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
            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
    }
  }
}


toivo-group-tecknade-avtal-om-ett-radhusprojekt-vart-42-meur-i-esbo-mankkaa

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Frans-Mikael Rostedt

Toivo Group operates in the real estate industry. The company develops and manages a wide range of property portfolios. The vision is to own the properties in the long term with a focus on management and further development, where renovation and reconstruction account for the majority of the business. In addition to the main business, support and technical maintenance are offered. The largest share of the real estate investments is found in the Nordic market.

To correct your comment that “nothing has been sold even at book value”, historically, several properties have been sold above book value.

In Toivo, you can indeed gain exposure to the real estate portfolio below its book value, but nothing has been sold even at book value. So, at the current price, the realistic book value is presumably in line with, if not even above, the share price. But I’m staying on board myself to see how things develop.

This could spark some maneuvering where Toivo develops them and the major shareholders buy them onto their own balance sheets or something similar.

Yeah, they were indeed from shareholders / related party transactions. I don’t remember exactly now whether it was technically through Raatihuone or how, but the technical implementation doesn’t really matter in this regard anyway.

Am I remembering correctly that those capital loans were provided by the largest shareholders? It somehow seems that the main owner wants to free up capital from Toivo for other purposes. Repaying capital loans, distributing dividends (growing in the future), and no longer building for the balance sheet. Hopefully they keep their eye on the ball (on Toivo) and their capital and energy aren’t directed elsewhere. Of course, with interest rates rising, it’s a good idea to repay capital loans now, but even at a 4% level, they aren’t that expensive compared to many other arrangements you see on the Helsinki Stock Exchange (Hesuli) or Toivo’s own yield levels.

And here is a company report from Frans on Toivo following the Q4 results  We reiterate our Accumulate recommendation and our target price of EUR 1.20. Toivo’s Q4 results exceeded our expectations, and operational performance was excellent. However, we have shifted our forecasts for the coming years in a slightly more conservative direction due to the cautious guidance regarding project news and the continued weak market conditions. We estimate that the company is now capable of more capital-light growth than before. We see the valuation ('26-'27e P/E 13-11x) as an attractive level relative to the earnings growth potential in the coming years in a gradually recovering market. Especially now that we can also rely on the realized earnings level (2025 P/E 13.5x) and the balance sheet (P/NAV 0.94x).                   Inderes              Toivo Group Q4'25: Vuosi 2025 oli näyte yhtiön potentiaalista nykymarkkinassa...    Toivon Q4-tulos ylitti odotuksemme ja operatiivinen tekeminen oli erinomaista.

Frans chatted with Toivo’s Markus Myllymäki regarding Q4                    Inderes              Toivo Group Q4'25: Vahva suoritus vaativassa markkinassa - Inderes    Aika: 25.02.2026 klo 12.50 Toivo Groupin Q4-luvut olivat vahvat vaikeasta markkinatilanteesta huolimatta ja ylitti odotuksemme niin liikevaihdon kuin tuloksenkin osalta.                             Topics: 00:00 Introduction  00:12 Drivers of strong performance in Q4  01:12 Summary of 2025  02:02 Guidance for 2026  03:30 Financial targets  04:37 Capital allocation  07:41 Nihdin Sompasaari project  09:40 Market situation

Toivo Group

Projektet är ett typiskt litet bostadsrättsprojekt för företaget.


Automatisk &#xf6;vers&#xe4;ttning: Ursprungligen publicerad p&#xe5; finska 2026-02-09 05:00 GMT. Ge feedback <a href="https://forum.inderes.com/t/inderes-fi-sisallon-kehitysideat/71/?tl=sv">h&#xe4;r</a>.Toivo Group <a class="text-primary underline" href="https://www.inderes.fi/releases/toivo-group-oyj-on-tehnyt-sopimuksen-42meuro-aluerakennushankkeesta-espoon-mankkaalle" target="_blank" rel="noopener noreferrer nofollow">meddelade</a> p&#xe5; fredagen att de har tecknat ett avtal om ett bostadsbyggnadsprojekt v&#xe4;rt 4,2 MEUR i Mankkaa, Esbo. Projektet omfattar &#xe5;tta radhusl&#xe4;genheter, vars f&#xf6;rhandsmarknadsf&#xf6;ring &#xe4;r planerad att starta i b&#xf6;rjan av sommaren 2026. &#xc4;ven om projektet &#xe4;r relativt litet i storlek, &#xe4;r det en forts&#xe4;ttning p&#xe5; f&#xf6;retagets m&#xe5;l att &#xf6;ka volymerna av &#xe4;garbostadsproduktion i en mycket sv&#xe5;r marknadssituation. Om f&#xf6;retaget lyckas starta projektet f&#xf6;rv&#xe4;ntar vi oss att l&#xf6;nsamheten blir god, f&#xf6;rutsatt att projektriskerna h&#xe5;lls i schack.
Mankkaa-projektet ligger n&#xe4;ra service och skolor, och &#xe4;r en forts&#xe4;ttning p&#xe5; Toivos tidigare &#xe4;garbostadsprojekt i Esbo. Toivo har under de senaste 1,5 &#xe5;ren startat flera liknande projekt, och enligt f&#xf6;retaget har efterfr&#xe5;gan p&#xe5; s&#xe5;dana objekt varit god. Enligt v&#xe5;r bed&#xf6;mning borde tillv&#xe4;xten i projektportf&#xf6;ljen b&#xf6;rja synas i siffrorna i &#xe5;r.

	2024	25e	26e
Revenue	39.8	54.4	71.2
growth-%	-8.9 %	36.6 %	30.9 %
EBIT (adj.)	4.5	7.7	11.1
EBIT-% (adj.)	11.4 %	14.2 %	15.6 %
EPS (adj.)	0.01	0.06	0.10
Dividend	0.00	0.02	0.04
Dividend %		2.1 %	4.0 %
P/E (adj.)	82.7	16.6	10.4
EV/EBITDA	23.3	16.2	11.0

Toivo Group tecknade avtal om ett radhusprojekt värt 4,2 MEUR i Esbo, Mankkaa

Key Estimate Figures2025-10-29

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