Inderes Ranking

Overview

Valuations

Key figures

Company	Recommendation	Current price	Target price	Potential	Business risk	Valuation risk	Updated	P/E (adj.) 25e	EV/EBIT (adj.) 25e	P/B 25e
H&M	Reduce	131.10 SEK	130.00 SEK	-1 %	2	3	9/4	19.1	16.7	4.5
Nordea Bank	Accumulate	12.42 EUR	12.00 EUR	-3 %	2	2	16/4	9.3	7.5	1.4
Telia Company	Reduce	35.24 SEK	34.00 SEK	-4 %	2	3	24/4	15.8	15.2	3.0
Hexagon	Accumulate	92.24 SEK	105.00 SEK	+14 %	1	3	2/5	19.8	16.2	1.9
Stora Enso	Accumulate	8.36 EUR	9.00 EUR	+8 %	4	2	27/4	18.1	18.3	0.6
Björn Borg	Reduce	58.40 SEK	55.00 SEK	-6 %	3	3	16/5	17.7	14.0	4.0
Nibe Industrier	Reduce	40.39 SEK	40.00 SEK	-1 %	2	3	16/5	28.6	21.7	2.4
Endomines Finland	Accumulate	22.55 EUR	19.50 EUR	-14 %	5	4	30/5	15.4	13.5	4.2
Sotkamo Silver	Sell	0.96 SEK	0.75 SEK	-22 %	5	4	30/4	15.5	9.8	0.9
Aktia Pankki	Accumulate	9.32 EUR	10.50 EUR	+13 %	2	1	7/5	8.5	6.9	1.0
Scanfil	Reduce	9.08 EUR	9.00 EUR	-1 %	3	3	24/4	13.2	9.9	1.9
Siili Solutions	Buy	6.20 EUR	7.50 EUR	+21 %	3	3	23/4	11.0	7.6	1.2
Nokia	Reduce	4.49 EUR	4.30 EUR	-4 %	3	3	24/4	14.6	11.1	1.2
Starbreeze	Accumulate	0.20 SEK	0.26 SEK	+28 %	4	3	14/5	15.1	7.2	0.5
Alma Media	Accumulate	12.50 EUR	13.00 EUR	+4 %	3	3	27/4	17.6	14.4	4.1
eQ	Reduce	10.40 EUR	11.00 EUR	+6 %	3	3	29/4	18.1	13.3	6.2
Aspo	Accumulate	5.26 EUR	6.00 EUR	+14 %	3	3	13/5	9.1	12.4	1.2
Aspocomp Group	Reduce	4.82 EUR	5.00 EUR	+4 %	4	3	30/4	13.4	12.6	1.9
Atria	Reduce	12.80 EUR	14.00 EUR	+9 %	2	2	25/4	8.5	8.6	0.9
Biohit	Accumulate	2.72 EUR	3.20 EUR	+18 %	2	2	2/3	18.1	13.1	2.8
CapMan	Accumulate	1.83 EUR	2.10 EUR	+15 %	3	2	11/5	15.4	10.2	1.7
Componenta	Reduce	3.76 EUR	3.80 EUR	+1 %	3	3	12/5	36.7	14.0	1.4
Digia	Accumulate	7.80 EUR	8.30 EUR	+6 %	2	2	5/6	12.2	9.6	2.2
Bittium	Reduce	7.69 EUR	7.00 EUR	-9 %	3	4	30/4	27.5	25.9	2.3
Elisa	Accumulate	45.54 EUR	48.00 EUR	+5 %	1	2	21/4	18.7	16.8	5.6
Etteplan	Accumulate	10.60 EUR	12.00 EUR	+13 %	3	2	6/5	13.6	11.2	2.1
Exel Composites	Reduce	0.37 EUR	0.38 EUR	+2 %	3	3	9/5	76.9	11.8	1.3
WithSecure	Buy	1.01 EUR	1.10 EUR	+9 %	4	2	27/4	-254.0	-148.3	2.7
Finnair	Reduce	2.72 EUR	2.70 EUR	-1 %	4	3	4/6	19.2	14.5	0.9
Fiskars	Reduce	14.38 EUR	13.50 EUR	-6 %	2	3	25/4	17.2	14.0	1.5
Fortum	Reduce	16.01 EUR	14.00 EUR	-13 %	2	2	30/4	16.1	12.7	1.6
Glaston	Accumulate	1.35 EUR	1.50 EUR	+11 %	4	2	7/5	8.3	6.2	0.9
HKFoods	Reduce	1.52 EUR	1.50 EUR	-1 %	3	2	10/6	27.1	9.2	0.9
Honkarakenne	Reduce	2.87 EUR	2.80 EUR	-2 %	3	4	13/2	-31.4	-34.4	1.3
Huhtamäki	Buy	31.24 EUR	38.00 EUR	+22 %	2	2	24/4	12.8	10.6	1.5
Ilkka	Accumulate	3.26 EUR	3.75 EUR	+15 %	3	2	5/5	16.1	115.2	0.5
Incap	Accumulate	11.36 EUR	12.00 EUR	+6 %	4	3	27/4	15.1	9.3	2.2
Kemira	Accumulate	19.47 EUR	20.50 EUR	+5 %	3	3	27/4	11.6	8.9	1.6
Keskisuomalainen	Accumulate	7.20 EUR	8.00 EUR	+11 %	3	3	4/6	9.2	12.6	1.6
Kesko	Accumulate	20.34 EUR	21.00 EUR	+3 %	1	2	30/4	17.4	16.3	2.8
Kesla	Sell	3.70 EUR	3.00 EUR	-19 %	4	4	29/4	-21.6	152.8	1.1
Kone	Reduce	56.06 EUR	55.00 EUR	-2 %	1	3	2/5	26.8	20.0	9.6
Apetit	Accumulate	14.25 EUR	15.00 EUR	+5 %	2	2	27/4	13.0	9.6	0.8
Lassila & Tikanoja	Accumulate	9.41 EUR	10.50 EUR	+12 %	1	2	30/4	10.5	9.8	1.6
Metsä Board	Reduce	3.08 EUR	3.25 EUR	+6 %	4	2	29/4	20.4	17.8	0.6
Marimekko	Reduce	12.78 EUR	13.00 EUR	+2 %	2	3	15/5	19.7	15.1	6.9
Martela	Sell	0.79 EUR	0.60 EUR	-24 %	5	4	8/5	-2.8	35.8	-
Neste	Reduce	10.40 EUR	9.00 EUR	-13 %	4	3	29/4	53.9	52.6	1.1
Nokian Tyres	Accumulate	6.10 EUR	7.20 EUR	+18 %	3	3	7/5	22.5	17.7	0.7
Nurminen Logistics	Accumulate	1.04 EUR	1.20 EUR	+15 %	4	3	25/4	8.8	5.7	2.3
Oriola	Accumulate	1.07 EUR	1.25 EUR	+17 %	3	2	30/4	17.6	4.6	1.6
Orion	Reduce	63.30 EUR	50.00 EUR	-21 %	2	3	24/4	27.1	21.3	8.1
Outokumpu	Accumulate	3.35 EUR	3.80 EUR	+14 %	4	2	8/5	-1,154.4	36.7	0.4
Metso	Accumulate	10.80 EUR	10.00 EUR	-7 %	2	3	25/4	15.7	12.0	3.2
Panostaja	Buy	0.40 EUR	0.46 EUR	+15 %	4	2	6/6	-70.7	21.4	0.7
Rebl Group	Reduce	1.42 EUR	1.50 EUR	+6 %	4	3	4/6	-14.6	-44.5	0.4
Ponsse	Reduce	27.80 EUR	25.00 EUR	-10 %	3	3	24/4	16.3	12.3	2.2
QPR Software	Sell	0.90 EUR	0.72 EUR	-20 %	4	4	24/4	-23.9	-21.4	13.6
Raisio	Reduce	2.47 EUR	2.45 EUR	-1 %	2	2	13/5	16.8	11.4	1.5
Rapala VMC	Reduce	1.23 EUR	1.70 EUR	+38 %	3	2	7/3	130.8	19.2	0.3
Raute	Accumulate	15.65 EUR	19.00 EUR	+21 %	4	2	7/5	6.9	3.8	1.7
Revenio Group	Accumulate	27.40 EUR	30.00 EUR	+9 %	2	3	30/4	30.4	21.8	6.1
Sampo	Accumulate	9.10 EUR	9.80 EUR	+8 %	1	3	7/5	17.5	14.7	3.2
Sanoma	Accumulate	9.72 EUR	10.50 EUR	+8 %	2	3	29/4	17.2	15.0	2.5
KH Group	Accumulate	0.53 EUR	0.65 EUR	+22 %	4	3	7/5	19.7	13.8	0.6
Solteq	Reduce	0.64 EUR	0.60 EUR	-6 %	5	4	29/4	-56.1	14.4	0.8
Wetteri	Reduce	0.20 EUR	0.18 EUR	-9 %	4	3	20/5	-9.6	43.5	0.7
SRV Group	Reduce	5.26 EUR	5.00 EUR	-5 %	4	2	2/5	-78.7	24.0	0.8
Investors House	Reduce	5.40 EUR	5.70 EUR	+6 %	2	2	7/5	14.7	13.3	0.9
Lindex Group	Buy	2.97 EUR	3.50 EUR	+18 %	3	3	30/4	21.8	14.4	1.2
Suominen	Sell	2.04 EUR	1.80 EUR	-12 %	3	4	8/5	-32.4	2,976.6	1.1
Tecnotree	Reduce	4.01 EUR	4.30 EUR	+7 %	4	3	10/6	4.6	2.8	0.6
Teleste	Accumulate	2.88 EUR	3.30 EUR	+15 %	3	3	7/5	13.9	11.8	0.9
Tulikivi	Sell	0.47 EUR	0.42 EUR	-10 %	3	4	12/5	24.7	16.0	1.5
UPM-Kymmene	Accumulate	23.04 EUR	26.00 EUR	+13 %	3	2	24/4	15.1	14.0	1.1
Vaisala	Accumulate	48.95 EUR	53.00 EUR	+8 %	1	3	24/4	23.1	17.3	5.1
Wärtsilä	Accumulate	19.25 EUR	18.50 EUR	-4 %	2	3	28/4	18.7	12.4	4.0
Wulff Group	Reduce	2.78 EUR	3.00 EUR	+8 %	3	3	29/4	11.8	8.7	0.8
YIT	Reduce	2.53 EUR	2.20 EUR	-13 %	4	3	29/4	-41.3	28.5	0.9
Boreo	Reduce	14.50 EUR	16.50 EUR	+14 %	4	3	29/4	11.0	11.3	1.9
Taaleri	Buy	7.12 EUR	9.00 EUR	+26 %	3	2	29/4	13.9	7.6	1.0
Ovaro Kiinteistösijoitus	Accumulate	2.95 EUR	3.30 EUR	+12 %	4	2	23/5	20.0	26.9	0.5
NoHo Partners	Accumulate	9.20 EUR	10.50 EUR	+14 %	2	2	6/5	5.2	13.0	1.9
Valmet	Accumulate	27.00 EUR	28.00 EUR	+4 %	3	2	23/4	12.0	9.9	1.9
Verkkokauppa.com	Accumulate	2.56 EUR	2.70 EUR	+5 %	2	3	25/4	23.9	15.3	3.5
Herantis Pharma	Accumulate	1.28 EUR	1.90 EUR	+49 %	5	4	7/3	-6.7	-7.6	230.9
Nexstim	Accumulate	9.94 EUR	9.00 EUR	-9 %	3	3	4/3	20.8	21.9	13.2
United Bankers	Reduce	17.30 EUR	17.00 EUR	-2 %	3	3	18/5	17.0	11.8	3.2
Eltel	Accumulate	8.62 SEK	9.00 SEK	+4 %	4	3	2/5	16.2	9.1	0.8
Detection Technology	Accumulate	11.85 EUR	13.00 EUR	+10 %	4	2	25/4	14.5	9.9	2.0
Enento Group	Reduce	17.68 EUR	17.50 EUR	-1 %	2	3	28/5	19.0	13.8	1.6
Robit	Reduce	1.31 EUR	1.40 EUR	+7 %	4	3	29/5	18.8	12.7	0.6
Pihlajalinna	Accumulate	14.20 EUR	16.50 EUR	+16 %	3	2	5/6	8.3	9.9	1.8
Talenom	Buy	3.82 EUR	4.60 EUR	+21 %	3	3	25/4	25.2	19.7	3.4
Alisa Pankki	Reduce	0.18 EUR	0.19 EUR	+4 %	4	3	17/2	13.1	-126.5	0.7
Consti	Accumulate	10.80 EUR	11.00 EUR	+2 %	2	3	27/4	11.5	9.2	1.9
Tokmanni Group	Reduce	10.69 EUR	11.50 EUR	+8 %	3	2	19/5	13.2	14.5	2.3
Qt Group	Buy	55.65 EUR	80.00 EUR	+44 %	2	3	24/4	24.4	17.7	6.2
NYAB	Buy	5.71 SEK	7.20 SEK	+26 %	3	3	8/5	14.2	9.8	1.8
Fondia	Buy	4.57 EUR	5.60 EUR	+23 %	3	2	25/4	10.6	7.5	5.7
Remedy Entertainment	Buy	17.72 EUR	20.00 EUR	+13 %	4	3	1/5	43.1	27.6	3.1
Admicom	Accumulate	50.60 EUR	55.00 EUR	+9 %	2	3	9/4	26.2	20.6	7.3
Vincit	Accumulate	1.69 EUR	2.00 EUR	+19 %	4	2	24/4	14.4	7.7	1.1
Kamux	Reduce	1.98 EUR	2.00 EUR	+1 %	4	3	14/5	22.3	15.0	0.7
Titanium	Reduce	6.68 EUR	7.50 EUR	+12 %	3	3	13/2	12.7	8.3	4.3
Terveystalo	Reduce	11.84 EUR	12.50 EUR	+6 %	2	3	20/5	13.1	12.0	2.5
Gofore	Accumulate	18.76 EUR	19.50 EUR	+4 %	2	2	10/6	18.6	13.2	2.7
Harvia	Reduce	49.70 EUR	43.00 EUR	-13 %	2	4	8/5	30.5	22.5	6.7
Anora Group	Accumulate	3.27 EUR	3.50 EUR	+7 %	2	2	8/5	11.2	7.6	0.5
Enersense International	Buy	2.22 EUR	2.80 EUR	+26 %	4	4	28/4	16.3	6.1	0.9
Eezy	Reduce	0.82 EUR	0.75 EUR	-8 %	4	3	8/5	-41.0	32.5	0.2
Metacon	Accumulate	0.25 SEK	0.23 SEK	-8 %	4	4	16/5	-7.7	-7.8	3.5
Viafin Service	Accumulate	21.00 EUR	21.50 EUR	+2 %	2	2	6/5	14.1	9.4	2.6
Oma Säästöpankki	Reduce	8.70 EUR	9.00 EUR	+3 %	4	2	5/5	6.1	47.9	0.5
LeadDesk	Buy	6.96 EUR	8.50 EUR	+22 %	3	2	28/4	24.7	17.6	2.5
Aallon Group	Buy	11.00 EUR	13.00 EUR	+18 %	2	2	2/6	11.4	9.6	2.5
Relais Group	Accumulate	14.40 EUR	17.00 EUR	+18 %	3	2	13/5	10.0	12.1	2.0
Fodelia	Reduce	6.74 EUR	7.00 EUR	+4 %	2	3	13/6	18.3	14.0	3.8
Optomed	Accumulate	3.89 EUR	5.20 EUR	+34 %	4	4	7/5	-14.7	-16.1	4.0
Faron Pharmaceuticals	Reduce	2.63 EUR	3.00 EUR	+14 %	5	4	3/6	-13.9	-16.2	-
Partnera	Reduce	0.84 EUR	0.85 EUR	+1 %	3	2	27/5	46.1	7.5	0.7
Verve	Buy	30.04 SEK	45.00 SEK	+50 %	3	3	30/5	7.6	6.4	1.0
Kreate Group	Accumulate	8.00 EUR	8.60 EUR	+7 %	3	2	25/4	11.7	10.1	1.6
Nightingale Health	Reduce	2.54 EUR	2.90 EUR	+14 %	4	4	11/6	-9.5	-5.8	2.2
Sitowise Group	Reduce	2.49 EUR	2.40 EUR	-4 %	3	2	14/5	34.7	18.3	0.8
Orthex	Accumulate	4.73 EUR	5.50 EUR	+16 %	2	2	16/5	14.6	11.9	2.2
Alexandria Group	Accumulate	9.82 EUR	10.50 EUR	+7 %	3	2	20/3	11.2	8.1	3.1
Netum Group	Reduce	1.86 EUR	2.20 EUR	+18 %	3	3	14/5	13.4	7.9	2.2
Merus Power	Reduce	5.12 EUR	4.80 EUR	-6 %	4	4	6/2	-612.4	83.3	4.1
Solwers	Accumulate	2.39 EUR	2.65 EUR	+11 %	3	3	29/5	18.6	17.2	0.6
Toivo Group	Accumulate	1.03 EUR	1.20 EUR	+17 %	4	3	7/5	12.7	14.2	0.8
Hexicon	Sell	0.20 SEK	0.20 SEK	-2 %	5	4	30/5	-6.9	12.6	-
Spinnova	Reduce	0.52 EUR	0.45 EUR	-13 %	5	4	2/3	-0.8	-0.1	0.7
Puuilo	Reduce	13.09 EUR	13.50 EUR	+3 %	2	3	10/6	19.2	15.7	11.1
EcoUp	Reduce	1.89 EUR	2.30 EUR	+22 %	4	2	4/6	152.3	-66.6	1.1
Modulight	Accumulate	1.16 EUR	1.50 EUR	+29 %	5	4	26/4	-9.2	-7.6	1.1
Bioretec	Accumulate	1.78 EUR	2.40 EUR	+35 %	4	3	30/5	-11.1	-10.6	4.1
Fifax	Sell	0.04 EUR	−	−	5	4	16/5	-0.7	-3.6	0.5
Canatu	Accumulate	8.90 EUR	13.00 EUR	+46 %	4	4	30/3	-81.5	-29.6	2.7
Loihde	Reduce	11.50 EUR	11.70 EUR	+2 %	3	3	1/5	19.4	16.6	0.8
Lemonsoft	Reduce	7.30 EUR	7.00 EUR	-4 %	3	3	11/6	30.6	19.6	4.6
Duell	Buy	6.76 EUR	8.50 EUR	+26 %	3	1	11/4	9.0	7.7	0.7
Norrhydro Group	Reduce	1.22 EUR	1.50 EUR	+23 %	4	4	21/2	-187.9	19.7	1.7
Digital Workforce	Accumulate	3.18 EUR	4.10 EUR	+29 %	3	3	28/4	30.2	23.2	2.6
Springvest	Reduce	7.12 EUR	8.50 EUR	+19 %	3	4	14/2	43.1	34.7	1.4
Lamor	Reduce	1.28 EUR	1.30 EUR	+2 %	4	3	9/5	22.6	12.1	0.5
Betolar	Reduce	1.14 EUR	1.20 EUR	+6 %	5	4	28/4	-4.6	-4.8	8.8
Aiforia Technologies	Accumulate	3.18 EUR	4.20 EUR	+32 %	4	3	23/4	-8.5	-8.3	7.1
Kempower	Accumulate	10.21 EUR	12.50 EUR	+22 %	3	4	28/4	-537.4	-661.2	5.1
Administer	Accumulate	2.44 EUR	2.80 EUR	+15 %	3	2	5/6	10.4	9.3	1.5
Evli	Accumulate	18.35 EUR	20.00 EUR	+9 %	2	3	27/4	17.1	12.1	3.3
LapWall	Reduce	3.77 EUR	4.00 EUR	+6 %	3	3	30/4	22.6	19.4	3.2
Pallas Air	Sell	1.57 EUR	0.70 EUR	-55 %	5	4	20/3	-0.7	-4.6	-
Gabriel Holding	Reduce	183.00 DKK	150.00 DKK	-18 %	4	3	9/5	43.3	29.0	1.3
Witted Megacorp	Accumulate	1.65 EUR	1.80 EUR	+9 %	4	2	23/4	24.8	15.3	1.8
Asuntosalkku	Accumulate	84.00 EUR	92.00 EUR	+10 %	2	2	27/5	-48.0	45.8	0.7
F-Secure	Accumulate	1.91 EUR	2.30 EUR	+20 %	3	2	29/4	11.1	10.4	5.2
Koskisen	Accumulate	8.38 EUR	8.25 EUR	-2 %	4	3	11/5	13.2	10.8	1.1
Tamtron	Accumulate	5.22 EUR	6.20 EUR	+19 %	3	2	3/4	11.9	9.1	1.7
Arvo Sijoitusosuuskunta	Accumulate	59.57 EUR	66.00 EUR	+11 %	3	2	20/2	5.5	21.2	0.5
Mandatum	Reduce	5.52 EUR	5.30 EUR	-4 %	3	3	10/6	18.2	12.4	2.0
Kalmar	Accumulate	33.80 EUR	30.00 EUR	-11 %	3	3	29/4	13.9	10.2	3.0
Solar Foods	Reduce	5.74 EUR	3.30 EUR	-43 %	5	4	28/2	-13.7	-18.1	9.2
Tietoevry	Accumulate	16.01 EUR	19.00 EUR	+19 %	3	2	29/4	12.8	12.1	1.7
Spotify	Reduce	710.85 USD	570.00 USD	-20 %	2	3	30/4	61.5	53.4	16.7
Tekova	Accumulate	0.82 EUR	1.05 EUR	+27 %	4	3	7/5	5.9	1.9	2.7
Multitude	Accumulate	7.43 EUR	7.00 EUR	-6 %	4	2	23/5	8.0	0.5	1.0
HomeMaid	Reduce	33.60 SEK	29.00 SEK	-14 %	3	3	23/5	16.0	12.8	9.7
GRK Infra	Accumulate	11.71 EUR	13.00 EUR	+11 %	3	3	28/5	12.1	7.1	2.7