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Strategia puree

GOFOREResearch20.10.2023 klo 08.46

Joni Grönqvist, Frans-Mikael Rostedt

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Goforen liikevaihto kasvoi vahvasti orgaanisesti Q3:lla ja kannattavuus ylitti hieman odotuksemme. Heikko talousnäkymä yksityisellä ja tiukka kilpailutilanne julkisella sektorilla jarruttavat yhtiön menoa lyhyellä aikavälillä, mutta arvioimme yhtiön pärjäävän sektoria keskimäärin paremmin ja jatkavan kannattavaa kasvua myös vaikeammassa syklissä. Arvostuskuva (2023 EV/EBIT oik. 12x) yhdistettynä vahvaan orgaanisen kasvun ajamaan arvonluontinäkymään puoltaa mielestämme vahvaa positiivista näkemystä osakkeesta.

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Gofore operates in the IT sector. The company specializes in offering digital solutions and consulting in lead and process design, as well as cloud-based solutions. The greatest knowledge is found in the construction and development of software systems and associated project management. The company's customers are found among corporate customers and institutions. The largest operations are found around the European market.

Key Estimate Figures19.10.2023

	2022	23e	24e
Revenue	149.9	190.5	210.0
growth-%	43.5 %	27.1 %	10.2 %
EBIT (adj.)	22.0	25.3	27.3
EBIT-% (adj.)	14.7 %	13.3 %	13.0 %
EPS (adj.)	1.13	1.29	1.39
Dividend	0.34	0.50	0.58
Dividend %	1.5 %	4.4 %	5.1 %
P/E (adj.)	19.6	8.9	8.3
EV/EBITDA	14.1	5.7	4.7

Forum discussions

Here are Joni’s comments on Gofore’s August On Friday, Gofore released its August business review. Driven by acquisitions, the company’s revenue...

yesterday

by Sijoittaja-alokas

Gofore with a solid 4% organic growth in August. Inderes Gofore Oyj:n liiketoimintakatsaus elokuulta 2026: Liikevaihto 19,3 miljoonaa... 11....

9/11/2026, 12:07 PM

by Karhu Hylje

A short overview from KL regarding our and Reaktor’s growing defense business Tärkeimmät talousuutiset | Kauppalehti – 3 Sep 26 It-jätit löysiv...

9/4/2026, 5:56 AM

by Emmi Berlin

[quote="Sijoittaja-alokas, post:1263, topic:5296"]\nJoni has prepared a comprehensive report on Gofore, and naturally this comprehensive report...

9/1/2026, 4:15 PM

by Sijoittaja-alokas

Joni has written a comprehensive report on Gofore, and naturally, this extensive report is also available for everyone to read. Gofore’s track...

8/31/2026, 5:42 AM

by Sijoittaja-alokas

Could Elo have finally sold everything? They have been on the offer side throughout the year. And they’ve also been selling Tieto heavily.

8/20/2026, 5:11 PM

by StockTycoon

A larger block trade for Gofore, from Kauppalehti’s flash news: Gofore: Block trade at 10:09 AM. In the transaction, 180,641 shares were sold...

8/20/2026, 7:12 AM

by NukkeNukuttaja

Strategia puree

GOFOREResearch20.10.2023 klo 08.46

Joni Grönqvist, Frans-Mikael Rostedt

Discuss

Download report (PDF)This report is only available for Inderes Premium customers.

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This content is only available for logged in users

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Key Estimate Figures19.10.2023

	2022	23e	24e
Revenue	149.9	190.5	210.0
growth-%	43.5 %	27.1 %	10.2 %
EBIT (adj.)	22.0	25.3	27.3
EBIT-% (adj.)	14.7 %	13.3 %	13.0 %
EPS (adj.)	1.13	1.29	1.39
Dividend	0.34	0.50	0.58
Dividend %	1.5 %	4.4 %	5.1 %
P/E (adj.)	19.6	8.9	8.3
EV/EBITDA	14.1	5.7	4.7