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
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            year
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            sharePrice
            nav
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            quarterlySharePrice
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          estimates {
            year
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            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

Atte Riikola

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.

Sure, I’ll post it since it was requested. And please, feel free to share differing opinions if you have any.  In my opinion, the takeaway from Leisti’s AI presentation was better than I expected. Before the presentation, I was actually afraid it would mostly consist of hype terms and jargon. To my surprise, however, the presentation exuded the fact that Leisti, at least, truly understands on a deep level what can be done with AI, and more importantly, what cannot be done with it (even though OpenAI and Anthropic heavily hype these fairy-tale use cases). The market identifies at least three main risks related to AI from the perspective of SaaS companies:   (1) Customers start coding applications themselves   (2) The seat-based model disappears   (3) The barrier to entry for competition lowers   There will surely be entrepreneurs in the construction industry who try to churn out their own DIY ERP systems. There are cases even now where, for the sake of saving a couple of hundred euros, people do all their accounting themselves and burn even the last remains of their free time on it. There have always been such entrepreneurs and there always will be. And that’s perfectly fine. Then, if we consider how good those home-grown AI-generated ERP software can be… I work in the industry (software development) myself and have used Claude Code quite a bit for my own smaller hobby projects. Yes, they speed up the work of a skilled software developer and automate coding almost entirely. However, the skill of software development hasn’t disappeared anywhere — if you don’t understand what you’re doing, the end result is junk. Excluding some mini-apps like a personal checklist app for grocery trips. AI-generated “slop” code is inevitable when the codebase and context given to the model expand — especially if the person at the helm doesn’t know the first thing about coding. These are primarily tools, not fully autonomous software developers. As for the disappearance of the seat-based model… Leisti clarified in the presentation that Admicom’s main product, Ultima, currently doesn’t charge the customer per user; instead, billing is based on the customer’s revenue and the scope of the service. Admicom Bauhub, on the other hand, bills per active project, not per user. I would see that regarding products where billing is per user (Estima, Quantima, Tempo), Admicom can adapt if necessary and move to a different billing model. One that is somehow tied to the benefit received or the outcome (outcome-based). I consider the last one on the list, the lowering of the barrier to entry for competition, to be the only significant risk. AI enables rapid coding, allowing already capable coding firms to push products to market even faster without significant initial investment or commitment. However, I believe this risk is also such that it fades over time from Admicom’s perspective. As more and more data starts accumulating at Admicom, the importance of software and code diminishes. Data is at the center of everything, and thus Admicom’s strong “System of Record” position. As for the current valuation of the stock, I’ll say it straight: in my opinion, the market is seeing ghosts that don’t actually exist, at least from Admicom’s perspective. As noted earlier in the thread, the guy at the company’s helm might just be the right person during these uncertain times.

Thanks for the great post and your thoughts! What kind of impression were you left with after Admicom’s info session?

It depends on the perspective. The company has invested quite a bit in its organization over the last few years. The question, of course, is whether this was catch-up investment or a push for future growth. If the market is stagnant and growth is not being achieved, then additional recruitment might not necessarily be a sensible allocation target. This share buyback was hardly significant enough in scale to rule out acquisitions; rather, it is more of a signal to the market. While the dividend was cut, this is a sign that management has more in its toolbox than just the dividend syringe and the M&A hammer.

A welcome step would probably be to allocate these funds toward that 100m ARR and 40% EBIT growth target. But the Swedish main owners are apparently satisfied with this being a small Jyväskylä-based firm that generates an okay ROE and ROI.

Admicom has seen some fairly heavy trading volume for a couple of days now. Clearly higher than normal.

Or alternatively, use cheaply acquired shares as part of the purchase price when making acquisitions and to incentivize the management of the acquired company. That would also work!

Inderes              Sisäpiiritieto: Admicom Oyj aloittaa enintään 2,5 miljoonan euron suuruisen...    2.3.2026 18.05 | Admicom Oyj | SisäpiiritietoAdmicom Oyj:n (”Admicom”) hallitus on 2.3.2026 päättänyt aloittaa omien osakkeiden takaisinosto-ohjelman. Takaisinosto-ohjelman tarkoituksena on ...                             This is a good start! Once the shares are cancelled, this will go very well. But a welcome step.

Admicom

In the Value Creators concept, we highlight companies that have created substantial shareholder value. In this report we focus on Admicom, a Finnish a construction software provider operating with a SaaS model.


Translation: Original published in Finnish on 10/14/2024 at 3:07 pm EEST.
In the Value Creators concept, we highlight companies that have created substantial shareholder value. The reports do not include forecasts; they are based solely on historical data and key figures derived from it.
We evaluate companies based on the following indicators: &#xa0;
<ul>
<li>Revenue development</li>
<li>Operating profit development and profitability (%)</li>
<li>Return on capital (%)</li>
<li>Cash flow generated from operations</li>
<li>Share price development and historical valuations &#xa0;</li>
<li>Data is primarily sourced from Bloomberg</li>
</ul>
We look at the long-term development and all figures are presented with the time series 2014-2023. The reports do not constitute investment recommendations.
In this report we focus on Admicom, a Finnish a construction software provider operating with a SaaS model. Admicom&apos;s revenue has grown at a CAGR of 29% over the last ten years. Strong growth reflects successful commercialization of SaaS ERP system designed for scalability to construction SMEs. Admicom&apos;s EBIT has grown faster than revenue as profitability has scaled with growth.

	2023	24e	25e
Revenue	34.3	35.4	37.7
growth-%	8.6 %	3.2 %	6.5 %
EBIT (adj.)	12.7	12.2	13.3
EBIT-% (adj.)	36.9 %	34.3 %	35.1 %
EPS (adj.)	2.04	1.94	2.18
Dividend	0.70	0.65	0.75
Dividend %	1.6 %	2.0 %	2.3 %
P/E (adj.)	21.2	16.9	15.0
EV/EBITDA	16.4	12.3	10.9

Value Creators: Admicom

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