Publisher
Research

Fiskars: Slowing demand puts pressure on earnings

We expect slowing consumer demand to be visible in Fiskars' development over the coming year. With our estimates the performance improvement indicated by the company’s guidance will be very modest. We do, however, believe that Fiskars' performance is...

2022-09-26 by Thomas Westerholm
Publisher
Research

Fortum: Back to the past

Fortum announced yesterday that it had reached an agreement with the German State on the nationalization of Uniper. Fortum will recover its EUR 8 billion financing for Uniper (loan and guarantee) and gain EUR 0.5 billion from its Uniper holding. Even...

2022-09-22 by Juha Kinnunen
Publisher
Extensive research

Tecnotree: Fruit of the money tree yet to be harvested

Over the last few years, Tecnotree has sealed its return from a company in crisis to a profitable growth company. However, this growth has tied up significant working capital in the form of receivables, and in the coming years the company will need to...

2022-09-15 by Roni Peuranheimo
Publisher
Extensive research

Harvia: Attractive valuation for a quality company

Harvia is a leading company in its field with clear competitive advantages. This enables good ROIC and value creation, and the company's capital allocation to acquisitions has been successful. We expect that future quarters will be difficult for Harvia...

2022-09-13 by Rauli Juva
Publisher
Extensive research

Rovio: Value stock of the gaming industry

With the stable earnings we forecast for the coming years, Rovio's share valuation already looks very low, and we see room for upside. However, a significant upward correction in valuation requires a stronger earnings growth outlook, which Rovio also...

2022-09-06 by Atte Riikola
Publisher
Research

KONE: Weakened China outlook eats into upside

The worsening problems in China's real estate sector have led us to significantly cut our estimates for 2023-2024.

2022-08-31 by Erkki Vesola
Publisher
Research

Fortum: At the heart of Europe's energy crisis

The company's Q2 result were good operationally and the reported figures were better than expected, but the EUR 5.7 billion loss is still nothing to celebrate. Fortum's situation is twofold: On one hand, the Generation segment could post record results...

2022-08-26 by Juha Kinnunen
Publisher
Research

Faron Pharmaceuticals: Unsurprising report keeps estimates unchanged

Faron’s H1 report offered no surprises. The company didn’t have any revenue as we expected, and the operating loss was in line with our forecasts. There was no significant new information on research or business progress, so we are not making any changes...

2022-08-26 by Antti Siltanen
Publisher
Extensive research

Risky investment with huge potential

Faron Pharmaceuticals is a clinical stage biopharmaceutical company whose three drug candidates relate to the modulation of immune system or inflammatory response. Faron is a very high-risk investment as drug development requires frontloaded investments...

2022-08-23 by Antti Siltanen
Publisher
Research

Fortum: Painful journey and a silver lining

Fortum will publish its Q2 report on Thursday at around 9.00 am. The result will be shocking due to the loss of more than EUR 9 billion reported by subsidiary Uniper in Q2, but Fortum's Nordic core business is set for record results in the coming years...

2022-08-23 by Juha Kinnunen
Publisher
Research

Sitowise: Efforts required for growth

The Q2 result was below our expectations, partly due to exceptionally active staff development. For the rest of the year, the result is expected to improve, and the guidance remained unchanged. The future outlook remains positive with market activity...

2022-08-18 by Olli Koponen
Publisher
Research

Fortum: Uniper’s performance did not inspire confidence

Fortum's subsidiary Uniper reported its Q2 result yesterday. We were aware that Uniper's gas business was in disarray following the disruption of gas supplies from Russia, but more problems seem to be piling up all the time. In addition to the weak operational...

2022-08-18 by Juha Kinnunen
Publisher
Research

Sievi Capital: Indoor’s cash register will not sing this year

We clearly cut Indoor’s valuation in our sum of the parts calculation due to very weak development. KH-Koneet continued to develop excellently which resulted in it becoming Sievi’s key holding. The share is still undervalued relative to both our sum ...

2022-08-18 by Olli Vilppo
Publisher
Extensive research

Stimulating earnings turnaround

Nexstim is a medical technology company whose magnetic stimulation technology is used in pre-operative brain mapping and to treat neurological diseases and disorders. The company is a technologically advanced niche player in large markets supported by...

2022-08-16 by Antti Siltanen
Publisher
Extensive research

Kempower: Electric start to the stock market journey

Kempower, a specialist in fast and high-power charging solutions for electric vehicles, has rapidly increased its market share thanks to its competitive products. We expect the company to exceed its earnings growth target and become one of the leading...

2022-08-17 by Pauli Lohi
Publisher
Research

Remedy: Potential unchanged despite short-term bumps on the road

The key takeaway from Remedy's Q2 report was that the extra time taken for Vanguard was not due to problems with the project, but a conscious decision by Remedy to try to maximize the game's long-term potential for success. At the same time, the company...

2022-08-15 by Atte Riikola
Publisher
Research

Relais: The wholesale market seeks its balance

Relais’ Q2 figures published yesterday were unsurprising, as the company issued a profit warning and preliminary data on H1 development earlier in the week. We already updated our estimates for 2022 and the next few years but after the Q2 report we revised...

2022-08-12 by Petri Gostowski
Publisher
Research

Purmo Group: Keeping up the good progress

The company's Q2 performance was exceptionally good relative to expectations, as net sales and the result exceeded our estimates. The outlook was in line with expectations given the unchanged guidance. The company has so far coped well with rising costs...

2022-08-12 by Olli Koponen
Publisher
Research

Suominen: We are still waiting for signals of improvement

We feel the overall picture of Suominen's Q2 report published yesterday, was neutral, although the clear estimate undercut and weak gross margin in Q2 depressed our 2022 estimates. Although clear weakness is already priced into the share even in a longer...

2022-08-10 by Antti Viljakainen
Publisher
Research

Relais: Deceleration of growth depresses profitability

Relais publishes its Q2 result on Thursday at about 9:00 am. On Monday, the company issued a profit warning and preliminary data on Q2's development, according to which the profitability of the quarter was clearly lower than our expectations. Reflecting...

2022-08-09 by Petri Gostowski