Companies

Duell publishes its business review for Q3 (March-May) on Wednesday 3rd of July. We expect continued good execution especially in Europe during the company’s most important quarter of the fiscal year. 

The company’s fundamentals are moving in the right direction while the gold market remains hot. We revise our TP to EUR 6.5 and upgrade our rating to HOLD.

Alisa Bank completed the combination with PURO Finance and issued a guidance for 2024. Our views are largely unchanged; earnings are set to improve going forward while loan book growth remains a challenge.

Exel decided on the terms of its rights offering, which should enable strategy implementation after a challenging period of missing volumes in the past 18 months or so.

Consti’s backlog for 2024 coupled with a robust balance sheet protects it from short-term market turbulence while the long-term case backed by fundamental market trends remains intact. We retain BUY-rating with a TP of EUR 12.0.

Marimekko’s Q1 figures exceeded our estimates driven by the timing of non-recurring wholesale promotional deliveries and surprisingly resilient domestic retail sales.

Aspo’s CMD elaborated on major investment plans as both ESL and Telko will expand their operations also in the future.

Marimekko’s Q1 results came in stronger than expected driven partly by the timing of non-recurring wholesale deliveries in Finland that boosted net sales.

Administer’s profitability in Q1 improved more than expected, and our 2024E EBITDA estimate is up by some 10%. We raise our TP to EUR 3.0 (2.6), BUY-rating intact.

Etteplan was able to improve its profitability during the first quarter as was expected. While the current weaker market conditions present challenges in the short term, there are signs of an improved market.

Etteplan's Q1 results were largely as expected, with slight earnings miss vs. our estimates driven by lower profitability for Engineering Solutions service area.

Suominen’s earnings recovery continues, although still at a somewhat slower pace than we had previously estimated.