contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

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

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

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

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

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

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

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


multitude-provides-8-meur-in-debt-capital-to-an-estonian-fintech-company-hoovi

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

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Analyst

Roni Peuranheimo

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

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

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

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

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

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

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

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

Multitude

Multitude's Wholesale Banking unit has entered into a strategic partnership with the Estonian fintech company Hoovi. 

Multitude&apos;s Wholesale Banking unit has entered into a strategic partnership with the Estonian fintech company Hoovi. The company will provide Hoovi with 8 MEUR in debt capital through a structured bond issue. Our estimates expect significant growth in Wholesale Banking&#x2019;s debt investments in the coming years and thus, the news doesn&#x2019;t cause a need for immediate estimate revisions. 
Hoovi is an Estonian fintech company specializing in embedded credit and hire purchase solutions for merchants and SMEs. Hoovi enables merchants to increase their sales and improve financing to customers by directly integrating financing options into business transactions. 
Financing other fintech is deeply embedded in the strategy of Multitude&#x2019;s Wholesale Banking business unit. Thus, a transaction like this didn&#x2019;t come as a surprise. Multitude&#x2019;s Wholesale Banking was established as a separate independent business unit at the beginning of 2024. Since then, the business unit has experienced significant growth while also being profitable (measured by earnings before taxes).

	2023	24e	25e
Operating income	204.0	215.3	229.0
growth-%	4.6 %	5.5 %	6.4 %
EBIT (adj.)	19.0	20.1	26.6
EBIT-% (adj.)	9.3 %	9.3 %	11.6 %
EPS (adj.)	0.51	0.53	0.83
Dividend	0.19	0.20	0.27
Dividend %	4.3 %	3.4 %	4.5 %
P/E (adj.)	8.7	11.1	7.1
EV/EBITDA	neg.	neg.	1.5

Multitude provides 8 MEUR in debt capital to an Estonian fintech company Hoovi

Key Estimate Figures2024-12-20

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