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
    }
  }
}


inderes-group-q3-clear-miss-driven-by-september-project-revenue-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.

Student Coverage was held internationally for the first time this year, meaning the call for applications was also open in Sweden and teams from there participated. In addition, there was a representative from our Swedish team on the jury. That is also why English was chosen as the language this year.

Greetings to the Forum! We are the new student analyst team from the University of Vaasa, continuing the great work of Sami and Vilho for the coming year. English was chosen as the language for the report at Inderes’ request. The introduction video for the team will be released later this spring due to Tino’s exchange studies in France, but it is coming, don’t worry! If you have any questions regarding the report or our analysis, feel free to reach out to us here on the forum or alternatively via email. Enjoy reading the report! Best regards,  Tino, Matias and Joonas

It’s a bit surprising that no one has linked the new student coverage yet. Tino Korjala, Matias Sainio, and Joonas Sjöblom from the University of Vaasa are initiating coverage of the Inderes share with a BUY recommendation and a target price of 19.70 euros. Great stuff, I’ll have to look into it. It’s a bit unfortunate that there seems to be only an English version of the report? I guess there are so few of us Finnish-speaking Inderes investors then. “Information belongs to everyone” has been Inderes’ slogan. And in this case, English-language information.  The second season of student coverage for the Inderes share kicks off today, as a team selected from the University of Vaasa—Tino Korjala, Matias Sainio, and Joonas Sjöblom—begins analytical coverage of the Inderes share. The initiation report is openly available on the Inderes service, and for the next 12 months, the team will produce continuous analysis of the Inderes share.                    Inderes              Inderesin osakkeen opiskelijaseurannan toinen kausi käynnistyy — uuden tiimin...    Inderesin osakkeen opiskelijaseurannan toinen kausi käynnistyy — uuden tiimin seurannan aloitus nyt luettavissaInderes Oyj, Lehdistötiedote 18.2.2026 klo 8.30 Inderesin osakkeen opiskelijaseurannan...                             https://www.inderes.fi/files/ac122b63-ee93-4650-a593-652a3a3790d0

Due to regulation alone, board remuneration must be such that it leaves no room for interpretation. Additionally, it is important for the system to be simple, as a complex system is administratively burdensome. For example, growth in international revenue would certainly be clear and simple enough, but would it really be best for shareholders? In this case, it would be in the board’s interest to drive growth at any cost and even take on loss-making business. I am not saying that our board would do this, of course, in the hope of a small share reward, but we certainly don’t want to build a system that would even theoretically encourage this  . Then, if we start adding “profitable international growth,” we quickly end up with matters of interpretation (what is the threshold for profitability?)  . The same problem applies to client companies; the profitability or size of the clients doesn’t matter. Measuring sales cycles is practically impossible for us, as there are many different businesses (and it is administratively incredibly heavy). The Nomination Committee ultimately felt that the share price is the best metric after all, reflecting the development of the company’s value. It also leaves no room for interpretation and is administratively light. It is also worth noting that, according to our understanding, no one else in Helsinki has a similar system in place, and we also wanted to be “cautious” in this regard and avoid the risks of a more complex model. But still, if someone comes up with a better model within these constraints, NomCom is more than interested in hearing suggestions

I’m happy to propose a development idea; thank you for being open to suggestions @Sauli_Vilen On the Inderes website, it says: “Identified obstacles  International brand awareness Shift to an international corporate culture Slow change in target markets Finding the right go-to-market models”  As board members use their experience and expertise to help overcome these obstacles, could the criteria for earning additional share-based rewards be linked to one of these or a combination of several: international revenue > X%, number of new international client companies, or shortening of sales cycles abroad?

The Nomination Committee welcomes ideas on how the remuneration model can be developed in the future! If you have any ideas, please post them here publicly or alternatively send them to me directly via the forum or email.

According to the Limited Liability Companies Act, the primary and most important task of a limited liability company is to generate profit for the shareholders unless otherwise stated in the articles of association. Inderes is one of the few that has made an exception to this in its articles of association, stating that Inderes’ employees, customers, and the community take precedence over the interests of shareholders.

Inderes

Inderes Q3 came in below our estimates, which however were not updated after the recent profit warning. Importantly, Inderes keeps its costs wellcontrolled and we find the clear miss in EBITA owing purely to the top line delta. The reason for the softness owes to project revenue which in addition to timing continues to suffer from customers' cost measures. Software remains on growth track and the company sees signs of IPO activity taking the market back to growth.

<p>Inderes Q3 came in below our estimates, which however were not updated after the recent profit warning. Importantly, Inderes keeps its costs wellcontrolled and we find the clear miss in EBITA owing purely to the top line delta. The reason for the softness owes to project revenue which in addition to timing continues to suffer from customers&apos; cost measures. Software remains on growth track and the company sees signs of IPO activity taking the market back to growth.</p>

Inderes Group - Q3: Clear miss driven by September project revenue - SEB

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