good demand prospects, we slightly raised our forecasts for the coming years. We still see the stock’s valuation as attractive, which is why we reiterate our ‘add’ recommendation and raise our target price to 5.2 euros (previously 4.7 €) in line with the forecast changes. Quoted from the report: In our opinion, Enersense should currently be valued especially through earnings-based multiples and a sum-of-the-parts calculation, which also takes into account assets outside the core businesses. Currently, we see the acceptable valuation of the stock to be approximately 10x–14x with a P/E multiple, approximately 8x–12x with an EV/EBIT multiple, and approximately 5x–7x with an EV/EBITDA multiple. Following the strong Q3 report and our increased confidence regarding the earnings turnaround, we see the acceptable valuation settling around the mid-point of these ranges (previously around the lower end and mid-point). A rise in acceptable valuation above this, in our opinion, requires further evidence of the earnings turnaround, for which cleaner figures will have to wait until next year. https://www.inderes.fi/research/enersense-q325-tuloskasvuodotuksille-saatiin-lisavahvistusta EDIT: I had the wrong link to the report earlier, thanks to my forum buddy!

Here are Aapeli’s comments on Enersense’s Q3 results.  Enersense published its Q3 report this morning. The operational earnings development of the company’s core businesses easily surpassed our forecasts. It had also continued the implementation of its Value Uplift efficiency program as targeted. There were no major surprises in the market outlook, and in our opinion, the demand situation can be expected to remain at least moderately good overall. https://www.inderes.fi/analyst-comments/enersense-q325-pikakommentti-ydinliiketoimintojen-operatiivinen-tuloskehitys-heittamalla-yli-odotusten

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.

Some working document states that the new basic principles announced earlier in the autumn are still included, such as the 2013 volume level (approx. 50% of current import levels), after which a 50% tariff (now 25%) and the melted & poured rule. The transfer of unused imports to the next period would have been reinstated.  The 1.1. schedule is not realistic, perhaps 1.4. could be possible  A leaked draft report from the European Parliament’s Committee on International Trade shows lawmakers preparing to back the European Commission’s plan for a 50% over-quota duty on steel imports, while allowing quarterly carry-over of quota volumes, Fastmarkets learned on Thursday November 27.  The draft text from November 24, which has not yet been adopted and remains subject to amendment, confirms that tariff-free steel import quotas would continue to be based on 2013 reference volumes, so about 50% below currently available allocation, with any out-of-quota shipments facing the sharply higher 50% duty, in line with the first draft, published on October 7. The document reconfirms the Commission’s “melt and pour” origin verification requirement for all covered imports.   In the new leaked draft, one of the suggested amendments read: “To ensure continuity and to avoid supply disruptions, carry-over of unused quarterly tariff quota volumes to the following quarter should be permitted. This would provide the necessary operational flexibility while maintaining the overall effectiveness of the measure.”   Market sources, however, believe the deadline of January 1 is not realistic, since the draft needs to go through a “complex negotiations process” before entering into force.  “Procedures in the trilogue take quite some time,” a source in the EU steel market said.  Several market sources suggested that April 1 was a “feasible” deadline for adoption of the new trade regime, while the Commission declined to comment on the timeline.                    EUROMETAL - The Voice of European Steel, Tubes and Metal Distribution... – 28 Nov 25              Leaked European Parliament draft on safeguards backs 50% steel over-quota...    A leaked draft report from the European Parliament’s Committee on International Trade shows lawmakers preparing to back the European Commission’s plan for a 50% over-quota duty on steel imports, while allowing quarterly carry-over of quota volumes,...

One would gladly believe and hope that Outokumpu’s investments in both capex and opex would produce something that others don’t do and that wouldn’t collectively be given away for the customers’ benefit… According to Inderes’ DCF calculation, the fair value of future cash flows is around 4.9 EUR, i.e., let’s say +20% in 10 years compared to today’s share price of 4.00 EUR, meaning a few real % per year, of course, a 9.9% interest rate is calculated for equity here. Perhaps the simplest way is to look at the free cash flow of approx. 215 MEUR, which amounts to about 45.6 c/share for 471 million shares, i.e., a P/E of 8.8 from super-cyclical sluggishness, even though gross investments are a conventional 220 MEUR (maintenance investments, productivity investments, and some smaller new ones). But, it could be that those Evolve initiatives are achieved, and the back door doesn’t leak output for the “common good”. Indeed, it was stated in the CMD that  EBITDA “normalised baseline” 500-600 (current) => 750-850 MEUR (2030) funds for activities including dividends from cash flow / through working capital (according to CMD illustrative image approx. 80%), the rest debt financing That EBITDA change would indeed be significant, because half of the current level would truly go to conventional investment, meaning the remaining portion would double once the investments have been paid off.  For years, Outokumpu has been a company that has achieved poorly sustained performance levels; perhaps the benefits given to customers and cyclicality then overshadow the declared achievements. However, from its own investments, Outokumpu has indeed been remarkably rewarding, as long as one remembers more than just holding.  I myself also expect a good coming year (as already in 2023 and 2024). Now with extra support from  a flawed and poorly implemented CBAM, but something nonetheless the EU’s naive and gullible steel policy correction package / tariffs by 1.7.2026 at the latest as an option, the stabilization and recovery of the EU’s general misery, and with it a demand surge as an option, the reconstruction of Ukraine

I wouldn’t interpret those numbers quite so pessimistically. I had to listen to Kati’s Inderes presentation again, with time. Outokumpu does have a clear “strategy” for improving margins. It also requires investments. The numbers are expected to improve. AI-calculated scenario.  2) Realistic scenario – EVOLVE partially succeeds Assumptions P/BV rises 0.5 → 0.7–0.8 EBITDA grows +150…200 M€ Dividend 4–6 % / year Average economic cycle ROI estimate A. Increase in valuation multiple: 0.5 → 0.75 = +50 % B. Dividends over 10 years: ≈ 5 % / year → +50 % total (assuming dividends are reinvested, return could be up to +60–70 %)  Total return 10y: ≈ +100…+140 %  Annual return: ≈ 7–9 % / year This is the “most likely” long-term scenario held by many analysts

The only thing Outokumpu should invest in is its own stock. To put it a bit pointedly. No dividends, but large-scale share buybacks.

Well then, we’ll see if Kati ter Horst keeps her word that investments in Finland will not materialize… When the company’s valuation is P/BV = 0.5, it’s understandable not to invest, or ROI <<5%

Helsingin Sanomat – 27 Nov 25              HS:n tiedot | Purra piti päänsä: Kaivosvero kiristyy    Muut hallituspuolueet olisivat olleet valmiita peruuttamaan ja valmistelemaan uuden veromallin, mutta perussuomalaisille se ei käynyt. Kuntien osuus verotuotosta kuitenkin kasvaa esitetystä.                             Quote from Helsingin Sanomat headline. Part of the “dividend funds” flows there. Or if we manage to prepare a new model next year, we will get a model that is more easily acceptable to the industry.

I myself do not see that this recently announced 45 mUSD investment will cause a dip in the dividend level, but indeed, the dividend policy has prepared, as Kati also said in her presentation, for flexibility if/when (larger) investments are made in high-return targets. I consider such an investment, for example, a potential investment in Avesta (approx. 200m€) for the production of high-nickel products. Kati stated that if the dividend level were to be lowered for year x due to such an investment, the aim would be to return to the previous curve afterwards. It was also clarified in the CMD that the starting level is the current 0.26 euros per share. It is quite possible, of course, that before the next dividend proposal is given, this Avesta study will have been completed and the investment decision made

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).

Do other forum members have any thoughts on Multitude’s share price ‘downturn’? I can’t find many negative points in the latest Q3 report. There’s some pressure on the consumer bank’s net interest margins (due to falling Euribor?) and the result included a one-off +€2 million item due to the sale of a business unit. Everything else seems to be moving in the right direction, at least in my opinion. From the owners’ side, I don’t see many risks, as Jorma Jokela’s 55% ownership should support risk management → I don’t believe anyone would voluntarily blow up such a position with poor risk management, but rather would ensure that no catastrophes occur. Other pros:  Multitude owns 30% of Lea Bank AB. Market value: €35.7 million. Ferratum almost single-handedly covers the entire company’s valuation, as I hinted in an earlier comment. The company has developed in the right direction, and its guidance has held true, at least in recent years.  Cons:  Industry? CapitalBox should turn profitable more quickly.  Having followed Multitude for a long time, I’ve often noted that this company’s share price truly lives a life of its own. Below is a comparison between banks. I didn’t bother to dig up exactly similar banks, but rather took those that came to mind. Figures are mainly taken from TradingView. Hopefully, they are accurate. Compared to the other banks on the list, Multitude is not changing hands at very high multiples, at least. Multitude  ROE: 15.72 %  ROA: 1.96 %  P/E: 5.8  P/B: 0.84  CET1-ratio: 17.24 %  Total capital ratio: 23.00 % Credit Rating (Fitch): B+ Target to pay 25-50% of earnings as dividends. Lea Bank AB  ROE: 8.49 %  ROA: 1.96 %  P/E: 12.85  P/B: 1.65  CET1-ratio: 15.57 %  Total capital ratio: 18.74 % Credit Rating: ??? TF Bank AB  ROE: 27.05 %  ROA: 2.62 %  P/E: 6.18  P/B: 3.74  CET1-ratio: 14.3 %  Total capital ratio: 17.4 % Credit Rating: ??? Santander Bank Polska SA  ROE: 17.69 %  ROA: 1.9%  P/E: 9.03  P/B: 1.51  CET1-ratio: 13.1 %  Total capital ratio: 17.1 % Credit Rating: A-

Antti Kumpulainen was speaking in English about his company as an investment at the Investor Days.                    Inderes              Multitude as an Investment | Investor Day Nov. 24, 2025 - Inderes    Time: 24.11.2025 klo 16.00 Antti Kumpulainen, CEO, talks about the digital bank Multitude as an investment. Multitude offers lending and online banking services to consumers, small and medium-sized businesses, and other fintechs overlooked by...

Roni interviewed Multitude’s CEO Antti Kumpulainen.                    Inderes              Multitude Q3’25: “Viivan alle jää euroja aika paljon” - Inderes    Aika: 14.11.2025 klo 18.50 Multituden palkkituotot jatkoivat kasvussa ja luottotappiot laskussa. Toimitusjohtaja Antti Kumpulainen kommentoi yhtiön suuntaa analyytikko Roni Peuranheimon haastattelussa inderesTV:ssä.                             Topics: 00:00 Q3 01:18 Net interest income 02:20 One-off item 02:30 Guidance 04:40 CMD 05:30 Ambitious targets 07:05 Credit losses 10:15 Corporate restructuring moves 12:05 Risks

It is indeed a bit strange why people are not interested in this. In 2021, it was completely obvious to me that the company had potential when Ferratum’s EBT alone was 30 M€. SweepBank and Capitalbox were indeed in bad shape then, but the idea was that the poor performance of these two could not be tolerated indefinitely, which would inevitably unlock Multitude’s value in some way.

There has been very little discussion about Multitude here. I wrote a slightly longer report after the Capital Markets Day, so it’s worth reading or watching the CMD slides/webcast yourself! The investment story has progressed well this year for those who have followed the company, and otherwise the company has a good track record in achieving its promises after the 2021 earnings dip. The guidance and targets for the coming years are ambitious, but if these were to be achieved, the return potential is also good

Ja tässä olisi Ronilta vielä yhtiöraportti Multitudesta.  Multitude’s Q3 figures were slightly below our estimates, but on the positive side, capital-light fee income continued its rapid growth and credit losses continued to decrease. Although the target level for the Capital Markets Day was high, we found the presentations informative and encouraging regarding the company’s medium-term outlook. Despite this, forecast changes were negative based on Q3 figures and the development of net interest income. We cut our target price to 7.8 euros (previously 8.0 euros) and reiterate our Add recommendation.                   Inderes              Multitude Q3'25: Korkea voitonkasvuambitio - Inderes    Multituden Q3-luvut jäivät hieman ennusteistamme, mutta positiivisella puolella pääomakevyt palkkiotuotto jatkoi nopeaa kasvuaan ja luottotappiot pienenivät edelleen.

Here are Ron’s quick comments on the Q3 results published this morning.  Multitude’s growth in Q3 was slower than our expectations, but the result was largely in line with our forecasts, due to very good growth in fee income and the continued positive development of credit losses. The guidance was reiterated, which we believe does not require a very strong year-end. We have not yet heard about strategy updates or new financial targets, but we believe we will be better informed after the Capital Markets Day held this afternoon (registration here).                   Inderes              Multitude Q3’25 -pikakommentti: Tuloksen paraneminen jatkui kasvun...    Multituden kasvu Q3:lla oli odotuksiamme hitaampaa, mutta tulos oli pitkälti linjassa ennusteidemme kanssa, johtuen erittäin hyvästä palkkiotuottojen kasvusta ja jatkuneesta positiivisesta kehityksestä luottotappioissa.

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

This time, Endomines’ Communications Director Anni Turpeinen was there to talk about the company                   Inderes              Endomines sijoituskohteena | Sijoittaja 2025 - Inderes    Aika: 28.11.2025 klo 11.22 Endominesin viestintäjohtaja Anni Turpeinen avaa yhtiön liiketoimintaa Sijoittaja 2025 -tapahtumassa.

Vyyhtisen Kai was presenting about his company at the Investor Days.                    Inderes              Endomines as an Investment | Investor Day Nov. 24, 2025 - Inderes    Time: 24.11.2025 klo 16.00 Kari Vyhtinen, CEO, talks about mining and exploration company Endomines as an investment.

Here are Aapeli’s comments on how Endomines is selling its three US projects.  Endomines announced on Wednesday that it is selling three of its gold deposits located in Idaho, USA, for a debt-free total price of 20 million Australian dollars. The payment of the purchase price consists of five installments spread over several years and includes options between cash and shares of the acquiring company. Overall, we believe the arrangement clarifies Endomines’ structure and is in line with the company’s strategy of focusing on its Finnish operations.                   Inderes              Endomines myy kolme USA:n projektia Idahosta - Inderes    Endomines tiedotti keskiviikkona myyvänsä kolme Idahossa, Yhdysvalloissa, sijaitsevaa kultaesiintymäänsä 20 miljoonan Australian dollarin velattomalla kokonaishinnalla.

Vyrhinen’s smile was sometimes as wide as a Hangon keksi - that probably bodes well?

Kari Vyhtinen was interviewed by Aapeli.                    Inderes              Endomines: Kolmen kultaesiintymän myynti Yhdysvalloissa - Inderes    Aika: 19.11.2025 klo 15.00 Endomines tiedotti myyvänsä Yhdysvaltojen Idahossa sijaitsevat kolme kultaesiintymää Elk Range Minerals LLC:lle 20 miljoonalla Australian dollarilla.                             Topics: 00:00 Introduction  00:20 Sale of three gold deposits  01:14 Purchase price  01:54 Buyer  03:43 Risks related to the completion of the transaction  04:19 Payment arrangement  06:14 What will the money be used for?  06:57 Balance sheet value of US projects  07:57 Write-down risk for remaining Idaho properties  09:33 Interest in Idaho properties  11:15 What will be done with the remaining properties?  12:12 Planned measures in Montana  15:34 Development of the past quarter  16:51 Effects of Power Mining acquisition  19:18 Exploration results  22:53 Next drilling results  24:16 Reserve updates

Here are Aapeli’s comments on Endomines’ announced additional results from the Ukko deposit.  The results published by the company focused on the previously unexplored southernmost zone of the Ukko deposit. The results covered only two drill holes, the concentrations of which were, in our view, low. However, due to the small sample size, drawing larger conclusions, for example, about the potential of the entire Ukkolanvaara area, is premature. At this stage, we will await the results of subsequent drilling campaigns, and the published results do not have an immediate impact on our positive view of the stock.                   Inderes              Endomines julkisti lisätuloksia Ukko-esiintymältä - Inderes    Yhtiön julkistamat tulokset kohdistuivat Ukko-esiintymän aiemmin tutkimattomalle eteläisimmälle vyöhykkeelle.

Here are Aapeli’s comments on how a good third of these convertible bond loans were converted into shares.                    Inderes              Endomines: Reilu kolmasosa vvk-lainoista konvertoitiin osakkeiksi - Inderes    Endomines tiedotti torstaina vastaanottaneensa vvk-lainoihin liittyen vaihtoilmoituksen, jonka perusteella yhteensä noin 6,4 MEUR vaihdetaan yhtiön uusiksi osakkeiksi.

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.

The winners of Finland’s Most Responsible Product competition have been selected in three categories. This year, the selections highlighted products that, among other things, reduce the need for virgin raw materials and resource use, as well as products with a long lifespan. Home and leisure: Orthex Paulina Self-Watering Pot “We participated in Finland’s Most Responsible Product competition because we believe that responsibly manufactured products deserve to be seen, and the competition provided a good platform for that,” says Hanna Kukkonen, Chief Marketing and Sustainability Officer at Orthex Group. “The win brings important visibility to our product and increases customer trust that responsibility is an important value for us.”                   www.ostavastuullisesti.fi              Tee kestävämpiä valintoja helposti    Asiantuntijoiden kuratoimia vastuullisia tuotteita ja palveluita sekä vinkkejä kestävään elämäntapaan.

Profitability last quarter was a positive surprise. I have been thinking that when raw material price pressure continues downwards, demand recovers, and marketing efforts do not necessarily need to be made at the same cost (there were already indications of this in Q3), then suddenly we are quite close to the EBITA target, or even >15%. From Clas Ohlson’s latest sales report. Highlighting the CEO’s comment that sales in Finland, in particular, surprised positively. Sweden has had a more buoyant trend for a longer time. Storage solutions are one of Clas Ohlson’s prioritized product categories.                    Clas Ohlson’s sales increased in October compared to the previous year              Clas Ohlson’s sales increased in October compared to the previous year

Good question! If I interpret it correctly, that graph illustrates the price development of a plastic polymer raw material index in Europe. Orthex purchases raw materials at contract prices, not on spot markets, which means the company’s prices do not fluctuate as wildly, and the predictability of availability and quality is generally better. I don’t know all the plastic raw materials that this index tracks, but generally, they correlate quite well with each other. Typically, contract prices follow faster-moving spot prices with a delay, but this year we have not yet seen a similar drop in contract prices relevant to Orthex. Looking ahead to next year, based on supply and demand dynamics, I would nevertheless guess that we will continue to see pressure on plastic raw material prices and that contract prices will follow suit. If we consider the sources of demand for plastic raw materials in Europe, two key and still weak sectors are the construction and automotive industries. I understand that some recovery is noticeable, especially in the German construction industry, but we are far from fireworks. At the same time, I could imagine that due to US import tariffs, Asian plastic raw materials will find their way to Europe more than usual next year instead of America, which would increase supply despite a weak demand outlook. I cannot access the news on the page without a subscription, but I think these headlines in the news feed probably reflect the mood among plastic raw material manufacturers quite well.

I took a look at the development of plastic prices, and it caught my eye how the price has been falling for several months in a row since the beginning of this year. I also assume that the continuous drop in oil prices has supported the decrease in plastic prices. Plastixx – data & charts 		 		– Plastics Information Europe, Is this data relevant to the raw material used by Orthex?

Alex was presenting about his company as an investment opportunity at the Investor Days.                    Inderes              Orthex as an Investment | Investor Day Nov. 24, 2025 - Inderes    Time: 24.11.2025 klo 16.00 Alexander Rosenlew, CEO, talks about Orthex as an investment.

Yesterday, we filmed a Swedish-language CEO interview with Alexander, and I took the opportunity to inquire about a topic that has been discussed on the forum: glass food storage solutions. Alexander mentioned that the company already has a small glass-based food storage series, but generally, it hasn’t gained significant traction (I had personally missed/forgotten this). The manufacturing of glass-based products requires significant investments, and additionally, the emissions generated during their production and freight-related emissions due to their weight are challenging. The company has outsourced the manufacturing of this product group, and generally, glass-based product manufacturing capacity seems to be very limited in Europe. However, based on this, I interpret that the company has the readiness to expand its glass-based product offering if consumers were to broadly shift in this direction. Finally, I must also admit that glass storage solutions have increased in our home as well.  Otherwise, the interview contained a lot of repetition of topics already covered in Finnish-language interviews. However, Alexander seemed very pleased with the appointment of the new European Sales Director, and especially that individuals can be grown into larger roles within the company. More resources are also being allocated to growth in Germany. I eagerly await the day when we get tools for automatic transcription and translation of such videos, so that these too become more widely usable than they are now.                   Inderes              Orthex: Högre ambitioner än vad som uppnåtts  - Inderes    Time: 18.11.2025 klo 17.30 Analytiker Thomas Westerholm intervjuar Orthex VD Alexander Rosenlew. I intervjun sammanfattar Rosenlew det innevarande året.

Our glass jars have also increased significantly. I was just thinking about the breakage problem last week, why aren’t these glass jars coated with plastic? There would be microplastic-free food inside and impact resistance outside

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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