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
    }
  }
}


admicom-value-creation-digitizing-construction-industry

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Atte Riikola

Admicom operates in the IT sector. The company develops cloud-based services that mainly concern administration, accounting, payroll and project management. In addition to its main business, it offers training and customer support. Its customers are small and medium-sized corporate customers, with the largest operations in construction and industry. The head office is located in Jyväskylä.

It will certainly not be easy for even other software firms to start offering competing AI-generated software. SaaS solutions like Admicom’s are much more than just the code behind the product. I would argue that the code is actually on the less valuable end of the value Admicom provides to the customer. The real value comes from years of business expertise in the construction industry, understanding the daily problems of companies in the field, and solving them. How should a specific functionality be built into the application so that it is natural and intuitive for the customer to use and operate? How do we ensure that the user experience is consistent and intuitive specifically for a construction company and its various user groups (project manager, accountant, or a construction worker in the field)? What is the industry’s established terminology? How is it used correctly? How do you weave the various needs of construction companies into a single application package? To top it off, one must understand, for example, the regulatory and legislative constraints of the specific country when coding accounting software. It is clear that AI does not take such matters into account, no matter how functional the code may be. I would say that, over time, it is crystal clear that the bar for entering the competition in this industry will lower. At the same time, however, Admicom has the opportunity, assisted by AI, to deepen 그 moat even further by integrating AI into Admicom’s products in a way that makes the product indispensable to the customer. It is difficult to compete with that, especially since Admicom’s ERP solutions are tied quite deeply into the customer’s business operations. The question remains: how well will Admicom succeed in this?

If it’s as good or better, then yes. But it’s unlikely to be that easy, as I was reflecting there.

What if some software company offers a similar program to Reiska’s Plumbing for half the price of Admicom—would you be worried then?

I jumped on this “January sale” myself and topped up my position to the upper limit of my investment plan, reaching a round number of shares. The weighting is now about 2% of the portfolio. The company has pushed forward quite satisfactorily in a difficult market. On the other hand, since digitalization in the construction industry is at the level of pen and paper, if I may exaggerate slightly, I wouldn’t be too worried about “Reiska’s Plumbing Ltd” and other industry players starting to code their own financial management software with the help of AI. Furthermore, as the industry is quite national and involves specific local characteristics, I don’t think Admicom can be easily challenged by an outsider anyway.

Nominee-registered ownership (on the shareholder list) was 59.19% on May 31, 2025. In the January 31, 2026 listing, the ownership stake has dropped to the 51.84% level. Looking at the price chart (3-year period), the ownership increased until May 2025, when the share price was around €54. However, from that point on, the share price has started to decline, accompanied by selling. For example, 80,000 shares were sold in January.

Someone is selling off Admicom shares through block trades:  I wonder who might be letting go of their shares? In any case, Admicom is now “on sale” for those interested, compared to last week’s prices.

The headline summarizes the case. Once the construction slump eases, Admicom is a good investment. Of course, the stock market is already sniffing out this turnaround a bit.                   Inderes              Admicom on hyvä sijoitus, kun rakennuslama päättyy  - Inderes    Aika: 22.01.2026 klo 14.09 Rakennusfirmoille softaa tekevä Admicom on hyvä sijoitus, kun rakennustaantuma päättyy. Analyytikko Atte Riikola kommentoi.

Admicom

Admicom has already had a very strong decade of profitable growth in Finland and the updated strategy seeks the next growth leap by digitizing the European construction industry.

<p>Admicom has already had a very strong decade of profitable growth in Finland and the updated strategy seeks the next growth leap by digitizing the European construction industry. The valuation of the share already looks moderate with our estimates that are clearly more cautious than the company’s objectives considering Admicom’s interesting investment profile and there is potential for clearly better performance in the long term. The biggest question mark in terms of objectives is still the success of internationalization, but there is also plenty of growth opportunities left in Finland. </p> 

	2022	23e	24e
Revenue	31.6	33.3	35.4
growth-%	27.2 %	5.3 %	6.4 %
EBIT (adj.)	13.7	12.4	13.6
EBIT-% (adj.)	43.4 %	37.3 %	38.3 %
EPS (adj.)	2.19	1.98	2.15
Dividend	1.30	1.20	1.30
Dividend %	2.8 %	3.1 %	3.4 %
P/E (adj.)	21.3	19.3	17.8
EV/EBITDA	16.3	14.8	13.2

Admicom: Value creation by digitizing the construction industry

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Key Estimate Figures16.03.2023

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