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
    }
  }
}


tietoevry-uncertainty-limits-enthusiasm-about-the-share

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Joni Grönqvist

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.

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, the sharpest ones should be harnessed for the expansion into Spain. Just roll out the LifeCare patient information system for everyone there, and why not some banking solutions as well.

Tieto is building something truly interesting in Spain, considering the company’s previous moves in the Catalonia region. European patient data systems are very fragmented entities. At the same time, in the background, the EU is starting to establish a framework for defining structured patient data comparable to Finland’s Kanta system, and… if Tieto Caretech manages to scale its own systems in this regard, they will be a European pioneer. Furthermore, their American counterparts are technically lagging behind; they aren’t even real competitors. Apotti was put out to tender ten years too early. There is potential. Massively.

200 employees generate only €10M in revenue? We’re talking about long customer relationships, so the companies aren’t startups.

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 to be ready for the weekend already.

News Powered by Cision              Tieto ostaa OpenSpring- ja GrupoOnetec-yhtiöt Espanjasta tukeakaseen...    Tietoevry Oyj             LEHDISTÖTIEDOTE              9.1.2026, klo 9.00     Tiedon                             Tieto aims to achieve a leading position in the European software and technology consulting markets in selected industries. The company sees Spain as a promising market area, particularly for the modern software and data solutions of its Tieto Banktech and Tieto Caretech businesses. To advance this goal, Tieto has signed a binding agreement with AFI Family Espana to acquire the companies OpenSpring and GrupoOnetec. The acquired companies focus on technology consulting and services supporting financial crime prevention. The companies’ long and strong customer relationships provide a solid foundation for Tieto to offer its Banktech and Caretech software and solutions to customers in the Iberian region. Additionally, new opportunities will open up for the Tieto Tech Consulting business. OpenSpring and GrupoOnetec serve customers in several industries, the largest of which is the banking and insurance sector. The companies have a total of nearly 200 employees in Spain and Portugal, and their combined revenue is approximately 10 million euros; furthermore, they are seen to have significant growth potential. The acquisition, which consists of the purchase of the entire share capital of Openspring IT Iberia, S.L. and Grupo Onetec, S.L., is based on an enterprise value of 8 million euros. The transaction is expected to be completed in the first quarter of 2026, after which the acquired businesses will be reported as part of Tieto. Norgestion acted as the financial advisor for the preparation and execution of the transaction, and EY acted as the due diligence and legal advisor.

Hi, Apologies for the delay in responding! I take my summer holidays during the winter (though I’ve done some short bursts of work in between)… Tieto estimates that the 2025 dividend proposal will be 80% of adjusted net profit, adjusted for non-cash impairments and the cost burden related to the IFRS 5 standard. That non-cash impairment was EUR 80 million or ~EUR 0.63 per share, which accounts for nearly half of our adjustments. The impact related to the IFRS 5 standard is then significantly smaller. Thus, the adjusted EPS guided by Tieto will be approximately EUR 0.90 per share in our forecasts. Then 80% of this brings the dividend to the EUR 0.70 level. Regarding Tieto’s Bekk sale, there will likely be no dramatic changes to leverage, as the business being sold was small and highly profitable (the company monitors the net debt/EBITDA ratio, which is also an important metric regarding potential extra dividend distributions). There will likely be a capital gain, but the scale depends on the allocated goodwill etc., and it is a one-off item that won’t significantly affect the aforementioned leverage. There won’t be much change to investments either, as the consulting business being sold is very capital-light and requires very little investment, whereas the software business (or especially Tech Services previously) does. We will refine our forecasts in connection with the Q4 report, when additional details of the transaction (balance sheet impact) are likely to be released. So, our comment from the Capital Markets Day remains relevant: According to the new dividend policy, the company aims for a dividend payout of 60–80% of net profit, adjusted for non-cash items. The company wants to be close to its 2x net debt/EBITDA target, and excess capital will be used for share buybacks or extra dividends, which are not currently in our forecasts. The company will likely reach its leverage target at the end of 2026, and thus extra dividends/buybacks are possible in 2027 at the earliest. The company estimates that the 2025 dividend proposal will be 80% of adjusted net profit, adjusted for non-cash impairments and the cost burden related to the IFRS 5 standard. The new policy from the Capital Markets Day provides flexibility between growth investments and shareholder returns. Hopefully this clarified the matter, Joni

I’m also interested in that dividend question, i.e., the dividend estimate.

Tietoevry

Tietoevry's Q2 figures remained below our estimates for several reasons, but H2 should be stronger supported by the order backlog and efficiency measures. The company repeated its guidance that indicates earnings growth, which, we believe will require good performance and no stronger headwinds on the market. The company's good track record maintain confidence in continued positive development in the coming years, although there is uncertainty in the short term. 

<p>We reiterate our Accumulate recommendation for Tietoevry and lower our target price to EUR 26.0 (was 31.0) reflecting estimate changes and increased uncertainty. Q2 figures remained below our estimates for several reasons, but H2 should be stronger supported by the order backlog and efficiency measures. The company repeated its guidance that indicates earnings growth, which, we believe will require good performance and no stronger headwinds on the market. The company's good track record maintain confidence in continued positive development in the coming years, although there is uncertainty in the short term. The valuation picture of the share is still attractive from several angles (2023e adj. P/E 10x, DCF &euro; 33 and SOTP &euro; 31) and the business areas to be separated provide drivers to dismantle the undervaluation.</p>

	2022	23e	24e
Revenue	2,928.1	2,862.2	3,008.4
growth-%	3.7 %	-2.2 %	5.1 %
EBIT (adj.)	379.0	378.5	401.6
EBIT-% (adj.)	12.9 %	13.2 %	13.4 %
EPS (adj.)	2.35	2.35	2.51
Dividend	1.45	1.50	1.55
Dividend %	5.5 %	7.8 %	8.1 %
P/E (adj.)	11.3	8.2	7.6
EV/EBITDA	9.0	6.7	6.0

Tietoevry: Uncertainty limits enthusiasm about the share

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Key Estimate Figures22.07.2023

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