Companies

Dovre’s Q4 results were no surprise, while the company focuses on stabilizing Suvic after recent big cost overruns.

Dovre Q4 figures were as expected since the company downgraded its guidance earlier and released the approximate results. No dividend distribution is proposed for now, but there’s a possibility it will be resumed later this year. Dovre didn’t yet release annual guidance but will issue it at the latest in about 6 weeks as Suvic’s sales cycle progresses.

Dovre reports Q4 results on Mar 17. Recent big losses ate some of the EUR 35m segment sale proceeds, yet growth outlook remains strong especially in Finland.

CapMan held its CMD on March 11th, which in our view brought no notable changes to the bigger picture. Growing fee income and profitability remain at the core, with options for new strategic initiatives supported by the strong balance sheet. 

Administer’s Q4 note was a slight disappointment. Net sales development was decent thanks to an inorganic boost, but profitability remained weaker as a continuation from Q3.

Suominen is very likely to see additional earnings recovery from the low levels, yet valuation also clearly expects more.

Administer’s Q4 report showed positive net sales development, setting the tone for 2025. However, the EBITDA-margin fell short of expectations, while EBIT and EBITA were more impacted than anticipated by goodwill amortization and NRIs.

Suominen’s Q4 results remained below estimates as profitability decreased a bit y/y. The EUR 4.2m comparable EBITDA improved slightly q/q, and Suominen guides further improvement for FY’25, however comparison figures for the year still remain soft enough so that additional gains are no big news as long as volumes have more room to recover.

Suominen reports Q4 results on Mar 5. We believe the environment is slightly more favorable this year, while earnings clearly should continue to improve from the lows.

Administer is set to release its Q4 results on Wednesday, March 5th. We expect modest net sales growth, supported by the Kuntalaskenta acquisition, and stable profitability despite a challenging operating environment.

Marimekko ended its year on a high note as Q4 figures were better than we expected for both sales and profitability. The outlook for 2025E remains similar to the prior year’s yet we expect some signs of improving demand in the domestic market during the year.

Marimekko's fourth quarter revenue beat our estimates slightly due to strong development in Finland. The company’s profitability was at considerably higher level compared to our estimates.