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
    }
  }
}


inderes-group-q2-adjusted-ebita-above-while-reported-profits-were-shy-seb

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Inderes operates in the financial industry. The company provides a community platform for investors and listed companies. Via the platform, users can communicate with each other and exchange investment tips. The customers consist of both companies and private individuals. In addition, the company offers analysis services and a basis for investment decisions. The largest operations are in the Nordic region.

Aren’t cases like this very good sales material for Inderes?

I went through it yesterday and didn’t notice any significant departures.

Answering myself, I was on a return flight from vacation yesterday, late at night I had time to listen again to selected parts from @Mikael_Rautanen and the book about Inderes, meaning the market value at the beginning of 2019 was still a modest 4.9 million, at the beginning of 2020 it was 9.2 million (Flik was acquired in 2019) and at the beginning of the IPO year before the listing, Mikael fluently reads the market value as 80 million, I had to listen twice, so there must have been some error in thought when reading  , can someone answer if it was meant to be 18 million!? In the October IPO, the market value at a price of 25 euros was 43 million, the current share price of 15.9 euros corresponds to a market value of 27.7 million. My idea here was to at least somewhat grasp at what price Inderes personnel still had the opportunity to buy shares in 2019. One more interesting observation from the book is that in 2017-21, staff turnover was “close to zero”. Then again, the latest ownership list, surprisingly few changes, someone must have copied those listings from previous months and can check if anyone has completely disappeared from the lists!? : https://group.inderes.fi/fi/sijoittajat/osaketieto/osakkeenomistajat

I don’t understand why company management should comment on the share price at all. Their job is to lead the company as well as possible, creating shareholder value, and the company’s valuation can fluctuate on the stock exchange completely independently of the company’s actions. As an owner, I would be concerned if my company’s management spent more time and brain capacity discussing stock valuation or debating analysts’ views than on coffee break conversations.

We do. It would by no means be sustainable to sell one thing and deliver another.

We have a saying that Inderes has hundreds of corporate clients but only one investor community.

Judging by this graph, Inderes’ analysis was spot on last time. Funny thing that the client doesn’t bring up this graph  .

Inderes

Inderes reported Q2 somewhat above our estimates on an adjusted basis. Sales were slightly above our estimate thanks to strong project sales in June while adjusted EBITA topped our forecast clearly. However, the quarter saw EUR 0.5m in one-offs, which we had not expected and hence reported EBITA declined clearly y/y. Looking at business lines, the performance was in line with our FY projections. Guidance is unchanged. Overall, a neutral reaction appears justified.

<p>Inderes&apos;s Q2 sales increased by 3.7% y/y to EUR 5.2m, topping slightly (+2%) our estimate of EUR 5.1m. With April-May sales already reported the deviation owes to June sales, which rose 29% y/y thanks to the timing of project revenue between May (-12% y/y) and June. The Q2 reported EBITA declined to EUR 0.1m, missing our estimate of EUR 0.5m clearly. However, the deviation owes to one-off costs amounting EUR 0.5m and excluding these one-offs adjusted EBITA came in at EUR 0.7m, topping our estimate of EUR 0.5m relatively clearly. The one-offs relate to the reorganisation of Swedish business. Looking at the H1 performance for business lines we flag that the Research business sales increased by c. 3%, which is in line with our FY25 projection. Events business sales climbed 2% while we input flat 2025E sales. The Software business sales increased 22% y/y, which we find in line with our FY25 projection of 20%. International sales development remained flat vs. the previous year at EUR 2.2m in H1. This was also in line with our assumption. It is noteworthy that the Swedish business remains in decline, but the first steps of internationalisation of the Software business offset the performance. The number of commissioned research agreements was up q/q to 143 (vs. 141 in end-Q1). The group headcount of 122 employees was in line with our expectations.</p>

Inderes Group - Q2: Adjusted EBITA above, while reported profits were shy - SEB

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