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
      researchContentUrl
    }
    ... 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
    }
  }
}


oriola-oyj-oriola-acquires-medinfo-aps-in-denmark-to-strengthen-its-nordic-footprint-in-medical-information-and-patient-support-programmes

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Oriola is a pharmaceutical group with a particular focus on the distribution of pharmaceuticals to other players in the industry. The company offers services to pharmacies and other pharmaceutical companies, which includes, for example, negotiations with suppliers and distribution of products. The largest operations are in the Nordic and Baltic regions. The headquarters are located in Espoo.

CEO’s review of last week’s Annual General Meeting!                    Inderes              Oriolan yhtiökokous | Toimitusjohtajan katsaus 25.3.2026 - Inderes    Aika: 01.04.2026 klo 08.39 Toimitusjohtaja Katarina Gabrielsonin katsaus Oriolan yhtiökokouksesta 25.3.2026.

Here are Rauli’s official comments  on how Oriola is changing its reporting  Oriola announced last Friday that it will change its financial reporting starting from the beginning of 2026. The change includes a shift to net-based revenue recognition in some pharmaceutical company agreements and new reporting segments. We welcome this change, as it improves the company’s transparency as a service company and technically strengthens the company’s weak equity ratio due to the reduction in the balance sheet. The reform will cause significant changes to our revenue forecasts, but it will not affect our expectations for operating profit or cash flow, and thus not the valuation of the share. We will make the changes before the Q1 report, once the company has published the quarterly comparison figures with the new reporting structure.                   Inderes              Oriola muuttaa raportointiaan: Liikevaihto laskee, ei vaikutusta tulokseen...    Liikevaihto laskee 1,9 miljardista 200 MEUR:oon raportointimuutoksessa, jolla ei ole tulosvaikutusta.

Some companies have a tendency to constantly change their reporting, making it hard to keep up, and Oriola is one of them. Here comes one big and sensible change: Oriola’s revenue will in the future reflect the distribution fees they receive, not the price of medicines (which Oriola has no influence over). The company’s revenue will therefore drop sharply (to around EUR 200 million instead of the previous nearly EUR 2 billion), but this will not matter for profit and cash flow. I don’t know if I’ve emphasized this enough, but revenue has been a rather odd figure for Oriola. Portfolio manager Oldenburg once described it as if the post office recorded the contents of all parcels and letters as revenue. This change is therefore good in my opinion. Due to the same technical change, the value of Oriola’s inventory will drop from the previous nearly EUR 200 million to almost zero. This, in turn, supports the company’s weak equity ratio by a couple of percentage points, raising it to about 13%. It is still weak, but a small improvement nonetheless. For some reason, at the same time, the company is again changing its segment reporting, which unfortunately complicates the comparability of historical figures. The company will provide more information about the change on Monday, so I will write a more official comment after that. The changes will come into effect immediately in the Q1 report; quarterly comparative figures are expected in April.                   Inderes              Oriola Oyj: Oriola muuttaa taloudellista raportointiaan kuvastamaan paremmin...    Oriola Oyj Pörssitiedote 20.3.2026 klo 12.15 Oriola muuttaa taloudellista raportointiaan kuvastamaan paremmin yhtiön arvonluontia ja parantamaan läpinäkyvyyttäOriola muuttaa ulkoista taloudellista...

Good points @aktivisti26 and I completely agree. What’s interesting in the valuation of that joint venture is that the growth and discount rate values are provided in the annual report, but the margin isn’t… of course Oriola has stated that Kronans aims for “profitability in line with the industry” at the operating profit/EBITA level, which still leaves some room for interpretation.  Good point! This has indeed never been provided separately, and thus I have to just use the net debt figure that is available. On the other hand, Kronans also has (like Oriola) a factoring arrangement, the size of which appeared to be around EUR 80 million in the then-Kronans when the joint venture was established (which, therefore, does not appear on the balance sheet at all). For the sake of consistency, it would of course be nice to treat these in the valuation the same way as Oriola’s own debts and factoring, but that is not currently possible. However, from the joint venture’s figures, it can be calculated that with the “normalized” 2% adj. EBIT margin used as the basis for our valuation, about EUR 8 million in net profit would be obtained for Oriola’s half. Thus, the ~EUR 80 million we use for Oriola’s Kronans share would mean a P/E of ~10x with that “normalized” result. It sounds quite reasonable to me at least, so even though there is confusion in the determination of the debt, it fortunately doesn’t seem to wreck the valuation of Kronans.  Yep. Let’s state here the same thing I wrote in the report. Meaning I don’t believe the second installment of the dividend will be distributed, nor do I believe that significant share buybacks will be made. When the balance sheet needs to be strengthened, reducing the profit distribution is the first logical step. In addition to that, perhaps a hybrid or a share issue is needed.

This is the biggest problem. We don’t know, because the board hasn’t agreed to open up about this to us. We know the company has a CMD (Capital Markets Day) in the spring. Why? We don’t know! Is the goal a share issue, a hybrid loan, or something else? We don’t know. My own conclusion from the announcements is that either  a) Management doesn’t know what they are doing OR  b) Management doesn’t want to tell what they know A red flag in both cases. As a member of the “dividend party,” I was dismayed to receive the announcement that the dividend would be halved, and I dumped my shares immediately. The only small challenge with share buybacks is that they are usually used for employee compensation and the shares are not cancelled. Thus, a member of the dividend party does not benefit from the arrangement in any way, or in fact loses money, as unnecessary fees must also be paid to banks for the purchases.  There are good reasons for the low valuation level. There is “air” in the balance sheet, an ERP project is underway that will likely never be completed, a new distribution center is coming which causes more uncertainty, and the Kronans mess on top of all that. Additionally, there is a risk that they will organize a share issue, which could result in a 10% dilution. If money is being sought through an issue or a loan, I would believe the intended use is something other than share buybacks.

Oriola’s communications may still be following the Inderes forum. I’ll post a few comments now that the financial statements have been reported. Significantly more information regarding the joint venture was published in connection with the financial statements, and in particular, the grounds for the joint venture’s valuation are now clear and the valuation is credible. One of the four fundamental factors of the valuation is the joint venture’s EBITDA margin. From a communications perspective, it would be beneficial if Oriola reported the joint venture’s actual EBITDA margin in its reviews (starting as early as Q1/2026) and perhaps (at the latest during the Capital Markets Day) also the target EBITDA margin. Interest-bearing net debt is now reported for the joint venture, which also includes lease liabilities according to IFRS 16. Based on the financial statement data of the Swedish companies, it can be calculated that they have a total of approximately 30 million euros in interest-bearing bank loans and approximately 14 million euros in cash and cash equivalents, meaning the actual interest-bearing net debt excluding IFRS 16 debt would be only 16 million euros, and the rest of the reported interest-bearing net debt, approximately 70 million, would be IFRS 16 debt. For the sake of transparent communication, it would be desirable for the share of IFRS 16 debt in the joint venture to be reported separately. This is relevant, for instance, in Inderes’ valuation calculations, where the base figure used is the joint venture’s expected operating profit burdened by the IFRS 16 entry, and then the IFRS 16 liabilities related to the same matter are subtracted from the joint venture’s value. In its dividend proposal to the Annual General Meeting, the Board proposed that the AGM authorize the Board to decide, at its discretion, on an additional dividend of a maximum total of 0.04 euros. When making the proposal, the Board must have known which factors will eventually influence its discretion, but the Board has not disclosed this. The proposal has caused confusion and at least the following different interpretations: 1.       The Board does not trust the valuation it made of the joint venture’s value and is cautious about distributing too many funds, fearing a write-down and a weakening of the equity ratio, as Inderes has estimated. The Board would therefore intend to reconsider the valuation and then decide on the possible 0.04 euro dividend by ensuring a certain level of equity ratio. 2.       The Board wants to move toward a combination of dividend distribution and share buybacks in profit distribution. Something will likely be communicated about this at the Capital Markets Day, as share buybacks and profit distribution policy are part of the Capital Markets Day theme. Discretion would thus be used to decide whether to pay a dividend of 0.04 euros or use a portion of these funds, roughly over 7 million euros, first for share buybacks and the rest distributed as dividends, or vice versa. 3.       The Board wants to see the Q1-Q3/2026 results and only then use its discretion regarding whether to pay an additional dividend. This would essentially be the “Nordea model,” with the difference that Oriola’s Board has not communicated such a principle. There may be other possible interpretations of the discretion. I believe that Oriola’s Board knows what it will eventually base its discretion on. Following the principle of good disclosure, the Board’s reasoning should be presented at the latest at the Annual General Meeting, where the Board is expected to provide an adequate explanation of the grounds for its discretion. If the Board does not clarify its reasoning, disbelief regarding the strength of the balance sheet will continue, and various speculations will guide Oriola, rather than the Board. On the other hand, a low share price driven by speculation will eventually allow for the commencement of share buybacks from a historically low level.

I looked into Oriola’s situation further with Rauli on video. A relatively complex situation with many variables.                   Inderes              Oriola: Käänneyhtiö tai arvoansa… - Inderes    Aika: 10.03.2026 klo 12.53 Kassassa käteistä, taseessa ilmaa.                             Personally, I think I’ll just watch this one from the sidelines..

Oriola

Oriola Corporation Investor news 27 January 2025 at 4:00 p.m. EETOriola acquires MedInfo ApS in Denmark to strengthen its Nordic footprint in medical information and patient support programmes...

Oriola Corporation&nbsp; Investor news&nbsp; 27 January 2025 at 4:00 p.m. EET<h2>Oriola acquires MedInfo ApS in Denmark to strengthen its Nordic footprint in medical information and patient support programmes </h2>Oriola has agreed to acquire 100% of the shares in MedInfo ApS, a Danish company offering medical information (MI) and patient support programmes (PSP). MedInfo is currently Oriola's subcontractor covering the Danish and Norwegian markets with MI and PSP services. &nbsp;"With this acquisition, we will strengthen our footprint as we will be able to offer a full-service portfolio in medical information and patient support programmes in all Nordic markets. Through our ongoing collaboration with MedInfo, we are already familiar with MedInfo's talented team and I am truly excited to welcome the team to join Oriola," comments Katja Lundell, Executive Vice President, Advisory Services. Medical information and patient support programmes are two of the local services that pharmaceutical companies request to be offered in local language, and which already are part of Oriola's Advisory Services offering. MedInfo employs five persons and an interim manager, who will stay on for the first months to ensure a smooth transition. MedInfo will be integrated in Oriola's Advisory Services and the transaction is expected to be closed early February. Purchase price is not disclosed. Further information:Katja Lundell, EVP, Advisory Services Tel. +358 401418520 Email: katja.lundell@oriola.comDistribution:Nasdaq Helsinki Ltd. Key media<div></div>