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Analyst Comment

LapWall closes the Raahe plant as expected

By Antti ViljakainenHead of Research
LapWall

Translation: Original comment published in Finnish on 9/19/2023 at 7:18 am EEST.

LapWall announced yesterday that the change negotiations initiated by the company in July will lead to the closure of the Raahe unit and the dismissal of all employees. Production will cease in the Raahe unit in early Q4. The unit will close by the end of November.

LapWall will move the production of its Kastelli-talot customer from Raahe to its Pyhäntä unit. Other production has already been moved there. The machinery and equipment in the Raahe unit will be utilized in LapWall's other units in Pyhäntä, Pälkäne and Veteli.

The outcome of the negotiations was not a surprise and does not affect our estimates

In our opinion, the closure of the factory was a very expected outcome, as LapWall has a good production capacity for wall panels at the Pyhäntä factory in relation to the current market situation, and thus concentrating production in a larger and more efficient unit in Pyhäntä makes sense. We have commented on the plan to close the Raahe factory earlier here. We have already taken into account the closure of the Raahe plant in our estimates and the number of employees moving to other LapWall units was also in line with our expectations. Thus, the closure of the Raahe plant will not put pressure on our estimates or view of the company.

LapWall operates in the building products industry with several factories. The company manufactures wooden wall and ceiling elements in factory conditions for construction companies. The product range includes several standard products that are delivered and installed by the customer. The company's market area is Finland. LapWall was founded in 2011 and its headquarters are located in Pyhäntä, Finland.

Read more on company page

Key Estimate Figures2023-08-08

202223e24e
Revenue52.543.249.9
growth-%8.6 %-17.7 %15.6 %
EBIT (adj.)8.34.36.5
EBIT-% (adj.)15.8 %10.0 %13.0 %
EPS (adj.)0.420.240.35
Dividend0.190.140.16
Dividend %5.3 %3.6 %4.2 %
P/E (adj.)8.616.311.1
EV/EBITDA4.89.76.7

Forum discussions

The amount of the dividend has been decided, but the payment date will be decided later. Inderes LapWall Oyj:n varsinaisen yhtiökokouksen pä...
3/27/2026, 2:21 PM
by Pirunnaapuri
10
Hope you didn’t do business with broke people.
3/27/2026, 1:46 PM
by Lenheeti
10
It was supposed to come but didn’t. But I’m sure it will be paid in the coming days.
3/27/2026, 1:41 PM
by Adonis
0
I thought Lapwall would pay dividends on March 26th. However, none landed in my account.
3/27/2026, 1:24 PM
by Mamma94
1
I just got around to listening to Jarmo Pekkarinen’s presentation at the general meeting. What an excellent package. There was one brilliant...
3/27/2026, 11:30 AM
by JHeiskanen
35
So, a €6M improvement potential. 2/3, or €4M, of the potential from materials. Materials purchased for €18M. Material cost reduction potential...
3/25/2026, 7:25 PM
by Pettersson
14
Thank you for the excellent question. We will not elaborate further on the calculation basis. Part of this is directly related to operational...
3/23/2026, 11:06 AM
by Jarmot Pekkarinen
24
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