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
    }
  }
}


monipuolinen-sijoitussalkku-hallitulla-riskitasolla

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Head of Research

Antti Viljakainen

Analyst

Aapeli Pursimo

Arvo Sijoitusosuuskunta is an investment company. The company is run as a cooperative with members who are active in the company and get to share in large parts of the company's profits. The vision is to create long-term returns and to drive business development within each investment, mainly via greater ownership and board representation in unlisted local companies in Finland. The company was founded in 1914 and has its headquarters in Ylivieska, Finland.

Iikka and Frans had a comprehensive discussion about Arvo.                    Inderes              Arvo Sijoitusosuuskunta: Arvoa on - Inderes    Aika: 02.12.2025 klo 17.03 Arvo Sijoitusosuuskunnalla on kattava sijoitusportfolio, jossa on listattuja sekä listaamattomia sijoituksia. Näkemyksemme mukaan portfolion käypä arvo on noin 120 euroa per osuus ennen sijoitusyhtiöalennusta. Analyytikko...                             Topics: 00:00 Introduction  02:17 Arvo’s positioning in the industry  09:07 Financial investments  10:36 Listed investments  14:32 Unlisted investments  19:15 Diversified portfolio  28:17 Valuation

Our CEO Jari Pirinen was presenting his company at the Sijoittaja 2025 event.   \n\n\nArvo Sijoitusosuuskunta | Sijoittaja 2025 - Inderes

Thank you, Frans. A very good and comprehensive analysis. It highlights the basics well, but thank you especially for explaining direct investments, which I think you do excellently. And several models you used confirm the valuation well. The challenge for the company is to estimate the earnings for next year (-26) or -27, as it is so strongly linked to exits. The earnings, in turn, are strongly linked to the dividend in this case. In my opinion, you have estimated the results and dividends conservatively, which is very good. The figures have a bit of a margin of safety. The comparables you used and the valuation level of the investment company are well in line with what I outlined for this in my time and dared to join the cooperative as an investor. The portfolio’s diversification and breadth are also well highlighted in your analysis. The biggest upside is related not only to exits but also to actions previously highlighted by me and a few other writers, such as whether own shares are bought back, a one-off dividend, or a capital return by lightening the financial portfolio. In my opinion, only a significant lightening of the financial portfolio and a return in the ways described above could sustainably raise the return on capital above 7.5%. As you point out in the analysis, the share of interest rates in the financial portfolio will likely push returns closer to 5% than 10%. This remains a strong wish for the board and the CEO.

This was quite a task, as I delved deep into even the minutest details. I tried to keep the report concise, but this time I couldn’t get it under 50 pages  But I hope those interested will find a lot of information and at least points of comparison for considering their own investment cases. Although the share price development has been strong (this year +47%), we still remained on the ‘add’ side, because we see a 6-7% equity yield in the current market, combined with the current 37% discount relative to our sum-of-the-parts calculation, as still attractive. With the return on equity averaging 4.7% over the last 5.5 years, a discount is indeed warranted, but overall, we still find the current share price level attractive. There is also a good amount of unrealized profit on the balance sheet (15 MEUR, considering deferred tax liabilities), and it is now concentrated in liquid assets, i.e., the financial portfolio and listed shares. I estimate that this will support returns on capital in the coming years. Unrealized profit is, of course, already accounted for in our sum-of-the-parts calculation, but stock markets will likely demand stronger evidence of an increase in return on equity for the balance sheet to shrink more clearly. Of course, it doesn’t make sense to realize good investments just for this reason, but for example, HANZAN’s weight in the portfolio is already clearly over 5% (8.2% in our report), and a direct Swedish equity investment doesn’t quite fit the current investment strategy.

A comprehensive report out from Frans. The Ostrobothnia train is chugging along well, and hopefully this will increase investor interest and liquidity.                   Inderes              Arvo Sijoitusosuuskunta laaja raportti: Hajautettu sijoitussalkku...    Viimeaikaiset, hyvin kehittyneet likvidit omistukset, merkittävä realisoitumaton tuotto, vahvistunut osuuskorkonäkymä ja piristyvä pääomamarkkina tuovat kuitenkin edelleen positiivisia ajureita nykyisen osittain perustellun merkittävän alennuksen...

Here are Frans’s comments on Arvo’s new acquisition.  Arvo Investment Cooperative, together with Evli Private Capital, makes a 7 million euro investment in Enico Oy, which specializes in Finnish battery energy storage solutions, with Arvo’s share being EUR 2.1 million. Enico offers scalable and modular battery energy storage solutions (BESS) to companies operating in the commercial, industrial, and energy sectors. The company has grown very rapidly since its establishment (2019). Enico estimates it will double its 2024 revenue of EUR 8.9 million this year. This year, the company rose to first place in the Deloitte Technology Fast 50 ranking in Finland.                   Inderes              Arvo teki uuden kanssasijoituksen kovaa kasvaneeseen...    Arvon osuus Evli Private Capitalin kanssa tehdystä 7 MEUR:n sijoituksesta on 2,1 MEUR.                             EDIT: I accidentally wrote Aapeli’s comments earlier, even though these were Frans’s comments.

In that HANZA press release, there was an interesting point related to Leden from Arvo’s perspective.  The company Leden, which was acquired in March 2025, has, in line with previous communications, faced capacity challenges as a result of rapidly growing demand during the spring, which is temporarily having a negative impact on the operating margin. For Q2/25, the operating margin was approximately 3%, and the margin is expected to remain at a similar level for the remainder of 2025. The capacity project that began in Q2/25 is expected to be completed by the end of 2025/2026, at which point Leden is expected to reach the Group’s margin target of 8%. As a consequence of the temporarily lower operating margin, HANZA intends to release an additional purchase price of approximately EUR 5 million during the third quarter of 2025, which will be reported as a one-time income.  Apparently, the additional purchase price for the Leden acquisition will not be realized, at least not in full. The maximum additional purchase price was perhaps 15M, of which Arvo’s share was just under 5M.

Arvo Sijoitusosuuskunta

Aloitamme Privanetissä kaupan käynnissä olevan Arvo Sijoitusosuuskunnan seurannan. Päivitämme näkemystämme Arvosta kaksi kertaa vuodessa, mutta emme kommentoi uutisvirtaa raporttien välissä....

<p>Aloitamme Privanetissä kaupan käynnissä olevan Arvo Sijoitusosuuskunnan seurannan. Päivitämme näkemystämme Arvosta kaksi kertaa vuodessa, mutta emme kommentoi uutisvirtaa raporttien välissä. Emme anna Arvolle tavoitehintaa tai suositusta, mutta kommentoimme näkemystämme Arvon markkinahinnasta suhteessa osuudelle määrittämäämme käypään arvoon. Arviomme mukaan Arvon hyvin hajautetun sijoitussalkun osien summa -menetelmällä määrittämämme käypä arvo on selvästi osuuden hintaa korkeampi. Nousuvaraa arvioitaessa suosittelemme sijoittajien kuitenkin ottamaan huomioon Arvon osuuden ohuen likviditeetin ja sijoitusyhtiöiltä tavallisesti vaadittavan sijoitusyhtiöalennuksen.</p> 

Monipuolinen sijoitussalkku hallitulla riskitasolla

Login required

Forum discussions