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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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
    }
  }
}


spin-off-setbacks-but-the-stock-has-overreacted

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Joni Grönqvist

Tietoevry operates in the IT sector. The company offers a range of software and cloud-based solutions, with the greatest specialist expertise in SaaS solutions. Competence is found in business processes, application services, infrastructure solutions, and front-end solutions. Customers are found in several markets on a global level. The company was formed in 2019 through a merger of Tieto and EVRY. The headquarters are located in Helsinki.

Reducing debt means that financing costs will decrease, so O’Sinkko will rise even with that measure + a portion of the sales proceeds purely for shareholders

News Powered by Cision              Tieto myy norjalaisen Bekk Consulting AS:n pääomasijoitusyhtiö Axcelille    Tietoevry Oyj         LEHDISTÖTIEDOTE        1.12.2025   klo 8.00  Tieto (Tietoevry1)) on                             Tieto (Tietoevry1)) has agreed to sell the Norwegian company Bekk Consulting AS (Bekk) to the private equity firm Axcel. The cash-free, debt-free purchase price (enterprise value) for the divested business is NOK 1,700 million (approximately EUR 140 million). Customary adjustments will be made to the purchase price at the time of closing, and the transaction is estimated to be completed during the first quarter of 2026. In line with Tieto’s new capital allocation principles, the company will use the proceeds from the transaction to reduce debt and distribute funds to shareholders. Bekk, which employs approximately 600 people and was acquired by ErgoGroup in 2007, is currently part of Tieto Tech Consulting (formerly Tietoevry Create). However, the company has operated independently under the Bekk brand for several years and has a recognized market position in technology and management consulting in Norway. At the end of the third quarter of 2025, Bekk’s revenue for the preceding 12 months was NOK 1,056 million and its operating profit (EBIT) was NOK 150 million. With its strategic focus, Tieto Tech Consulting has transitioned to a simplified and more integrated operating model. This has been a natural point to assess Bekk’s future, leading to the conclusion that a sale was the best solution.

I was reading the updated Inderes analysis report after Tieto’s CMD. While reading it, among other things, I was left wondering how or with what figures @Joni_Gronqvist has calculated his 2025e 0.70 dividend/share forecast, when I compared it to what was stated in Tieto’s stock exchange release on 24.11.2025: “According to Tieto’s current estimate, the 2025 dividend proposal would be 80% of net profit, adjusted for non-cash flow-impacting impairments and cost burden related to IFRS 5 standard.”  It does not seem that Inderes’ dividend forecast has been calculated based on the 2025e adjusted EPS of 1.62, but in some other way. Perhaps @Joni_Gronqvist would be keen to explain how or with what net profit-adjusting information he has calculated his 2025e 0.70 dividend/share forecast? A nitpick. Inderes’ analysis report states that Tieto’s share count is approximately 118.6 million shares. I would,

Inderes’ comments after CMD,  no need to update targets nor to include Tieto’s goals in calculations. ‘Show me the money’ -statement:  A higher acceptable valuation would require better visibility into revenue growth and further improvement in profitability.                    Inderes              Tieto avasi pääomamarkkinapäivässä hyvin tuloskasvuajureitaan  - Inderes    Tieto järjesti eilen illalla pääomamarkkinapäivän, jossa yhtiö avasi tyypilliseen tapaansa hyvin, milloin ja miten yhtiö odottaa kasvun sekä kannattavuusparannuksen tulevan.

Tietoevry update under CMD, below on financial targets and capital allocation. A name change is also proposed, dropping ‘evry’ from the name, becoming ‘Tieto’.  The Board of Directors of Tieto (formerly Tietoevry) has approved the company’s new financial targets and capital allocation principles for 2026–2028. Tieto aims for annual revenue growth1) of over 5 percent (compound annual growth rate) in 2027–2028 and an adjusted2) operating profit margin (EBITA) of over 16 percent by 2028. Additionally, the company aims to maintain a net debt/EBITDA ratio below 2. The new capital allocation principles enable the company to focus on growth while offering attractive returns to shareholders. The company aims to distribute dividends corresponding to 60–80% of net profit. With the remaining capital, the company will repurchase its own shares or pay extraordinary dividends. According to Tieto’s current estimate, the 2025 dividend proposal would be 80% of net profit, adjusted for non-cash impairment charges and cost burdens related to IFRS 5.                    News Powered by Cision              Sisäpiiritieto: Tieto päivittää strategiansa, taloudelliset tavoitteensa sekä...    Tietoevry Oyj               SISÄPIIRITIETO          24.11.2025   klo 19.00  Tiedon (aiemmin

So each company chooses its own guidance method, but I’m a bit puzzled by the method Tietoevry has chosen. In two months, guidance has been updated twice, with the upper end of revenue growth collectively trimmed downwards by 2 percentage points, and the EBITA margins upwards by about 1 percentage point from 12-13% to 13.3-13.8%. The reasons for the changes were mainly the settlement of one legal dispute and, more recently, the faster-than-expected progress of the cost-saving program. Neither, in my opinion, generates much interest, and the changes are quite small. Wouldn’t it be better to provide guidance a bit more broadly, so that such changes would come to light through “normal familiarization” in some quarterly report, like “okay, good job, let’s continue”? Now I get the impression that they are just focused on calculating every cent precisely, even though the company is involved in the most exciting and investor-interesting topic of recent times (AI) and would at least have opportunities to develop new technology that could accelerate the company’s growth. I don’t know, is there perhaps still room for improvement in the accounting department even after the cost-saving program?

Tietoevry’s situation is clearly starting to improve. Good news is slowly emerging. This makes me think, hopefully there won’t be a takeover bid for the company at this price.

Tietoevry

Q1 was operationally in line with expectations, and we kept our forecasts unchanged in the big picture. However, the biggest news yesterday was that the Banking business will unexpectedly remain part of the group, which was disappointing. In 2024, we expect the company’s earnings to be at the level of the comparison period, due to a challenging market, but to grow moderately in the coming years. 

<p>Q1 was operationally in line with expectations, and we kept our forecasts unchanged in the big picture. However, the biggest news yesterday was that the Banking business will unexpectedly remain part of the group, which was disappointing. In 2024, we expect the company&rsquo;s earnings to be at the level of the comparison period, due to a challenging market, but to grow moderately in the coming years. Our forecasts are clearly below the company&rsquo;s target levels. With the share price decline, the valuation picture has become very attractive from several perspectives (2024e P/E 11x, adj. P/E 8x, DCF EUR 28, SOTP EUR 26 and expected return ~20%).</p>

	2023	24e	25e
Revenue	2,851.4	2,893.8	2,977.1
growth-%	-2.6 %	1.5 %	2.9 %
EBIT (adj.)	358.7	364.2	383.6
EBIT-% (adj.)	12.6 %	12.6 %	12.9 %
EPS (adj.)	2.14	2.09	2.28
Dividend	1.47	1.50	1.55
Dividend %	6.8 %	8.0 %	8.3 %
P/E (adj.)	10.1	8.9	8.2
EV/EBITDA	8.6	7.0	6.7

Spin-off setbacks, but the stock has overreacted

Key Estimate Figures2024-04-25

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