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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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
    }
  }
}


kilpailuviranomainen-hyvaksyi-administerin-sarastia-kaupan-jo-kunta-asiakkaiden-osalta

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Atte Riikola

Administer Group is a Finnish company that offers financial and payroll services, consulting and software services, staffing and recruitment services, and compliance and advisory services. The company's customers are found in both small and medium-sized enterprises, as well as municipalities. Administer was founded in 1985, and has offices in Finland as well as in Stockholm and Tallinn.

Here’s a fresh analysis regarding the Q3 report:                   Inderes              Administer Q3'25: Orgaaninen kasvu voi olla tiukassa myös ensi vuonna - Inderes    Laskeneilla ennusteillamme osakkeen arvostus on ensi vuoteen katsottuna melko neutraali                             The decline in revenue seen in Q3 came as a surprise, and in light of the company’s comments, achieving growth in Q4 will also be challenging. As a result, our previous assumption of a gradual recovery already in Q4’25-Q2’26 was cut, and this was reflected in a downward revision of revenue forecasts for the coming years. With weaker growth, the earnings leverage we previously expected will also be smaller. With the lowered forecasts, the stock’s valuation is no longer as attractive with 2026 multiples, and hopes for a more significant improvement in earnings shift to 2027, when stronger results from the Sarastia integration are also likely to start being seen. Visibility a few years out is still so weak that at this point, we remain on a waiting stance regarding the stock, monitoring profitability improvement and the Sarastia integration.

Atte interviewed Administer’s Kimmo Herranen                    Inderes              Administer Q3'25: Liikevaihdon lasku tuli yllätyksenä - Inderes    Aika: 05.11.2025 klo 12.35 Heikko taloustilanne painoi Administerin kehitystä kolmannella kvartaalilla kaikissa liiketoiminnoissa, eivätkä käynnistetyt kulusopeutukset pysyneet liikevaihdon laskun perässä.                             Topics: 00:00 Introduction  00:14 Development in different business operations in Q3  01:06 Econia’s difficulties  01:43 Sillan’s revenue decline  02:16 EmCen’s development  02:51 Revenue decline came as a surprise  03:57 Efficiency measures  04:26 Sarastia acquisition  05:51 Integration plan and Sarastia’s profitability potential  07:05 Change in Procurement Act and Sarastia deal timeline  08:29 Outlook  09:39 “How does the whole package stay together?”

Here are Ate’s comments on Administer’s results.  Administer reported softer-than-expected Q3 figures this morning. The weak economic situation weighed on development in practically all of the company’s business operations, and the initiated cost adjustments did not keep pace with the decline in revenue. However, Administer has continued cost adjustments across the group and expects the profitability trend to improve again starting from Q4. Based on customer payroll data, the company already sees small signs of improvement in the market situation. This would help in continuing profitability improvement next year, in addition to which the integration of the large Sarastia acquisition will be a significant project shaping next year. Based on the Q3 figures, however, there is downward pressure on our forecasts today.                   Inderes              Administer Q3’25 -pikakommentti: Heikko markkina vei terän tehostamistoimilta...    Heikko taloustilanne painoi kehitystä käytännössä yhtiön kaikissa liiketoiminnoissa.

Here are Ate’s pre-earnings comments as Administer releases its results next week Wednesday.  We reiterate our Add recommendation for Administer and fine-tune the target price to 3.1 euros (previously 3.2 EUR). Administer will report its Q3 results on Wednesday, 5.11. at 8:30 a.m. We have revised our forecasts for the end of the year and the coming years slightly downwards, reflecting the continued weak market situation. In the big picture, however, the changes are relatively small, and we see good opportunities for the company to continue its earnings turnaround during next year. In addition, the company is making a major Sarastia acquisition, which, if successful, offers significant earnings growth potential. Although there are also clear risks associated with market recovery and Sarastia, we see the risk-reward ratio in the lowly valued stock as interesting.                   Inderes              Administer Q3’25 -ennakko: Taistelua vaikeassa markkinassa - Inderes    Ennustetaulukko Q3'24 Q3'25 Q3'25e Konsensus 2025e MEUR / EUR Vertailu Toteutunut Inderes Inderes Liikevaihto 17,6 17,8 75,1 Käyttökate 1,0 1,3 6,1 Oik. EBITA 0,5 0,9 4,3 Liikevoitto -0,5 -...

Here are comments regarding the new acquisition, or should I say, an arrangement complementing the previous Sarastia deal:                   Inderes              Administer ostaa myös Sarastian hyvinvointialueita palvelevan liiketoiminnan...    Nyt tehty uusi kauppa täydentää aiemmin kerrottua Sarastian kunta-asiakkaiden talous-, palkka- ja ohjelmistoliiketoiminnon hankintaa.                             With these Sarastia deals, Administer acquires approximately EUR 58 million in revenue, whose profitability (EBITDA margin 2.2%) is currently low. The valuation of the deal is very low, approximately 0.2x EV/S multiple. If the company succeeds in its goal of raising Sarastia’s profitability to a double-digit level, this would practically mean a tremendous leap in earnings relative to Administer’s current size (2025e revenue EUR 75 million and EBITDA EUR 6.3 million). There is thus plenty of potential for value creation, but naturally, stabilizing a business that has been on a downward trend is never an easy task, even though the company seems to have clear measures for it.

Inderes              Sisäpiiritieto: Administer ja Numera Palvelut ovat sopineet Sarastian...    16.10.2025 20:00:01 EEST | Administer Oyj | SisäpiiritietoAdminister Oyj Yhtiötiedote 16.10.2025 klo 20.00Administer ja Numera Palvelut Oy ovat allekirjoittaneet aiesopimuksen liiketoimintakaupasta...                             Administer provides another piece of significant acquisition news for the late evening.

Administer is currently flying under investors’ radar, as the stock was not traded at all yesterday on earnings day, and the situation is the same today. Trading volumes are also very thin.  The reason for this is certainly the company’s weak stock market performance to date, which has undoubtedly caused disappointment for many, and new investors may not be interested in a company that has previously been mired in a negative spiral. However, in my opinion, the situation is currently better than what the current stock market curve would suggest! However, efficiency measures were already initiated in the company in 2023, the effects of which began to show last year, and this year, profitability (EBITDA guidance 7-10%) is already at a moderate level. However, there is still clear potential for improvement, as indicated by the company’s targeted 15% margin, which, however, at this point sounds ambitious in light of historical performance. New efficiency measures were again announced in connection with the Q2 report, and these are specifically intended to secure the continuation of the profitability turnaround. According to our forecasts, the margin would improve to 12% by 2027, which also requires a boost from an economic recovery in addition to efficiency measures. If this were achieved, the stock could well more than double from current levels, as also outlined in the recent report.  In addition, the Sarastia acquisition, which will soon be finalized, adds its own new flavor to this earnings turnaround story. The company stated yesterday in the earnings info that it sees Sarastia’s profitability potential close to the company’s other payroll and financial administration services, which would indicate double-digit margins. Time will tell how successful the turnaround of Sarastia will be, but a margin of safety is provided by the fact that the acquisition price was so low that with 5-10% margins, the deal would already be very good for Administer. This assumes that Sarastia’s current revenue does not erode too badly in the future.

Administer

 Kaupan täytäntöönpanon ja liiketoimintasiirron arvioidaan tapahtuvan lähikuukausina.

<p>Administer tiedotti maanantaina, ett&#xe4; kilpailuviranomainen antoi 30.6.2025 tiedotetulle Sarastian kunta-asiakkaiden talous-, palkka- ja ohjelmistoliiketoimintakaupalle hyv&#xe4;ksynt&#xe4;ns&#xe4;. Kaupan t&#xe4;yt&#xe4;nt&#xf6;&#xf6;npanon ja liiketoimintasiirron arvioidaan tapahtuvan l&#xe4;hikuukausina. Hyvinvointialueasiakkaisiin liittyv&#xe4;n liiketoiminnan osalta viranomaisk&#xe4;sittely vaikuttaisi olevan viel&#xe4; kesken. Tulemme huomioimaan Sarastia-kaupan ennusteissamme sen toteutuessa.</p>
<p>Ensi vuoteen katsottaessa Sarastian integraatio tuo uuden ison muuttujan, sill&#xe4; hankittava kokonaisuus (2025e lv 58 MEUR ja k&#xe4;ytt&#xf6;kate 2,2 % lv:sta) on merkitt&#xe4;v&#xe4; Administerille. Todenn&#xe4;k&#xf6;isesti Sarastia alkaa n&#xe4;ky&#xe4; vahvemmin Administerin tuloksessa aikaisintaan vuoden 2027 aikana. Olemme k&#xe4;sitelleet Sarastian tarjoamaa potentiaalia Administerille viimeksi <a href="https://www.inderes.fi/research/administer-q325-orgaaninen-kasvu-voi-olla-tiukassa-myos-ensi-vuonna">Q3-p&#xe4;ivityksess&#xe4;mme</a>.</p>

	2024	25e	26e
Revenue	74.7	73.6	73.4
growth-%	-1.6 %	-1.5 %	-0.2 %
EBIT (adj.)	2.9	3.6	4.5
EBIT-% (adj.)	3.9 %	5.0 %	6.1 %
EPS (adj.)	0.13	0.17	0.21
Dividend	0.05	0.00	0.05
Dividend %	2.3 %		2.1 %
P/E (adj.)	16.1	14.4	11.6
EV/EBITDA	7.4	8.2	6.9

Kilpailuviranomainen hyväksyi Administerin Sarastia-kaupan jo kunta-asiakkaiden osalta

Login required

Key Estimate Figures06.11.

Forum discussions