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

Joni Grönqvist

Netum operates in the IT sector. The company specializes in the development of software solutions. The software is developed in-house and is mainly used for design and implementation of software, management and monitoring of information systems, cybersecurity solutions and IT management. The customers consist of corporate customers in several sectors. In addition to the main business, various value-added services are offered. The largest operations are in the Nordic region.

Since no other comments are seen or heard, I must state that Netum’s performance is quite regrettable. It is, of course, difficult for all IT service companies, but here it has come crashing down. Hopefully, a turnaround can be achieved soon.

Joni has prepared a company report on Netum after Q3.   We reiterate our Reduce recommendation for Netum’s stock and lower the target price to 1.25 euros (previously 1.4 €), reflecting changes in forecasts. Q3 was softer than our expectations. Unfortunately, there is no significant positive turnaround in sight in the market, which makes crucial new sales challenging. The continuous decline in revenue threatens to diminish the effectiveness of efficiency measures, and there is clear uncertainty regarding the timing and magnitude of the earnings turnaround. In our view, the stock is correctly priced (2025-26e EV/EBITA ~9.5x).                   Inderes              Netum Q3'25: Epävarmuus on oikein hinnoiteltu - Inderes    Q3 oli odotuksiamme pehmeämpi. Markkinassa ei valitettavasti ole suurempaa positiivista käännettä näköpiirissä, mikä tekee tärkeästä uusmyynnistä haastavaa. Liikevaihdon jatkuva lasku uhkaa viedä tehostamistoimilta tehot, ja tuloskäänteen ajankohtaan...

Joni interviewed Netum’s CEO Repe Harmasta after the Q3 results..                    Inderes              Netum Q3'25: Hintakilpailu vaatii katerakenteen sopeutusta - Inderes    Aika: 04.11.2025 klo 14.30 Netumin liikevaihto laski Q3:lla odotettua enemmän ja kannattavuus jatkui heikkona raskaan kulurakenteen vuoksi. Yhtiö arvioi IT-palveluiden kysynnän jatkuvan nykyisen kaltaisena, mutta kovan hintakilpailun rajoittavan...                             Topics: 00:00 Introduction  00:10 Key points from the third quarter  01:27 Two major projects  03:22 Development of Studyo business  04:34 Latest change negotiations  07:12 Public sector situation  09:58 Private sector through Netum’s eyes  11:26 Margin structure and new sales

And here are Joni’s comments on the result itself.  Netum published its Q3 business review this morning, which was softer than our expectations. Revenue clearly decreased and more than expected. Profitability remained weak, pressured by a heavy cost structure, and the recently completed new change negotiations may not be enough to turn the tide if new sales do not quickly start to support. Unfortunately, there is no clear market improvement in sight, which keeps uncertainty high.                   Inderes              Netum Q3’25 -pikakommentti: Harmaata oli edelleen - Inderes    Netum julkaisi aamulla Q3-liiketoimintakatsauksen, joka oli odotuksiamme pehmeämpi.

Joni has prepared a company report on Netum, which has been facing some difficulties and will release its Q3 results at the beginning of November.  We estimate that the company’s Q3 was under pressure due to the challenging demand situation and price pressure in the market. Additionally, Netum, as expected, already announced a second round of change negotiations for the current year, and we slightly lowered our forecasts. Unfortunately, there is no significant positive turnaround in sight in the market, which makes crucial new sales challenging and creates uncertainty for an earnings turnaround. The risk-reward ratio is therefore challenging (2025-26e EV/EBITA ~9.5x). We reiterate our Reduce recommendation for Netum’s stock and lower the target price to 1.4 euros (previously 1.8 €) reflecting the forecast changes.                   Inderes              Netum: Markkinatilanne laittaa kapuloita rattaisiin - Inderes    Netum julkistaa Q3-katsauksen marraskuun alussa. Arvioimme  yhtiön Q3:n olleen markkinan haastavan kysyntätilanteen ja hintapaineen ajamana paineessa.

Here are Joni’s comments on Netum’s change negotiations. Netum announced yesterday that it would start new change negotiations to streamline administration and improve productivity. The news was expected, as we estimated in the Q2 report that the company would have to implement new change negotiations later in the year. Netum already conducted one round of change negotiations in Q2.                   Inderes              Netum kertoi odotetusti aloittavansa uudet muutosneuvottelut - Inderes    Netum kertoi eilen aloittavansa uudet muutosneuvottelut hallinnon tehostamiseksi ja tuottavuuden parantamiseksi. Uutinen oli odotettu, sillä arvioimme Q2-raportin yhteydessä yhtiön joutuvan toteuttamaan uudet muutosneuvottelut vielä loppuvuonna.

Joni has made a new company report on Netum after Q2.  We reiterate our reduce recommendation for Netum’s share and lower the target price to 1.8 euros (previously 2.2 €), reflecting changes in forecasts. Netum issued a negative profit warning before the earnings release, so the report was naturally weaker than our expectations. Unfortunately, there is no major positive turnaround in sight in the market, which makes crucial new sales challenging. Thus, there is clear uncertainty regarding the timing and slope of a potential earnings turnaround. The risk-reward ratio is therefore challenging (2025-26e EV/EBITA ~10.5x). Quoted from the report: Valuation Multiples With our forecasts, Netum’s adjusted EV/EBIT and P/E multiples for 2025 are 11x and 26x, which are challenging. The 2026 forecasts expect earnings to decline, and the adjusted EV/EBIT and P/E multiples are 10x and 22x, which is tight given the uncertainty. A positive view would require better visibility into an earnings turnaround.                   Inderes              Netum Q2'25: Valitettavasti parempaa ei heti ole näköpiirissä - Inderes    Markkinassa ei valitettavasti ole suurempaa positiivista käännettä näköpiirissä, mikä tekee tärkeästä uusmyynnistä haastavaa. Näin myös mahdollisen tuloskäänteen ajankohtaan ja kulmakertoimeen liittyy selkeää epävarmuutta.

Netum Group

Q1 oli operatiivisesti hyvä ja sektoria parempi suoritus. Lisäksi markkinakommentit olivat varovaisen positiiviset. Ennustamme maltillista ja sektoria parempaa kasvua sekä selvää kannattavuus-parannusta vuonna 2024. Ennusteillamme arvostuskuva (2024 EV/EBIT 8x ja P/E 12x) on edelleen houkutteleva.

<p>Q1 oli operatiivisesti hyv&auml; ja sektoria parempi suoritus. Lis&auml;ksi markkinakommentit olivat varovaisen positiiviset. Ennustamme maltillista ja sektoria parempaa kasvua sek&auml; selv&auml;&auml; kannattavuus-parannusta vuonna 2024. Ennusteillamme arvostuskuva (2024 EV/EBIT 8x ja P/E 12x) on edelleen houkutteleva.</p>

	2023	24e	25e
Revenue	37.1	45.2	46.1
growth-%	27.2 %	22.0 %	1.8 %
EBIT (adj.)	2.8	4.7	4.8
EBIT-% (adj.)	7.4 %	10.3 %	10.4 %
EPS (adj.)	0.16	0.23	0.29
Dividend	0.00	0.14	0.16
Dividend %		11.6 %	13.2 %
P/E (adj.)	16.7	5.2	4.2
EV/EBITDA	16.1	4.2	3.7

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Key Estimate Figures07.05.2024

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