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
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Joonas Korkiakoski

Tecnotree operates in the IT sector. The company specializes in the development of digital communication solutions. The services include, for example, business process services and subscription management for corporate customers in telecom and other digital service providers. Operations are held on a global level, with the largest presence in Asia, Africa and the Middle East.

The Annual General Meeting is being moved from April 7, 2026 —> May 29, 2026. A smart decision by the board. By the end of May, the outcome of the offer will likely be clearer.                  News Powered by Cision              Muutos varsinaisen yhtiökokouksen 2026 ajankohtaan    Tecnotree Oyj Pörssitiedote 12.3.2026 klo 20.40 Resilience Investment Holdings Ltd:n kaikkia                             Annual report published.           mb.cision.com              3981157.pdf    11.97 MB

I visited Euroclear today to check the share counts. Nieminen has bought 34,800 shares in March, i.e., 4,971 shares/trading day. In February, Nieminen’s buying pace was 9,750 shares/trading day. Yesterday, the holding was 1,930,715 shares, or 8.46% of the share capital. At this rate, the 10% mark will not be reached by 25.3.206. SEB has continued accumulating. Yesterday, the holding was 1,375,693 shares, or 6.02% of the share capital. Saxo Bank has sold heavily, with ownership now at only 1.28%. Today, there are two weeks left until the Resilience Investment Holdings Ltd offer expires. A competing offer should have come today so that the board would have a reasonable amount of time to evaluate the competing offer and the original bidder would have time to raise their own offer. It does not look like a competing offer is coming, which is not a big surprise. I still consider the most likely scenario to be that the consortium will not manage to gather 90% of the shares at this 5.70 euro offer price, but will instead increase their offer slightly. In the second scenario, Nieminen buys because he can get them for under 5.70 euros, and eventually accepts the offer, at which point retail investors will follow suit and accept as well. At today’s share price of 5.5 EUR, a 3.64% return opportunity would have been available if the 5.70 EUR offer price is realized. That is a pretty good return for a 22-day investment, a 60% annualized return.

Mr. Market is (still) not pricing an increased takeover bid into the share price. If that were the sentiment, we would already be above €5.70. Even Nieminen’s additions have been at a price below 5.70 euros. If one wanted to make a final push, surely even offering the takeover bid price would get some movement from those who are just waiting for the €5.70 redemption price. Not to mention if one wanted significantly more at once, they could offer a certain Mr. Kakkonen slightly more than the bid price. Shouldn’t that go through? If he already thinks the 5.70 price is suitable, then by that logic, he’d probably jump at a slightly better price immediately.

Kakkonen in 7th place. Joensuun Kauppa Ja Kone, 848,805 shares.

I couldn’t find Kakkonen among the largest shareholders anymore as of Feb 28, 2026, or did I see that correctly?

We’ll see if we get a flagging notification that Nieminen exceeds a 10% stake again. There have been some heavy trading days at least, with €377,000 worth of turnover today as well. There is hope and time left in the offer period.

Arvopaperi – 6 Mar 26              Jorma J Nieminen: Tecnotree-tarjous ajaa pienen piirin etuja – ”Ei vastaa...    Jorma J Niemisen salkunhoitaja Pauli Haarala kommentoi tarjousta Arvopaperille sähköpostitse.                             “The price level offered in the major-owner-led tender offer for the IT company Tecnotree, which serves telecom operators, is opportunistic from the perspective of minority shareholders and serves the interests of a small circle, comments Pauli Haarala, portfolio manager for the company’s significant owner Jorma J Nieminen, via email.” ”Tecnotree’s low share price has long reflected the company’s history of weak corporate governance and irrationally high total compensation levels for executive management. Progress has been made in addressing these, but unfortunately slowly,” Haarala commented on behalf of Nieminen.”

Tecnotree

Over the past few years Tecnotree has proven both the efficiency of its operating model and its technological competitiveness. The company's longer-term value creation outlook is good and the...

<p>Over the past few years Tecnotree has proven both the efficiency of its operating model and its technological competitiveness. The company's longer-term value creation outlook is good and the share is not particularly expensive. </p> 

	2021	22e	23e
Revenue	64.2	76.5	87.4
growth-%	21.6 %	19.1 %	14.3 %
EBIT (adj.)	23.7	29.8	35.9
EBIT-% (adj.)	36.9 %	39.0 %	41.1 %
EPS (adj.)	1.17	1.50	1.79
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	25.1	3.7	3.1
EV/EBITDA	17.5	2.0	1.1

Tecnotree: Briskly forward

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Key Estimate Figures28.02.2022

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