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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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

Sauli Vilén

Matias Arola

eQ operates in the financial services industry. The company is a brokerage firm and offers a wide range of financial services within corporate finance and asset management. Financial services include a range of structured products, insurance, private equity funds and other investment alternatives. Investments are found across the global financial market and across a number of sectors. The company's headquarters are located in Helsinki.

eQ continues recruitments in the international market. https://amwatch.com/AMNews/People/article18834064.ece Here are selected excerpts from the article behind a paywall: Independent asset manager eQ has hired the UK-based fundraising veteran, Sara Hedberg Chance, to support its international expansion, the company reports in a press release. “eQ believes Sara’s experience and relationships will provide excellent support for eQ’s international expansion strategy through international distribution partnerships and institutional investor relationships,” the press release reads. According to Staffan Jåfs, head of private equity at eQ, Sara Hedberg Chance’s “long experience working with Tier-1 Nordic institutional investors is very helpful and is already opening doors for us in Sweden”. I have to say, I’m not entirely sure which press release is being referred to here. At least I couldn’t find any press release on eQ’s own website or by googling  In any case, they have recruited a high-caliber person, and eQ is clearly serious about its international sales. Overall, the company also has a noticeable energetic drive and momentum, it will be very interesting to see what kind of results they achieve next year.

PEs often buy targets from other PEs. However, financial maneuvering is probably not the only thing they do in the company.  During a boom, this happened a lot as valuations kept growing, and a new buyer could expect this to continue during their tenure until they sold to the next buyer at an even higher valuation. Now, the PE-to-PE market is very stuck. Valuations and selling expectations have been pushed too high under the funds relative to comparables and the public market, and there is no room even with this balance sheet maneuvering to increase risk (returns), which would be another option.

PEs often buy targets from other PEs. However, financial engineering doesn’t seem to be the only thing they do in a company.

The most stereotypical private equity (PE) investment targets are small caps in traditional industries. After PE enters, their balance sheets are usually fully leveraged with debt in pursuit of returns. How attractive and generally interesting does a small cap company from a “boring” market sound in this market, one that cannot pay dividends due to too large a debt load? Market hype is at the complete opposite end: mega cap growth TECH from sectors with strong free cash flows (Nvidia, MSFT, Alphabet, etc.) Other PEs don’t buy these because they can’t perform their usual financial maneuvers, as the previous PE has already done so. Valuations of comparable companies in the IPO market are already sluggish. With a good dividend yield, one can sell to the public, but that’s not possible for these companies due to debt. It shouldn’t come as a surprise to anyone why the PE market is stuck. The exit is an interesting question, and how long it will take and what will trigger it? New zero interest rates? Forced sales when the extension of fund lifespans eventually comes to an end? Will it finally be admitted that returns will remain mediocre, below the public stock market?

I shouldn’t consider a significant improvement in results due to the Private Equity market picking up as nearly certain: The valuations of many growth companies have come down in the stock market, and this also pressures PE market valuations. For example, in the Nordics, QT, Admicom, Revenio, Talenom, Novo Nordisk, Ambu, Tomra, Nibe have faced enormous valuation compression, where multiples may have more than halved from earlier levels. Share prices may have fallen 70-80% from their peaks. Thus, it is harder to sell less known businesses if quality can be bought from the stock market at a relatively cheaper price. I acknowledge that the peer group here is completely wrong in relation to PE peers. The purpose is to illustrate what the rise in interest rates did to the average valuation of growth companies. Inderes’ model portfolio is a great example of this: the model portfolio primarily consisted/consists of high P/E growth companies. The consequences have been accordingly in recent years. Can PE exit multiples be defended in the reality of elevated interest rates and declining stock market valuations? There is a huge willingness to sell in the PE market. PwC estimates it to be worth a trillion dollars. Will the bottleneck open without having to lower the price level of the assets for sale?                   linkedin.com              PwC: Private equity firms stuck with $1 trillion in unsold assets | Eric...    “According to accounting firm PwC, private equity firms are sitting on about $1 trillion of unsold assets capital that would typically have been exited under a normal cycle.  The average holding period for PE portfolio companies reached its longest...                             Analyst forecast changes over the last year summarized: down, down, down, down, down, down. It is concerning that this is not just about the 2025 results, but also 2026 and 2027 have decreased on the same scale. It is illustrative that EQ was forecast a year ago to make cumulatively about 150 million in operating profit for 2025-2027. That figure today is about 100 million. Thus, the can has not merely been kicked down the road. The direction of 2026 surprises for EQ is likely downwards. https://www.marketscreener.com/quote/stock/EQ-OYJ-1412428/consensus-revisions/ Communication from within the industry is also quite grim reading: “Per Franzén says inability to raise fresh funds may leave many firms only managing existing investments in coming decade” https://www.ft.com/content/49d2cb79-5e0b-4c71-9258-b3fea4ca70c4

CFO of Real Estate Business Aku Väliaho spoke about the eQ Community Properties fund at the Real Estate Evening.                   Inderes              eQ Yhteiskuntakiinteistöt sijoituskohteena | Kiinteistöilta 3.12.2025 -...    Aika: 04.12.2025 klo 08.16 Kiinteistöliiketoiminnan talousjohtaja Aku Väliaho avaa esityksessään eQ Yhteiskuntakiinteistöt -rahastoa sijoituskohteena.

Iikka and Sale are waiting for their turn on the bench, or how did that go again                    Inderes              eQ: Vielä odotellaan vaihtoaitiossa - Inderes    Aika: 03.12.2025 klo 14.14 eQ oli nollakorkoajan kuningas Helsingin pörssin varainhoitajien keskuudessa. Yhtiön kivijalka nojaa private equity- ja kiinteistörahastoihin. Analyytikko Sauli Vilén kommentoi videolla.                             Topics: 00:00 Introduction  00:44 eQ’s results have come down  02:22 What can be expected in the future?  06:29 eQ’s positioning in the competitive landscape  08:13 Was eQ a one-trick pony?  11:30 Why are we not on the ‘add’ side?

eQ’s Q1 report was operationally in line with our expectations and the earnings growth outlook for the next few years remained very strong. We do, however, feel that the strong earnings growth...

<p>eQ’s Q1 report was operationally in line with our expectations and the earnings growth outlook for the next few years remained very strong. We do, however, feel that the strong earnings growth outlook is fully priced in the share and without higher than current earnings estimates, the return expectation is in danger of relying fully on the dividend, which we do not consider sufficient compensation for bearing the risk related to valuation multiples normalizing. </p> 

	2020	21e	22e
Revenue	56.7	73.7	74.4
growth-%	11.9 %	30.1 %	1.0 %
EBIT (adj.)	30.8	44.3	43.5
EBIT-% (adj.)	54.3 %	60.2 %	58.5 %
EPS (adj.)	0.63	0.89	0.86
Dividend	0.70	0.91	0.86
Dividend %	4.2 %	8.6 %	8.1 %
P/E (adj.)	26.4	12.0	12.3
EV/EBITDA	19.3	8.4	8.7

eQ: Quality simply costs too much

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Key Estimate Figures27.04.2021

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