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
    }
  }
}


eq-plc-managers-transactions-jouko-polonen

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

eQ operates in the financial services industry. The company is a brokerage firm and offers a wide range of financial services within corporate finance and asset management. Financial services include a range of structured products, insurance, private equity funds and other investment alternatives. Investments are found across the global financial market and across a number of sectors. The company's headquarters are located in Helsinki.

The most stereotypical private equity (PE) investment targets are small caps in traditional industries. After PE enters, their balance sheets are usually fully leveraged with debt in pursuit of returns. How attractive and generally interesting does a small cap company from a “boring” market sound in this market, one that cannot pay dividends due to too large a debt load? Market hype is at the complete opposite end: mega cap growth TECH from sectors with strong free cash flows (Nvidia, MSFT, Alphabet, etc.) Other PEs don’t buy these because they can’t perform their usual financial maneuvers, as the previous PE has already done so. Valuations of comparable companies in the IPO market are already sluggish. With a good dividend yield, one can sell to the public, but that’s not possible for these companies due to debt. It shouldn’t come as a surprise to anyone why the PE market is stuck. The exit is an interesting question, and how long it will take and what will trigger it? New zero interest rates? Forced sales when the extension of fund lifespans eventually comes to an end? Will it finally be admitted that returns will remain mediocre, below the public stock market?

I shouldn’t consider a significant improvement in results due to the Private Equity market picking up as nearly certain: The valuations of many growth companies have come down in the stock market, and this also pressures PE market valuations. For example, in the Nordics, QT, Admicom, Revenio, Talenom, Novo Nordisk, Ambu, Tomra, Nibe have faced enormous valuation compression, where multiples may have more than halved from earlier levels. Share prices may have fallen 70-80% from their peaks. Thus, it is harder to sell less known businesses if quality can be bought from the stock market at a relatively cheaper price. I acknowledge that the peer group here is completely wrong in relation to PE peers. The purpose is to illustrate what the rise in interest rates did to the average valuation of growth companies. Inderes’ model portfolio is a great example of this: the model portfolio primarily consisted/consists of high P/E growth companies. The consequences have been accordingly in recent years. Can PE exit multiples be defended in the reality of elevated interest rates and declining stock market valuations? There is a huge willingness to sell in the PE market. PwC estimates it to be worth a trillion dollars. Will the bottleneck open without having to lower the price level of the assets for sale?                   linkedin.com              PwC: Private equity firms stuck with $1 trillion in unsold assets | Eric...    “According to accounting firm PwC, private equity firms are sitting on about $1 trillion of unsold assets capital that would typically have been exited under a normal cycle.  The average holding period for PE portfolio companies reached its longest...                             Analyst forecast changes over the last year summarized: down, down, down, down, down, down. It is concerning that this is not just about the 2025 results, but also 2026 and 2027 have decreased on the same scale. It is illustrative that EQ was forecast a year ago to make cumulatively about 150 million in operating profit for 2025-2027. That figure today is about 100 million. Thus, the can has not merely been kicked down the road. The direction of 2026 surprises for EQ is likely downwards. https://www.marketscreener.com/quote/stock/EQ-OYJ-1412428/consensus-revisions/ Communication from within the industry is also quite grim reading: “Per Franzén says inability to raise fresh funds may leave many firms only managing existing investments in coming decade” https://www.ft.com/content/49d2cb79-5e0b-4c71-9258-b3fea4ca70c4

CFO of Real Estate Business Aku Väliaho spoke about the eQ Community Properties fund at the Real Estate Evening.                   Inderes              eQ Yhteiskuntakiinteistöt sijoituskohteena | Kiinteistöilta 3.12.2025 -...    Aika: 04.12.2025 klo 08.16 Kiinteistöliiketoiminnan talousjohtaja Aku Väliaho avaa esityksessään eQ Yhteiskuntakiinteistöt -rahastoa sijoituskohteena.

Iikka and Sale are waiting for their turn on the bench, or how did that go again                    Inderes              eQ: Vielä odotellaan vaihtoaitiossa - Inderes    Aika: 03.12.2025 klo 14.14 eQ oli nollakorkoajan kuningas Helsingin pörssin varainhoitajien keskuudessa. Yhtiön kivijalka nojaa private equity- ja kiinteistörahastoihin. Analyytikko Sauli Vilén kommentoi videolla.                             Topics: 00:00 Introduction  00:44 eQ’s results have come down  02:22 What can be expected in the future?  06:29 eQ’s positioning in the competitive landscape  08:13 Was eQ a one-trick pony?  11:30 Why are we not on the ‘add’ side?

Excellent reflection! Let’s break down your arguments a bit and start with sales costs. If we consider that the company would hire, say, 5 people for international sales and their costs would be 400k/year, that would mean 2m/year, or about a 7% reduction in profit. A 5-person team would already be very large, and this scale would naturally not be pursued without some evidence of interest. With this hypothetical 5 people, I merely tried to emphasize the scale. If, on the other hand, placement agents are used, they take a certain percentage of ongoing fees. So, I don’t really see the financial investments being particularly large, and this growth should scale nicely. Lux structures. We agree on this; international sales are easier for Lux structures. Of course, for example, Evli has successfully done this also with domestic products, but even Evli has admitted that the volume would have been better with Lux structures. In my opinion, as part of international investments, the company should also establish Lux structures and related support functions. In monetary terms, these investments are not very large according to my understanding, but they do take time and effort. Are eQ’s products competitive enough? Now we’re at the heart of the matter, my friend! In Finland, competition in the PE sector has been limited, and buyers have had a strong desire to increase their PE allocations. Additionally, in Finland, eQ has had an extremely strong brand and a strong sales team (they know the customers, etc.). In international markets, you have none of this. In international markets, eQ must follow the same recipe as Mandatum/Evli/Aktia/Taaleri, as a boutique asset manager with certain very high-quality products. In my opinion, an international breakthrough would be a very strong indication of the quality of the company’s products. Currently, the probability of success in international markets is very difficult to assess, and I have not loaded any strong expectations for it into my sales forecasts. I also remind you that building international sales from scratch is slow. Customers don’t know you beforehand and make large one-time investments, so sales cycles can last considerably long. It’s not at all impossible that you get on the radar of institution X during the first year, and after that, institution X follows your development for 1-2 years before they are possibly ready to make an investment in your fund (a long due diligence process may still be involved with these investments). So, in summary, no quick impact on profit will be gained from here; rather, this is more about building a foundation for growth towards the end of the decade.

A new comprehensive report on eQ has been prepared again!  This required an exceptional amount of thought, and I don’t remember an eQ report requiring this much deliberation in a long time. Historically, the eQ case has been very clear, but now the company is undergoing significant changes on their scale.  eQ’s last couple of years have been very weak, and earnings have been on a steep decline due to real estate funds. It is illustrative that in our 2022 comprehensive report, we projected an operating profit of over 80 MEUR for 2025, whereas now the actual figure in the forecast remains around ~28 MEUR. What has happened in the meantime? The era of zero interest rates ended, and real estate funds in Finland plunged into crisis. In addition, PE has also faced headwinds due to weaker sales and especially deferred performance fees. Against this background, it’s no surprise that the stock has halved since August 2022.   eQ is currently undergoing major changes, and one could say the company is in a kind of “reset.” A significant number of new personnel have been hired on eQ’s scale, and there’s a clear sense of drive in their work. Regarding the strategy, the steps are quite clear in my opinion, and I expect expansion both in the customer base and on the product side.  In the short term, the stock’s risk level is clearly elevated in my opinion, and the following factors contribute to it:    The volume of redemptions from real estate funds, which now determines the depth of the current earnings trough.    The scale of performance fees from PE funds. These are finally starting to come in as cash flow, but there is clear uncertainty regarding their scale. If the fees are what the company itself indicates, then the stock’s valuation picture is clearly more attractive than it is currently.    The turnaround in new sales of PE funds. New sales of PE funds have been declining for the past couple of years. Although the level is still quite okay, sales should start to grow robustly from here for management fees to turn to growth. Next year will be a big acid test, as the company is simultaneously raising four PE products, and significantly more volume should be achieved.    What kind of strategy will ultimately be published? Although we have a strong understanding of the upcoming strategy, there is always uncertainty associated with it.   Relative to the elevated risks, a P/E of 21x is not particularly attractive. Of course, the valuation will correct to a clearly better level next year (P/E 16x) with robust earnings growth, but even then, there isn’t significant upside potential. On the other hand, I want to remind investors that eQ is still a very high-quality company. If the implementation of the strategy leads to results faster than our expectations and the company also receives tailwinds from the market (especially from real estate), growth would be more rapid than our forecasts. Due to the company’s tremendous cost efficiency, this growth would be highly profitable, and earnings multiples would quickly become significantly more attractive. As uncertainty dissipates and the predictability of earnings growth improves, the company should again be valued with high multiples. In this scenario, the current share price would offer a good buying opportunity. However, I am not ready to lean on this myself and want to see how those risks dissipate. In the next 6 months, we will be much smarter regarding these matters.

And let’s clarify a bit further now, that I am specifically talking about significant sales to foreign investors. Individual investors, perhaps in the tens of millions range, could very well be lured without very big changes to the current model, but that doesn’t really change eQ’s big picture much yet.

eQ Plc Managers' Transactions 1 September 2025 at 3:00 p.m. Person subject to the notification requirement Name: Jouko Pölönen Position: CEO Issuer: eQ Oyj LEI: 743700R4FA6AVH5J3D68 Notification...

eQ Plc Managers' Transactions 1 September 2025 at 3:00 p.m. Person subject to the notification requirement Name: Jouko Pölönen Position: CEO Issuer: eQ Oyj LEI: 743700R4FA6AVH5J3D68 Notification type: INITIAL NOTIFICATION Reference number: 120706/7/6 ____________________________________________ Transaction date: 2025-09-01 Outside a trading venue Instrument type: FINANCIAL INSTRUMENT LINKED TO A SHARE OR A DEBT INSTRUMENT Name of the instrument: eQ Oyj Optio-oikeudet 2025 Nature of transaction: ACCEPTANCE OF A STOCK OPTION Transaction details (1): Volume: 100 000 Unit price: 0 EUR Aggregated transactions (1): Volume: 100 000 Volume weighted average price: 0 EUR eQ Plc Additional information: Jouko Pölönen, CEO, tel. +358 9 6817 8982 Distribution: Nasdaq Helsinki, www.eQ.fi eQ Group is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the Group total approximately EUR 13.5 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets. More information about the Group is available on our website at www.eQ.fi. <img src="https://www.globenewswire.com/newsroom/ti?nf=MTAwMTEyNTY1OCM0MDIyMDY0MzYjMjA5NTA4OQ==" alt=""> <img src="https://ml-eu.globenewswire.com/media/Y2ZlYmI1YTEtNjI0Ni00MWM2LTg4MDUtMTUxMjMwMGViYThiLTExMDY2NjAtMjAyNS0wOS0wMS1lbg==/tiny/eQ-Oyj.png" alt="">