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Loihde’s Q3 beat our estimates, offset by expectations of a slower Q4. Growth in the main business areas continues to be favourable, while recovery in IT consulting is still awaited, and we see continued margin improvement potential.
Loihde reported better than anticipated Q3 results, with sales growing 5% y/y to EUR 31.5m (Evli: 30.6m) and adj. EBITDA amounting to EUR 2.9m (Evli: 2.3m). Growth expectations for the remainder of the year are rather cautious given the market situation and front-loaded revenue from security solutions.
Loihde reports its Q3 business report on October 30th. We expect healthy profitability levels and slight growth in the near-term and Loihde in our view remains well positioned to tackle near-term market uncertainties. Following a share price decline since our previous update we upgrade our rating to BUY (HOLD), TP of EUR 12.2 and estimates intact.
Loihde’s Q2 was better than estimated, profitability in particular, with adj. EBITDA up EUR 1.6m y/y to EUR 2.6m (Evli EUR 1.9m). We continue to expect favourable growth and profitability development going forward.
Loihde’s Q2 was better than anticipated. Net sales grew a modest 3% to EUR 35.4m (Evli EUR 34.9m), and with operative costs slightly down from previous year levels the adj. EBITDA as a result improved to EUR 2.6m (Evli EUR 1.9m, Q2/23: EUR 1.0m).
Loihde reports its H1 results on August 27th. We expect slight net sales growth and a clear y/y profitability improvement. Of key interest in our view is the growth pace and potential remarks on recent or anticipated changes in the demand situation.
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Loihde Plc: SHARE REPURCHASE 27.12.2024
Helsinki Stock Exchange
Trade date: 27.12.2024
Bourse trade: BUY
Share: LOIHDE
Amount: 507 shares
Average price / share: 11,7416 EUR
Total cost: 5 953,00 EUR
Following shares repurchased on 27.12.2024
the Group now holds 36 489 shares.
On behalf of Loihde Plc
Lago Kapital Ltd
Maj van Dijk Jani Koskell
Further information:
CEO Samu Konttinen
Media contact: Director of Communications Tiina Nieminen
tel. +358 44 411 3480
email: tiina.nieminen@loihde.com
Attachments
Loihde Plc: SHARE REPURCHASE 23.12.2024
Helsinki Stock Exchange
Trade date: 23.12.2024
Bourse trade: BUY
Share: LOIHDE
Amount: 711 shares
Average price / share: 11,2639 EUR
Total cost: 8 008,65 EUR
Following shares repurchased on 23.12.2024
the Group now holds 35 982 shares.
On behalf of Loihde Plc
Lago Kapital Ltd
Maj van Dijk Jani Koskell
Further information:
CEO Samu Konttinen
Media contact: Director of Communications Tiina Nieminen
tel. +358 44 411 3480
email: tiina.nieminen@loihde.com
Attachments
Loihde Plc: SHARE REPURCHASE 20.12.2024
Helsinki Stock Exchange
Trade date: 20.12.2024
Bourse trade: BUY
Share: LOIHDE
Amount: 552 shares
Average price / share: 11,3789 EUR
Total cost: 6 281,15 EUR
Following shares repurchased on 20.12.2024
the Group now holds 35 271 shares.
On behalf of Loihde Plc
Lago Kapital Ltd
Maj van Dijk Jani Koskell
Further information:
CEO Samu Konttinen
Media contact: Director of Communications Tiina Nieminen
tel. +358 44 411 3480
email: tiina.nieminen@loihde.com
Attachments
Loihde Plc Company announcement 20 December 2024 at 3:30 p.m. EET
Inside information: Loihde recognises a goodwill impairment of EUR 9.9 million related to IT consulting
As a result of a regular impairment testing, Loihde Plc will recognise an impairment of EUR 9.9 million on goodwill related to IT consulting. The impairment is included in Loihde Group's result for the fourth quarter of 2024. The impairment will not have an impact on Loihde's cash flow or adjusted EBITDA and the company's financial position remains strong.
The IT consulting goodwill is resulting from the acquisitions of IT companies between 2017 and 2021, on which Loihde's current Data & AI and Digital Services businesses have been built. The impairment is due to the weak market situation for IT consulting over the last two years and the uncertainty of the short-term outlook. In the medium term, we believe that the market will recover and we get back to profitable growth.
After the impairment, the carrying value of the goodwill related to IT consulting is EUR 28.9 million and the total amount of goodwill for the Group is EUR 54.1 million.
Outlook for 2024 remains unchanged
Loihde still expects the Group's revenue for 2024 to be on par with the previous year or grow. The Group’s adjusted EBITDA is estimated to improve compared to 2023, when it was EUR 7.6 million.
Loihde will publish its financial statements release for 2024 on 13 February 2025 at approximately 8:00 a.m. EET.
Further information
CEO Samu Konttinen
Media contact: Director of Communications Tiina Nieminen, tel. +358 44 411 3480 or tiina.nieminen@loihde.com
Certified Adviser Aktia Alexander Corporate Finance Oy, tel. +358 50 520 4098
Loihde enables business continuity. We help our customers to gain a sustainable competitive edge through data, AI and digitalisation, to harness the potential of the cloud and to protect themselves against both physical and cyber threats. The combining of these skills is what makes Loihde a unique and comprehensive partner. We are approximately 850 skilled professionals, and our revenue in 2023 amounted to EUR 132.7 million. loihde.com
Attachments
Loihde Plc: SHARE REPURCHASE 19.12.2024
Helsinki Stock Exchange
Trade date: 19.12.2024
Bourse trade: BUY
Share: LOIHDE
Amount: 595 shares
Average price / share: 11,9192 EUR
Total cost: 7 091,90 EUR
Following shares repurchased on 19.12.2024
the Group now holds 34 719 shares.
On behalf of Loihde Plc
Lago Kapital Ltd
Maj van Dijk Jani Koskell
Further information:
CEO Samu Konttinen
Media contact: Director of Communications Tiina Nieminen
tel. +358 44 411 3480
email: tiina.nieminen@loihde.com
Attachments
Loihde Plc: SHARE REPURCHASE 18.12.2024
Helsinki Stock Exchange
Trade date: 18.12.2024
Bourse trade: BUY
Share: LOIHDE
Amount: 818 shares
Average price / share: 11,9366 EUR
Total cost: 9 764,10 EUR
Following shares repurchased on 18.12.2024
the Group now holds 34 124 shares.
On behalf of Loihde Plc
Lago Kapital Ltd
Maj van Dijk Jani Koskell
Further information:
CEO Samu Konttinen
Media contact: Director of Communications Tiina Nieminen
tel. +358 44 411 3480
email: tiina.nieminen@loihde.com
Attachments
Loihde Plc: SHARE REPURCHASE 16.12.2024
Helsinki Stock Exchange
Trade date: 16.12.2024
Bourse trade: BUY
Share: LOIHDE
Amount: 783 shares
Average price / share: 11,6116 EUR
Total cost: 9 091,85 EUR
Following shares repurchased on 16.12.2024
the Group now holds 33 306 shares.
On behalf of Loihde Plc
Lago Kapital Ltd
Maj van Dijk Jani Koskell
Further information:
CEO Samu Konttinen
Media contact: Director of Communications Tiina Nieminen
tel. +358 44 411 3480
email: tiina.nieminen@loihde.com
Attachments
Loihde Plc: SHARE REPURCHASE 13.12.2024
Helsinki Stock Exchange
Trade date: 13.12.2024
Bourse trade: BUY
Share: LOIHDE
Amount: 497 shares
Average price / share: 11,4412 EUR
Total cost: 5 686,30 EUR
Following shares repurchased on 13.12.2024
the Group now holds 32 523 shares.
On behalf of Loihde Plc
Lago Kapital Ltd
Maj van Dijk Jani Koskell
Further information:
CEO Samu Konttinen
Media contact: Director of Communications Tiina Nieminen
tel. +358 44 411 3480
email: tiina.nieminen@loihde.com
Attachments
Loihde Plc: SHARE REPURCHASE 12.12.2024
Helsinki Stock Exchange
Trade date: 12.12.2024
Bourse trade: BUY
Share: LOIHDE
Amount: 494 shares
Average price / share: 11,5696 EUR
Total cost: 5 715,40 EUR
Following shares repurchased on 12.12.2024
the Group now holds 32 026 shares.
On behalf of Loihde Plc
Lago Kapital Ltd
Maj van Dijk Jani Koskell
Further information:
CEO Samu Konttinen
Media contact: Director of Communications Tiina Nieminen
tel. +358 44 411 3480
email: tiina.nieminen@loihde.com
Attachments
Loihde Plc: SHARE REPURCHASE 11.12.2024
Helsinki Stock Exchange
Trade date: 11.12.2024
Bourse trade: BUY
Share: LOIHDE
Amount: 298 shares
Average price / share: 11,5881 EUR
Total cost: 3 453,25 EUR
Following shares repurchased on 11.12.2024
the Group now holds 31 532 shares.
On behalf of Loihde Plc
Lago Kapital Ltd
Maj van Dijk Jani Koskell
Further information:
CEO Samu Konttinen
Media contact: Director of Communications Tiina Nieminen
tel. +358 44 411 3480
email: tiina.nieminen@loihde.com
Attachments
Loihde Plc: SHARE REPURCHASE 10.12.2024
Helsinki Stock Exchange
Trade date: 10.12.2024
Bourse trade: BUY
Share: LOIHDE
Amount: 240 shares
Average price / share: 11,3733 EUR
Total cost: 2 729,60 EUR
Following shares repurchased on 10.12.2024
the Group now holds 31 234 shares.
On behalf of Loihde Plc
Lago Kapital Ltd
Maj van Dijk Jani Koskell
Further information:
CEO Samu Konttinen
Media contact: Director of Communications Tiina Nieminen
tel. +358 44 411 3480
email: tiina.nieminen@loihde.com
Attachments
Loihde Plc Managers’ Transactions 10.12.2024 at 6:15 p.m. EET
Loihde Plc: Managers’ Transactions – Suhonen
Loihde Plc has received the following notification:
Loihde Oyj - Managers' Transactions
____________________________________________
Person subject to the notification requirement
Name: Pirjo Suhonen
Position: Chief Financial Officer
Issuer: Loihde Oyj
LEI: 7437009IZO2SU9TPO664
Notification type: INITIAL NOTIFICATION
Reference number: 87444/4/4
____________________________________________
Transaction date: 2024-12-10
Outside a trading venue
Instrument type: SHARE
ISIN: FI4000014238
Nature of transaction: SUBSCRIPTION
Transaction details
(1): Volume: 56 Unit price: 10.6346 EUR
Aggregated transactions (1):
Volume: 56 Volume weighted average price: 10.6346 EUR
Further information
Director of Communications Tiina Nieminen, tel. +358 44 411 3480 or tiina.nieminen@loihde.com
Certified Adviser Aktia Alexander Corporate Finance Oy, tel. +358 50 520 4098
Loihde enables business continuity. We help our customers to create growth and competitiveness through digitalisation and to protect themselves from physical and cyber threats. Loihde consists of two business areas: security solutions with the brand Loihde Trust, and digital development with the brands Loihde Advance, Loihde Factor and Loihde Cloudon. The Group has approximately 850 employees and its revenue in 2023 amounted to EUR 133 million.
Attachments
Loihde Plc Managers’ Transactions 10.12.2024 at 6.15 p.m. EET
Loihde Plc: Managers’ Transactions – Ahola
Loihde Plc has received the following notification:
Loihde Oyj - Managers' Transactions
____________________________________________
Person subject to the notification requirement
Name: Katja Ahola
Position: Other senior manager
Issuer: Loihde Oyj
LEI: 7437009IZO2SU9TPO664
Notification type: INITIAL NOTIFICATION
Reference number: 87433/5/4
____________________________________________
Transaction date: 2024-12-10
Outside a trading venue
Instrument type: SHARE
ISIN: FI4000014238
Nature of transaction: SUBSCRIPTION
Transaction details
(1): Volume: 112 Unit price: 10.6346 EUR
Aggregated transactions (1):
Volume: 112 Volume weighted average price: 10.6346 EUR
Further information
Director of Communications Tiina Nieminen, tel. +358 44 411 3480 or tiina.nieminen@loihde.com
Certified Adviser Aktia Alexander Corporate Finance Oy, tel. +358 50 520 4098
Loihde enables business continuity. We help our customers to create growth and competitiveness through digitalisation and to protect themselves from physical and cyber threats. Loihde consists of two business areas: security solutions with the brand Loihde Trust, and digital development with the brands Loihde Advance, Loihde Factor and Loihde Cloudon. The Group has approximately 850 employees and its revenue in 2023 amounted to EUR 133 million.
Attachments
Loihde Plc Managers’ Transactions 10.12.2024 at 6:15 p.m. EET
Loihde Plc: Managers’ Transactions – Teutari
Loihde Plc has received the following notification:
Loihde Oyj - Managers' Transactions
____________________________________________
Person subject to the notification requirement
Name: Jere Teutari
Position: Other senior manager
Issuer: Loihde Oyj
LEI: 7437009IZO2SU9TPO664
Notification type: INITIAL NOTIFICATION
Reference number: 87442/4/4
____________________________________________
Transaction date: 2024-12-10
Outside a trading venue
Instrument type: SHARE
ISIN: FI4000014238
Nature of transaction: SUBSCRIPTION
Transaction details
(1): Volume: 85 Unit price: 10.6346 EUR
Aggregated transactions (1):
Volume: 85 Volume weighted average price: 10.6346 EUR
Further information
Director of Communications Tiina Nieminen, tel. +358 44 411 3480 or tiina.nieminen@loihde.com
Certified Adviser Aktia Alexander Corporate Finance Oy, tel. +358 50 520 4098
Loihde enables business continuity. We help our customers to create growth and competitiveness through digitalisation and to protect themselves from physical and cyber threats. Loihde consists of two business areas: security solutions with the brand Loihde Trust, and digital development with the brands Loihde Advance, Loihde Factor and Loihde Cloudon. The Group has approximately 850 employees and its revenue in 2023 amounted to EUR 133 million.
Attachments
Loihde Plc Managers’ Transactions 1012.2024 at 6:15 p.m. EET
Loihde Plc: Managers’ Transactions – Meronen
Loihde Plc has received the following notification:
Loihde Oyj - Managers' Transactions
____________________________________________
Person subject to the notification requirement
Name: Juha Meronen
Position: Other senior manager
Issuer: Loihde Oyj
LEI: 7437009IZO2SU9TPO664
Notification type: INITIAL NOTIFICATION
Reference number: 87441/4/4
____________________________________________
Transaction date: 2024-12-10
Outside a trading venue
Instrument type: SHARE
ISIN: FI4000014238
Nature of transaction: SUBSCRIPTION
Transaction details
(1): Volume: 113 Unit price: 10.6346 EUR
Aggregated transactions (1):
Volume: 113 Volume weighted average price: 10.6346 EUR
Further information
Director of Communications Tiina Nieminen, tel. +358 44 411 3480 or tiina.nieminen@loihde.com
Certified Adviser Aktia Alexander Corporate Finance Oy, tel. +358 50 520 4098
Loihde enables business continuity. We help our customers to create growth and competitiveness through digitalisation and to protect themselves from physical and cyber threats. Loihde consists of two business areas: security solutions with the brand Loihde Trust, and digital development with the brands Loihde Advance, Loihde Factor and Loihde Cloudon. The Group has approximately 850 employees and its revenue in 2023 amounted to EUR 133 million.
Attachments
| Shareholders | Date | % of Shares | % of Votes |
|---|---|---|---|
| Suomen Teollisuussijoitus Oy | 31.10.2024 | 4.8% | 4.8% |
| Bellurum Oy | 31.10.2024 | 3.7% | 3.7% |
| Lakiasiaintoimisto Asiakasturva Oy | 31.10.2024 | 2.2% | 2.2% |
| Sijoitusrahasto Visio Allocator | 31.10.2024 | 1.7% | 1.7% |
| Tenendum Oy | 31.10.2024 | 1.4% | 1.4% |
| LähiTapiola Keskinäinen Henkivakuutusyhtiö | 31.10.2024 | 1.3% | 1.3% |
| LähiTapiola Keskinäinen Vakuutusyhtiö | 31.10.2024 | 1.3% | 1.3% |
| City of Vaasa | 31.10.2024 | 1.2% | 1.2% |
| Hotcom Oy | 31.10.2024 | 1.2% | 1.2% |
| Pelkonen Antti Olavi | 31.10.2024 | 1.2% | 1.2% |
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Company Facts
Guidance
In 2024, Loihde expects the Group's revenue to be on par with the previous year or grow and adjusted EBITDA to improve compared to 2023, when it was EUR 7.6m.
Financial targets
2024-2027: Annual revenue growth of approximately 10% (2027 target over EUR 200m), adj. EBITDA-margin 15% by 2027. ROI above 10% and net debt/EBITDA 0-2x.
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