Log in to your Inderes Free account to see all free content on this page.
Create account

Wulff Group

3.40 EUR

+1.80 %

4,048 following
Corporate customer

WUF1V

NASDAQ Helsinki

Industrial Goods & Services

Industrials

+1.80 %
+2.41 %
-19.05 %
-14.57 %
-5.56 %
+25.00 %
+1.49 %
-16.87 %
-43.33 %

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.

Read more
Market cap
23.49M EUR
Turnover
15.68K EUR
P/E (adj.) (26e)
EV/EBIT (adj.) (26e)
P/B (26e)
EV/S (26e)
Dividend yield-% (26e)
Coverage
Recommendation
Accumulate
Target price
Updated
28.04.2026
Disclaimer
Arttu Heikura
Arttu Heikura

Analyst

Revenue and EBIT-%

Revenue M

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
16.7.
2026

Interim report Q2'26

19.10.
2026

Interim report Q3'26

Risk
Business risk
Valuation risk
Low
High
ShowingAll content types

Join Inderes community

Don't miss out - create an account and get all the possible benefits

FREE account
Stock market's most popular morning newsletter
Analyst comments and recommendations
Stock comparison tool
PREMIUM account
All company reports and content
Premium tools (e.g. insider transactions & stock screener)
Model portfolio
Create account
Research by
Arttu Heikura

Wulff: Efficiency improvements to boost earnings growth

Wulff announced that it is aiming for significant cost savings in its Products for the Workplace business by adapting its organizational structure and streamlining its operations. We have slightly raised our earnings estimates, albeit less than the company's target level, as we believe that some of the savings will be diluted by the segment's declining revenue and the resource needs of other growing businesses.

Wulff Group
Forum discussions
Dunce cap on my own head. Products’ revenue actually grew by one percent and operating profit reached €2.3m. Of course, the €1.8m gain from the sale of the Tuusula property must be adjusted from this, but Products still reached a result of €0.5m. Works also grew strongly again, as...
4/27/2026, 6:38 AM
by Karhu Hylje
9
Thanks again for the report, Arttu! When the share price goes to almost €3 and also €4.5 within a short period, then bolder/stronger views in one direction or the other might be in order.
4/28/2026, 5:54 AM
by Karhu Hylje
5
Arttu, being the industrious guy he is, has written a new company report on Wulff after the Q1 release. Wulff started the year strongly by multiplying its results through service-driven sales growth, as well as the adaptation of the product business and the streamlining of the selection...
4/28/2026, 4:47 AM
by Sijoittaja-alokas
5
A large block trade was seen in Wulff during April when TCF-Myynti Oy sold its shares, and now the latest shareholder listing reveals the buyer to be NoHo’s Laine:
5/4/2026, 6:57 AM
by Karhu Hylje
2
This EPS was boosted by positive taxes related to the sale and leaseback of the Tuusula warehouse. In connection with this, the company was able to utilize confirmed losses from previous financial years, which then offset the normal income tax I expected and the capital gains tax...
4/27/2026, 9:06 AM
by Arttu Heikura
2
Thanks for the answer! However, I assume that at some point these costs will decrease, at least relatively, and the operating profit level can be expected to return to a higher level. In Wulff’s case, the operating profit from accounting services together with the operating profit...
4/27/2026, 9:05 AM
by Karhu Hylje
2
There were some additional costs related to the integration of the acquired accounting firms, and at the same time, support functions (administration) had been increased as the scale of operations grew. A similar trend was observable in Q4. I would assume that the same trend will...
4/27/2026, 9:03 AM
by Arttu Heikura
2
Read more on our forum
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.