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
    }
  }
}


pihlajalinna-role-outsourcing-continues-shrinking

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Olli Vilppo

Petri Kajaani

Pihlajalinna produces private social and health services. The company offers comprehensive medical center and hospital services as well as occupational health and insurance cooperation services. In addition, Pihlajalinna offers services for welfare areas, such as social and health care service production models. The company was founded in 2001 and its head office is located in Tampereella, Finland.

Here is Ronin’s company report on Pihlajalinna regarding Q4  Pihlajalinna’s Q4 figures were operationally in line with our forecasts, although one-off costs caused some blemishes in the reported results. Guidance was essentially in line with our expectations, and we made only small negative forecast revisions. The earnings drop seen this year is one-off, and reflected against this, we believe the stock’s valuation is very low (adj. P/E 9x). We reiterate our target price of EUR 17.0, and following the share price decline, we raise our recommendation to Buy (prev. Accumulate). Quoted from the report: Small cuts to forecasts We have made only small negative refinements to our forecasts. We now expect Pihlajalinna’s revenue to contract by 10% this year to EUR 584 million and adjusted EBITA to fall to EUR 55.0 million (9.4% of revenue). In our forecasts, the adj. EBITA of the Public Services segment will fall to clearly less than half in 2025 (forecast EUR 10.3 million), and we expect Private Health Services to remain in clear earnings growth (forecast EUR 44.7 million). Earnings growth in private services is supported by moderate volume growth, savings from change negotiations, and measures regarding fixed-price occupational health contracts. Our forecasts are still based on the old segment reporting, but we will update them when the company updates its reporting in the spring.                   Inderes              Pihlajalinna Q4'25: Odotetut näkymät kriittiselle vuodelle - Inderes    Pihlajalinnan Q4-luvut olivat operatiivisesti ennusteidemme mukaisia, joskin kertakulut aiheuttivat raportoituun tulokseen kauneusvirheitä.

If you take the midpoint of that guidance, the adjusted EPS for this year could still be around €1.5 or slightly above, meaning the P/E ratio at the current share price is closer to nine than ten. Now, revenue is dropping as expected as the outsourcing ends, but the goal is to grow again in the coming years, so in that light, the valuation seems quite moderate? The guidance should, however, remove the biggest uncertainty regarding this year. How do others see the report?

Pihlajalinna’s CEO Tuomas Hyyryläinen was interviewed by Roni regarding Q4.                    Inderes              Pihlajalinna Q4'25: Kertaeriä tuloksessa - Inderes    Aika: 12.02.2026 klo 12.15 Pihlajalinnan liikevaihto laski 17 %. Liikevaihdon laskua ajoi Julkiset palvelut ‑segmentin merkittävä supistuminen päättyvien ulkoistusten ja asumispalveluiden divestointien myötä.                             Topics: 00:00 Introduction  00:15 Pihlajalinna’s year 2025  02:58 Q4 results  05:00 Private sector profitability  06:05 New organizational model  08:54 Cash flow was weaker  10:04 Kela 65  11:26 Portfolio review  12:35 Demand outlook  16:51 Insurance company market  17:42 Guidance

Here are Roni’s quick comments on the morning’s result.  Pihlajalinna’s Q4 operational figures developed in line with our expectations, but one-off items resulting from the autumn’s change negotiations weighed on the reported result. The balance sheet position continues to improve, and the company announced it will redeem its hybrid bond on the interest reset date, as we expected. There was some suspense surrounding the guidance for the pivotal year 2026, but it ultimately also landed very close to our expectations. Preliminarily, the report does not cause significant pressure for changes to forecasts. The company’s webcast starting at 10:00 can be followed here.                   Inderes              Pihlajalinna Q4'25 -pikakommentti: Kertaeristä kauneusvirheitä muuten...    Oikaistu EBITA-marginaali ylsi Q4:llä 12,1 prosenttiin, vaikka kertaerät painoivat raportoidun tuloksen alle odotusten.

Here are Roni’s preview comments as Pihlajalinna publishes its Q4 report on Thursday, Feb 12.  We saw a risk of a profit warning for the company, but since none has been heard, we have raised our Q4 earnings forecast, which previously anticipated a slight profit warning. Revenue has been under heavy pressure at the end of the year as a result of terminated outsourcing contracts and divestments. Profitability has been at a very strong level for the company, supported, in our estimation, by the release of provisions following the end of outsourcing contracts. The current year is particularly interesting in Pihlajalinna’s investment story, as the termination of significant outsourcing contracts creates significant headwinds for revenue and now also for earnings, and we expect a clear decline in the operating result this year. Therefore, the full-year guidance and the outlook for the private network business are particularly interesting.                   Inderes              Pihlajalinna Q4'25 -ennakko: Mielenkiintoinen vuosi edessä - Inderes    Näimme yhtiön yllä tulosvaroitusriskin, mutta tälläistä e ole kuulunut, joten olemme nostaneet aiemmin lievää tulosvaroitusta odottanutta Q4-tulosennustettamme.

Here are Roni’s comments regarding how upper respiratory tract infection diagnoses are at a lower level than in the comparison period – it also affects Pihlajalinna’s financial figures. According to Terveystalo’s open reporting data, the upper respiratory tract infection diagnoses made by the company have been at a clearly lower level at the end of the year than in the corresponding period last year, although the decrease is also partly explained, in our assessment, by the company’s contracted occupational healthcare customer base. For both Terveystalo and Pihlajalinna, the “flu season” is one profit driver in Q4 and Q1, but in our opinion, its importance for the long-term development of the investment stories should not be overemphasized. In our assessment, achieving this year’s guidance requires a strong end to the year from both, and the development of the flu season could become one decisive factor in reaching the guidance.                   Inderes              Ylähengitystieinfektiot vertailukautta matalammalla tasolla - Inderes    Terveystalon avoimen raportoinnin datan mukaan yhtiön tekemät ylähengitystieinfektiodiagnoosit ovat olleet loppuvuodesta selvästi viime vuoden vastaavaa ajanjaksoa matalammalla tasolla, joskin laskua selittää osaltaan arviomme mukaan myös yhtiön...

By the way, Ron made quite a big geographical error in the title.

Pihlajalinna

Pihlajalinna’s Q1 result was strong and slightly above our estimates. The positive earnings development was again based on clearly improved profitability in the private clinic network. We raised...

<p>Pihlajalinna’s Q1 result was strong and slightly above our estimates. The positive earnings development was again based on clearly improved profitability in the private clinic network. We raised our estimates in line with the earnings overshoot of Q1. We still find the company’s return/risk ratio good despite the elevated political risks. </p> 

	2020	21e	22e
Revenue	508.7	549.0	568.8
growth-%	-1.9 %	7.9 %	3.6 %
EBIT (adj.)	21.1	26.4	27.7
EBIT-% (adj.)	4.1 %	4.8 %	4.9 %
EPS (adj.)	0.52	0.72	0.76
Dividend	0.20	0.24	0.25
Dividend %	2.1 %	1.8 %	1.9 %
P/E (adj.)	18.1	18.1	17.1
EV/EBITDA	7.8	7.6	7.1

Pihlajalinna: Role of outsourcing continues shrinking

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Key Estimate Figures09.05.2021

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