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
    }
  }
}


__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.

Yes, watertight answers were not received for everything. Many questions were answered, of course, and ultimately it comes down to the extent to which one believes what was told. It is unfortunate that a recording of the event was not made public, because a veil of uncertainty has remained over what happened, and not all investors are able to draw their own conclusions.  Certainly, it’s not fixed by communication alone, and restoring trust takes a long time without new crises. And while open investor communication does not solve the problems, it is also critical so that improved practices can be communicated to the outside world.  That is a good question, and it is certainly also related to accounting and auditing, which were also discussed at the investor event. We have also approached the validity of various balance sheet items with caution, and risks related to these have been highlighted in our analyses. For example, net working capital is exceptionally high due to receivables, and in my opinion, it is not realistic to expect it to return to a so-called “more normal” level in light of current information. This is reflected, among other things, in our DCF model, where more and more working capital is continuously tied up in the balance sheet. So, the basic assumption in the analysis is that the income statement profit will not reflect cash flow in the future either, and thus the assumption is also that not all balance sheet items are valid. What level the cash flow will be at in the long term is a good question, and it makes valuation exceptionally difficult. Risks related to the validity of balance sheet items certainly exist with other companies too, and write-downs of various balance sheet items are not particularly rare. Tecnotree has made some provisions for items such as receivables, but major write-downs have not yet been made. Some of the receivables are indeed very old (over a year), as the company has reported these from time to time.

Thanks for the response anyway!  When the company was pressed for answers by you and other investors back then, no sensible explanation was ever given for the shady dealings and other suspicious actions. Do we agree on this? And since they haven’t been explained, the problems are real, I assume. Poor corporate governance (to put it mildly) makes one question the credibility of the entire company’s business. That is not fixed with better investor communications. I think you have commendably highlighted the cash flow challenges even recently. But one also wonders if the cash flow simply doesn’t follow the profit, is it a result of the aforementioned problems?

What kind of scheme is going on now? A new share issue coming up, perhaps. So they can once again hand out free shares to a selected target group.

Inderes              Muutos Tecnotree Oyj:n omien osakkeiden omistuksessa - Inderes    Tecnotree Oyj Pörssitiedote 20.1.2026 klo 12.30Tecnotree Oyj:n hallitus on 9.4.2025 päättänyt suunnatusta maksuttomasta osakeannista sitouttamis- ja kannustintarkoituksiin.Osakeannissa on 20...                             Quite a large amount of treasury shares distributed this time, nearly emptying the pot.

Hmm… hmm… the idea of efficient markets is that they price in risks like those related to speculation about misconduct at Tecnotree – without them, Tecno’s valuation would be something completely different than what it is. Tecno has operated in the market for quite a long time without any dramatic blow-up occurring, so, so… perhaps this reduces the significance of these constant suspicions of misconduct?

This year’s guidance is something that interests me a lot. Although last autumn was quiet, the order backlog still grew significantly thanks to a strong spring. How will this start to reflect in the figures? After all, orders increased by several tens of millions.

Hi @Kesa86 Apologies for the delayed response due to the holidays. Interesting, as I have also received comments from the forum saying the exact opposite—that the view has previously followed the controversies raised on the forum too closely. In our analysis, we have of course strived for objectivity and followed the business operations, but in Tecnotree’s case, governance-related matters naturally must be taken into account. In 2024, in connection with the Pericius transaction, we actually took quite a strong stance on the situation: https://www.inderes.fi/research/tecnotree-luottamus-on-rakennettava-uudestaan, so I wouldn’t say that the problems have been swept under the rug. Since then, governance-related risks have been kept visible in the analyses (and the high risk profile has certainly been emphasized a lot otherwise, and we have not seen the risk-reward ratio as attractive), but naturally, we have also tried to maintain focus on the business and given the company time and opportunities to improve, for example, its investor communications. Last year, it felt like investors’ attention shifted quite quickly from governance issues to newly announced deals (this was touched upon, for example, in a video made late last summer Tecnotree: Vauhdikas vuosi - Inderes ). The stock actually performed very well last year (especially in the early part of the year). The narrative changes quickly, and investors’ memory is short.

Tecnotree

Over the past few years, the company has made several successful strategic moves. With these, the company’s technological competitiveness has improved, business structure has become better, ...

<p>Over the past few years, the company has made several successful strategic moves. With these, the company’s technological competitiveness has improved, business structure has become better, and operational activities have reached a new level. Considering current performance, scalable parts of the operating model and healthy demand drivers, the earnings growth outlook is good also in coming years. These factors are not, however, visible much in the share price at the moment, which, in our opinion, makes the return/risk ratio very attractive.</p> 

	2020	21e	22e
Revenue	52.8	57.9	62.6
growth-%	12.3 %	9.6 %	8.1 %
EBIT (adj.)	19.3	21.2	24.3
EBIT-% (adj.)	36.6 %	36.7 %	38.9 %
EPS (adj.)	1.03	1.12	1.28
Dividend	0.00	0.00	0.00
Dividend %	0.0 %	0.0 %	0.0 %
P/E (adj.)	13.6	3.6	3.2
EV/EBITDA	9.7	2.2	1.4

Tecnotree: A well-performing phoenix

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Key Estimate Figures29.03.2021

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