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Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

Wulff Group

4.47 EUR-0.22 %6/11 17:29
4,065 following

WUF1V

NASDAQ Helsinki

Industrial Goods & Services

Industrials

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Financials & Estimates
Dividend
Short Selling
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-0.22 %
+2.76 %
+7.19 %
+30.70 %
+12.31 %
+26.63 %
+135.88 %
-8.02 %
-25.50 %

Wulff Group is a retailer of office supplies. The range is wide and includes, for example, inventory, IT solutions, first aid equipment, and various ergonomic solutions. In addition, lighting and products for construction sites are also offered. The company operates throughout the international market, with the largest presence in the Nordic market. The head office is located in Vantaa.

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Market cap
30.88M EUR
Turnover
7.88K EUR
P/E (adj.) (26e)
10.17
EV/EBIT (adj.) (26e)
7.63
P/B (26e)
1.14
EV/S (26e)
0.32
Dividend yield-% (26e)
4.03 %
Coverage
Recommendation
Accumulate
Target price
5.00 EUR
Updated
2026-10-20
Disclaimer
Arttu Heikura
Arttu Heikura

Analyst

Latest research

Latest analysis report

Released: 2026-10-20

Latest extensive report

Released: 2026-02-21

Revenue and EBIT-%
EPS and dividend
Financial calendar
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Forum discussions
If one tries to use this earnings beat to map out guidelines for Q4 as well, we just beat last year’s comparable operating profit by as much as €0.6m (compared to €0.5m in Q2), so it shouldn’t be too much to expect an improvement of €0.3–0.4m in Q4 too. In that case, the comparable...
10/19/2026, 10:13 AM
by Karhu Hylje
7
Wulff exceeded expectations in terms of comparable operating profit, but fell slightly short on revenue: Inderes Wulff-Yhtiöt Oyj:n osavuosikatsaus tammi—syyskuu 2026: Wulffin vauhdikas... 19.10.2026 09:30:09 EEST | Wulff-Yhtiöt Oyj | Osavuosikatsaus (Q1 and Q3)Tämä on tiivistelm...
10/19/2026, 6:48 AM
by Karhu Hylje
7
Agreed that regarding operating profit, they’re a notch too cautious for Q4/26. My own current forecast is 1.6m (1.1m from products, 0.5m from services). In products as well, Scandinavia has continued to grow and Finland has remained flat (the brick-and-mortar store in Lahti was ...
10/20/2026, 7:44 AM
by BareBone
4
To my eye, the forecasts for comparable operating profit look conservative, especially for Q4. On the services side, despite the growth, operating profit would remain at the same level as last year. However, they have discontinued unprofitable businesses there, such as Doctors, and...
10/20/2026, 5:36 AM
by Karhu Hylje
3
When you look at the share price and the numbers over a slightly longer period, value has definitely been created here. On top of the share price appreciation, strong dividends have also been paid: Income statement figures from Inderes. This year, comparable operating profit will...
10/19/2026, 10:21 AM
by Karhu Hylje
2
Here is the company report from Arttu after Q3 Wulff’s Q3 results clearly exceeded our expectations, driven by improved efficiency in the product business and higher service volumes. We raised our earnings forecasts by around 10%, and we expect strong earnings growth to account for...
10/20/2026, 4:44 AM
by Sijoittaja-alokas
1
One certainly shouldn’t expect any massive multiples. Still, Wulff’s revenue, earnings, and market cap have all more than doubled compared to, say, the 2019 figures. In its comprehensive report, Inderes outlines that an acceptable valuation multiple for Wulff right now could be a...
10/19/2026, 1:06 PM
by Karhu Hylje
1
Read more on our forum
Revenue and EBIT-%

Revenue M

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
15/2
2027

Annual report '26

1/4
2027

General meeting '27

26/4
2027

Interim report Q1'27

Analyst Comment2026-11-04 07:00
by Petri Gostowski

Tillväxttakten inom personaltjänstbranschen samlade ytterligare fart i september

Enligt branschorganisationens omsättningsenkät för personalbranschen uppgick de 20 största företagens omsättning i september till cirka 136 MEUR, vilket motsvarar en ökning på 10 % jämfört med motsvarande period föregående år.

EezyWulff Group
Wulff Q3'26: Tillväxthistorien fortsätter i rätt riktning
Research2026-10-20 06:10
by Arttu Heikura

Wulff Q3'26: Tillväxthistorien fortsätter i rätt riktning

Wulffs Q3-resultat överträffade vår förväntning tydligt tack vare effektivisering inom produktverksamheten och ökade volymer inom tjänsterna.

Wulff Group
Regulatory press release2026-10-19 08:30

Wulff Group Plc's Interim Report January—September 2026: Wulff’s rapid growth continued and comparable operating profit rose to a new record

Wulff Group

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Wulff Group Q3'26 förhandskommentar: Serviceledd tillväxt och resultatförbättring att vänta
Analyst Comment2026-10-16 06:35
by Arttu Heikura

Wulff Group Q3'26 förhandskommentar: Serviceledd tillväxt och resultatförbättring att vänta

Vi förväntar oss att resultatet har förbättrats mätt i euro, men vi bedömer att den relativa lönsamheten har legat kvar på jämförelseperiodens nivå.

Wulff Group
Analyst Comment2026-10-02 10:12
by Arttu Heikura

Tillväxten inom HR-branschen fortsatte i augusti

Omsättningen för de 20 största bolagen inom HR-branschen växte med 5 % i augusti.

EezyWulff Group
Regulatory press release2026-09-21 14:00

Wulff Group Plc’s financial reporting and Annual General Meeting 2027

Wulff Group
Analyst Comment2026-09-03 07:27
by Petri Gostowski

Personaluthyrningsbranschen i god fart i juli

Enligt personalbranschens omsättningsenkät uppgick de 20 största företagens omsättning i branschen i juli till ungefär 125 MEUR, vilket motsvarar en ökning på 5 % jämfört med motsvarande period föregående år.

EezyWulff Group
Tillväxten inom personaluthyrningsbranschen accelererade i juni
Analyst Comment2026-08-12 06:30
by Petri Gostowski

Tillväxten inom personaluthyrningsbranschen accelererade i juni

Enligt omsättningsundersökningen för personalbranschen uppgick de 20 största företagens omsättning i maj till ungefär 132 MEUR, vilket motsvarar en tillväxt på knappt 6 % jämfört med samma period förra året.

EezyWulff Group
Wulff Q2'26: Fart på vinsttillväxtmotorn
Research2026-07-17 07:42
by Arttu Heikura

Wulff Q2'26: Fart på vinsttillväxtmotorn

Företaget förbättrade sin vinst betydligt, drivet av båda segmenten.

Wulff Group
Regulatory press release2026-07-16 08:30

Wulff Group Plc's Half-Year Financial Report January—June 2026: Record net sales and impressive earnings improvement for Wulff

Wulff Group
Wulff Q2'26 förhandskommentar: Resultatförbättringen fortsätter, men avkastningsförväntningarna har minskat
Research2026-07-15 06:10
by Arttu Heikura

Wulff Q2'26 förhandskommentar: Resultatförbättringen fortsätter, men avkastningsförväntningarna har minskat

Vi förväntar oss att företaget har fortsatt sin tjänstedrivna omsättningstillväxt och förbättrat sin vinst.

Wulff Group
Asikainen återvänder som Wulffs VD
Analyst Comment2026-06-17 06:50
by Rauli Juva

Asikainen återvänder som Wulffs VD

Sami Asikainen blir VD – snabb utnämning eliminerar osäkerhet och säkerställer strategins kontinuitet.

Wulff Group
Regulatory press release2026-06-16 09:30

Inside information: Sami Asikainen appointed as Wulff Group Plc’s new CEO

Wulff Group
Regulatory press release2026-06-09 15:30

Wulff Group Plc: Notification according to Chapter 9, Section 10 of the Securities Market Act

Wulff Group
Analyst Comment2026-06-02 07:04
by Petri Gostowski

Personaluthyrningsbranschen fortsatte att växa något i april

Enligt omsättningsundersökningen för personalbranschen uppgick de 20 största företagens omsättning i april till cirka 117 MEUR, vilket motsvarar en tillväxt på knappt 1 % jämfört med samma period förra året.

EezyWulff Group
Analyst Comment2026-05-29 06:11
by Arttu Heikura

Wulffs personaluthyrningsverksamhet internationaliseras till Rumänien

Expansionen till Rumänien förlänger tillväxtbanan för bemanningsföretaget.

Wulff Group
Analyst Comment2026-05-25 06:30
by Rauli Juva

Wulff: VD Rahkonen lämnar företaget

VD Elina Rahkonen lämnar sin tjänst i augusti.

Wulff Group
Regulatory press release2026-05-22 14:00

Inside information: Wulff Group Plc’s CEO Elina Rahkonen will leave the company

Wulff Group
Wulff Q1'26: Vinsttillväxt upprätthåller attraktiv risk/reward
Research2026-04-28 06:10
by Arttu Heikura

Wulff Q1'26: Vinsttillväxt upprätthåller attraktiv risk/reward

Wulff mångfaldigade sin vinst under Q1.

Wulff Group
Regulatory press release2026-04-27 08:30

Wulff Group Plc's Interim Report January—March 2026: Wulff’s net sales and operating profit continued to grow strongly

Wulff Group