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

Head of Research

Antti Viljakainen

Analyst

Tommi Saarinen

LapWall operates in the building products industry with several factories. The company manufactures wooden wall and ceiling elements in factory conditions for construction companies. The product range includes several standard products that are delivered and installed by the customer. The company's market area is Finland. LapWall was founded in 2011 and its headquarters are located in Pyhäntä, Finland.

In his speech, Jarmo extends an invitation to visit us, and here is a link to the page through which visits can be coordinated: Tehtaat A warm welcome!

@jarmot.pekkarinen gave a good and interesting presentation at the Investor 2025 event                    Inderes              LapWall sijoituskohteena | Sijoittaja 2025 - Inderes    Aika: 28.11.2025 klo 11.15 LapWallin toimitusjohtaja Jarmo Pekkarinen kertoo yhtiön liiketoiminnasta Sijoittaja 2025 -tapahtumassa.

Finland’s largest small house manufacturer DEN is changing owners. From LapWall’s perspective, DEN would be a big fish (i.e., a large contract customer), which I believe the company has been fishing for quite some time. It remains to be seen, of course, whether the change in DEN’s ownership will affect LapWall’s fishing luck.                   Inderes              CapMan Oyj: CapMan Buyout exits DEN Group to Metric Capital Partners - Inderes    CapMan Buyout press release 20 November 2025 at 12:05 p.m. EETCapMan Buyout exits DEN Group to Metric Capital PartnersFunds managed by CapMan Buyout have agreed to sell their holdings in DEN...

I wrote an article on LinkedIn about why growth doesn’t stop at the market but at thinking – and how the industrialization of construction, prefabrication, and continuous improvement are shaping the entire industry. I thought I’d share it here too, as the theme broadly touches on construction, industry, and productivity development. Link to the article: (1) Kasvu ei pysähdy markkinaan – se pysähtyy ajatteluun | LinkedIn

Additionally, here’s a general comment on the industry players: We know the market and its players well. To understand the industry more deeply, it’s worth visiting LapWall’s factories and getting acquainted with the production in practice. Concurrently, one can visit other industry players – this provides a comparison and shows what

Thank you again for the good and pertinent questions. PVP elements have established their position as wall solutions for large-span buildings, and the market in Finland is approximately 300 million euros annually. The biggest challenges relate to making the price of the wood element sufficiently competitive while minimizing post-installation work on site. A new, highly efficient wall element assembly line further enhances our competitiveness – the element size increases to 13 x 4.5 meters, which improves cost-effectiveness, installation speed, and logistics. Technical solutions already exist, and our products meet all requirements. The acquisition cost does not yet fully reach the level of PVP, but overall – considering installability, logistics, and finishing – the wood element is a very competitive option. Furthermore, windows and doors can be pre-installed at the factory, which speeds up the on-site phase and reduces errors.    We are already strongly involved in the facade element markets, for commercial and public buildings, and our goal is to increase our share in these segments and also expand into industrial construction, where our products provide significant added value through cost-effectiveness, speed, and a low-carbon footprint. There is a clear group of customers in the market who want an alternative to the traditional PVP solution – we will offer a complete and finished element solution for this. Our goal is to capture our share of the market and serve the same customers to whom we already supply roof structures. When a customer receives a roof and walls from LapWall from a single source, pre-installed, significant cost and schedule advantages arise. Below are a few references from projects we have supplied.

Thanks for the insightful answer @jarmot.pekkarinen! Sounds interesting. I’ll continue by asking, what do you see as the most significant challenges in gaining market share from PVP walls? Where must one succeed? Is the wooden wall element competitive in terms of cost? Or is the challenge in technical properties? Or perhaps in attitudes and awareness? I’ll also comment as a more general point that Lapwall’s neighbor Neco Elements seems to have published its first figures. The first financial year was successful and proceeded quite well as planned. Revenue amounted to 4.2 million euros and operating profit was just under 100,000 euros. Target of over 10 M€ revenue in the second financial year                   Neco – 11 Nov 25              Necon ensimmäinen tilikausi - vahva alku ja vauhdikas kasvu - Neco    Neco Elements päätti ensimmäisen tilikautensa vahvasti: 4,2 M€ liikevaihto, uusi kattolinja ja yli 70 ammattilaista. Tavoitteena yli 10 M€ kasvu.

LapWall

LapWall's Q4 report was slightly weaker than expected as a whole, due to lower order backlog than we predicted, the increasingly bleak outlook for residential construction, and the slight Q4 earnings miss. However, the report had a limited impact on LapWall’s overall picture, and we still expect the company to achieve significant earnings growth with its competitive advantages as the construction cycle turns.

<p>LapWall's Q4 report was slightly weaker than expected as a whole, due to lower order backlog than we predicted, the increasingly bleak outlook for residential construction, and the slight Q4 earnings miss. However, the report had a limited impact on LapWall’s overall picture, and we still expect the company to achieve significant earnings growth with its competitive advantages as the construction cycle turns. A market turnaround is unlikely this year and the outlook is still uncertain, but the stock is reasonably priced even with the poor current performance considering the company’s potential. </p> 

	2023	24e	25e
Revenue	41.9	45.2	53.8
growth-%	-20.2 %	7.9 %	19.0 %
EBIT (adj.)	3.9	4.7	6.9
EBIT-% (adj.)	9.4 %	10.5 %	12.8 %
EPS (adj.)	0.22	0.25	0.37
Dividend	0.13	0.13	0.15
Dividend %	4.2 %	3.4 %	3.9 %
P/E (adj.)	14.2	15.2	10.3
EV/EBITDA	8.3	8.4	5.5

LapWall: No signs of a market turnaround yet

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Key Estimate Figures08.02.2024

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