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
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Joonas Korkiakoski

Tecnotree operates in the IT sector. The company specializes in the development of digital communication solutions. The services include, for example, business process services and subscription management for corporate customers in telecom and other digital service providers. Operations are held on a global level, with the largest presence in Asia, Africa and the Middle East.

We’ll see if we get a flagging notification that Nieminen exceeds a 10% stake again. There have been some heavy trading days at least, with €377,000 worth of turnover today as well. There is hope and time left in the offer period.

Arvopaperi – 6 Mar 26              Jorma J Nieminen: Tecnotree-tarjous ajaa pienen piirin etuja – ”Ei vastaa...    Jorma J Niemisen salkunhoitaja Pauli Haarala kommentoi tarjousta Arvopaperille sähköpostitse.                             “The price level offered in the major-owner-led tender offer for the IT company Tecnotree, which serves telecom operators, is opportunistic from the perspective of minority shareholders and serves the interests of a small circle, comments Pauli Haarala, portfolio manager for the company’s significant owner Jorma J Nieminen, via email.” ”Tecnotree’s low share price has long reflected the company’s history of weak corporate governance and irrationally high total compensation levels for executive management. Progress has been made in addressing these, but unfortunately slowly,” Haarala commented on behalf of Nieminen.”

That’s true, as 75% is enough instead of 90%.  Helios made the first offer, which the board rejected on Jan 24.  They raised the offer on Feb 2, which the board also rejected.  Helios is also offering a share swap, and one could assume that it would help win over the institutional investors, or that they have already done so.  Edit: if Helios buys CAB and Tecnotree in their entirety, a lot of money will be spent relative to the size of the fund.

That article actually states that the tender offer hasn’t even started yet. The 53% approvals are irrevocable undertakings/holdings, which is a pretty good starting point for reaching the 75% required as a condition for the offer.

Helios’s offer for CAB Payments did not receive a warm reception, but they have achieved 52% support. Perhaps that is enough and was also the objective.           Sharecast              Helios consortium formally announces CAB Payments bid    A consortium led by Helios Investment Partners formally announced its offer for CAB Payments on Monday, valuing the company at $297m on a fully-diluted basis, despite the company pushing back on approaches at the same price in February.

Alright, they’re starting to turn up. That first tender offer for Aldata was apparently back in 2007 and had gone completely unnoticed, as I wasn’t tracking things yet at the time. A new offer was later made for Aldata, which I did follow, and that one actually went through. I didn’t personally consider the “offer” made for Honkarakenne to be a serious one at all, as the 3% acceptance rate suggests, but indeed, the 90% threshold wasn’t reached in that case either. On the other hand, I really should have remembered and noted that previous offer for Tecnotree. It’s surprising that the bidder didn’t go through with the offer even though they gathered as much as 88% and had also bought shares from the market. I’ll have to investigate a bit more closely what the reason for this could have been; they surely could have picked up those missing couple of percent through the market in a few months. Thanks for the links, I need to update the information in my own records.

There have certainly been these in Finland as well, e.g. Tecnotree:                   tecnotree.com              VIKING ACQUISITIONS CORP:N KAIKISTA TECNOTREE OYJ:N OSAKKEISTA TEKEMÄN...    TÄTÄ TIEDOTETTA EI SAA JULKAISTA TAI MUUTOIN LEVITTÄÄ KOKONAAN TAI OSITTAIN, SUORAAN TAI VÄLILLISESTI YHDYSVALTOIHIN, KANADAAN, JAPANIIN, AUSTRALIAAN, ETELÄ-AFRIKKAAN TAI HONGKONGIIN TAI MILLEKÄÄN...                             Honkarakenne                   epressi.com – 20 Jan 17              SISTEMA FINANCE S.A. ILMOITTAA KAIKISTA HONKARAKENNE OYJ:N OSAKKEISTA TEHDYN...    TÄTÄ TIEDOTETTA EI SAA JULKAISTA TAI MUUTOIN LEVITTÄÄ, KOKONAAN TAI OSITTAIN, YHDYSVALLOISSA, KANADASSA, JAPANISSA, AUSTRALIASSA, ETELÄ-AFRIKASSA TAI ...                             Aldata                   Ilta-Sanomat – 17 Aug 07              Symphony jättää Aldatan ostamatta    Symphony Technology ei toteuta tytäryhtiönsä Sauna Acquisition LLC:n kautta tekemäänsä ostotarjousta suomalaisesta kaupan ohjelmistoja valmistavasta Aldata Solutionista.

Tecnotree

Over the past few years, the company has made several successful strategic moves. With these, the company’s technological competitiveness has improved, business structure has become better, ...

<p>Over the past few years, the company has made several successful strategic moves. With these, the company’s technological competitiveness has improved, business structure has become better, and operational activities have reached a new level. Considering current performance, scalable parts of the operating model and healthy demand drivers, the earnings growth outlook is good also in coming years. These factors are not, however, visible much in the share price at the moment, which, in our opinion, makes the return/risk ratio very attractive.</p> 

	2020	21e	22e
Revenue	52.8	57.9	62.6
growth-%	12.3 %	9.6 %	8.1 %
EBIT (adj.)	19.3	21.2	24.3
EBIT-% (adj.)	36.6 %	36.7 %	38.9 %
EPS (adj.)	1.03	1.12	1.28
Dividend	0.00	0.00	0.00
Dividend %	0.0 %	0.0 %	0.0 %
P/E (adj.)	13.6	5.0	4.3
EV/EBITDA	9.7	3.0	2.1

Tecnotree: A well-performing phoenix

Key Estimate Figures2021-03-29

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