Inderes

Inderes' sales in Jan-Feb showed growth of 52%. We remind that growth is driven by the Swedish acquisitions, of which seasonality is driven by earnings seasons. We have input Q1 growth of 40%; following the published Jan-Feb numbers, our estimate implies...

Inderes announced today that it has made an agreement on equity research distribution with Avanza in Sweden. The deal is another enabler for Swedish commissioned research expansion.

Yesterday, Inderes reported its year-end report for 2022. Earlier today, Inderes was represented by CEO Mikael Rautanen to present the results for 2022 as well as the guidance for 2023. Besides the overall financial results, the presentation also included an update on each business segment (Research services, Virtual events, and IR solutions) as well as other key points of the year. 

Inderes’ Q4 numbers were broadly in line with our forecasts. The company continues to win more contracts for its research business, which we view as an important value driver for the case. We think its profitability remains short of its potential, due...

Inderes delivered Q4 sales slightly above our estimate while EBITA was broadly in line. Our pre-report 2023 estimates looks to be broadly in line with the fresh guidance with the note that we input a relatively hefty improvement in profitability. Looking...

Inderes continues its collaboration with Alma Talent key financial media. The signed agreement is an extension of the previous cooperation. We understand that the direct financial impacts of the agreement are relatively small. However, the collaboration is important from a competitive perspective. In Finland Inderes can offer unmatched investor reach for its commissioned research clients.

Inderes’ latest acquisition of Swedish virtual event operations marks a significant milestone. The action enables accelerated growth in the Swedish market with a wide customer portfolio to which the company can up-sell its comprehensive offering. While...

Together with Inderes’ CEO Mikael Rautanen, we will take a look at the latest M&A transaction where Inderes invested in the Swedish market and acquired Financial Hearing and Streamfabrikken.

In this virtual deep dive event, you can hear Inderes' CEO Mikael Rautanen present the company's business segments, growth drivers, and competitive situation. 

Inderes boosts the Nordic growth story by announcing today acquisitions of Swedish virtual event producers Financial Hearings and Streamfabriken. Financial Hearings is market leader in listed company quarterly events in Sweden. We believe that the acquisition significantly strengthens Inderes' position in Sweden and gives foundation for further growth. The valuation was also affordable in our view, with combined 2022E EV/EBIT of 8.1x.

Inderes' Playbook includes a thorough cross-section of Inderes' social dimension, business model, values, internal operating models and future. The Playbook was made public to ensure that we always act accordingly.

Inderes reported its Q3 business review today. Following a short introduction to the company and an overview of the different business areas, Inderes' CEO Mikael Rautanen presented the recent development. Revenue grew by 18% YoY in Q3 2022, and the EBITA margin was 21%. Highlights also include that the share of recurring revenue increased, and project revenue remained sticky for virtual transactions. Inderes maintained its downgraded 2022 guidance from September.

We cut our estimates substantially following the profit warning last week and ahead of Inderes’ Q3 report. The warning confirmed that virtual event momentum is flagging as business returns to normal following the pandemic, especially for unlisted customers...

Inderes issued a profit warning, as its virtual event business (outside the core client sector) continues to lag behind its targets. The key impression is that the previous year's strong performance by Flik was supported by Covid and future years' growth...

We call Inderes’ Q2 results in line despite the minor miss in EBITA. The case remains very much intact as the company’s strong Finnish market position looks safe and its future growth prospects lie mostly in the Nordic market. However, in the Nordics...

Ahead of the Q2 report, our estimates remain broadly unchanged and we reiterate our fair value range of EUR 35-39. While we still expect profitability in Q2 to be relatively low, we anticipate the earnings trend will pick up towards H2. We note that ...

After creating a dominant position in the commissioned equity research and virtual events markets in Finland, Inderes aims to take its platform to all Nordic countries. The Nordic market opportunity is much larger than the Finnish one, making the company...

Inderes launches expansion into Denmark and Norway through a strategic partnership and minority investment. You are welcome to join our webcast that starts 11.00!