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
      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
    }
  }
}


modellportfolj-en-bit-mer-av-billigare-admicom

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Juha Kinnunen

Atte Riikola

Rauli Juva

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.

I can’t say exactly how much this was discussed, but at least I personally wondered and perhaps even publicly brought up (I should scroll through the thread  ) how Swedish funds pushed the stock to the roof in 2020–21, and at that time, many of us Finnish owners sold. For once, a transfer of wealth from Sweden to Finland! Yes, these “forced movements” of funds should be noted in both directions.

Inderes              Mallisalkku: Siivu lisää halpuutettua Admicomia - Inderes    Lisäsimme tänään Mallisalkussa Admicomin painoa 2 %-yksiköllä.                             “Today, we increased Admicom’s weighting in the Model Portfolio by 2 percentage points, bringing its weight in the portfolio to just over 9%. Admicom’s share has been under significant pressure in recent months, as forced sales by Nordic small-cap funds have battered the stock, in addition to AI fears. In our view, the threat of AI currently appears overblown, at least for Nordic ERP providers. We therefore see the current situation as a clear buying opportunity, and Admicom has never before been available at such low multiples (2026e EV/EBIT 10x).”

This wasn’t really shouted about here when the same force worked in the other direction. Now, an analyst keeps reminding us daily that the former Inderes analyst is selling stocks from his poorly performing fund in the model portfolio. At some point, they were bought there, and similarly, there has been an unjustified increase in value earlier, which was not brought up daily on this forum.

There are numerous funds under that SEB nominee register. Currently, the downturn in small-cap companies is prevalent in Sweden as well, and many funds there also appear to be selling off their holdings, some of which are forced sales (redemptions). If one believes that Nordic small-cap companies will still rock one day, this selling pressure can also be seen as a buying opportunity. In the short term, of course, it is painful when an individual large fund’s sales into relatively thin liquidity are a bit like an elephant trampling through a china shop.

Those in SEB’s nominee register have reduced their holdings by 133,000 shares, with over 2 million shares still remaining. If sales under SEB’s name continue, the share price will certainly remain under significant pressure. The Baltic Sea fund (Itämeri-rahasto) is almost a side issue in the grand scheme of things, at least going forward.

Updated owner lists released. Phew, the foreign investors have reduced their holdings by 130,000 shares and Säästöpankki Itämeri by 60,000 shares (10,000 left). Many new investors have joined the Top-100 list. Foreign investors might continue to lighten their positions, but could this selling wave from Itämeri be over now?                   Admicom sijoittajille              Osake ja omistajat | Admicom Oyj: Sijoittajille    Osake ja omistajat: Katso perustiedot Admicomin osakkeesta sekä tiedot suurimmista osakkeenomistajista. Lue lisää >>         Est. reading time: 1 minuutti

Admicom as an acquisition target was last discussed in a video made in January, at 20:50.                   Inderes              Admicom on hyvä sijoitus, kun rakennuslama päättyy  - Inderes    Aika: 22.01.2026 klo 14.09 Rakennusfirmoille softaa tekevä Admicom on hyvä sijoitus, kun rakennustaantuma päättyy. Analyytikko Atte Riikola kommentoi.                             The stock was 46 euros then, meaning that with current valuations, building that acquisition case is still considerably easier, for example, from a private equity investor’s perspective. An Admicom acquisition case would be easy to build through an LBO (Leveraged Buyout) model (where a private equity investor buys out a company from the stock exchange with significant debt leverage), as Admicom’s strong cash flow would quickly reduce the debt load. Depending on the buyer’s views, the offered premium to the current share price could be quite substantial, and the math would still work. From an industrial buyer’s perspective, Admicom could also be an interesting target. Admicom has a strong market position in Finland, and achieving something similar through organic means (and/or small acquisitions) is very expensive and would take a very long time at best. In that sense, a merger of Admicom and Smartcraft could be sensible on paper, if one considers, for example, achievable economies of scale. In this case, however, it would be a merger and to some extent a share exchange. I do not believe that, at current valuations, this would be a sensible move for Admicom’s shareholders, and I do not believe the company’s board would approve it. So, even in the case of an industrial buyer, I think a successful deal would require a cash offer with a large premium relative to the current share price. Regarding the ownership structure, Alcur Fonder’s approximately 10% ownership is one factor hindering a successful bid. Alcur disclosed its ownership last August, so the fund’s average price is inevitably at least closer to 50 euros. I don’t believe they would be willing to sell if the offer was below this or even roughly at this level.

Admicom

Idag ökade vi Admicoms vikt med 2 procentenheter i Modellportföljen.


Automatisk &#xf6;vers&#xe4;ttning: Ursprungligen publicerad p&#xe5; finska 2026-04-02 07:02 GMT. Ge feedback <a href="https://forum.inderes.com/t/inderes-fi-sisallon-kehitysideat/71/?tl=sv">h&#xe4;r</a>.Vi har idag &#xf6;kat Admicoms vikt i modellportf&#xf6;ljen med 2 procentenheter, vilket inneb&#xe4;r att dess vikt i portf&#xf6;ljen har stigit till drygt 9 %. Admicoms aktie har varit under betydande press de senaste m&#xe5;naderna, d&#xe5; tv&#xe5;ngsf&#xf6;rs&#xe4;ljningar fr&#xe5;n nordiska sm&#xe5;bolagsfonder, ut&#xf6;ver r&#xe4;dslan f&#xf6;r AI, har pressat aktien. Enligt v&#xe5;r st&#xe5;ndpunkt verkar hotet fr&#xe5;n AI f&#xf6;r n&#xe4;rvarande &#xf6;verdrivet, &#xe5;tminstone f&#xf6;r nordiska ERP-leverant&#xf6;rer. Vi ser den nuvarande situationen som en tydlig ing&#xe5;ngspunkt, och Admicom har aldrig tidigare kunnat k&#xf6;pas till s&#xe5; l&#xe5;ga multiplar (2026e EV/EBIT 10x).

	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 %	1.3 %	1.7 %
P/E (adj.)	21.8	13.9	12.2
EV/EBITDA	16.6	9.7	7.7

Modellportfölj: En bit mer av billigare Admicom

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