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
    }
  }
}


lyhyella-aikavalilla-kipea-valinta-mutta-pitkalla-oikea

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Joni Grönqvist

Siili Solutions operates in the IT sector. The company develops and integrates software for information systems, and offers services related to the development of technology platforms, information management, IT architecture, and various project management. The expertise is found in data management, analysis, and artificial intelligence. The company was founded in 2005 and is headquartered in Helsinki.

Joni has written a new company report on Siili following the Q4 report.  We reiterate our Accumulate recommendation for the stock and lower the target price to EUR 4.8 (prev. EUR 5.2), reflecting forecast changes. Siili’s Q4 was still weak in terms of revenue, as was the entire year, even though efficiency measures worked relatively well. The market situation has remained challenging, and the transformation into a purer provider of data and AI solutions is still ongoing. We estimate that the company will still have to improve efficiency during the current year, and our forecasts are at the lower end of the guidance. Despite several challenges, the market is, in our view, already clearly pricing this in, and the stock’s risk/reward ratio is cautiously attractive (2026e EV/EBITA and P/E 8x and 11x applying an EBIT-% of 4%). Quotes from the report: Revenue decline steepened and fell short of forecasts in Q4 Siili’s revenue decreased by 7% to EUR 26.6 million in Q4, which was below our forecast of EUR 28.2 million. Organically, revenue decreased by 9% (forecast -3%). The quarter had one more working day than the comparison period, which we estimate supported revenue by just under 2%. Revenue was weighed down by the postponement of customers’ investment decisions. This has been a challenge across the entire IT services sector for a couple of years now, making the management of utilization rates challenging. However, the relatively strong decline in revenue is concerning, and it would be important to see it turn around. Geographically, the share of international revenue was 32% in Q4 based on our calculations (Q4’24 29%). Thus, international revenue grew by ~3%. Based on our calculations, revenue in Finland decreased by 11% (organically 13%), which is clearly a weaker performance than the sector.                   Inderes              Siili Q4'25: Transformaatio kestää - Inderes    Markkinatilanne on jatkunut haastavana ja transformaatio puhtaammaksi data- ja tekoälyratkaisuiden toimittajaksi on edelleen kesken. Arvioimme yhtiön joutuvan kuluvana vuonna edelleen tehostamaan ja ennusteemme ovat ohjeistuksen alalaidalla. Useista...

Joni interviewed Siili’s CEO Tomi Pienimäki right after the earnings release.                    Inderes              Siili Solutions Q4'25: Kasvu-uralle palaaminen keskiössä - Inderes    Aika: 11.02.2026 klo 12.13 Siili Solutionsin Q4-liikevaihto laski odotuksiamme enemmän, mutta säästötoimien tukema tulos oli linjassa odotuksien kanssa.                             Topics: 00:00 Introduction  00:15 Summary of 2025  02:05 Accounting error and operational reasons  03:45 Geographical revenue development  06:43 Progress of AI-assisted software development  09:14 Guidance and underlying assumptions  12:16 Actions to halt the revenue decline

Here are Joni’s quick comments regarding Siili’s results.  Siili Solutions published its 2025 financial statement bulletin this morning. Revenue fell more than we expected, but supported by cost-saving measures, the result was in line with our expectations in Q4. The company’s guidance range was wide, which is understandable given the market situation. The report contained very few comments on the Q4 situation, so we will investigate this during the day. In the big picture, however, the steepening decline in revenue is concerning.                   Inderes              Siili Q4’25 -pikakommentti: Liikevaihdon lasku jyrkkeni, mutta tulos pysyi...    Liikevaihto laski odotuksiamme enemmän, mutta tulos oli säästötoimenpiteiden tukemana linjassa odotuksiimme Q4:llä. Yhtiön ohjeistushaarukka oli leveä, mikä on ymmärrettävää markkinatilanteen takia.

Yep, the profitability guidance is modest, especially compared to the financial targets. In the profit warning, it was mentioned that sales had gone well, but customers’ investment decisions were pushed into this year. I wonder if this explains the somewhat weak revenue development in Q4? No shouts of joy, but the valuation is modest enough that even at the midpoint of the guidance, the P/E ratio will likely land somewhere around 10. That’s a typical level for a laggard, but considering Siili aims for growth in line with its targets, it’s quite modest. Hopefully, the guidance prepared under the new CFO is more realistic and even more conservative than before, so that there’s a chance to hit the upper end of the range for once. Regarding that accounting error and its impact, hopefully Joni can extract more information in the interview, as well as about the profitability profile of AI projects.

sijoittajille.siili.com              Siili%20Solutions%20Oyj%20Tilinp%C3%A4%C3%A4t%C3%B6stiedote%202025%20(tilintarkastamaton).pdf    268.16 KB                              Revenue for 2026 is estimated to be 102–126 million euros and adjusted EBITA 3.7–6.9 million euros.  That doesn’t exactly spark cheers of joy, even if it’s not outright horror either. The guidance sounds quite modest in terms of both revenue and profitability. Isn’t a more significant improvement expected for Q4 this year, now that the wave of change negotiations (YT) is over and even the mysterious accounting error has been corrected?

Here are Joni’s pre-result comments on Siili, which will report its Q4 results on Wednesday, February 11.  Siili issued a profit warning in December, the reason for which was mainly technical and affected the Q4 results. However, the company kept its revenue guidance unchanged, which was positive. In the report, our attention is particularly focused on the 2026 guidance, the dividend proposal, and comments on the development of the demand situation during the early part of the year.                   Inderes              Siili Q4’25 -ennakko: Pehmeä Q4 odotuksissa ja katse on jo kuluvassa vuodessa...    Huomiomme kiinnittyy erityisesti vuoden 2026 ohjeistukseen, osinkoehdotukseen sekä kommentteihin kysyntätilanteen kehittymisestä alkuvuoden aikana.

Mikko Mäkinen’s company increased its ownership stake in January, entering the ranks of the top 70 largest shareholders:

Siili Solutions

Siilin liikevaihto laski odotuksia enemmän ja kannattavuus jäi selvästi odotuksista Q1:llä. Kuluva vuosi vaikuttaa markkinan näkökulmasta haastavalta ja yhtiö haluaa pelata henkilöstön näkökulmasta positiivista pitkää peliä, mikä luo painetta erityisesti kannattavuuteen. Ennustamme yhtiön jäävän liikevaihto-ohjeistuksesta ja olevan tuloksen osalta ohjeistuksen alalaidalla. 

<p>Siilin liikevaihto laski odotuksia enemm&auml;n ja kannattavuus j&auml;i selv&auml;sti odotuksista Q1:ll&auml;. Operatiivisesti tekeminen heikkeni Q4:st&auml; ja tehostamistoimien vaikutukset hautautuivat liikevaihdon laskun alle. Kuluva vuosi vaikuttaa markkinan n&auml;k&ouml;kulmasta haastavalta ja yhti&ouml; haluaa pelata henkil&ouml;st&ouml;n n&auml;k&ouml;kulmasta positiivista pitk&auml;&auml; peli&auml;, mik&auml; luo painetta erityisesti kannattavuuteen. Ennustamme yhti&ouml;n j&auml;&auml;v&auml;n liikevaihto-ohjeistuksesta ja olevan tuloksen osalta ohjeistuksen alalaidalla. Ennusteillamme arvostuskuva on lyhyell&auml; aikav&auml;lill&auml; haastava (2024 EV/EBITA 9x) tulosvarotusriskit huomioiden.</p>

	2023	24e	25e
Revenue	122.7	117.5	125.5
growth-%	3.7 %	-4.3 %	6.9 %
EBIT (adj.)	8.7	7.7	8.9
EBIT-% (adj.)	7.1 %	6.6 %	7.1 %
EPS (adj.)	0.66	0.67	0.81
Dividend	0.26	0.30	0.35
Dividend %	2.7 %	7.5 %	8.8 %
P/E (adj.)	14.7	5.9	4.9
EV/EBITDA	6.7	2.9	2.3

Lyhyellä aikavälillä kipeä valinta, mutta pitkällä oikea

Login required

Key Estimate Figures24.04.2024

Forum discussions