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Research

Tietoevry: Business demergers in focus

By Joni GrönqvistAnalyst
Tietoevry
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Tietoevry's Q4 was operationally in line with expectations, guidance was slightly soft and dividend a bit below expectations. Driven by a challenging market, we cut our forecasts a tad. We expect the earnings to be at the level of the comparison period, due to a challenging market, but to grow moderately in the coming years. Our forecasts are clearly below the company’s target levels. The share's valuation picture is still moderate from several angles (2024e P/E 14x, adj. P/E 10x, DCF EUR 29, SOTP EUR 28 and expected return ~15%) and business areas to be demerged provide drivers to dissolve the undervaluation.

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Tietoevry operates in the IT sector. The company offers a range of software and cloud-based solutions, with the greatest specialist expertise in SaaS solutions. Competence is found in business processes, application services, infrastructure solutions, and front-end solutions. Customers are found in several markets on a global level. The company was formed in 2019 through a merger of Tieto and EVRY. The headquarters are located in Helsinki.

Read more on company page

Key Estimate Figures15.02.2024

202324e25e
Revenue2,851.42,888.32,956.5
growth-%-2.6 %1.3 %2.4 %
EBIT (adj.)358.7360.2383.5
EBIT-% (adj.)12.6 %12.5 %13.0 %
EPS (adj.)2.142.162.34
Dividend1.471.501.55
Dividend %6.8 %8.0 %8.2 %
P/E (adj.)10.18.78.1
EV/EBITDA8.67.36.7

Forum discussions

In Kauppalehti today, 21 Jan 2026 SEB raises Tietoevry’s target price to 20.00 euros (prev. 18.00 euros), hold recommendation remains unchanged
1/21/2026, 7:02 AM
by Index
16
Here are Frans’s comments on Tieto’s small acquisitions in Spain. Tietoevry is acquiring the Spanish companies OpenSpring and GrupoOnetec. The...
1/12/2026, 6:53 AM
by Sijoittaja-alokas
9
That deal looks like a sensible move. Out of those 200 employees, it’s hardly worth keeping even half on the payroll going forward; instead,...
1/9/2026, 10:38 AM
5
Tieto is building something truly interesting in Spain, considering the company’s previous moves in the Catalonia region. European patient data...
1/9/2026, 10:33 AM
by Dr.Feelgood
21
200 employees generate only €10M in revenue? We’re talking about long customer relationships, so the companies aren’t startups.
1/9/2026, 9:20 AM
by heskelin
5
Had to look for the purchase price a couple of times as my eyes misread the part about it being based on 8m in “goodwill” I guess I’m starting...
1/9/2026, 8:58 AM
by IL BUONO
0
News Powered by Cision Tieto ostaa OpenSpring- ja GrupoOnetec-yhtiöt Espanjasta tukeakaseen... Tietoevry Oyj LEHDISTÖTIEDOTE 9.1.2026, klo 9...
1/9/2026, 7:23 AM
by Cadel
24
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