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
      researchContentUrl
    }
    ... 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
    }
  }
}


framery-group-plcs-annual-report-for-2025-has-been-published

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Framery Group creates solutions for open office environments, hybrid working and space optimization. The company offers a range of office pods designed to provide a soundproof and undisturbed space for meetings, work and privacy in noisy open office environments. The office pods include an integrated office solution, with full access available through the Framery Plus subscription. Framery’s headquarters are located in Tampere, Finland, where all assembly of the company’s pods takes place.

If Framery’s order book is mainly for a few months, the company itself doesn’t know what will happen next year. Of course, they hope that business will continue. Based on this information, some eager external “analyst” can, of course, make cash flow calculations and analyze the fair price for the stock 5 years from now. If the guessed numbers are correct, Excel might look good in hindsight 5 years later, or quite embarrassing. Framery doesn’t know today whether, for example, tech giants will order a lot, a little, or none of these next year. Orders might go to a competitor if a good one emerges from somewhere, or to a different kind of office structural solution, the selling price might change by over ten percent (and the gross margin even more) due to price competition, or 10 other things might change. The cash flow calculation could then be completely redefined based on that. If you scroll through 100 cash flow calculations from old analyses of other companies, you’ll often notice that the predictive value is quite poor.

Now we were talking about Framery, not Remedy. Cash flows are perhaps a bit easier to predict in manufacturing than in a game company, but the crystal ball still has to be quite clear.

DCF is the graveyard where analysts go to die, and it’s particularly dreadful for companies like Remedy. No one in this world can possibly forecast cash flows even 5 years ahead, let alone over a 20-30 year period. As I’ve often said, the only useful aspect of a DCF model is the magnitude of the TERM portion of all cash flows, which tells you how much of the valuation is in the distant future.

I have nothing against the DCF (Discounted Cash Flow) model per se, but as a layman, it takes a lot of time and still goes awry  If I do it, I make 2-3 year forecasts. I do a kind of “napkin” analysis based on the latest report and consensus estimates - just a quick check to see if the company’s numbers look relatively okay. I can’t model the future accurately enough, so it remains more of a qualitative valuation. I try to look more at management, owners, and analyze the company’s moat a bit. So, basically, the balance sheet is okay and no impossible investments are coming → Earnings & Cash Flow / Key figures are okay → Qualitative analysis of the company’s future; Growing market → Competitors & Moat (biggest focus) → What’s in the R&D pipeline → Management’s track record → Owners (Is Buffett an owner? ) → Other things (e.g., open positions, employee sentiment on Glassdoor). I do some type of analysis like this, whatever the investment case may be. For me, it’s still mostly a hobby, so it leans a bit towards gut feeling.

Thanks for the tip, I’ll double-check the cost of debt again. Good point. However, may I ask a follow-up question: what would you consider the most sensible way to look at a company like this if you don’t want to rely too heavily on DCF? I understand the criticism of DCF well; with small changes in assumptions, the outcome varies greatly, making it easy to create more of a “nice-looking story” than a very strong truth. But at the same time, it feels like one still needs to try to form some view of the future. I’m currently thinking about the best approach for a company like Framery. Comps don’t seem entirely unproblematic, as there aren’t really any perfectly pure comparables. The asset base, on the other hand, doesn’t intuitively sound like the best way to look at this type of business, unless one specifically considers some kind of downside or liquidation-type floor. So, if one is trying to value a company like this as reasonably as possible, what would you emphasize? Would you think about this more:  earnings-based (e.g., EV/EBIT or EV/FCF), through comparables, even if they are imperfect, as a scenario analysis, where the most important thing is not one “correct value” but a range with different competitive advantage and growth assumptions,  or in some completely different way?  I’d be happy to learn more, as I’m currently figuring this out myself.

A quick tip: If it’s not a significantly larger company, it’s worth rechecking the cost of debt for WACC if you can get it well under 7%. Just a quick calculation of interest payments/long-term debt gave me around 8%. But yeah, the total WACC of ~10% is quite reasonable. That’s why I don’t really like DCF models; by tweaking the numbers, you can make even a bankrupt company look good  To stay on topic: I believe the market doesn’t really know how this phone booth market will develop, and the competitive advantage is a bit “meh.”

Have I misunderstood something? I’m not yet a shareholder, but the market currently seems to be pricing Framery quite cautiously. With my own DCF model, I reach a valuation similar to the current share price with fairly moderate assumptions: revenue growth of about 5% per year in the coming years, adjusted EBIT margin at around 20%, WACC of 9.8%, and terminal growth of 2.2%. With these assumptions, the stock’s value is practically in line with the current share price. Therefore, it appears to me that the market is pricing the company based on moderate growth rather than a particularly strong long-term growth story (below are the assumptions I used to arrive at my conclusion on how the market prices the company; feel free to grill me if the assumptions are completely off).     DCF ASSUMPTIONS      Risk-Free Rate (%) 3.8%   Equity Risk Premium (%) 5.6%   Beta 1.30   Cost of Equity (%) 11.0%   Cost of Debt (pre-tax) (%) 4.5%   Target D/E Ratio 0.20   WACC (%) 9.8%   Terminal Growth Rate (%) 2.0%        REVENUE BY REGION  FY25 FY26E FY27E FY28E FY29E FY30E     EMEA  118.3 123.0 128.0 133.1 138.4 143.9   YoY Growth (%)  19.5% 4.0% 4.0% 4.0% 4.0% 4.0%   Americas  65.9 69.9 74.0 78.5 83.2 88.2   YoY Growth (%)  51.8% 6.0% 6.0% 6.0% 6.0% 6.0%   APAC  37.9 40.2 42.6 45.1 47.8 50.7   YoY Growth (%)  91.4% 6.0% 6.0% 6.0% 6.0% 6.0%   Total Revenue  222.1 233.1 244.6 256.7 269.4 282.8   YoY Growth (%)  36.9% 4.9% 4.9% 5.0% 5.0% 5.0%        PROFITABILITY ASSUMPTIONS  FY25 FY26E FY27E FY28E FY29E FY30E     Gross Margin (%)  48.0% 45.0% 46.0% 47.0% 50.0% 50.0%   Gross Profit  106.6 104.9 112.5 120.6 134.7 141.4   Adj. EBITDA Margin (%)  25.4% 23.0% 23.0% 23.0% 23.0% 23.0%   Adj. EBITDA  56.4 53.6 56.3 59.0 62.0 65.1   D&A  5.9 6.5 7.2 8.0 8.5 9.0   Adj. EBIT  50.5 47.1 49.1 51.0 53.5 56.1   Adj. EBIT Margin (%)  22.7% 20.2% 20.1% 19.9% 19.8% 19.8%   Items Affecting Comparability  5.9 4.0 3.0 2.0 1.5 1.0   Reported EBIT  44.6 43.1 46.1 49.0 52.0 55.1   Tax Rate (%)  20.0% 20.0% 20.0% 20.0% 20.0% 20.0%   Capex  3.1 5.0 6.0 7.0 7.5 8.0   NWC as % of Revenue  11.0% 11.0% 11.0% 11.0% 11.0% 11.0%        DCF           FY26E FY27E FY28E FY29E FY30E   Unlevered FCF 34.8 36.8 38.9 41.2 43.6   Discount Period 0.5 1.5 2.5 3.5 4.5   WACC 9.8%       Discount Factor 0.954 0.869 0.792 0.721 0.657   PV of FCF 33.2 32.0 30.8 29.7 28.6           DCF SUMMARY        Sum of PV of FCF 154.3       Terminal FCF (FY30 * (1+g)) 44.4       Terminal Value 570       PV of Terminal Value 375       Enterprise Value 529       Less: Net Debt -67       Equity Value 462       Shares Outstanding (m) 79.1       Implied Share Price (EUR) 5.84       Current Share Price (EUR) 6.10       Upside / (Downside) -4.3%            KEY METRICS      Current Share Price (EUR) 6.10   DCF Implied Share Price (EUR) 5.84   Upside / (Downside) -4.3%       Enterprise Value (EUR m) 529   Market Cap (EUR m) 483   Net Debt (EUR m) 66.9       FY25 Revenue 222.1   FY26E Revenue 233.1   FY26E Growth 4.9%       FY25 Adj. EBIT Margin 22.7%   FY26E Adj. EBIT Margin 20.2%       EV/Revenue (FY25) 2.4x   EV/Revenue (FY26E) 2.3x   P/E (FY26E) 15.2x    And if anyone is interested in the WACC / TV matrix:     SP (EUR) 1.5% 2.0% 2.5% 3.0% 3.5%     7.6% 7.79 8.41 9.16 10.07 11.20   8.1% 7.14 7.66 8.28 9.01 9.90   8.6% 6.59 7.03 7.54 8.14 8.86   9.1% 6.10 6.48 6.91 7.42 8.01   9.8% 5.67 5.99 6.36 6.79 7.29    (I always create models in English because my language of study is English.) This seems somewhat odd, as the company’s historical development and profitability have been quite strong. If the quality of the business, market position, and growth outlook are genuinely sound, the current valuation does not, at first glance, appear particularly demanding. Therefore, the question is probably more about this: does the market primarily doubt the sustainability of growth? In other words, is Framery seen as a business where the current position is good, but the competitive advantage is not strong enough to protect higher growth and high margins in the long term? A possible bear case could be that, even though Framery has built a strong brand and position, the product category itself may not have an exceptionally deep moat. If the market believes that as demand grows, competitors can practically replicate the product, enter the market with a larger balance sheet or more aggressive pricing, and drive down profits, the current valuation is easier to understand. Still, I’m not entirely sure how realistic this risk actually is. In practice, in a business like this, competitive advantage may not be based solely on the product idea, but on the overall package: brand, distribution, project sales, acoustic expertise, delivery capability, certifications, references, and the fact that customers, especially large companies, prefer to buy a known and tested solution rather than a cheaper copy. If this is the case, the market might currently be overly skeptical. My own feeling is that the weakness in the share price seems more like sentiment and risk pricing than a purely fundamentally driven collapse. However, I am not yet an owner, as the situation has long looked like a bit of a falling knife. Despite this, the fundamentals no longer fully support such cautious pricing in my eyes. Where am I thinking wrong? Do you think the market’s caution is primarily a result of cyclicality and short-term uncertainty, or is there genuinely some structural weakness in Framery’s competitive advantage that justifies the low valuation?

Framery Group

Framery Group Plc | Stock Exchange Release | March 31, 2026 at 09:00:00 EESTFramery Group Plc’s annual reporting package for 2025 has been published.The reporting package includes a review of...

<div class="mfn-header mfn-header-finland"><p>Framery Group Plc | Stock Exchange Release | March 31, 2026 at 09:00:00 EEST</p></div><div class="mfn-preamble"><p><strong>Framery Group Plc’s annual reporting package for 2025 has been published.</strong></p></div><div class="mfn-body"><p>The reporting package includes a review of Framery’s year, the Report of the Board of Directors and the Financial Statements, as well as the Corporate Governance Statement and the Remuneration Report for 2025. The Report of the Board of Directors includes the company’s first Sustainability Statement in accordance with the EU Corporate Sustainability Reporting Directive (CSRD), prepared following the European Sustainability Reporting Standards (ESRS). The audit firm Ernst &amp; Young Oy has provided a limited assurance report on the Sustainability Statement.<br><br>The Consolidated Financial Statements are published in accordance with the European Single Electronic Format (ESEF) reporting requirements as an xHTML file, and the primary statements have been marked with XBRL tags.<br><br>All reports are available as PDF files attached to this release and on the company’s website at<a href="https://www.google.com/search?q=https://framery.com/en/investors/" rel="noopener"> </a><a href="https://framery.com/sijoittajat/en/reports-and-presentations/" rel="noopener">https://framery.com/sijoittajat/en/reports-and-presentations/</a> The Annual Report is also attached as an xHTML file.<br><strong class="mfn-heading-2"><br></strong><strong class="mfn-heading-2">For more information, please contact:</strong><br>Samu Hällfors, CEO, Framery Group Plc, tel. +358 50 410 5133, samu.hallfors@framery.com <br>Lauri Isotalo, CFO, Framery Group Plc, lauri.isotalo@framery.com<br><br><strong>Framery in Brief</strong><br>Framery enables people to focus on what truly matters and to get things done. With its soundproof smart pods and smart office solutions, Framery turns ordinary offices into places people love. This is why Framery is an essential part of a successful workday for millions of workers in over a hundred countries and within many of the world’s leading companies.</p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong><br><a class="mfn-primary" href="https://storage.mfn.se/24feac7a-931e-4933-b3d2-ce932b44df4e/framery-group-plc-annual-report-2025.pdf" rel="noopener">Framery Group Plc Annual Report 2025</a><br><a href="https://storage.mfn.se/4b63611e-1e37-47d7-b244-42499c820575/framery-group-plc-corporate-governance-2025.pdf" rel="noopener">Framery Group Plc Corporate Governance 2025</a><br><a href="https://storage.mfn.se/cc24c271-0923-401f-8814-5bbc2503372f/framery-group-plc-remuneration-report-2025.pdf" rel="noopener">Framery Group Plc Remuneration Report 2025</a><br><a href="https://storage.mfn.se/42f61ff1-7cd5-4a01-b5a0-2d9d26c415c2/framery-group-plc-report-by-the-board-of-directors-and-consolidated-financial-statements-2025.pdf" rel="noopener">Framery Group Plc Report By The Board Of Directors And Consolidated Financial Statements 2025</a><br><a href="https://storage.mfn.se/261afa78-f55f-40d6-8cff-1b0f9c4ecb31/743700u35ncxg9ygjo12-2025-12-31-en.xhtml" rel="noopener">743700U35NCXG9YGJO12-2025-12-31-en</a></p></div>