Companies

Vaisala’s Q4 turned out to be very strong as the operating result was higher than the company previously estimated for both W&E and IM due to higher than estimated sales in both and successful group-wide cost control. We see multiple positive drivers for the company also going forward and expect a leap in the profitable growth journey in 2025.

Duell delivered slightly better figures than we had expected for the seasonally quiet Q1 of its fiscal year. Market environment remains tense, yet we expect growth in Europe coupled with efficiency measures to deliver improvement from last year also on an annual basis. 

Duell reported Q1 net sales at EUR 28.3m, just surpassing our forecast of EUR 27.5m, while adjusted EBITA reached EUR 0.7m, also higher than our prediction of EUR 0.5m. The performance in the Nordics was stronger than expected despite the late start of Nordic winter season.

Duell publishes its Q1/2025 (9/24-11/24) business review on 16th of January. Given that Q1 of Duell’s fiscal year is typically slow due to seasonal factors, our attention is on any potential remarks regarding market activity and future outlook.

Alisa Bank issued a profit warning for 2024, lowering expectations for total income and profitability due to the prolonged market uncertainty. 

SRV’s 2025 will still be driven by non-residential volumes while we expect that the residential pick-up will begin to reflect more in the numbers starting from 2026. Valuation is stretched on our estimates for 2024-2025 while the long-term potential remains high.

Aspo downgraded guidance as ESL’s demand hasn’t picked up as fast as might have been expected earlier this year. Q4 EBITA will gain some, but expectations rest on next year.

Endomines released a profit warning due to lower-than-expected production volume growth in Q4 driven by issues in both Pampalo OP and UG mines. We still estimate strong revenue growth in 2024E helped by the robust gold market.

The Duell AGM was held on November 20, 2024, where a decision was passed regarding the reverse split, the plans for which were published earlier in October. In the split, each existing 200 shares will correspond to one share in the company. We update our TP to EUR 9.0 (prev. EUR 0.045) to match the new share count.

Dovre will realize significant value through the announced sale, which should help it to better find growth within Renewable Energy, however the exit leaves valuation neutral.

In its CMD, Vaisala outlined its strategy and updated long-term financial targets. With slight positive estimate adjustments and higher peer multiples, we increase TP to EUR 49.0 (prev. EUR 47.0), recommendation remains at HOLD.

Operatively CapMan’s Q3 fell short of our expectations mainly due to negative fair value changes, while the Management Company business profitability continued to develop nicely. The near-term outlook remains soft and we have pushed forward our expectations for market aided recovery.