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

Atte Riikola

Olli Koponen

Lucas Mattsson

Sitowise Group operates in the construction and infrastructure sector. The company specializes in the development of large construction projects. Examples of projects that the company carries out include road and building construction, as well as pipe and underground construction. The projects are carried out independently and in collaboration with other players in the industry. The largest operations are found in the Nordic market, where customers are found among corporate customers and public actors.

Goodwill of EUR 40 million was written down from Sitowise’s balance sheet, and for Sitowise Sverige AB, this meant that after this same EUR 40 million was removed, only EUR 20 million remained from the acquisition cost of companies acquired in Sweden (this item is not goodwill, as it was fully written down for Sweden). So, in other words, companies were originally acquired in Sweden for EUR 60 million, but due to weak performance and the recent write-down, their balance sheet value is now only EUR 20 million.

So, group goodwill was tested…  And the value of subsidiary shares was reviewed. So, is the total outcome of both actions 40M?

Here are Vilppo’s comments on the large write-down in Sweden. Sitowise announced on Tuesday that it would make a write-down of approximately EUR 40 million related to its Swedish business. The write-down has no cash flow impact, but it reflects the prolonged challenges of the Swedish business. The risk of a write-down was evident, so the news did not come as a surprise and does not cause immediate pressure for changes to our operational forecasts. In our understanding, the covenant condition for the loans in the company’s current financing package is tied to the gearing ratio (net debt to last 12 months’ EBITDA) and the decrease in equity has no impact on them.                   Inderes              Sitowise teki mittavan alaskirjauksen Ruotsin liikearvoon  - Inderes    Sitowise tiedotti tiistaina tekevänsä noin 40 MEUR:n alaskirjauksen Ruotsin liiketoimintaan liittyen. Alaskirjauksella ei ole kassavirtavaikutusta, mutta se heijastelee Ruotsin liiketoiminnan pitkittyneitä haasteita. Riski alaskirjaukselle oli...

Hi Opa and other forum members! My apologies for the typo and translation error in the announcements. In Finnish, the sentence should indeed read “Tämän seurauksena emoyhtiön taseeseen sisältyvien Sitowise Sverige AB:n osakkeiden hankintahintaa alaskirjattiin noin 40 miljoonaa euroa, mikä vastaa noin kahta kolmannesta niiden hankintahinnasta vuoden 2024 tilinpäätöksessä.” And in English, it should similarly be two thirds. However, the most essential thing here is the amount, i.e., EUR 40 million. Regards, Mari/Sitowise IR

Do I remember correctly that this write-down risk has been flagged in an Inderes report? I recall @Olli_Koponen having spoken about this at some point. I have kept this on my watchlist, but the weak performance of the Swedish business has been haunting me in the back of my mind. Well, now one can buy in cheaper, if one has the courage.

Substantial write-down regarding the goodwill of Swedish acquisitions 2/3 = EUR 40 million.  Otherwise, the testing indicated that the goodwill was relevantly recorded in the balance sheet.  EDIT: or what that share actually is. In Finnish, “kohta kolmasta” (almost a third) which I interpreted as a typo for “kahta kolmasta” (two thirds). But in the English release, “one third” i.e. 1/3.  => Explained below that EUR 40 million = 2/3  Inside Information: Sitowise makes a write-down of approximately EUR 40 million related to its Swedish business  Sitowise Group Oyj 16.12.2025 Inside Information at 7:45 p.m. As part of its annual financial reporting process, Sitowise tested the balance sheet values of the Group’s intangible assets and goodwill, as well as the values of subsidiary shares held on the parent company’s balance sheet. As a result of the testing, Sitowise will make a write-down of approximately EUR 40 million related to its Swedish business in its fourth-quarter 2025 reporting. The write-down affects the Group’s goodwill and the shares of the subsidiary Sitowise Sverige AB held on the parent company’s balance sheet. The write-down of Group goodwill has no impact on the Group’s adjusted EBITA or cash flow. The write-down will be reported in the income statement under the line item “Depreciation, amortization and impairment losses” and will affect the Group’s fourth-quarter result. Goodwill testing was performed for the entire business, and the write-down was allocated to the Swedish business due to its weakened future cash flow assumptions. The revenue and profitability development of the Swedish business area has been weak, and the realization of expected benefits from adaptation measures implemented in 2024–2025 has been delayed from previous expectations, as described in Sitowise’s latest interim reports. The written-down goodwill originated from acquisitions made in Sweden between 2018 and 2022, which are included in Sitowise’s Swedish business area. The balance sheet value of Group goodwill after the write-down is approximately EUR 120 million, and it has entirely arisen from Sitowise’s Infra, Buildings, and Digital Solutions businesses, whose development has been good when viewed as a whole. Group goodwill will continue to be tested as a single unit. In connection with the Group goodwill testing, the value of subsidiary shares owned by the Group’s parent company Sitowise Group Oyj was also reviewed. As a result, the acquisition cost of Sitowise Sverige AB shares included in the parent company’s balance sheet was written down by approximately EUR 40 million, which corresponds to approximately almost a third of their acquisition cost in the 2024 financial statements. The write-down of the value of subsidiary shares has no impact on the Group’s figures, but it reduces the amount of distributable funds of the parent company. Distributable funds will remain at a good level even after the write-down.                    News Powered by Cision              Sisäpiiritieto: Sitowise tekee noin 40 miljoonan euron alaskirjauksen Ruotsin...    Sitowise Group Oyj     16.12.2025    Sisäpiiritieto      klo 19.45  Osana vuosittaista

I took advantage of this Black Friday introductory offer. For me, these consulting firms are fundamentally a definite no for my portfolio, but a market capitalization of just under 80 million euros in relation to revenue (of course, on the flip side, also considerable net debt) piqued my interest for a closer look. Usually, the first thing I check with a new prospect is who my business partners are. Therefore, I checked the list of the largest shareholders and its biggest changes. In November, Proprius Partners seems to have disappeared from the list of the 100 largest shareholders. Instead, Erkki Etola has added 378,000 pcs.

Sitowise Group

Sitowise's Q1 results were operationally in line with our expectations. The company's outlook comments showed small signs of improvement for Buildings and Sweden, but overall the current year is still set to be challenging. 

<p>Sitowise's Q1 results were operationally in line with our expectations. The company's outlook comments showed small signs of improvement for Buildings and Sweden, but overall the current year is still set to be challenging. Eventually, however, the market will pick up and the normalization of utilization rates should provide significant leverage for profitability improvements. Against this backdrop, the valuation of the stock looks low for the next few years, but uncertainty about the pace of market recovery limits the short-term upside in our view. Overall, the risk/reward ratio still leans towards the positive side.&nbsp;</p>

	2023	24e	25e
Revenue	210.9	204.1	213.5
growth-%	3.2 %	-3.2 %	4.6 %
EBIT (adj.)	13.6	12.8	17.6
EBIT-% (adj.)	6.4 %	6.3 %	8.2 %
EPS (adj.)	0.21	0.18	0.30
Dividend	0.00	0.06	0.10
Dividend %		2.5 %	4.2 %
P/E (adj.)	15.2	12.9	7.9
EV/EBITDA	8.5	6.7	5.5

Waiting for the market to pick up

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Key Estimate Figures09.05.2024

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