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
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            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

Wulff Group is a retailer of office supplies. The range is wide and includes, for example, inventory, IT solutions, first aid equipment, and various ergonomic solutions. In addition, lighting and products for construction sites are also offered. The company operates throughout the international market, with the largest presence in the Nordic market. The head office is located in Vantaa.

Latest January figures from Hela, which now also include Wulff Works:

Fresh video regarding the comprehensive report: Ouch, what a headline                    Inderes              Syökö tekoäly Wulffin markkinan? - Inderes    Aika: 23.02.2026 klo 11.05 Mikäli tekoäly lisää työttömyyttä valkokaulustyöntekijöiden keskuudessa, on uhkana toimistojen tyhjeneminen ja Wulffin kohdemarkkinan supistuminen.                             If AI increases unemployment among white-collar workers, there is a threat of offices emptying and Wulff’s target market shrinking. Analyst Arttu Heikura reflects on Wulff’s ability to adapt to changing market conditions, as seen during the COVID-19 pandemic. Topics:  00:00 Introduction  00:17 A year of two halves behind us  01:14 Market leader in workplace products  06:07 Will offices become deserted as AI takes over jobs?  15:05 Prerequisites for doubling revenue by the end of the decade  19:05 Profitability potential is greater in services than in products  21:11 Minority shareholders  23:42 Expected return is attractive  26:29 Where will Wulff be in 2030?  27:45 Could Wulff merge with Eezy?

Arttu has produced a new comprehensive report on Wulff; as usual, this comprehensive report is available for everyone to read, so there are no paywalls. And it’s nice to have something to read on a Saturday!  Wulff’s investment story is based on an improving earnings trend driven by strong growth in services. Simultaneously, the company must at least stabilize the current earnings level of its product business, as the stock valuation cannot withstand the historical earnings volatility seen in the Group’s largest business. We believe in strong earnings growth for the business, which brings the expected return of the stock to an attractive level. We reiterate our Add recommendation and target price of EUR 4.4.                   Inderes              Wulff laaja raportti: Palveluvetoista kasvua - Inderes    Wulffin sijoittajatarina nojaa palveluiden voimakkaan kasvun kautta paranevaan tuloskehitykseen.                             Quoted from the report:   Long-term forecasts We expect Wulff’s revenue to grow at a rather moderate pace of 2% during 2029-2034. This development is characterized by stable market development in workplace products and slowing growth as the service businesses increase in size. Additionally, the long-term growth forecast emphasizes the compensation of potential economic cycle fluctuations. Our terminal growth forecast is 1%. Regarding profitability, we also forecast positive development. We believe the company’s profitability will improve to a level of 5% by 2030. This level highlights the higher profitability of services and the improved efficiency of the product business in terms of both fixed costs and sales mix. Our terminal EBIT margin forecast is 4%, which is in line with historical levels.   Historical and acceptable valuation Historically, Wulff has been priced at approximately 9x forward 12-month P/E (Inderes forecasts only). These levels are below the historical level of the Helsinki Stock Exchange (14x), reflecting the company’s volatile earnings history and higher risk profile. In our view, the volatility of the company’s earnings has decreased compared to the past, and the risk associated with earnings will further decrease as the service businesses grow. Considering this and the current faster growth rate, we believe a P/E ratio between 10-12x is acceptable for the company.

Arttu has written a new company report on Wulff regarding Q4  Wulff’s operational performance in Q4 was good overall. Increased minority interests and the weighting of taxes toward Q4 brought EPS down to zero, which was a disappointment. Cautious guidance signals earnings growth. In our view, the stock’s earnings-growth-driven expected return is attractive. We reiterate our Accumulate recommendation, but lower the target price to 4.4 euros (prev. 4.5e) following forecast changes. Quoted from the report: Cash flow increased and balance sheet position improved In 2025, operational cash flow improved to EUR 6.4 million (2024: EUR 4.1 million) driven by earnings improvement and released working capital. Free cash flow including acquisitions was EUR 0.6 million, compared to negative EUR 1.2 million in the comparison period. Supported by reduced net debt (EUR 14 million incl. IFRS 16) and increased earnings, the company’s balance sheet position improved as the net debt to EBITDA ratio fell to 2.1x (2024: 2.7x). We consider this level healthy.                   Inderes              Wulff Q4'25: Hyvä tuloskasvunäkymä kantaa yli pehmeän EPS:n - Inderes    Wulffin operatiivinen suoritus Q4:llä oli kokonaisuudessaan hyvä.

Fresh Q4 figures from Wulff:                   Inderes              Wulff-Yhtiöt Oyj:n tilinpäätöstiedote tammi—joulukuu 2025: Liikevaihto uusiin...    16.2.2026 09:29:18 EET | Wulff-Yhtiöt Oyj | TilinpäätöstiedoteTämä on tiivistelmä Wulff-Yhtiöt Oyj:n tilinpäätöstiedotteesta tammi—joulukuu 2025. Tilinpäätöstiedote kokonaisuudessaan on tämä...                             Comparable operating profit was €1 million, while Arttu had expected €1.2 million. Revenue grew well and significantly exceeded Roni’s expectations. Growth was concentrated in the Services segment, where non-controlling interests took a large share of the result. Taxes were also allocated to Q4, so the bottom line fell well short of expectations. On the Products side, revenue contracted slightly and operating profit remained at the same level. Positive: strong growth in Workplace Solutions; Negative: somewhat lackluster profitability in both segments, and especially in Products where the result flows through to the bottom line more effectively. The big picture, however, remains the same.

Here are Arttu’s pre-comments as Wulff releases its Q4 results on Monday, Feb 16.  We expect the company’s revenue growth to have continued in the final part of the year, supported especially by strong momentum in service operations and completed acquisitions. We forecast that the operating result improved from the comparison period, thanks to improved efficiency in the product business and a more favorable sales mix. We believe the company will provide broad guidance, as in previous financial years, but in the big picture, 2026 should be full of growth. Other points of interest in the report, in our view, are the outlook for the workplace products market—which has been sluggish for some time—and the progress of programs improving the company’s internal efficiency.                   Inderes              Wulff Q4'25 -ennakko: Odotuksissa reipas tulosparannus - Inderes    Odotamme oikaistun liikevoiton kasvaneen palveluiden vahvan vedon ja toiminnan tehostumisen ansiosta.

Wulff Group

Yrityskauppa tuo Wulffille vuositasolla yli miljoonan euron lisäliikevaihdon ja noin 230 uutta asiakkuutta.

Wulff <a href="https://www.wulff.fi/porssitiedotteet?publicationId=stt-newsfeed-wulff-71652166">tiedotti</a> maanantaina ostaneensa turkulaisen Tiliteema Oy:n ja vahvistaa asemaansa Varsinais-Suomen taloushallintomarkkinassa. Yrityskauppa tuo Wulffille vuositasolla yli miljoonan euron lis&#xe4;liikevaihdon ja noin 230 uutta asiakkuutta. Kaupan my&#xf6;t&#xe4; Wulffin tilitoimistoammattilaisten verkosto kasvaa yhdeks&#xe4;ll&#xe4; kokeneella asiantuntijalla.
Kauppahintaa ei tiedotteessa avattu, mutta yleens&#xe4; keskikokoisista tilitoimistoista joutuu maksamaan toimialalla yleens&#xe4; n&#xe4;htyj&#xe4; 4-6x EV/EBITDA-kertoimia hieman enemm&#xe4;n. Julkisten l&#xe4;hteiden pohjalta Tiliteeman k&#xe4;ytt&#xf6;kate oli 4/2025 p&#xe4;&#xe4;ttyneell&#xe4; tilikaudella 16 % liikevaihdosta. T&#xe4;st&#xe4; haarukoituna kaupan yritysarvo voisi olla hieman yli 1 MEUR.
Kaupalla ei ole olennaista vaikutusta Wulffin ennusteisiimme, sill&#xe4; ostokohteen liikevaihto vastaa alle prosenttia vuoden 2025 liikevaihtoennusteestamme. Kauppa kuitenkin vahvistaa Wulffin viime vuosina yritysostoilla rakentamaa tilitoimistoliiketoimintaa selv&#xe4;sti. Kaupan my&#xf6;t&#xe4; Wulffin tilitoimistoammattilaisia on jo noin 100, asiakkaita on yli 4 000 ja vuotuinen liikevaihto nousee noin 9 MEUR:oon. T&#xe4;ll&#xe4; liikevaihdolla Wulffin tilitoimistoliiketoiminta on jo Suomen tilitoimistokent&#xe4;n kontekstissa melko iso toimija.

	2024	25e	26e
Revenue	102.8	118.9	122.3
growth-%	9.7 %	15.7 %	2.9 %
EBIT (adj.)	3.3	4.3	5.1
EBIT-% (adj.)	3.2 %	3.6 %	4.1 %
EPS (adj.)	0.28	0.30	0.38
Dividend	0.16	0.18	0.20
Dividend %	5.2 %	5.4 %	6.0 %
P/E (adj.)	10.9	11.0	8.8
EV/EBITDA	6.6	4.5	4.3

Wulff tilitoimistokaupoilla Turussa

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Key Estimate Figures21.10.2025

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