In connection with the interim report for H1 2025/26, we have updated our one-pager analysis. Read more about valuation perspectives and the key investment reasons and risks.
The strategy is resonating, and important strategic victories have been achieved early in the year. Now, we are still awaiting clearer confirmation of growth and its scaling into profitability.
Inderes Oyj is a Finnish investor communications company specializing in equity research, IR software, event production, and a digital investor community. The company serves over 400 corporate clients across the Nordics and operates an asset-light business model supported by recurring contracts and long-standing customer relationships. This foundation enhances revenue visibility and supports stable cash generation.
The profitability of the Finnish businesses has been a slight disappointment, and in addition, the acquired Foodhills would need an earnings turnaround.
Kalmar's Q4 result fell slightly short of our expectations due to margin development. Meanwhile, orders soared to record levels, blowing both our forecasts and the consensus out of the water.
Eltel's finished 2025 on a high note, with Q4 revenue coming in 4% above our estimates and margins continuing their year-on-year improvement for the tenth consecutive quarter.
We reiterate our EUR 9.00 target price and Reduce recommendation for Koskisen. We lowered our near-term estimates for Koskisen slightly, as the guidance for the current year was a bit more cautious than we expected. We see clear earnings growth potential for Koskisen in the coming years, as the construction cycle gradually recovers and the company's substantial investments over the past years reach fruition. However, we believe this has already been adequately priced into the share (2026e: P/E 12x), which is why the expected return on the share will not exceed the required return for the time being.
Björn Borg delivered strong Q4 earnings, due to solid sales volumes and good cost control. In our view, the outlook for next year is positive, and combined with a strong finish to last year, this has led us to raise our earnings estimates for the coming years. With our updated estimates, the company’s earnings multiples for this year are at the lower end of our acceptable valuation range, with a P/E ratio of around 15x and EV/EBIT of 12x. As a result, we raise our recommendation to Accumulate (prev. Reduce) and increase our target price to SEK 67 per share (prev. SEK 57 per share), mainly due to increased estimates.
We are discontinuing our research coverage of Tietoevry, and therefore we no longer issue a target price (was EUR 18.0) or recommendation (was Reduce) for the share. We recommend that investors continue to follow the company's own stock exchange and investor communications. In addition, the company's announcements and related discussions can be found on the Inderes website.
NYAB delivered Q4 revenues in line with our estimate, while EBIT surpassed our estimates, with management commentary indicating that utilization of the expanded workforce has normalized sooner than we anticipated.
