Inderes Group - August sales show continued recurring revenue growth momentum - SEB
Inderes reported August sales in line with our estimate (rounded). The y/y growth of 12% speaks to the benign market environment and continued strong momentum in software solutions. Furthermore, the company notes further improving signs in the IPO market. While the Swedish expansion remains gradual, we note that market growth in Finland should convert into topline growth for Inderes, with high probability, due to its dominant market position.
August sales grow by 12% to EUR 1.4m (in line with SEB est)
Inderes reported August sales of EUR 1.4m, in line with our forecast. As in July, the y/y growth rate was 12% (SEB est. 9%). We read the Jul-Aug growth as a good indication of the underlying recurring business growth rate. The month's revenue is largely based on the research, software and quarterly earnings call business. At end-Q2 the number of research agreements was up 7% y/y, which we think should also be close to the growth rate in quarterly calls. Consequently, we conclude that the strong growth momentum (>20%) in software solutions has continued into H2/26.
Inderes monthly sales, EURm (August'26 onward SEB est.)
Source: SEB, Inderes
| Key figures | ||||
|---|---|---|---|---|
| (EURm) | 2025 | 2026E | 2027E | 2028E |
| Revenues (m) | 19 | 21 | 22 | 23 |
| Adj. EBIT | 2 | 3 | 3 | 4 |
| PTP (m) | 1 | 2 | 2 | 3 |
| EPS | 0.12 | 0.80 | 1.08 | 1.27 |
| EPS (adjusted) | 0.65 | 1.34 | 1.63 | 1.81 |
| DPS | 0.45 | 0.88 | 0.89 | 0.90 |
| Revenue growth (%) | 3.9 | 9.2 | 6.6 | 5.4 |
| EPS growth (%) | (31.0) | n.a. | n.a. | n.a. |
| Operating margin (%) | 4.7 | 9.5 | 11.5 | 12.7 |
| Adj. EBIT margin (%) | 11.3 | 12.8 | 14.6 | 15.7 |
| ROCE (%) | 29.7 | 44.0 | 55.2 | 57.2 |
| Net Debt/EBITDA (x) | (0.3) | (0.3) | (0.5) | (0.8) |
| PER (adjusted) | 24.1 | 12.3 | 10.1 | 9.1 |
| Dividend yield (%) | 2.8 | 5.3 | 5.4 | 5.5 |
| Free Cash Flow Yield (%) | 4.8 | 6.8 | 8.8 | 9.8 |
| P/BV (x) | 5.5 | 6.0 | 5.6 | 4.9 |
| EV/EBIT (x) | 12.5 | 10.1 | 8.0 | 6.8 |
| EV/Sales (x) | 1.41 | 1.30 | 1.17 | 1.06 |
| Source: SEB | ||||
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