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
            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
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Roni Peuranheimo

Tecnotree operates in the IT sector. The company specializes in the development of digital communication solutions. The services include, for example, business process services and subscription management for corporate customers in telecom and other digital service providers. Operations are held on a global level, with the largest presence in Asia, Africa and the Middle East.

Mr. Market is (still) not pricing an increased takeover bid into the share price. If that were the sentiment, we would already be above €5.70. Even Nieminen’s additions have been at a price below 5.70 euros. If one wanted to make a final push, surely even offering the takeover bid price would get some movement from those who are just waiting for the €5.70 redemption price. Not to mention if one wanted significantly more at once, they could offer a certain Mr. Kakkonen slightly more than the bid price. Shouldn’t that go through? If he already thinks the 5.70 price is suitable, then by that logic, he’d probably jump at a slightly better price immediately.

Kakkonen in 7th place. Joensuun Kauppa Ja Kone, 848,805 shares.

I couldn’t find Kakkonen among the largest shareholders anymore as of Feb 28, 2026, or did I see that correctly?

We’ll see if we get a flagging notification that Nieminen exceeds a 10% stake again. There have been some heavy trading days at least, with €377,000 worth of turnover today as well. There is hope and time left in the offer period.

Arvopaperi – 6 Mar 26              Jorma J Nieminen: Tecnotree-tarjous ajaa pienen piirin etuja – ”Ei vastaa...    Jorma J Niemisen salkunhoitaja Pauli Haarala kommentoi tarjousta Arvopaperille sähköpostitse.                             “The price level offered in the major-owner-led tender offer for the IT company Tecnotree, which serves telecom operators, is opportunistic from the perspective of minority shareholders and serves the interests of a small circle, comments Pauli Haarala, portfolio manager for the company’s significant owner Jorma J Nieminen, via email.” ”Tecnotree’s low share price has long reflected the company’s history of weak corporate governance and irrationally high total compensation levels for executive management. Progress has been made in addressing these, but unfortunately slowly,” Haarala commented on behalf of Nieminen.”

That’s true, as 75% is enough instead of 90%.  Helios made the first offer, which the board rejected on Jan 24.  They raised the offer on Feb 2, which the board also rejected.  Helios is also offering a share swap, and one could assume that it would help win over the institutional investors, or that they have already done so.  Edit: if Helios buys CAB and Tecnotree in their entirety, a lot of money will be spent relative to the size of the fund.

That article actually states that the tender offer hasn’t even started yet. The 53% approvals are irrevocable undertakings/holdings, which is a pretty good starting point for reaching the 75% required as a condition for the offer.

Tecnotree

Tecnotree has continued to grow strongly in recent years, but the company has been unable to convert its EBIT into cash flow due to working capital tie-ups, foreign exchange losses and large investments in product development. The company's internal focus is currently on improving cash flow, but there is no evidence of this yet. 

<p>Tecnotree has continued to grow strongly in recent years, but the company has been unable to convert its EBIT into cash flow due to working capital tie-ups, foreign exchange losses and large investments in product development. The company's internal focus is currently on improving cash flow, but there is no evidence of this yet. The valuation would be attractive if the company's cash flow approached the company's profit level. However, we do not expect an immediate improvement here and with the current cash flow profile we do not see the risk/reward ratio as attractive.</p>

	2023	24e	25e
Revenue	78.4	82.3	86.2
growth-%	9.5 %	5.0 %	4.7 %
EBIT (adj.)	23.8	27.2	26.4
EBIT-% (adj.)	30.4 %	33.0 %	30.6 %
EPS (adj.)	0.71	0.96	1.07
Dividend	0.01	0.02	0.02
Dividend %	0.2 %	0.4 %	0.4 %
P/E (adj.)	9.6	5.8	5.2
EV/EBITDA	4.1	2.7	2.1

Cash flow still needs to be proven

Key Estimate Figures2024-05-10

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