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Extensive research

Betolar: Enabling a greener concrete industry

By Antti ViljakainenHead of Research
Betolar
Download report (PDF)

We initiate coverage of the materials technology company Betolar with a Reduce recommendation and a EUR 3.00 target price. Betolar has since 2016 developed the Geoprime concept that allows cement to be replaced in concrete production. Its biggest benefit is a clear reduction in CO2 emissions from concrete production. As a whole, we see the valuation of Betolar’s share as too high relative to the risks in the short term, and therefore wait for the risk/return-ratio of the share to improve.

Betolar is a pioneering materials technology company focusing on turning industrial side streams into value. Betolar offers continuous competitive edge to the construction industry and enable the transition towards a sustainable built environment - socially, environmentally and economically.

Read more on company page

Key Estimate Figures2022-11-02

202122e23e
Revenue0.00.35.3
growth-%66.7 %2,900.0 %1,650.0 %
EBIT (adj.)-3.9-11.4-13.9
EBIT-% (adj.)-38,590.0 %-3,808.0 %-265.0 %
EPS (adj.)-0.38-0.62-0.72
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.neg.neg.
EV/EBITDAneg.neg.neg.

Forum discussions

Here are Tommi’s comments on this latest release. Betolar announced this morning that it has developed a new solution for protecting critical...
4/2/2026, 9:38 AM
by Sijoittaja-alokas
0
To me, that seems more like an April Fool’s joke. That’s how much business value it has. Betolar’s operations are indeed becoming desperate.
4/2/2026, 8:18 AM
by Tuokki
2
The stock has entered a strong rally with this announcement. Trading volume is still quite low, of course. Linking to the defense sector is ...
4/2/2026, 7:54 AM
by Optimistinen verkkapöksy
3
Betolar Oyj has developed a solution for protecting critical infrastructure, such as substations. The protection solution has been designed ...
4/2/2026, 7:49 AM
by Index
3
Here is a new company report from Tommi on Betolar Betolar has not reported sales successes in early 2025 similar to Q4’25, based on which we...
3/30/2026, 4:47 AM
by Sijoittaja-alokas
3
CEO’s review of last week’s General Meeting! Inderes Betolarin yhtiökokous | Toimitusjohtajan katsaus 18.3.2026 - Inderes Aika: 26.03.2026 klo...
3/26/2026, 7:16 AM
by Sara Antonacci
2
Betolar’s metal separation business is progressing. Now a project is starting in Africa. betolar.com Betolar, EcoGraf ja GTK tekevät yhteisty...
2/12/2026, 3:53 PM
by j.sälli
4
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