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
    }
  }
}


inderes-group-progress-sweden-key-catalyst-seb

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Inderes operates in the financial industry. The company provides a community platform for investors and listed companies. Via the platform, users can communicate with each other and exchange investment tips. The customers consist of both companies and private individuals. In addition, the company offers analysis services and a basis for investment decisions. The largest operations are in the Nordic region.

How many actually pay that annual price? I suspect a large portion consists of, for example, Nordnet Private customers who don’t pay for Inderes, or discount recipients like members of the Finnish Shareholders Federation (150e/y). If I remember correctly, Inderes employees themselves have mentioned at some point that Premium is not a significant business for them. Of course, that was back when Inderes mainly did analysis and the business relied on paying listed companies.

I wonder how large a portion of those premium users are paying customers and how many are users who receive premium for free? I also have Inderes Premium for free, as it’s included in Nordnet’s Private Banking benefits. I personally wouldn’t pay €200/year (or even the discounted price for members of the Finnish Shareholders Federation (Osakesäästäjät)) for the service.

I wonder if Nordnet’s private banking customers are included in this 10k? I wonder if they generate quite the same revenue stream as those who paid directly.

The revenue forecast for this year is 20m in SEB’s analysis. If that 10k premium users figure is correct, with billing of €200/person/year, the revenue would be approx. 2m per year, corresponding to about 10% of the annual revenue. Quite an important revenue stream then..

I don’t know if it has been mentioned elsewhere, but in that interview with Verner, it caught my ear that Inderes has approx. ~10K premium users.

Eva Syrjänen lost her confidence in the company management and grew tired of Verner’s Quarter (Vernerin vartti), accounting for the largest sales in January.  Otherwise, minor movements among ex-analysts, with Korkiakoski continuing to reduce and Kajaani increasing Twin Engine’s ownership stake. Whenever I visit this “Largest Shareholders” page, I think that Thomas Westerholm’s picture would fit this context better than Vepu’s.

Ending the year with accelerating growth - SEB Target price of 19-21 from SEB in pre-earnings analysis.

Inderes

Inderes is building a Nordic growth story on solid home market foundations. After acquiring a position in the Swedish IR event market, expansion in the country is easier, especially within events and AGMs. However, research needs wide retail investor reach, which requires greater awareness. We think successful expansion in Sweden offers upside, but the outcome is far from certain. Our fair value range is fine-tuned to EUR 19-20 (18-20).

<p>Inderes is building a Nordic growth story on solid home market foundations. After acquiring a position in the Swedish IR event market, expansion in the country is easier, especially within events and AGMs. However, research needs wide retail investor reach, which requires greater awareness. We think successful expansion in Sweden offers upside, but the outcome is far from certain. Our fair value range is fine-tuned to EUR 19-20 (18-20).</p> 

Inderes Group - Progress in Sweden is the key catalyst - SEB

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