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
    }
  }
}


gofore-first-class-profitability-management

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Joni Grönqvist

Gofore operates in the IT sector. The company specializes in offering digital solutions and consulting in lead and process design, as well as cloud-based solutions. The greatest knowledge is found in the construction and development of software systems and associated project management. The company's customers are found among corporate customers and institutions. The largest operations are found around the European market.

When a company has publicly branded itself specifically as an ethical operator, but quietly negotiates a deal with a state that couldn’t care less about ethical issues, I believe shareholders have the right to know about this without delay. If the company does not bring the information to light itself and/or abandon its value statements that have proven to be mere hollow talk, then bringing the matter to wider awareness through more informal channels operating in a legal gray area is, in my opinion, understandable. These ethical questions likely won’t affect the investment behavior of many people, but these matters are certainly important to individual investors. It is, of course, clear that the matter would have inevitably come out at some point, so it is likely up to each individual’s own judgment whether such cooperation should be announced by the company as soon as discussions about potential cooperation even begin. In my opinion, open, timely, and above all proactive communication would be the least a company marketing itself as ethical could do in such a scenario. In this case, they could have released a statement, for instance, at the stage when the company’s own ethics committee took the proposal under review. I don’t believe this will have any major negative impact on Gofore’s operations, unless the cooperation with the United Arab Emirates is canceled for some reason as a result, which I also don’t consider particularly likely. At least for now, the stock price hasn’t reacted to the news at all, but if the deal is finalized in the near future, I believe the share price will only head into the green afterwards.

There could be some quite hefty fines for breaching an NDA, plus potential damages on top of that. Some people only learn the hard way.

Well indeed, a kick in the ass for whiners like that.

I understand that emotions run high in situations like these, but directly sharing the company’s internal Slack messages with third parties is also just so unethical, damn it.

A vague press release that sidesteps the actual conflict of values and shifts the focus to the fact that the law was broken regarding the leak.

Here is the statement we just published on the matter:                   Gofore              HS Visio julkaissut Goforesta artikkelin, joka...    HS Visio on tänään 8. tammikuuta 2026 julkaissut artikkelin, joka käsittelee Goforen väitettyjä sisäisiä ristiriitoja liittyen Goforen harkitsemiin liiketoimiin osana Suomen ja Yhdistyneiden Arabiemiraattien...

Gofore has made it into Hesari (paywall). The meat of the story is summarized in this short quote. Otherwise, the article covers the discussion and criticism it has caused within the company, refers to the state’s assistance (export promotion in the region in question), and speculates whether Gofore’s weakening order backlog is leading to money becoming more important than values.  “Finnish listed software company Gofore has prepared a bid to the United Arab Emirates government for a significant development project, contrary to the recommendation of the company’s ethical assessment and sustainability director. The conflict is significant because Gofore markets itself with a value proposition according to which it is a ”pioneer of the ethical digital world”. This is written in large letters at the beginning of the company’s website.”                    Helsingin Sanomat – 8 Jan 26              HS Visio | Suomalainen ohjelmistoyritys tekee diiliä Arabiemiraatteihin –...    Gofore kertoo olevansa ”eettisen digimaailman pioneeri”, mutta monien työntekijöiden mukaan se rikkoo omia arvojaan. Yhtiö hakee yhä isoa diiliä Arabiemiraattien hallinnolta, vaikka oma eettinen toimielin suositteli toisin.                             Edit: Gofore is, of course, just one part of a continuum. Previously, for instance, Solita made headlines for a similar topic in 2019 and Nixu in 2008

Gofore

Gofore's revenue growth slowed organically in Q4, as expected, but profitability was well ahead of our expectations. Overall, Gofore's strong performance in a challenging year demonstrates the company's ability to adapt quickly to change and manage critical billing rates and profitability. We expect the company to continue to grow faster and more profitably than the sector in the coming years, even if the weak economy slows things down somewhat. The valuation picture (2024e adj. EV/EBIT 12x and expected return ~20%) is attractive.

<p>Gofore's revenue growth slowed organically in Q4, as expected, but profitability was well ahead of our expectations. Overall, Gofore's strong performance in a challenging year demonstrates the company's ability to adapt quickly to change and manage critical billing rates and profitability. We expect the company to continue to grow faster and more profitably than the sector in the coming years, even if the weak economy slows things down somewhat. The valuation picture (2024e adj. EV/EBIT 12x and expected return ~20%) is attractive.</p> 

	2022	23e	24e
Revenue	149.9	188.7	203.3
growth-%	43.5 %	25.9 %	7.7 %
EBIT (adj.)	22.0	25.1	26.4
EBIT-% (adj.)	14.7 %	13.3 %	13.0 %
EPS (adj.)	1.13	1.28	1.35
Dividend	0.34	0.44	0.50
Dividend %	1.5 %	3.2 %	3.7 %
P/E (adj.)	19.6	10.6	10.1
EV/EBITDA	14.1	6.9	6.0

Gofore: First-class profitability management

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Key Estimate Figures14.12.2023

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