Modellportfölj: En bit mer av billigare Admicom

ADMCMResearch2026-04-02 09:02

Automatisk översättning: Ursprungligen publicerad på finska 2026-04-02 07:02 GMT. Ge feedback här.

Vi har idag ökat Admicoms vikt i modellportföljen med 2 procentenheter, vilket innebär att dess vikt i portföljen har stigit till drygt 9 %. Admicoms aktie har varit under betydande press de senaste månaderna, då tvångsförsäljningar från nordiska småbolagsfonder, utöver rädslan för AI, har pressat aktien. Enligt vår ståndpunkt verkar hotet från AI för närvarande överdrivet, åtminstone för nordiska ERP-leverantörer. Vi ser den nuvarande situationen som en tydlig ingångspunkt, och Admicom har aldrig tidigare kunnat köpas till så låga multiplar (2026e EV/EBIT 10x).

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Mallisalkku

Admicom operates in the IT sector. The company develops cloud-based services that mainly concern administration, accounting, payroll and project management. In addition to its main business, it offers training and customer support. Its customers are small and medium-sized corporate customers, with the largest operations in construction and industry. The head office is located in Jyväskylä.

Key Estimate Figures26/02

	2025	26e	27e
Revenue	37.7	40.4	44.5
growth-%	6.1 %	7.0 %	10.3 %
EBIT (adj.)	12.0	13.1	14.9
EBIT-% (adj.)	31.7 %	32.4 %	33.4 %
EPS (adj.)	1.93	2.15	2.46
Dividend	0.32	0.40	0.50
Dividend %	0.8 %	1.5 %	1.9 %
P/E (adj.)	21.8	12.2	10.7
EV/EBITDA	16.6	8.4	6.6

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