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
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Joonas Korkiakoski

Boreo creates value by owning, acquiring and developing small and medium-sized companies in the long-term. Boreo's business operations are organized into two business areas: Electronics and Technical Trade. Boreo's primary objective is sustainable long-term profit generation. The business model is based on the acquisition and ownership of entrepreneurial companies. The profits generated are re-invested back to operations or to acquisitions with attractive expected returns on capital.

Industrial turnover indicators are now developing positively month after month. Although the entire industry is a broad entity, I have thought that this also describes the business cycle of Boreo’s companies (Pronius, J-matic, Filtteri, Machinery MT, Milcon, etc.) to some extent. Construction is then its own kettle of fish, but even there, things are hardly going down anymore.

I would consider it likely, based on the timing, that the change of CFO is related to the change of the company’s CEO and the expectations possibly associated with it within the company. -No changes have been announced in the strategy, so it can’t really be related to anything else. People are ambitious regarding internal appointments, and if their own expectations and the company’s needs don’t align, then changes occur. Normal.

I have somewhat similar feelings. I met Nerg and Petäjä in the fall and got a really good impression of them based on our discussions! Since I haven’t met the new management yet, it’s difficult to assess them based on anything other than their CVs, which look good on paper. In this type of business, leadership plays a big role, and a change creates a point of discontinuity. I believe that the strategy will still remain the same, as will the principles of capital allocation, which will nevertheless provide guidelines for the new management and should bring continuity.

Could @Olli_Vilppo (or company representatives can also comment) estimate what kind of discontinuity the departures of CEO Nergin and CFO Petäjä will create? I assume that the business area directors are well aware of the current companies’ situations and there is no inherent uncertainty related to their operational activities, but one would think that the changes would have significance, at least concerning the M&A pipeline? Jesse Petäjä was also, at least previously, the director responsible for Boreo’s acquisitions. What kind of team does Boreo currently have and are there enough competent people remaining in the company in addition to those leaving? I have been eagerly anticipating Boreo’s next couple of years in an improving economic climate, but now these management team changes have made me a bit uncertain.

Greetings! Richard Karlsson has not sold his shares, but rather transferred them from one bank to another. For some reason, the transfer has been registered in the system as a sale. We are currently investigating the cause of this technical issue. EDIT: The technical issue has now been resolved, as have the details of Richard’s share ownership.

I also noted that yesterday and sent a message to the company asking what it was about. That amount is so large that it corresponds to well over half of Boreo’s entire monthly turnover. I will let you know here if I get any answers.

According to the ownership list, management team member Richard Karlsson would have sold 6108 shares last month. However, I could not find this transaction in Inderes’ insider trading service, nor any separate announcement about it. According to the ownership list, the block of shares seems to have gone into nominee registration under Danske Bank. Also, the “Insider holdings” page matches the ownership amount of 19416 shares in the ownership list dated 30.11.2025. Has Boreo forgotten to report the said transaction? It doesn’t seem to be a bug, at least…

Boreo

Boreo published its Q2 report on Thursday that operatively was nearly fully in line with our expectations. The company's businesses were in good shape and despite external challenges, financial...

<p>Boreo published its Q2 report on Thursday that operatively was nearly fully in line with our expectations. The company's businesses were in good shape and despite external challenges, financial performance is solid. The share’s valuation has risen but relative to the convincingly progressing acquisition strategy and the longer-term value creation potential it includes we do not consider the price to be too high. Thus, we consider the annual risk adjusted return expectation to still be sufficient. </p> 

	2020	21e	22e
Revenue	97.6	138.2	155.1
growth-%	63.0 %	41.6 %	12.2 %
EBIT (adj.)	5.9	9.7	12.4
EBIT-% (adj.)	6.0 %	7.0 %	8.0 %
EPS (adj.)	1.50	2.45	3.28
Dividend	0.40	0.44	0.48
Dividend %	1.4 %	3.1 %	3.4 %
P/E (adj.)	19.6	5.8	4.3
EV/EBITDA	15.1	4.8	3.6

Boreo: Solid attacking game

Key Estimate Figures2021-08-06

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