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
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          estimates {
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            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.

Here are Sauli’s comments on how United Bankers is expanding as expected into PE funds  United Bankers announced on Monday that it is expanding its product range into the private equity market (Private Equity) with a new special investment fund. The move is in line with our view, and we believe it is justified for the company to expand its product offering to boost new sales. The news does not cause immediate changes to our forecasts, but we consider the opening to be strategically sensible.                   Inderes              United Bankers laajentaa odotetusti PE-rahastoihin - Inderes    United Bankers ilmoitti maanantaina laajentavansa tuotevalikoimaansa pääomasijoitusmarkkinoille (Private Equity) uudella erikoissijoitusrahastolla.

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

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.

My message isn’t that you should buy Robit right this second. I don’t know why the company isn’t making a decent profit, even though the product is allegedly in good shape now. Of course, construction is stalled a bit here and especially there, and in addition to mines, Robit’s drills go to the construction industry. My point is that if you are looking for potential doubles, it’s time to sift through the small-cap lists. If Robit were to generate a ten percent operating profit, its share price would definitely more than double. And small-cap stocks are capable of bubbling up just like the Man-child’s toys. (I am also short on Tesla).                   Sijoitustieto.fi              Pienet nostavat päätään    Pienyhtiöt olivat pop nelisen vuotta sitten eli koronan jälkeen, mutta ennen Putlerin peräpukamien puhkeamista. Jotain muutaman kymppimegan ruotsalaisia nakkikioskeja saattoi seurata kymmenenkin geelitukkaa ja sukusijoitusyhtiöiden (eng. family...

I don’t know how generalizable these are for the company’s portfolio and global drilling needs, or who was ultimately being compared.  But from the customer’s perspective, quite relevant advantages were achieved. This refers to the news in the previous post.  The results were decisive. The Robit H4 Marathon hammer achieved a total service life of 4,740 drill meters, significantly outlasting the competitor, which reached 3,100 meters. Bit performance showed the same trend. In the extremely abrasive rock, Robit’s bits averaged at 140 meters, while competitor bits averaged around 65 meters. Among the designs tested, the convex-face bit with Extreme Carbide gauge inserts delivered the best balance of durability and penetration. Encouraged by the results, Acciona is exploring additional bit designs with Robit, including Extreme Carbide models, to further reduce cost per meter and improve productivity. The Marathon hammer has already convinced the contractor with its longer lifetime and penetration rates about 30% faster than the competing product.                    Robit Plc – 22 Jan 26              La Arena: Precision drilling in Peru’s Andean copper–gold belt | Robit Plc    High in the mountains of northern Peru lies the La Arena open-pit mine, a combined gold and copper operation. The site sits along one of the world’s largest porphyry copper–gold belts, part of the Andean metallogenic area that has yielded many of...         Est. reading time: 2 minutes

linkedin.com              #robit #acciona #mining #drilling #dth #copper #gold #peru #mininginnovation...    PRECISION DRILLING PROVEN IN PERU’S ANDEAN COPPER–GOLD BELT  At the La Arena open-pit mine in northern Peru, Robit’s H4 Marathon DTH hammer delivered standout results in extremely abrasive ground conditions. During comparative trials with Acciona,...                             PRECISION DRILLING PROVEN IN THE COPPER-GOLD DISTRICT OF THE PERUVIAN ANDES At the La Arena open-pit mine in Northern Peru, Robit’s H4 Marathon DTH hammer delivered excellent results in highly abrasive ground conditions. In comparison tests with Acciona, the Marathon drill achieved 4,740 drilling meters – significantly outperforming competing equipment – and more than doubled the average service life of the Robit bit. Google Translate.

Robit’s stakeholder magazine was recently published. Some promising stories included, and the CEO’s words on the importance of enhancing sales efficiency are certainly positive. Some (appointments) have already taken place; hopefully, these will also start to reflect as top and bottom-line growth.                   Robit Oyj – 22 Dec 25              Robitin sidosryhmälehti Bulletin 2/2025 on nyt julkaistu | Robit Oyj    Robitin sidosryhmälehden uusin numero 2/2025 on julkaistu. Lehden aiheet käsittelevät mm. “Kevitsan kivi laittaa uppovasaran lujille” ja “Destia rakentaa Vantaan ratikkaa Robitin työkaluilla” sekä muita mielenkiintoisia artikkeleita. Lue...         Est. reading time: 1 minuutti

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

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.

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

Here are Aapeli’s comments on how Enersense’s financing arrangement received approval.  Enersense announced on Thursday that its bondholders’ meeting has approved the company’s proposal to amend the terms of its convertible bond. The decision was expected and also enables the realization of the company’s broader financing package. In addition, Enersense announced after the market close that it would also carry out the previously communicated issuance of an additional tranche. Overall, the arrangements strengthen the company’s balance sheet and secure financing for the coming years.                   Inderes              Enersensen rahoitusjärjestely sai sinetin velkakirjanhaltijoilta - Inderes    Enersense tiedotti torstaina, että sen velkakirjanhaltijoiden kokous on hyväksynyt yhtiön ehdotuksen vaihtovelkakirjalainan ehtojen muuttamisesta.

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.

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.

In addition to CBAM and EU tariff matters, there is also talk about directing public spending to favor EU production. Time will tell if this leads anywhere.  European Commission Vice-President Stéphane Séjourné, who is responsible for the EU’s industrial policy, published an opinion piece supporting the “Made in Europe” initiative, signed by more than 1,000 executives from EU-based companies. The article was published simultaneously in France’s Les Echos, Germany’s Handelsblatt, Spain’s El Mundo, and Italy’s Corriere della Sera. In his column, Séjourné stressed that European countries should prioritize European companies in public procurement in order to protect their industries. “In our most strategic sectors, we must make a genuine European preference permanent. Without an ambitious, effective, and pragmatic industrial policy, the European economy will become nothing more than a playground for its competitors,” he said. Pointing to the growing prevalence of tariffs, subsidies, export restrictions, and intellectual property violations in global trade, Séjourné warned that international competition is becoming increasingly unfair and argued that the EU must adopt a more proactive stance. Recalling that major economies—particularly the United States and China—have similar programs supporting their strategic sectors, Séjourné noted that it is inevitable for the EU to adopt a comparable approach. Emphasizing that the core principle of the “Made in Europe” strategy is clear, Séjourné stated: “Wherever public money is spent in Europe, it must contribute to European production and employment.” The European Commission is expected to unveil its proposed “Industrial Accelerator Act” by the end of February, aimed at supporting European industry. The proposal is expected to include provisions introducing a “Made in Europe” requirement in public procurement.                    EUROMETAL - The Voice of European Steel, Tubes and Metal Distribution... – 3 Feb 26              European Commission Vice-President Séjourné: “Made in Europe” priority should...    European Commission Vice-President Stéphane Séjourné stated that the “Made in Europe” approach, which envisages giving priority to European companies in public procurement across EU member states, should be strengthened. European Commission...

Aperam released their Q4 results this morning. Their South American business makes comparisons with Outokumpu difficult, but they are also lamenting the lack of demand and the intensity of import pressure. Apparently, import pressure has increased toward the end of 2025. It is somewhat logical that importers have pushed larger volumes before CBAM takes effect, and this could still have spillover effects into early 2026. Aperam seems hopeful that the European market situation will improve in H2 thanks to CBAM and other safeguard measures. It is difficult to extract much significant informational value for Outokumpu from this, as it is known that their Q4 has been very weak. The question is mainly how painful it has been. However, there is hope for improvement thanks to those safeguard measures.  Here is a heat map of the demand situation

At the CMD, it was clarified that the baseline is the previous dividend (€0.26). Considering the comments, the improving market situation, last year’s dividend and results, and the fact that no major investment has been announced yet (e.g., in high-nickel grades in Avesta), I believe the dividend will be kept at the same level. It is of course possible that an investment announcement (the aforementioned Avesta investment being the most likely in my view) could still be made, which would change the situation and result in a dividend cut.

Dividend Policy Outokumpu updated its dividend policy on June 10, 2025. In accordance with the dividend policy, Outokumpu aims to pay a stable and growing dividend over time while maintaining the ability to invest in transformative initiatives with a minimum internal rate of return (IRR) of 20%, taking into account the cyclical nature of the markets. A quote from Outsa’s website. That is how it is officially stated.

If I remember correctly, Inderes has consistently forecasted dividends significantly lower than they turned out to be. Well, we’ll soon see if they get it right this time. On the other hand, Outokumpu’s CEO said in the latest update that potential investments could eat into the dividends. So, a bit of a warning that promises might not be kept after all.

The extension of the EU safeguard measures ending in June is making positive progress. Finalized in the spring? Further information in the links, the latter of which also mentions tightening the “melt and poured” rule:            europarl.europa.eu              New measures to protect EU steel market from global overcapacity | Aktuelles...    On Tuesday, the International Trade Committee adopted a series of measures to counteract the negative impact of global overproduction on the EU steel market.                             (European Parliament approves new measures to reduce steel import quotas-Yieh Corp Steel News)

CBAMs and import quotas will improve Outokumpu’s position starting this year.  Before the financial statement release, analysts are projecting earnings per share of €0.2 or slightly more for 2026. 2027 forecasts are widely scattered, but by then, the results should already be significantly higher.  In my opinion, the CMD was to some extent a missed opportunity; bigger moves could have been made to maximize shareholder value.  Even stupider was promising shareholders a stable/growing dividend in a hot market when the industry is very cyclical (as has been noticed in hindsight  )  Inderes has published a dividend article                   Inderes              Osinkonäkymät 2026: pörssin osinkotuotto laskee - Inderes    Helsingin pörssin osinkotuotto on laskemassa edellisvuodesta. Osinkojen leikkauksia on luvassa, mutta myös korkeaa osinkotuottoa on tarjolla valikoiduilta yhtiöiltä.                              Inderes is the most negative out of 11 analysts regarding the dividend. The lowest dividend forecast for each year is from Inderes.  In my opinion, maximizing shareholder value would require swifter moves (share buybacks when cheap, divestments, etc.), but Outokumpu’s management and board are committed to this path of investing a little and paying a stable/growing dividend.  It remains to be seen whether the dunce cap goes to Outokumpu, as they have promised to pay at least a stable dividend and then pull the rug out from under our feet.  Or will the dunce cap go to Inderes, when the company promises to pay a stable/growing dividend and the analyst predicts a drastic dividend cut for the next three years.

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).

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

Can Roni or someone else comment on whether the listing in Frankfurt makes sense? Trading volume seems to be around tens of thousands on average, yet the market cap is 129 MEUR. There are more of these types of listings in Stockholm. Antti Kumpulainen is, of course, also welcome to respond to this. The headquarters are located in Zug, Switzerland, so is there some tax planning behind these locations?

I have a small amount of Multitude bonds in my bond portfolio purchased through Mintos, with a coupon rate of 3-month Euribor + 6.75%. The YTM is approx. 7.4% p.a. if held until maturity.

For me, at least the listing venue matters, meaning the costs (and the fact that I currently have enough banks in my portfolio). My own “bank Excel” shows green for Multitude in terms of valuation, meaning the current share valuation is moderate for my taste. I haven’t combed through the balance sheet (since it’s not on my buy list), so I can’t assess if there’s anything there that wouldn’t please me. This didn’t provide a crazy amount of new info about Multitude as an investment, so feel free to flag the post if you feel like it.

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

Here is the company report on Endomines from Atte following H2  Endomines’ second-half result was expectedly strong, supported by tailwinds from the gold market. We have slightly lowered our production forecast for the current year, as our previous forecast was at the upper end of the 2026 production guidance range. Despite this, our overall forecasts for the current and future years increased due to the continued strength of the gold market. This year, Endomines aims to drill a total of 50,000 meters along the Gold Line, which we believe will enable the company to define a significant portion of its 1.5–2.0 million ounce resource target over the next two years. Following the forecast changes, the present value of Pampalo increases in our sum-of-the-parts model, and accordingly, we are raising our target price for the share to 33.0 euros (prev. 32.0 euros). The recommendation remains at the Accumulate level.                   Inderes              Endomines H2'25: Malminetsinnän vauhti kiihtyy - Inderes    Tänä vuonna Endomines tavoittelee kairaavansa kokonaisuudessaan 50 000 metriä kultalinjalla jonka myötä uskomme yhtiön pystyvän määrittelemään merkittävän osan varantotavoitteestaan seuraavien kahden vuoden aikana.

Atte discussed Endomines’ H2 and outlook with CEO Kari Vyhtinen.                    Inderes              Endomines H2'25: Ennätysvuosi takana, seuraava edessä? - Inderes    Aika: 05.02.2026 klo 15.59 Vuosi 2025 oli Endominesille ennätysvuosi korkean kullan hinnan ansiosta ja onnistumisia saavutettiin myös malminetsinnässä.                             Topics: 00:00 Introduction  00:12 Summary of 2025  01:05 Guidance for 2026  01:51 Integration of Power Mining Oy  02:38 Increase in cash costs  03:17 Impact of the acquisition on the cost level  04:02 Exploration results  06:17 Investment in increasing exploration volume  08:02 Development of reserves  09:20 Southern Gold Line tungsten, molybdenum, and gold project  12:50 Size of the investment  13:17 Financing options

Here is Atte’s preview as Endomines releases its report for the second half of last year on Thursday, Feb 5.  We expect the strong rise in gold prices to have compensated for the lower-than-expected production volumes at the end of the year and for the result to have improved clearly from the level of the comparison period. In the report, we will pay attention to, among other things, the 2026 outlook, which is further supported by the gold price having risen strongly since our last update. We consider the current year to be significant for the company’s investment story once again, with exploration activity being high. At the same time, development work on the Southern Gold Line continues, where success is key to enabling a step-change in production.                   Inderes              Endomines H2'25 -ennakko: Tarinan kannalta jälleen tärkeä vuosi edessä - Inderes    Endomines julkaisee vuoden 2025 toisen vuosipuoliskon raporttinsa torstaina 5.2.2026.

Quite a story related to gold and relevant for the company. In Finland, there is very little discussion about mining companies, even though we have massive mineral reserves. Bureaucracy with its permitting is too slow and the Bank of Finland sold off its gold… others are buying and the price is rising  . What are the pension funds doing and where is the money being invested? Likely Nokia, Nordea, Neste, forest companies… have there been good returns in recent years?                   Tärkeimmät talousuutiset | Kauppalehti – 26 Jan 26              Kulta rikkoi 5 000 dollarin rajan – ”luottamuksen vastakohta”    Sijoittajat hakevat kullasta turvaa, kun valtionlainojen ja valuuttojen riskit ovat kasvaneet.

A bit off-topic, but a story about gold…                   SalkunRakentaja – 23 Jan 26              BRICS-maat kiihdyttävät vetäytymistään USA:n velkakirjoista – kulta kiilaa...    Kiina ja Intia kartuttavat kultavarantojaan ennätystahdin, kun luottamus Yhdysvaltain velkapapereihin hiipuu.

Here is the only portfolio manager who understands the mechanics of precious metals, and the fund’s returns have reflected that. The voice of experience and understanding is clear.                   Helsingin Sanomat – 22 Jan 26              Sijoittaminen | ”Kehäpäätelmä” tekee nyt huimaa tiliä sijoittajille    Kulta on tavallaan turhaa, sanoo Suomen parasta tuottoa takova salkunhoitaja Petter Langenskiöld – paitsi jos haluat rikastua epävarmuuden aikoina.

Does gold’s upward trend have an impact? I think it does, but it’s not showing in the report…

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.

Good interview. The link to the interview can be found in this press release. It’s nice to notice that I largely have the same line of thought as the CEO.                   Inderes              Analyst Group: Analyst Group Interview Orthex's CEO Alexander Rosenlew - Inderes    We have interviewed Alexander Rosenlew, CEO of Orthex. In the interview Alexander tell us where the company is today, the strategy going forward and why the company is a good investment.Read...                             Ps. oil price already at 2020-2021 turn levels …

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.

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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