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
    }
  }
}


qt-group-perfection-performance-and-valuation

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

QT Group is active in the IT sector. The group develops various development tools for the global market. The technology is based on QT technology and is used to develop multi-platform interfaces and associated applications. The services are used in, among other things, industrial robots, entertainment systems, and vehicle systems. Businesses are conducted on a global level and customers are found in the automotive and aerospace industries.

They had taken a position of 20,000 shares. It wasn’t hard to guess.

Past performance is no guarantee of future results, but in relation to the graph above, here is the stock price after typically weaker Q3 results (Nov 1) and after typically strong Q4 results (Apr 1) for the last 5 years: From November to April of the following year:     Nov 1, 2021 → Apr 1, 2022 138.62 € → 114.60 € −17.33 %        Nov 1, 2022 → Apr 1, 2023 48.05 € → 70.77 € +47.26 %        Nov 1, 2023 → Apr 1, 2024 61.25 € → 72.27 € +17.99 %        Nov 1, 2024 → Apr 1, 2025 68.12 € → 66.80 € −1.94 %    From April to November:     Apr 1, 2022 → Nov 1, 2022 114.60 €→ 48.05 € −58.11 %        Apr 1, 2023 → Nov 1, 2023 70.77 € → 61.25 € −13.45 %        Apr 1, 2024 → Nov 1, 2024 72.27 € → 68.12 € −5.74 %        Apr 1, 2025 → Nov 1, 2025 66.80 € → 32.62 € −51.17 %    Based on these series, if one bought the stock annually on April 1 and sold it in November of the same year, the investor sold at a loss every year, and the average loss has been -32%. If, on the other hand, one bought on November 1 and sold in April of the following year, returns have varied between -17% and +42%. Coincidentally, the largest losses, over 50%, have occurred in a 3-year cycle: Apr 1, 2022 → Nov 1, 2022 and Apr 1, 2025 → Nov 1, 2025. If the largest gains were also to occur in a 3-year cycle, then Nov 1, 2025 → Apr 1, 2026 would be due for the largest percentage returns of the three-year period.

Qt revenue and profit development 2017-2025 quarterly, and in the lower image, trailing 12 months

When planning the Vartti, I couldn’t help but think of Qt when comparing these two curves. Qt is heavily affected by the sluggishness of consumption. Even though the stock markets are rallying, many companies directly or indirectly related to consumption are struggling. Or exploding.                    Inderes              Iloton nousumarkkina 3v | Vernerin Vartti - Inderes    Aika: 25.11.2025 klo 10.28 Maailmanlaajuinen nousumarkkina on täyttänyt 3 vuotta. Nousumarkkina on kuitenkin ollut melko iloton, sillä suuri osa osakkeita on jäänyt noususta jälkeen ja kuluttajaluottamus on alhaalla.

It’s probably still impossible to name another company in Finland whose revenue would have grown more on average over the last 4-5 years. The stock price just got a bit too far ahead of itself at the beginning, like current AI companies.

It feels like a familiar story from 5-6 years ago, when big things were predicted about the same issue, and now the price is indeed far below those earlier estimates.

The more of that device is manufactured. Licenses are used when the device is manufactured in the factory. And the licenses for a device manufactured today are not bought today. They are bought in larger batches as the factory plans production volumes. LG might look today and say, “Hey, we’ll make this many gadgets in Q1 2026, we have half of this amount in distribution licenses in stock, let’s talk to Qt and buy as many more as we plan to use in Q1.” Factories manufacture components at a fairly steady pace. The Christmas sales peak is handled by making goods for stock well in advance. In a normal situation, a factory makes the same amount of goods every month, and seasonal fluctuations are smoothed out by stocking goods in quieter months and depleting stocks in peak months. On top of this, there are normal model updates, maintenance shutdowns, etc. All of this is completely irrelevant from Qt’s perspective. They probably sell distribution licenses to such an operator a few times a year, and the quantity is based on the manufacturer’s planned production volume, and more will be sought when supplies start running low. This does not correlate with the sales side in any way, but only with manufacturing volumes, and I don’t believe in seasonal fluctuations in modern production where things are planned well in advance, parts are ordered “just in time,” and the whole thing is a well-oiled machine designed to consistently push out goods, maximizing factory utilization.

Qt Group

We re-iterate our previous target price of 35.0 EUR for Qt Group and lower our recommendation to reduce (prev. Accumulate). Qt’s equity story combines a market with large growth potential, a...

<p>We re-iterate our previous target price of 35.0 EUR for Qt Group and lower our recommendation to reduce (prev. Accumulate). Qt’s equity story combines a market with large growth potential, a product with proven competitiveness, demonstrated ability in strategy implementation, and a scalable business model. The company is also currently transitioning towards the strong and profitable growth phase of its strategy, which makes the investment profile highly appealing. The rise in share price does however limit share’s return potential, even if Qt executes excellently on its strategy to reach its goals.</p> 

	2019	20e	21e
Revenue	58.4	73.5	92.5
growth-%	28.0 %	25.9 %	25.8 %
EBIT (adj.)	0.2	10.8	19.2
EBIT-% (adj.)	0.4 %	14.7 %	20.8 %
EPS (adj.)	-0.01	0.37	0.70
Dividend	0.00	0.00	0.25
Dividend %			0.8 %
P/E (adj.)	neg.	87.5	45.6
EV/EBITDA	175.3	56.6	35.2

Qt Group: Perfection in performance and valuation

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Key Estimate Figures10.08.2020

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