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
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... 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
      researchContentUrl
    }
    ... 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
    }
  }
}


lapwall-positive-drivers-may-need-time-mature

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Head of Research

Antti Viljakainen

LapWall operates in the building products industry with several factories. The company manufactures wooden wall and ceiling elements in factory conditions for construction companies. The product range includes several standard products that are delivered and installed by the customer. The company's market area is Finland. LapWall was founded in 2011 and its headquarters are located in Pyhäntä, Finland.

A good interpretation – exactly so. EPD calculation is based on a reporting period defined according to standards and on representative production and energy data, and not on directly allocating individual momentary conditions to individual products. This is the fundamental premise of the entire system and operates in the same way across the industry. Regarding factory 3, it has been a temporary solution related to the construction and commissioning phase. If changes occur in production that are significant for the overall picture, they will naturally be taken into account in subsequent EPD updates in accordance with standards. It is also important to look at the big picture: EPD covers the entire value chain from raw materials to logistics, production, and deliveries. The impact of a single factor, such as the heating method, is limited in relation to the whole. A key factor in this context is production efficiency. The new factory has been designed to be extremely energy-efficient, and its throughput, automation level, and material efficiency are clearly at a higher level than before. In practice, this means that energy consumption and emissions calculated per manufactured square meter are at a very low level. In other words, overall production efficiency and material efficiency determine the emission level much more than a single energy solution, especially in a situation where it is a temporary solution. The information provided to customers is always based on valid, third-party verified EPD declarations, and if necessary, it is supplemented on a case-by-case basis. This ensures that customers have compliant and usable information. Jarmo Pekkarinen  CEO, LapWall Oyj

What kind of house manufacturer is @herepo, that they specifically joined the forum for these questions? Welcome!

Hasn’t this already been answered there - the standard allows for appropriate averaging, and allocating the probably quite minor impacts of such a temporary solution to individual products during which they were in use is not necessary or required. Of course, if this were not just a temporary solution and the use during 2026 were to create a significant impact even on average, it would probably be taken into account in the next round of calculations? At least that’s how I read Jarmo’s answer - he should correct me if my interpretation is wrong.

So, can your answer be interpreted to mean that EPD calculations are based on a period when factory 3 was not yet included in the calculations because it was still under construction? And now that factory 3 is already manufacturing elements, are the EPD calculations for those elements using carbon emission figures from the previous reporting period, even though in reality, the EPD emissions from the production facilities are clearly higher due to oil heating? If so, don’t customers then have a misleading understanding of the EPD emissions of the elements delivered to them? When in reality, the production emissions have been higher than what the company’s provided and third-party verified data, found for example in the RTS EPD database, indicates. This information has piqued interest because January and February were particularly cold, and as the picture shows, an oil-heated thermal container is very much needed in cold weather. At the same time, Lapwall has published images on social media of various element deliveries that have been delivered from the new factory to customers. The question is, is there a risk or problem here from the perspective of customers and their end customers, or are EPD certifications merely indicative, and is heating a single factory with oil not significant for the EPD calculation of wooden elements?

Thank you for the follow-up question – let’s clarify the whole picture based on facts. The elements manufactured at LapWall’s Pyhäntä factory are still mainly produced in two district heating-powered factories. Factory 3 is in the ramp-up phase, and its share of the total is limited at this stage. Heating for Factory 3 primarily utilizes waste heat generated in production, such as residual heat from compressed air compressors. If necessary, especially during colder periods, an external heat source, in this case oil, is also used. This is a temporary solution, and its overall impact is limited. EPD calculation is based on a reporting period defined according to standards (e.g., EN 15804) and corresponding production and energy data. LapWall’s EPD declarations have been prepared in accordance with standards, verified by a third party, and published in appropriate EPD systems (e.g., EPD Hub / RTS EPD). The calculation covers the entire value chain from raw material procurement to logistics, the production process, and deliveries. It is also important to understand that EPD calculation is a standardized life cycle assessment model based on measured data and accepted averages and assumptions (e.g., transport, use of machinery and equipment such as forklifts and truck traffic). For this reason, it is not possible to present 100% exact values for individual production situations – instead, the calculation describes a real, representative whole in accordance with standards. Any changes in production are taken into account in the EPD calculation and its updates in accordance with standards. The information provided to customers is always based on valid and verified EPD declarations, and if necessary, it is supplemented for specific projects or products. This ensures that customers have usable and compliant information for design, permit processes, and construction. If you are referring to a specific EPD material, calculation, or interpretation, you can specify the source – we will be happy to respond precisely. Jarmo Pekkarinen  CEO, LapWall Plc

So, is it the case that you are informing construction companies that, for example, all elements manufactured on the new production line this spring do not meet the EPD calculations available for your products? So that construction companies can calculate the actual carbon footprint for these projects, and the end-user, such as a home buyer or school builder, does not encounter problems during the final inspection when the EPD calculation does not meet the requirements in the building permit? Or will you now provide separate calculations, for example, for roof element systems and tall wall elements, which construction companies can utilize? I couldn’t quickly find any information about this in the systems when I tried to search.

There are three factories operating at LapWall’s Pyhäntä unit. Two of them are heated with district heating. For the third, newest factory, oil heating has had to be used temporarily during construction and the factory’s commissioning phase. The situation arose because we did not receive permission from the Jukkatalo bankruptcy estate to connect the district heating pipe to the network. In addition, the capacity of the entity supplying district heating to the other two factories was not sufficient for the needs of the third factory. For this reason, we had to quickly find a temporary solution that would be functional and allow for commissioning. It is essential to state that factory 3 has been in the construction and commissioning phase, and it has not had an impact on the 2025 EPD reporting. The published EPDs are based on the reporting period and the production during that time, as well as the energy solutions in use. However, the situation is changing. The municipality of Pyhäntä has since bought the land areas and buildings from the bankruptcy estate, which enables the construction of a district heating line also for the third factory. The goal is to switch to district heating as soon as possible also at factory 3. However, the schedule is affected by the fact that the operation of the sawmill that operated in the area has been temporarily suspended, which brings uncertainty to the progress. In 2026, the impact of oil heating on products manufactured in factory 3 will be appropriately and transparently accounted for in EPD calculations. This is a limited and temporary solution related to the commissioning of a new factory, which arose due to compelling circumstances. The situation is not in conflict with the company’s EPD reporting. Jarmo Pekkarinen  CEO, LapWall Plc

LapWall

The overall picture of the Q3 report published yesterday by LapWall was disappointing as new orders remained low.

<p>The overall picture of the Q3 report published yesterday by LapWall was disappointing as new orders remained low. Due to the Q3 numbers and the prolonged weak market outlook for (housing) construction, we also cut our forecasts for LapWall clearly, although we still expect the company to gain market shares in the current industry turbulence and be in a good position when the next upward cycle starts. </p> 

	2022	23e	24e
Revenue	52.5	41.0	45.0
growth-%	8.6 %	-21.8 %	9.5 %
EBIT (adj.)	8.3	4.1	5.1
EBIT-% (adj.)	15.8 %	10.1 %	11.3 %
EPS (adj.)	0.42	0.23	0.27
Dividend	0.19	0.12	0.13
Dividend %	5.3 %	3.1 %	3.3 %
P/E (adj.)	8.6	17.3	14.4
EV/EBITDA	4.8	10.3	8.5

LapWall: Positive drivers may need time to mature

Key Estimate Figures2023-10-31

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