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
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... 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
      researchContentUrl
    }
    ... 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
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      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
    }
  }
}


administer-q1-below-estimates-guidance-broadly-in-line-evli

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Administer Group is a Finnish company that offers financial and payroll services, consulting and software services, staffing and recruitment services, and compliance and advisory services. The company's customers are found in both small and medium-sized enterprises, as well as municipalities. Administer was founded in 1985, and has offices in Finland as well as in Stockholm and Tallinn.

I browsed through the December 2021 listing prospectus and my own notes. In the video interview, the CEO’s core message was that profitable growth would continue and that we would indeed achieve that 24% EBITDA margin. Based on these premises, I participated in the IPO as the steps for the future and the profitability target sounded good. Now in 2026, it can be noted that revenue is growing mainly only through acquisitions, and once acquisitions are made, there is customer churn and revenue is at risk of melting away every quarter. Failed and/or overpriced acquisitions have been made (Adner etc.). The accounting services were supposed to be a money-making machine with a 24% EBITDA margin; that hasn’t materialized. Additionally, they bought staffing services and other businesses where revenue has eroded. Of course, the Finnish economic situation is a factor—the starting shot for all this misery was the eastern neighbor’s invasion of Ukraine. Now, in a state of fear, one is left waiting to see if the Sarastia takeover succeeds, whether revenue stays stable, if its near-zero profitability improves, and what the future brings. As a wild card, there is still AI, which over the next 5 years could significantly streamline the company’s operations or lead to a situation where the majority of the company’s employees have to be laid off and revenue dives (if a 1,000 euro accounting service can be had for 100 euros per customer in the future with the help of AI). The share price is now around -50% from the IPO price. Analysis hasn’t helped much when the actual development has been something other than the baseline assumption at the time of listing. At least that’s how it looks from outside the company. The company has now brought in a heavyweight Chairman of the Board; the glimmer of hope is that at least everything possible is being attempted for the sake of the company.

Atte interviewed the company’s CEO Kimmo Herranen regarding the Q1 results    Topics: 00:00 Introduction  00:11 Performance in the beginning of the year  01:30 Customer churn and project delays  02:16 Decline in profitability  02:54 Background assumptions for the outlook  03:43 Sarastia’s business  05:00 Sarastia’s profitability  07:19 Sarastia’s growth profile

Here are Atte’s quick comments on Administer’s Q1 results  Administer reported Q1 results this morning that were clearly weaker than our expectations. In our estimation, a sharper-than-expected decline in revenue for Silta and EmCe also had a significant impact on profitability. On the positive side, the decline in Econia’s revenue began to level off faster than we anticipated. The guidance provided in connection with the Q1 report, which includes Sarastia, was in line with our forecasts; however, in light of the soft start to the year, there is some downward pressure on our forecasts toward the lower end of the guidance ranges (revenue EUR 105-115 million and EBITDA EUR 6.5-9.0 million). Central to the earnings improvement for the remainder of the year is the success of the launched efficiency measures across all business operations.                   Inderes – 13 May 26              Administer Q1'26 -pikakommentti: Pehmeä liikevaihto painoi tuloksen selvästi...    Arviomme mukaan Sillan ja EmCen liikevaihdon kaksinumeroinen lasku painoi erityisesti tulosta alkuvuodesta.

Here are Evli’s pre-match comments, as Administer reports its results on Wednesday.  Administer reports Q1 figures on May 13. We expect a slight topline decline alongside improved profitability on efficiency measures. The focus, however, is on FY26 guidance, progress on the Sarastia integration and market commentary.                   Inderes              Administer: Outlook in focus - Evli - Inderes    Administer reports Q1 figures on May 13. We expect a slight topline decline alongside improved profitability on efficiency measures. The focus, however, is on FY26 guidance, progress on the ...

Here are Atte’s comments regarding these small acquisitions by Administer                    Inderes – 11 May 26              Administer ostaa viisi pientä tilitoimistoa - Inderes    Viisi uutta yrityskauppaa tuovat 1 MEUR lisää liikevaihtoa ja vahvistavat alueellista verkostoa.

sttinfo.fi              Administer vahvistaa viiden yrityskaupan myötä tilitoimistoliiketoimintaansa...    Administer Oyj Lehdistötiedote 11.5.2026 klo 8.30                             Administer has agreed on five acquisitions to strengthen the Group’s regional accounting services operations across Finland. Administer is acquiring Tarvissio Oy, operating in Mikkeli; MM Yrityspalvelut Oy, operating in Kouvola; and Tilipalvelu Pirhonen, operating in Joensuu. Administer already has existing offices in these locations. With the acquisition of Tilitoimisto AKA Oy in Himanka, the company will establish a presence in the Kalajoki economic area as a new location. The acquisition of Oy PR-Hallinto Ab will also strengthen operations in Kouvola, and this deal additionally brings property management (isännöinti) business to the Group. The combined net sales of the acquired entities amount to approximately one million euros.

The Sarastia plan is indeed interesting to hear about; it brings a massive headcount, and the business serves public sector operators. If methods other than staff reductions are seriously proposed to improve profitability, I would take those claims with a grain of salt. In Sarastia’s client field, future tenders involve risks because winning is difficult without competing on price. From the outside, it is easy to think that Administer has made these moves post-IPO just to be a big player because it’s nice to be big. For example, Econia is effectively a staffing agency, and due to its large size, Administer gained a very cyclical piece in its package, whose weak performance has been a drag (dead weight) on the rest of the group. In other words, a major sideline. Consequently, one would expect the turnaround of Econia to show up strongly in the figures, if such a turnaround is to happen. In its morning newsletters, Inderes publishes staffing industry revenue statistics (e.g., related to Eezy analysis), which, after a long slump, has shown signs of a turnaround at the turn of 2025-26. Interestingly, in Atte’s Q1 forecast, the development is -10%, meaning the early part of the year would have gone significantly worse than the rest of the market. Econia’s top-line development has been roughly in that -10% range for the past few quarters; we will soon see if they have truly been left behind

Administer

Administer's Q1 results came in clearly below our expectations, with net sales declining 6% and EBITDA dropping sharply by 41% y/y. The miss was driven by unexpected weakness in Silta (customer...

Administer's Q1 results came in clearly below our expectations, with net sales declining 6% and EBITDA dropping sharply by 41% y/y. The miss was driven by unexpected weakness in Silta (customer contract terminations) and EmCe (delayed project starts), while cost savings have yet to flow through fully. Company issued FY26 guidance of EUR 105-115m net sales and EUR 6.5-9.0m EBITDA.