Inderes

Inderes Oyj is a Finnish investor communications company specializing in equity research, IR software, event production, and a digital investor community. The company serves over 400 corporate clients across the Nordics and operates an asset-light business model supported by recurring contracts and long-standing customer relationships. This foundation enhances revenue visibility and supports stable cash generation.

Inderes expects to release its full-year 2025 results on February 10th, 2026. Inderes CEO Mikael Rautanen will present the results in a live online event on February 11th at 12.00 CET, where you will also have the opportunity to ask questions.

Inderes publicerade sin bokslutskommuniké tisdagen den 10 februari. Vinsten var sammantaget något bättre än våra förväntningar.

Inderes’s Q4 report was well in line with our forecast and we highlight the improved activity in the Swedish market. However, we have lowered our profit estimates somewhat as the internationalisation requires further investment in opex. We believe the investments, if rightly executed, to be necessary as gaining momentum internationally is the key catalyst for the case. We have trimmed our fair value range to EUR 18-20 (EUR 19-21).

Inderes lönsamhet för Q4 var något bättre än vårt estimat, tack vare en något bättre försäljning än väntat. Vid första anblicken ligger vår försäljningstillväxt för 2026E i linje med den nya vägledningen, men den ligger i den övre delen av EBITA-marginalintervallet och företaget flaggar för att internationaliseringsinvesteringarna påverkar lönsamheten. Utdelningen slopades och var långt under vårt estimat. Ändå är den totala kapitalutdelningen upp å/å då företaget återför 0,9 MEUR via återköp.

Inderes’ Oct-Nov sales show that we underestimated the bounce-back of the timing issue, which caused weak September sales. We also read that the Event business could be gaining momentum in Sweden. With the market environment (IPO activity) improving, we forecast accelerating growth for 2026E, which should also allow a visible step up in margin. Fair value range a notch up to EUR 19-21.

Inderes delivered solid monthly sales in November with sales increasing by 15% y/y. The strong growth owes to improved CMD activity. The sales beat our estimate by EUR 0.2m, which was the case also in October. Consequently, after two months of reporting in Q4 the sales run-rate is some EUR 0.4m above our current projection. Our positive read-x is also supported by the fact that Inderes has managed to win CMDs also in Sweden.

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Inderes bjuder in studenter från Finland och Sverige som är intresserade av aktieinvesteringar att genomföra en aktieanalys av Inderes-aktier.

Inderes omsättning ökade med 13 % i oktober och uppgick till 1,8 (1,6) MEUR. Utvecklingen var starkare än våra förväntningar, eftersom projektomsättningen hade försvagats exceptionellt kraftigt under det tredje kvartalet, och det fanns inga tydliga tecken på en förbättring i marknadsmiljön.

Inderes' October sales highlight that the slowness in September was largely due to timing issues. The month saw sales increase by 13% after a 16% decline in September. We had expected 4%, and hence the performance in October suggests a good start to Q4, for which we have input sales growth of 2%.