Hyvä alkuvuosi luvassa

NETUMResearch2024-03-06 07:58

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Netumin liikevaihto kasvoi vahvasti myös orgaanisesti, mutta kannattavuus oli pettymys H2:lla. Yhtiö oli kommenteissaan erityisesti luottavainen alkuvuodesta. Ohjeistus indikoi odotetusti orgaanista kasvua sekä kannattavuusparannusta vuonna 2024. Pienen kurssilaskun (10 %) ja nostettujen ennusteiden (10 %) myötä osakkeen arvostuskuva on (2024 EV/EBIT 8x ja P/E 11x) on muuttunut houkuttelevaksi.

Netum Group operates in the IT sector. The company specializes in the development of software solutions. The software is developed in-house and is mainly used for design and implementation of software, management and monitoring of information systems, cybersecurity solutions and IT management. The customers consist of corporate customers in several sectors. In addition to the main business, various value-added services are offered. The largest operations are in the Nordic region.

Key Estimate Figures2024-03-05

	2023	24e	25e
Revenue	37.1	46.1	47.4
growth-%	27.2 %	24.3 %	2.9 %
EBIT (adj.)	2.8	4.3	4.5
EBIT-% (adj.)	7.4 %	9.4 %	9.5 %
EPS (adj.)	0.16	0.22	0.27
Dividend	0.00	0.14	0.16
Dividend %		20.8 %	23.7 %
P/E (adj.)	16.7	3.0	2.5
EV/EBITDA	16.1	3.0	2.6

Forum discussions

This is the essential observation. The vibe in the market right now is that even larger houses have drifted into a bloody price war. And since...

9/7/2026, 10:24 AM

by evilK

Board Chairman Köngäs has been making some small-scale purchases Sep 1 and Sep 2: Volume: 3,985 Average price: 0.80766 EUR Volume: 3,015 Average...

9/7/2026, 10:03 AM

by Sijoittaja-alokas

It could well be that they hope the laid-off employees will leave on their own, so that no re-hiring obligation arises.

9/5/2026, 6:05 AM

by Dualalarm

Sounds very familiar, those comments regarding management and the handling of customer relationships and employees in general. I raised my hand...

9/5/2026, 5:05 AM

by Arsene

Well, of course I don’t know how we would handle the same situation, I just said that at our company, salespeople are paid a monthly commission...

9/4/2026, 9:12 PM

by Kootteri

I don’t know what collective agreement (TES) applies at your workplace or what company-specific contracts you have, but at least based on my...

9/4/2026, 7:02 PM

by Seinäkadun Keisari

As I understand it, commissions are paid monthly based on billings, and a certain portion of that always goes to the salesperson. Now, when ...

9/4/2026, 4:52 PM

by Kootteri

Hyvä alkuvuosi luvassa

NETUMResearch2024-03-06 07:58

Joni GrönqvistAnalyst

Discuss

Download report (PDF)This report is only available for Inderes Premium customers.

Key Estimate Figures2024-03-05

	2023	24e	25e
Revenue	37.1	46.1	47.4
growth-%	27.2 %	24.3 %	2.9 %
EBIT (adj.)	2.8	4.3	4.5
EBIT-% (adj.)	7.4 %	9.4 %	9.5 %
EPS (adj.)	0.16	0.22	0.27
Dividend	0.00	0.14	0.16
Dividend %		20.8 %	23.7 %
P/E (adj.)	16.7	3.0	2.5
EV/EBITDA	16.1	3.0	2.6