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
    }
  }
}


meriaura-group-sea-freight-market-prices-cooling-down

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Pauli Lohi

Summa Defence is a Finnish defence and security technology group. The group provides strategic support and resources to companies in the sector, focusing on technologies related to situational awareness, mobility and protection, which benefit both civilian, security and defence sectors. The goal is to improve Finland's and Europe's overall security, security of supply and crisis management capabilities. Summa Defence is headquartered in Helsinki.

“Summa Defence, known as a defense industry group, has launched a strategic review of its renewable energy business, namely its subsidiary Summa Energy.” Summa pohtii uusiutuvan energialiiketoimintansa kohtaloa | Kauppalehti . Savosolar will likely just have to be written off; a buyer is unlikely to be found unless the facility itself is worth something (I wonder if Savosolar even owned that…). It is logical to try to get rid of that business, however—the whole entity was as far-fetched as can be from the very start. They just wanted to get onto the stock exchange quickly through the back door, no matter the cost.

So, with a bit of a tongue-in-cheek approach, one could perform a reverse valuation like this: for Lightspace, the market considers the value to be 10x EV/S. In fact, for a high-tech defense segment business, this is by no means an unusual multiple.

Today, the share price slid exactly to one euro. Fortunately, at that point, news was released about a half-million-euro deal, on the back of which the company’s market cap jumped up by five million euros:                   Tärkeimmät talousuutiset | Kauppalehti – 4 Mar 26              Summa Defence Oyj: Lightspace Technologies on saanut tilauksen uudesta,...    Tärkeimmät ajankohtaiset talousuutiset, pörssikurssit ja kattavat sijoittajapalvelut löydät Kauppalehdestä.                             Interesting stock, interesting owners.

And now they are hidden again, and for those owners, the data has been rolled back to December’s figures. This is quite a peculiar company.

IntLogin’s Jukka Pietilä has continued selling shares. Information regarding the reductions in holdings of holoborg Oy and Jerovit Investment Oy, which was visible on Summa’s website a month ago and subsequently disappeared, is once again viewable:                   summadefence.fi              Osakkeenomistajat – Summa Defence                              One more observation: with an investment of approximately ten thousand euros, one would enter the company’s list of the top 100 shareholders. Quite something for a global defense industry player aiming for a turnover of half a billion.

Perhaps at this point, industrial contract manufacturing is not the right context, in the sense that Summa would be a contract manufacturer for TSIR. Based on current information, it is a joint venture where they are the majority owner, and in the early stages, according to press releases, Summa has funded production “for the time being.” Margins are also unlikely to be a problem on a general level. The drone companies that have popped up in the West in recent years are generating quite juicy margins, even though for a long time they were largely based on, for example, Chinese components. That is, those that have succeeded in obtaining operational approval, NATO stock numbers, and military contracts. This is partly due to a lack of competition, partly to cover the expensive R&D and validation processes required by defense industry demands, and certainly partly due to national governments’ temporary willingness to pay a conscious premium to rapidly kick-start defense-critical drone production and product development. The relevant limiting factor is that if Summa were to announce a drone deal of X M€, at most only about half of the profit would flow into Summa’s consolidated financial statements once the non-controlling interests are deducted from the net profit (assuming a ~51% ownership stake). This is assuming the deal takes place through the Summa TSIR company. This could be further complicated by potential profit distribution arrangements that deviate from the ownership structure, such as licensing fees, or if the deal occurs through Summa Drones and trickles down to subsidiaries via separate agreements. No such arrangements have been mentioned, but management communication has been a bit vague anyway. The overall picture is further muddled by the fact that, according to news reports, Summa has funded the initial stage of production while the Ukrainian consortium is still seeking larger funding. There is no detailed information on the contractual arrangements, but it is possible that Summa has covered the production setup and access (at least in theory) to European markets, national defense investments, and Ukrainian aid budgets in exchange for existing intellectual property rights and approximately a half-share in the joint venture. Early-stage margins might therefore be distributed asymmetrically if expenses are booked to Summa Drones or the parent company, while Summa TSIR acts as a holding through which the revenue flows. On the other hand, if business picks up, a large part of the income will likely go toward further investments.

Industrial contract manufacturing is typically a low-margin business. Let’s put on our Summa-fan glasses for a moment and assume that the company actually receives a 30M drone order from somewhere. Let’s also assume that Summa has a functional drone factory hidden somewhere and the assembly nets the company as much as a 10% operating profit. Three million in EBIT still isn’t enough to make Summa a profitable company when losses are mounting even faster elsewhere.  Stock market history teaches that chronically erratic management inevitably drives any stock toward zero unless the leadership is replaced before then. (Elon Musk is likely the only known exception to this rule, and even his antics have primarily concerned his private life.)

Summa Defence

The figures for the second quarter were below our expectations as the slowdown in the sea freight market was reflected in the company's results faster than expected. We lowered our assumptions on the long-term normalized performance of Marine Logistics and slightly increased our Renewable Energy estimates thanks to a significant contract.

<p>The figures for the second quarter were below our expectations as the slowdown in the sea freight market was reflected in the company's results faster than expected. We lowered our assumptions on the long-term normalized performance of Marine Logistics and slightly increased our Renewable Energy estimates thanks to a significant contract.</p> 

Meriaura Group: Sea freight market prices cooling down

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