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
    }
  }
}


admicom-value-creation-digitizing-construction-industry

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Atte Riikola

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.

In the last quarter of 2027, so in a couple of years. A lot can happen before then. Admicom might not even be listed independently by then. https://www.reuters.com/markets/europe/will-ecbs-good-place-turn-into-passive-easing-2025-12-09/

In recent days, this forum has also reported that the ECB might have to raise interest rates (next year?), and with the Finnish housing market already in a deep freeze, that certainly isn’t bullish for Admicom. In itself, that wouldn’t matter if the economy were growing, but Finland’s track record for economic growth is a bit weak. I don’t currently own the stock (I sold earlier fearing a potential negative outlook), but I’m watching from the sidelines.

Atte “Doesn’t Play” (Ei leiki) Riikola has written comments on Admicom’s Capital Markets Day.   Admicom organized a Capital Markets Day on Tuesday, the recording of which can be viewed here. The company’s CEO’s CMD interview, in turn, can be viewed here. The day’s presentations added color to achieving the company’s ambitious growth targets, the realization of which depends on the company’s own actions, the gradual recovery of the construction market, and successful international acquisitions. During the weak construction cycle of recent years, Admicom has made significant investments in practically every area of its organization, and after strengthening its growth foundation, the prerequisites for accelerated profitable growth are in place. Our current forecasts are still clearly below the company’s target level after years weighed down by the weak construction cycle. If the targets are met, there would therefore be significant potential in the stock, as we already see the valuation as attractive with our current forecasts. Next, we will go through our key observations from the Capital Markets Day.                   Inderes              Admicom CMD: Lähtökohdat kasvun kiihdyttämiselle ovat erittäin hyvät - Inderes    Admicomin tavoitteiden toteutuminen on yhtiön omien toimien, rakennusmarkkinan asteittaisen elpymisen sekä onnistuneiden kansainvälisten yritysostojen varassa

That was very clear communication from the CEO. In my opinion, they also explained the growth path and strategy quite well, and how those growth targets will be achieved. It will be interesting to follow where the company progresses in the coming years. At least in terms of valuation, it’s a very attractive case!

Admicom’s CMD (Capital Markets Day) today had a really good atmosphere, and the presentations added color to the company’s goals. Those interested in Admicom should definitely watch the entire CMD:                   Inderes              Admicomin pääomamarkkinapäivä 2025 - Inderes    Aika: 02.12.2025 klo 10.00 Kieli: fi Admicomin pääomamarkkinapäivä järjestetään 2.12.2025 klo 10. Tapahtumassa käymme läpi Admicomin strategista kehitystä ja tulevaisuuden suuntaa.                             For those in a hurry, there’s also a more concise interview:                   Inderes              Admicom CMD: Rakennuspalikat vahvalle kasvupolulle - Inderes    Aika: 02.12.2025 klo 14.30 Admicom järjesti pääomamarkkinapäivän, jossa se esitteli uuden strategiansa, päivitetyt keskipitkän aikavälin taloudelliset tavoitteet sekä uudistetun osinkopolitiikan. Yhtiön kunnianhimoiset kasvutavoitteet vahvistavat...                             And naturally, tomorrow there will be my scribblings in the morning review!

I agree that international acquisitions must be made if one wants to be involved in this game in the long run. But Smartcraft’s journey hasn’t been entirely rosy either. Organic growth has trended downwards in recent years. The company’s focus in Finland is still clearly the smallest, so they have been relatively least affected by the weaker-performing Nordic construction market. This certainly also shows that with acquisitions, there are always some leaks and challenges in the acquired targets, which then reflects in organic growth.

In the previous strategy and related messages, there has been a lot of talk about internationalization (see, for example, above), but these international openings are still being awaited from Admicom. Competitor Smartcraft expanded into the British market last year, and that opening has driven sales growth wonderfully. Admicom expanded… to Estonia? Well, that’s better than nothing and a good place to practice internationalization. Now it is stated:  In Finland and Estonia, we have a broad customer base, which puts us in an excellent position to grow together with our customers by serving them better and more broadly. We have also decided to continue international expansion. We will gradually strengthen our internal capabilities in international business while seeking opportunities to expand into new markets through acquisitions, as we did with the acquisition of Bauhub last year.  In the strategy, internationalization is formulated very timidly, even though the markets in Europe are still available for now, and competitors are snatching them up at the same rate as a middle-aged Finn grabs roe and sour cream at the Viking Line buffet. Those organizational games and exercises should have been done earlier, and now, after years of wavering and rowing, we should be able to achieve more active and faster growth abroad. If we now stay at the starting blocks tying our shoelaces and focus entirely on winning supremacy in the domestic, perhaps Europe’s worst, construction market, then this investment is pure trash. Dividends to zero and abroad, please!

Admicom

Admicom has already had a very strong decade of profitable growth in Finland and the updated strategy seeks the next growth leap by digitizing the European construction industry.

<p>Admicom has already had a very strong decade of profitable growth in Finland and the updated strategy seeks the next growth leap by digitizing the European construction industry. The valuation of the share already looks moderate with our estimates that are clearly more cautious than the company’s objectives considering Admicom’s interesting investment profile and there is potential for clearly better performance in the long term. The biggest question mark in terms of objectives is still the success of internationalization, but there is also plenty of growth opportunities left in Finland. </p> 

	2022	23e	24e
Revenue	31.6	33.3	35.4
growth-%	27.2 %	5.3 %	6.4 %
EBIT (adj.)	13.7	12.4	13.6
EBIT-% (adj.)	43.4 %	37.3 %	38.3 %
EPS (adj.)	2.19	1.98	2.15
Dividend	1.30	1.20	1.30
Dividend %	2.8 %	2.8 %	3.0 %
P/E (adj.)	21.3	21.9	20.2
EV/EBITDA	16.3	16.8	15.0

Admicom: Value creation by digitizing the construction industry

Key Estimate Figures2023-03-16

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