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
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Admicom operates in the IT sector. The company develops cloud-based services that mainly concern administration, accounting, payroll and project management. In addition to its main business, it offers training and customer support. Its customers are small and medium-sized corporate customers, with the largest operations in construction and industry. The head office is located in Jyväskylä.

Following Atte’s good share, here is an excellent piece on the subject by @Omavaraisuushaaste Esa Juntunen.                   Omavaraisuushaaste - Tienaa enemmän. Kuluta vähemmän. Sijoita säännöllisesti. – 18 Mar 26              Tekoäly ja SaaS-maailmanloppu – sijoittajan näkökulma - Omavaraisuushaaste    Tekoälyltä ei oikein voi välttyä nykyään sijoituskeskustelussa - tai muussakaan keskustelussa nykymaailmassa. Sama pätee sijoittajaan. Vaikka indeksitasolla pörssit ovat olleet suhteellisen rauhalliset tänä vuonna, yksittäisten teknologiayhtiöiden...                              Before we get into it, a reminder that this text isn’t just pure investor speculation, as I have worked in my day job for about a decade largely with SaaS software, both as an expert and as a lead for large projects, whether they involved ERP, CRM, robotics, or AI services.

I came across an interesting article regarding SaaS companies from a venture capital perspective.                   Fundco – 17 Mar 26              Tässä se on – hetkemme kallein - Fundco    Jarkko Sirenius liittyy osakkaaksi Fundcoon. Jarkko ottaa vastuulleen vaihtoehtoisten sijoitusratkaisujen kehittämisen.                             In my view, all these 5 points also apply to Admicom on some level.  There are plenty of other interesting insights in the text, I highly recommend reading it!

Admicom held a pre-silent call today before the silent period, and it seems the recording is already available to everyone.                                                      https://5137768.fs1.hubspotusercontent-eu1.net/hubfs/5137768/Admicom%20-%20sijoittajat/Videot/Admicom%20Q1%20pre%20silent%20call-17022026.mp4                          I also wrote a brief comment based on the call:                   Inderes              Admicom pre-silent: Strategian toteutusta jatkettu heikkona jatkuneessa...    Admicom järjesti tiistaina analyytikkopuhelun ennen hiljaisen jakson alkua.

Sure, I’ll post it since it was requested. And please, feel free to share differing opinions if you have any.  In my opinion, the takeaway from Leisti’s AI presentation was better than I expected. Before the presentation, I was actually afraid it would mostly consist of hype terms and jargon. To my surprise, however, the presentation exuded the fact that Leisti, at least, truly understands on a deep level what can be done with AI, and more importantly, what cannot be done with it (even though OpenAI and Anthropic heavily hype these fairy-tale use cases). The market identifies at least three main risks related to AI from the perspective of SaaS companies:   (1) Customers start coding applications themselves   (2) The seat-based model disappears   (3) The barrier to entry for competition lowers   There will surely be entrepreneurs in the construction industry who try to churn out their own DIY ERP systems. There are cases even now where, for the sake of saving a couple of hundred euros, people do all their accounting themselves and burn even the last remains of their free time on it. There have always been such entrepreneurs and there always will be. And that’s perfectly fine. Then, if we consider how good those home-grown AI-generated ERP software can be… I work in the industry (software development) myself and have used Claude Code quite a bit for my own smaller hobby projects. Yes, they speed up the work of a skilled software developer and automate coding almost entirely. However, the skill of software development hasn’t disappeared anywhere — if you don’t understand what you’re doing, the end result is junk. Excluding some mini-apps like a personal checklist app for grocery trips. AI-generated “slop” code is inevitable when the codebase and context given to the model expand — especially if the person at the helm doesn’t know the first thing about coding. These are primarily tools, not fully autonomous software developers. As for the disappearance of the seat-based model… Leisti clarified in the presentation that Admicom’s main product, Ultima, currently doesn’t charge the customer per user; instead, billing is based on the customer’s revenue and the scope of the service. Admicom Bauhub, on the other hand, bills per active project, not per user. I would see that regarding products where billing is per user (Estima, Quantima, Tempo), Admicom can adapt if necessary and move to a different billing model. One that is somehow tied to the benefit received or the outcome (outcome-based). I consider the last one on the list, the lowering of the barrier to entry for competition, to be the only significant risk. AI enables rapid coding, allowing already capable coding firms to push products to market even faster without significant initial investment or commitment. However, I believe this risk is also such that it fades over time from Admicom’s perspective. As more and more data starts accumulating at Admicom, the importance of software and code diminishes. Data is at the center of everything, and thus Admicom’s strong “System of Record” position. As for the current valuation of the stock, I’ll say it straight: in my opinion, the market is seeing ghosts that don’t actually exist, at least from Admicom’s perspective. As noted earlier in the thread, the guy at the company’s helm might just be the right person during these uncertain times.

Thanks for the great post and your thoughts! What kind of impression were you left with after Admicom’s info session?

It depends on the perspective. The company has invested quite a bit in its organization over the last few years. The question, of course, is whether this was catch-up investment or a push for future growth. If the market is stagnant and growth is not being achieved, then additional recruitment might not necessarily be a sensible allocation target. This share buyback was hardly significant enough in scale to rule out acquisitions; rather, it is more of a signal to the market. While the dividend was cut, this is a sign that management has more in its toolbox than just the dividend syringe and the M&A hammer.

A welcome step would probably be to allocate these funds toward that 100m ARR and 40% EBIT growth target. But the Swedish main owners are apparently satisfied with this being a small Jyväskylä-based firm that generates an okay ROE and ROI.

Admicom

Admicom Oyj: SHARE REPURCHASE 16.3.2026Helsinki Stock ExchangeTrade date: 16.3.2026 Bourse trade: BUY Share: ADMCM Amount: 5 499 shares Average price / share: 32.6255 EUR Total cost: 179 407...

Admicom Oyj: SHARE REPURCHASE 16.3.2026Helsinki Stock ExchangeTrade date: 16.3.2026 Bourse trade: BUY Share: ADMCM Amount: 5 499 shares Average price / share: 32.6255 EUR Total cost: 179 407.40 EURFollowing shares repurchased on 16.3.2026 the Company now holds 51 798 shares.On behalf of Admicom Oyj Lago Kapital Ltd Maj van Dijk Jani Koskell&nbsp;<div>Approved advisor:Oaklins Finland Ltd +358 9 612 9670Admicom OyjFounded in 2004, Admicom is a pioneer in digitalisation of the construction industry. We utilise our expertise by developing software solutions covering the entire construction value chain as well as services supporting our customers' operations. Our understanding of the operating methods and digitalisation needs of the construction industry is strong, and our goal is to significantly enhance the productivity and quality of operations in the construction industry through our software.Our ERP solution offers the construction industry the only comprehensive solution in Finland that serves the management of companies' operations, finances and projects through one seamless solution. Our project management product suite provides industry-leading solutions for managing the entire lifecycle of a building.Our company has around 300 employees in Finland, in Jyväskylä, Helsinki, Tampere, Oulu, Seinäjoki and Turku, as well as in our office in Tartu, Estonia. More information:&nbsp;<a href="http://www.admicom.com/">www.admicom.com</a>.Admicom's press releases and financial reports:&nbsp;<a href="https://investors.admicom.fi/releases-and-reports/">https://investors.admicom.fi/releases-and-reports/</a>Images and logos for publications are available in&nbsp;<a href="https://www.admicom.com/media-bank">Admicom’s media bank</a>.</div> <div> <hr> <div>Attachments</div> <div><a href="https://storage.googleapis.com/inderes-widgets-prod-assets/admicom/attachments/96c0b283-e51a-492a-9162-c1a1ba32c1af/dev-admcm-sbb-trades-20260316.xlsx">DEV-ADMCM_SBB_trades_20260316.xlsx</a></div> </div>