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Cityvarasto is clearly the largest self-storage company in Finland, with a real estate business complemented by van rentals and moving services. At the core of its growth strategy is the cost-efficient acquisition of real estate nearing the end of its life cycle and gradually converting it into self-storage facilities with an EBITDA yield of around 15% on the investment. Indeed, revenue has grown by an average of about 20% per year over the past ten years, and we estimate that the company will be able to continue its strong profitable earnings growth, albeit at a significantly slower rate than targeted (adj. EBITDA 11% p.a. 2026-30) in the coming years as well. We consider the valuation highly attractive from many angles (EV/EBITDA 2027e: 10x), considering the company’s growth outlook, market position, and moderate risk level.
Driven by gasoline, US consumer prices rose by 0.6% month-over-month in September, and the year-over-year pace accelerated to 3.7%. Price pressures have started to spread beyond energy prices, making the Fed's October rate decision tighter than before.
Sampo reports its financial performance under four segments based on its operational business areas. In this blog series, we have introduced our segments, concluding the series with Nordic Industrial.
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According to IMF estimates, nearly 2 BUSD in additional excess savings have accumulated in the global economy since 2023. That is one-third more than in the corresponding period before the 2008 financial crisis. This time, however, the savings are not flowing into U.S. government bonds, but into the AI boom.
Raute has delivered a strong earnings turnaround in recent years, though the prolonged construction slump has clearly weighed on investment-driven demand.
Duell's financial year came to a positive close as revenue achieved slight growth despite weakness in France. Building on the developments seen now, the company is confident in building up its machinery to an even better operating condition.
In the report, our attention will be drawn in particular to the progress of the commercialization of AI agents, the outlook for the UK market, and the initial steps of the Front AI integration.
Investments in AI infrastructure are keeping global economic growth at of around 3% despite the energy shock. However, IMF Managing Director Kristalina Georgieva warns that artificial intelligence is a "slow-moving tsunami" that will revolutionize the labor market, taxation, and education.
Preliminary data from KH Group indicates that the group's strong performance from Q2 has continued. While Q3 revenue was in line with our estimates, profitability was stronger than expected.
Ahead of Inderes’ Q3 report, we slightly finetune our estimates, which were already well aligned with the increased margin guidance. Inderes’ recurring business is on a healthy growth track, and the company has proven its position with a high win-rate among new market entrants. As always, we look closely at international performance, as the Swedish expansion holds the largest potential upside for the investment case.
Last week was positive for the US stock market, whereas the Helsinki Stock Exchange saw a slight decline, and the Stoxx 600 index ended the week flat in Europe. US stock indices hit new records once again, while government bond rates rose to multi-decade highs in a growing number of developed economies.
We expect continued top-line momentum driven by steady user growth and Premium ARPU expansion, while profitability still reflects the guided step-up in operating expenses
