Companies

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. 

Administer’s Q3 report was in line with expectations. Net sales declined 3.9% y/y, but profitability continued its positive development, with the EBITDA-margin at 5.7%, improving clearly y/y. 

Suominen had some production issues in Q3, and even if those no longer bother valuation begins to look a bit stretched.

CapMan’s Q3 results were below our and consensus expectations. On our estimates the main deviations came from FV changes (EUR -0.8m/2.0m act./Evli) and the classification of CaPS as discontinued operations. The relative profitability of the Management Company business was better than expected on lower than estimated turnover.

Marimekko’s Q3 brought no real surprises as the net sales were in line with our estimates while profitability was a touch lower mainly due to higher-than-expected marketing investments. We continue to see the current pricing relatively neutral and reiterate TP of EUR 13.0 with recommendation at HOLD.