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
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            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
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            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.

We chatted with Sauli about UB’s situation, more on earnings growth and new sales in the video as well.                    Inderes              United Bankers: Uusmyyntiin tarvitaan potkua - Inderes    Aika: 17.03.2026 klo 13.15 United Bankersin pitkän aikavälin tuloskasvunäkymä on edelleen erittäin hyvä, mutta lyhyellä aikavälillä vaihtoehtoisten haastava markkinatilanne heittää kapuloita rattaisiin.                             Topics:  00:00 Introduction  00:19 Asset manager focused on real assets  01:26 High share of performance fees in the result  04:15 Challenges in new sales  08:18 Financial targets and AUM growth  10:25 M&A  13:25 Forecasts for the coming years  16:10 Stock valuation

UB is pretty cool. Ruoholahti proletarian Sauli has produced a comprehensive report on United Bankers, and like other comprehensive reports, it is available for everyone to read and there are no paywalls  UB’s investment story has improved significantly in recent years, and it has emerged as a high-quality asset manager. We believe the longer-term earnings growth outlook is very good, but in the short term, the challenging market situation for alternatives is throwing a wrench in the works. Without brisk earnings growth, the stock has no upside, but if forecasts materialize, the expected return is good. We want to see concrete signs of accelerating earnings growth and reiterate our Reduce recommendation with a target price of EUR 19.0 (prev. EUR 18.0).                   Inderes              United Bankers laaja raportti: Kasvumoottori hakee vielä kierroksia - Inderes    UB:n sijoittajatarina on parantunut merkittävästi viime vuosina, ja pidemmän aikavälin kasvukuva on houkutteleva. Vaihtoehtoisten haastava markkinatilanne heittää kuitenkin kapuloita tuloskasvun rattaisiin lyhyeillä aikavälillä.                             Quotes from the report: Still potential in scalability Due to the fixed cost structure, the operating leverage of the business is significant, which has been reflected in Asset Management’s figures in recent years: from 2018 to 2024, approximately 50% of the growth in Asset Management’s revenue has flowed through to EBITDA. We believe this level is reasonable but clearly pales in comparison to the sector’s top companies, where operating leverage has consistently been between 70% and 100%. The company’s fixed costs have increased continuously as it has expanded its product offering and grown its sales force. The company should therefore have the potential to raise its Asset Management profitability significantly from current levels, especially if performance fees remain at a high level. We believe this higher operating leverage is realistic over a couple of years as the company’s sales accelerate from current levels and the growth investments currently being made are completed.

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

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 are Aapeli’s comments regarding the patent dispute. Robit announced on Friday that it had received a summons from Sandvik regarding an alleged patent infringement in a drill bit solution. The preliminary value of the dispute is EUR 2.0 million, which would be significant compared to the earnings level we have forecasted for Robit. However, Robit considers the patent dispute to be completely unfounded. According to the company’s preliminary estimate, the process will last through the end of 2026, and in our view, the outcome is still difficult to assess. Therefore, the news has no immediate impact on our forecasts.                   Inderes              Robitilla patenttiriita Sandvikin kanssa - Inderes    Robit tiedotti perjantaina vastaanottaneensa Sandvikilta haasteen, joka koskee väitettyä patenttiloukkausta porakruunuratkaisussa.

Concerns for Robit, a fair-sized sum nonetheless considering the market cap is 22 million, obviously in absolute money, but also potentially as lost revenue.

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...

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.

Last summer, I think I already asked @Aapeli_Pursimo about Enersense’s financial expenses, and now that I’ve waded through the reports from Inderes, SEB, and Nordea, there was a striking difference in the financial expense forecasts. SEB and Nordea still had annual financial expenses of over €6m + hybrid costs for this year and next, while Aapeli’s forecasts are €4.2m and €2m. Net debt is only €3.4m, so in that sense, I am indeed leaning more towards Aapeli’s forecasts. However, regarding Enersense’s financial expenses, the annual report states: “Interest expenses from other loans mainly include interest expenses on loans, guarantee commissions, factoring interest and fees, and penalty interest,” making those difficult to estimate. Have such guarantee commissions also ended now that the shipyard operations, among others, have been divested? And is there even a need to sell receivables anymore in the current financial situation, as factoring debts in the financial statements had also halved to €4m? Someone is going to be significantly wrong either way?

Enersense and Q4’25 in a nutshell! Analyst @Aapeli_Pursimo summarizes business units, customers, competitors, guidance, valuation, and our recommendation.                   Inderes              Enersense Q4’25: The deck is cleared  - Inderes    Time: 2026-03-04 10:34 Enersense and the Q4’25 in a nutshell.

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.

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 are some more comments from the EU steel lobbyist Eurofer regarding the steel-related aspects of the Industrial Accelerator Act. The hope is for a tighter framework to ensure the involvement of EU companies, presumably in case the CBAM (Carbon Border Adjustment Mechanism) and tariff reforms are bypassed. The EU has a tendency to be a bit naive, so there really should be more foolproof systems, considering that today’s global trade policy and geopolitics are what they are—i.e., heading in a different direction than before. Edit: It’s worth noting that according to this, the IAA would only require a 25% low-carbon share in public procurement, which would correspond to about 5% of total consumption. This could also be based on non-EU trade agreements.  The proposal offers some welcome foundations that could stimulate demand for low-carbon steel. But the demand signal remains limited. The  proposal requires 25% of steel in public procurement and public support  schemes to be low-carbon - yet it does not require that this steel be  produced in Europe. This matters. 25%  of public procurement represents less than 5% of the total steel  market, and public support schemes vary widely across Member States. Without  stronger and clearer demand signals, these measures may not provide the  long-term certainty needed for major industrial investments. To make lead markets work, the EU must ensure it supports low-carbon steel made in Europe, not made in third-countries. The Industrial Accelerator Act is a welcome start - but it must go further to increase demand for green steel made in Europe. EUROFER therefore calls for:  a clear definition of “Made in Europe” for steel, based on steel melted and poured in the EU and EEA   the application of both low-carbon and European origin criteria in the Industrial Accelerator Act   a robust labelling framework to support lead markets   affordable electricity prices to further enable steel decarbonisation.  https://x.com/i/status/2029217279271915940

Outokumpu is indeed in favor of the project, with the following development suggestions.  Apparently, that third suggestion refers to the idea that EU requirements for components should also apply to the steel they contain.  Outokumpu further encourages the Commission to  introduce an EU low-carbon steel label, which would enable steel manufacturers to demonstrate their products’ carbon dioxide emissions and help buyers choose cleaner materials, introduce low-carbon criteria for stainless steel as well, so that the criteria take into account differences in manufacturing processes and also consider the high emissions in the supply chain, and expand Made in EU requirements to also cover steel, as excluding products containing steel from the list of preferred European products can lead to high-emission steel being imported into Europe, resulting in final products with a large carbon footprint being manufactured here.   Outokumpu supports the EU proposal to boost industry | Outokumpu Outokumpu tukee EU:n ehdotusta teollisuuden vauhdittamiseksi | Outokumpu

The EU Commission has approved a legislative proposal, the ‘Industrial Accelerator Act’, regarding public procurement and public support schemes. A good addition alongside January’s CBAM directive and the tariff reform coming into effect this summer (zero-duty import quota halved, 50% tariff on the excess, creation of the ‘melted & poured’ rule).   supporting lead markets for EU-manufactured and low-carbon products.  The act introduces preferential treatments related to EU manufacturing and low carbon in public procurement and public support schemes to increase demand for European industrial products. Such products include cement, aluminum, and net-zero technologies, such as batteries as well as solar, wind, heat pump, and nuclear power technology. Regarding steel, the act proposes specific low-carbon benefits to create market demand. This aims to increase confidence and predictability among investors, promote innovation, and make clean steel a key part of the EU’s industrial future.                     Suomen-edustusto              Teollisuuden vauhdittamissäädös vahvistaa teollisuutta ja luo työpaikkoja...    Euroopan komissio on tänään hyväksynyt lainsäädäntöehdotuksen, jolla lisätään vähähiilisten, Euroopassa valmistettujen teknologioiden ja tuotteiden kysyntää. Teollisuuden vauhdittamissäädöksellä (Industrial Accelerator Act) piristetään...

If Outokumpu were to transition from being a ferrochrome producer to a pure chromium producer, the impact on Outokumpu’s earnings capacity would be dramatic. Outokumpu would transform from a capital-intensive cyclical commodity company into a capital-generating cyclical company. In this scenario, Outokumpu would be valued at a significantly higher level. The assessment is AI-generated. Current Situation (2025) Production capacity: 530,000 t of ferrochrome per year. Actual production/deliveries: 395,000 t, containing 53% chromium → 210,000 t Cr/year. Revenue in the ferrochrome segment: €462M. Adjusted EBITDA: €138M. Hypothetical Future for Pure Chromium Metal 210,000 t of pure chromium metal per year Market price for pure chromium (99% Cr): •  China (SMM): 9,130 USD/t  •  USA/Europe: 12,300–13,200 USD/t  Potential revenue (conservative average): approximately €1.9 billion (vs. current €462M from ferrochrome).  Incremental revenue of €1.4 billion/year from sales alone. Profitability Impact: Current EBITDA margin in ferrochrome ~30% (€138M / €462M). Pure chromium is a specialty metal (uses: aerospace, defense, superalloys), with a price per ton of chromium that is 2.5–4 times that of ferrochrome. Outokumpu’s own mine + low raw material costs + potential proprietary low-carbon technology (which they are currently developing) would enable high margins. Estimated EBITDA Impact: If production costs increase (additional processing: oxidation/reduction/electrolysis) but not in proportion to the price, the segment’s EBITDA could rise to €500–800M per year (vs. current €138M). The group’s total result (current adjusted EBITDA ~€167M in 2025) would improve dramatically.

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

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).

Yeah, this has been a pretty good swing stock between 5.9-6.4. It’s illiquid (Vähänvaihtoinen) and the bid-ask spread is usually calculated in percentages. P.S. I don’t know what news came out today that caused a sudden 10% drop. A 10% dividend yield is certainly welcome.

Yup, maybe this is a lesson for everyone: a German company’s stock exchange releases might not show up on the same media radar as Nordic stocks. In my opinion, something for Multitude’s IR girls to ponder too. But I’d be surprised if the stock doesn’t clearly move up from around six euros.

That is certainly true, the stock had been coming down more sharply than the market recently, so with positive news, it’s natural that the recovery was also swift. Still, I had to mention the disproportion between the share price increase and the proposed dividend, as it caught my eye. In Multitude’s case, a purely cheap P/E ratio has clearly not attracted investors, as the quality and sustainability of earnings have certainly been somewhat concerning. Now that the cheap earnings-based valuation is also realized as cash flow to owners, the enthusiasm makes sense.  Yes, unfortunately, the comment didn’t make it into yesterday’s morning review. However, I noticed the dividend proposal in the morning and then just put the comment in for the next morning’s review. But the comment could have been released faster. If you want to receive press releases immediately, you should subscribe to them via email.

Regarding that price increase, the stock dipped very low on Wednesday along with the rest of the market, so at least half of yesterday’s rise was probably related to that. The stock’s trading volume is quite small, so it sometimes moves a bit erratically anyway. Yesterday, someone picked up the stock at €6.5 right in the morning, but after that, it went significantly lower to €6.02. I suspect that yesterday’s report didn’t reach all investors at the same time; I myself only found it in the afternoon, even though it was apparently published first thing in the morning. The report is still not on Nordnet, and even Inderes woke up to this later than usual. Perhaps the company has something to improve here, or did I miss something myself?

Well, now you hear!                    Inderes              Multituden hallitukselta avokätinen osinkoehdotus - Inderes    0,55 euron osinkoehdotus ylitti 0,31 euron ennusteemme.

€0.55 dividend (proposal). Now it’s nice to hear Roni’s view, it goes well over Inderes’ forecast!

Thanks, that market cap was just a yardstick that was easily available, I understand of course that it’s not very relevant.

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

Weekend reading; Endomines’ annual report.            storage.googleapis.com              vuosikertomus-2025.pdf    3.60 MB

Good question, this wasn’t actually covered in this video. But yes, the bottleneck for stronger production growth is, in my understanding, precisely mining production. As the company stated in its presentation today, the current capacity of the concentrator is 26,000 ounces. The primary goal is to fill this capacity with production from the Pampalo underground mine.

Atte interviewed Kari Vyhtinen at the capital markets days                    Inderes              Endomines CMD: Tuotannon kasvusta uusi ennätysvuosi - Inderes    Aika: 27.03.2026 klo 15.28 Endomines järjesti pääomamarkkinapäivän, jossa se kertoi tavoittelevansa ennätysvuotta 2025 parempaa vuotta. Toimitusjohtaja Kari Vyhtinen kertoo päivän annin pääkohdista analyytikko Atte Jortikan haastattelussa.                             Topics: 00:00 Introduction  00:15 Key points of the CMD offering  01:16 Main risks to financial and strategic targets  02:29 Speed of project progress  03:24 Role of Pampalo mine  04:34 Allocation of exploration resources  05:46 Communicating drilling program results  06:43 Development of the Southern Gold Line project  07:49 Alive Mine concept  09:17 Investment in the Southern Gold Line  10:03 Location of the concentrator  11:32 Tungsten and molybdenum occurrences  13:03 Letter of intent for tungsten cooperation

I’d be interested to hear why the company is guiding for 20,000 ounces of production, even though the concentrator’s nameplate is 26,000 ounces, and debottlenecking could open the way to 30,000 ounces of production. What are the key bottlenecks, and is production constrained by the mine or the concentrator at these gold prices? What is the target timeline for achieving 30,000 ounces? At these gold prices, approximately €15-20 million in valuable cash flow is left on the table annually, so this is of interest, and I’d be pleased to hear comments.

What kind of ore deposits are tungsten and molybdenum concentrations associated with? Do they always occur hand-in-hand with gold, or are they also enriched separately without gold? What is the geology behind the occurrence of molybdenum and tungsten?

Endomines is holding a Capital Markets Day tomorrow, after which I will interview CEO Kari Vyhtinen. If you have any questions, please post them in the thread, and I will do my best to ask them.

Major investor and Endomines’ main owner, Kyösti Kakkonen, shared his story on Mikko Jylhä’s stock market podcast:

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.

Muoviteollisuus ry – 27 Mar 26              ​​Lähi-idän kriisi uhkaa muovituotteiden toimitusvarmuutta: vaikutukset...    Lähi-idän kriisi on johtanut poikkeuksellisen voimakkaaseen ja äkilliseen muoviraaka-aineiden hintojen nousuun, joka heijastuu jo suoraan suomalaisiin muovituotevalmistajiin. Nopea kustannusten kasvu ja raaka-aineiden heikentynyt saatavuus...                             Rosenlew is on the Board of Directors of the Association.

Kauppalehti had indeed received comments from a few stock exchange directors, and Alexander from Orthex was one of them: Alexander Rosenlew, Orthex 1. What are your thoughts on the current global situation?   The global situation is exceptionally uncertain, and geopolitical tensions and the energy crisis inevitably reflect on the operating environment of companies. For us at Orthex, this means ensuring supply security, cost-efficiency, and responsibility in a situation where the prices of energy, logistics, and raw materials fluctuate rapidly. 2. How has the war in Iran affected your company’s operations, and how are you preparing for the war’s effects in the near future? The increase in the prices of plastic raw materials has been exceptionally rapid, and availability challenging due to energy markets, logistics, and geopolitical uncertainty. Cost pressure and availability challenges affect the entire industry. In the short term, the rise in raw material prices creates pressure on profitability, and price increases are part of the overall strategy we use to manage the suddenly changed market situation. Our goal is to secure raw material availability even in this rapidly changing operating environment. We have several suppliers and established procurement relationships, which we use to ensure the availability of raw materials. So far, we have managed to adapt quickly to changing conditions and have been able to deliver products to our customers normally. If the current situation continues for a long time, challenges and pressures are expected to increase further.                   Tärkeimmät talousuutiset | Kauppalehti – 26 Mar 26              Hinnat nousevat, talouskasvu hiipuu – Pörssin pomoilta karu viesti Iranin...    Mitä Iranin sota muutti ja mitä siitä seuraa Helsingin pörssin yhtiöille? Metson, Nesteen, Orthexin, Kemiran ja Lumo Kotien toimitusjohtajat kertovat Kauppalehdelle.

I said the stock would be cheaper in six months. There will certainly still be money left then. I don’t expect a share issue yet, but only when the cash has been wasted on buybacks and canceling shares or distributed to stakeholders. When looking at the share price curve over a longer period, the trend looks quite bearish, as if making a profit is difficult for the company.

You eagerly interpreted my comment to mean that I think the company should buy its own shares NOW, even though I said above that the prices of plastic raw materials have not yet reacted much to the development of oil prices and that the company could take advantage of situations where the market punishes the company for weakened profitability. In the 2022 inflation shock, Orthex made a loss-making operating result in the seasonally weak Q2, but otherwise survived it completely unscathed. Since then, the company’s balance sheet position has only strengthened, which increases resilience. I’d be happy to hear what kind of future scenario you expect when you’re already talking about running out of money in six months and the need for a new share issue?

Another absurd comment. Why on earth would they burn the owners’/company’s wealth on buying back their own shares now? They could get those shares cheaper in six months if things don’t work out, and when they run out of money, the purchased and canceled shares will have to be “sold” again to shareholders when money is raised through a new share issue.

From a purely news flow perspective, I also wondered about the stock’s relief rally yesterday, as inflation risks related to the Middle East are still present in the business environment. If one puts on a bullish hat and looks for a silver lining, Orthex’s balance sheet is in stronger condition than its international competitors, so the company should be more resilient against a new wave of inflation, and new shelf space or interesting acquisition opportunities may arise. Orthex also utilizes a lot of recycled and bio-based raw materials in the industry context (18% by 2025), which may mitigate the impact of an oil price spike on the company compared to the rest of the industry. Perhaps as a third point, I would also highlight that at this stage, the elevated oil price has not yet significantly increased the spot prices of plastic raw materials, but pressure is constantly growing as the war drags on. Despite these silver linings, the elevated oil price will in any case have a negative impact on Orthex’s outlook and will also cause upward pressure on the price of plastic raw materials. So, while silver linings can certainly be found, and competitors can be assumed to suffer more than Orthex, the company will ultimately also be among those suffering. What I, as an analyst, would hope for from Orthex, given their stable demand but somewhat cyclical profitability due to raw material price fluctuations, is that the company would react to market overreactions/short-sightedness by buying back its own shares. This way, the company could benefit from situations where the market temporarily punishes it for weakened profitability.

Orthex has been relatively strong compared to the market (share price development) recently, even though Orthex has a direct link to oil prices. Can anyone say if there’s a silver lining for Orthex here? Are competitors suffering more or something else? Thanks especially to @Thomas_Westerholm if you have the energy to comment a bit.

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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