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
    }
  }
}


tecnotree-growth-story-overshadowed-expanding-receivables

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Roni Peuranheimo

Atte Riikola

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 main owner seems to be quite all in. Because the loan has to be paid back sometime. Hopefully with cash flows or exits. Tecnotree is recruiting heavily based on LinkedIn… Maybe money is just needed for organic growth and small acquisitions​:man_shrugging:. In any case, the largest owners are pledging or selling (presumably) their assets and pouring the money back into this “flipper”. I’m following

Fitzroy goes bankrupt and the bank oversees the holdings… …but hopefully this VVK uncertainty will soon be resolved and taken off the agenda. …in any case, whatever happens, my stomach will hurt from eating too much popcorn.

This is true, but only for a moment until…  And the goal moves. But it is certain that some people know something significant that the “windbreakers” (common people) do not. I’m also watching  but with this information, I’m staying away.

3,074,650 shares have been pledged, i.e., worth approximately €13M. If the funds are used to implement VVK and if it were implemented in full, the dilution at the current share price would be approx. 40%(?). If I calculated correctly, the situation is not particularly attractive. It’s interesting why Nieminen is recklessly buying shares that can be significantly diluted…

It’s an interesting scenario in itself if the company were to buy its own shares, and how high would the price rise? Currently, there is 21 million in cash, plus an additional 20 million from Fitzroy. The company’s market value is 75 million at the current share price. Who would sell their shares at these prices, and at least algorithmic trading would stop fairly quickly. I would certainly support share buybacks if the company were to decide to propose this to the general meeting. Padma bought shares back then at 74 cents, which was about 36 euros… a few million went into those purchases. Fitzroy could also start leveraging and buy shares from the market itself. We are living in interesting times.

Fitzroy has also pledged the 45 convertible capital notes (VVKs) it paid for a month ago.  Tecnotree Oyj - Management transactions It is certain that Fitzroy is taking out a loan. Otherwise, it wouldn’t be making pledges. It certainly looks bad, as if Fitzroy will subscribe to the rest of the VVKs. This would be the bad news that has been included in Inderes’ analysis for a couple of years now. The value of the shares would be fully diluted. The question is: What does Tecnotree need those 20 million euros for? Hopefully, it won’t start buying back its own shares. It doesn’t (yet) have the authorization from the general meeting for that. An acquisition is a more likely option. By the way, at the end of November, Nieminen had 1,258,354 shares, or 7.38% of all votes. Luminos had 1,498,729 shares, or 8.79% of the votes, at the spring general meeting. If Nieminen keeps buying just a little more, they will join the ranks of the three largest shareholders. And the 10% threshold is also approaching. Then Nieminen alone could demand an extraordinary general meeting and also block the company from being delisted from the stock exchange. This, in turn, means that Nieminen could already be negotiating for a board position. Shares can only be subscribed with VVKs next summer after the general meeting, so there might still be exciting times ahead to follow the power struggle. Time to buy popcorn.

Tecnotree              Tecnotree Oyj - Johdon liiketoimet                              Fitzroy has pledged its shares. Could there still be VVK subscriptions coming?

Tecnotree

Tecnotree's Q2 figures fell short of our expectations, both in terms of revenue and earnings. The company also issued a guidance for the first time in a long time, but it was cautious compared to our forecasts. 

<p>Tecnotree's Q2 figures fell short of our expectations, both in terms of revenue and earnings. The company also issued a guidance for the first time in a long time, but it was cautious compared to our forecasts. The report again drew attention to the strong growth in trade receivables, which in our view is already a factor that raises the company's risk profile. Based on the report, we have made significant cuts to our revenue and earnings estimates for the coming years. In spite of the increased risk profile, we feel that the valuation of the share is moderate (2023e P/E 12x and EV/EBIT 8x)</p> 

	2021	22e	23e
Revenue	64.2	69.3	80.0
growth-%	21.6 %	8.0 %	15.5 %
EBIT (adj.)	23.7	17.4	23.0
EBIT-% (adj.)	36.9 %	25.2 %	28.8 %
EPS (adj.)	1.17	0.86	1.16
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	25.1	4.9	3.7
EV/EBITDA	17.5	2.4	1.3

Tecnotree: Growth story overshadowed by expanding receivables

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Key Estimate Figures05.08.2022

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