contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Roni Peuranheimo

Tecnotree operates in the IT sector. The company specializes in the development of digital communication solutions. The services include, for example, business process services and subscription management for corporate customers in telecom and other digital service providers. Operations are held on a global level, with the largest presence in Asia, Africa and the Middle East.

Today’s situation, checked on 27.3.2026, with changes from a week ago in parentheses:  SEB 1,470,395 (-31,701)  Jorma Nieminen 1,160,941 (+63,887)  JKK 851,805 (unchanged)  Osuusasunnot 650,000 (unchanged)  Saxo Bank 236,031 (+25,200)  4capes Oy 240,000 (unchanged) From this, I conclude that the other party behind SEB has sold more than Helios has bought. I don’t believe Helios would have sold. Surprisingly, the party behind Saxo has been more on the buying side. Nieminen continues to buy. He now holds 8.98% of the shares. At the pace of last week, he would reach 10% by April 20, 2026, well before the annual general meeting on May 29, 2026, to be able to raise an extraordinary audit on the agenda and also get it passed. I am not saying that such a thing is coming, but that Nieminen alone will achieve the possibility for it and can use this as leverage in negotiations.

Yes, trading came to a screeching halt… The last time there was proper trading was on Tuesday. A few scenarios (without understanding): A. Resilience is very far from its goal and is waiting to get more commitments as the price falls, and has frozen purchases. B. Resilience has reached its goal, which is over 50% but clearly under 90%, and no longer wants to buy shares from the market, even at a discount. A large portion of the shares on the market were sold by the entity behind Saxon, and this is part of their playbook. Hammaren and Kakkonen will continue as owners, and together with the consortium, they will have enough votes for a qualified majority. If one can perhaps deduce anything, it’s that the softest hands among small investors have been shaken out…

Trading in the stock has plummeted to almost zero. Currently, at 3:33 PM, the trading volume is 4,000 shares, while the daily average is over 40K. I suspect that the wealthy (and everyone else) currently think that now is a good time to calmly observe what happens. The current price, however, is incredibly low (€5.34) compared to the offer, but I suspect that the sell side is also very thin now, and stronger demand would spark speculation about raising the offer, which in turn could cause the price to rise sharply. It might be really difficult to try and accumulate significant amounts of shares right now, even if one wanted to. Right now, even the wealthy aren’t doing anything. Except weaving their deep-sea nets, of course. With the big catches from the depths on their minds =).

“One of the conditions for the tender offer to be completed, as presented in its terms, is the receipt of necessary official approvals, permits, acceptances, and consents according to applicable competition or other regulations. The approval processes are still ongoing and will not be completed within the original offer period, so the Offeror has decided to extend the tender offer period until June 3, 2026, at 4:00 p.m. (Finnish time), unless the offer period is further extended or the extended offer period is interrupted in accordance with the terms of the tender offer and applicable laws and regulations.”  As I understand it, the reason for extending the offer is valid and cannot simply be “invented” without consequences.  After the upcoming 10 weeks, will previously made sales commitments lapse if the deal doesn’t go through?  Helios is such a significant player that they have probably investigated Tecnotree’s background thoroughly. Former main owners will become a minority in Resilience, and there’s no need to worry about Luminos’s shares anymore.  I’m curious to see if the party behind SEB (Helios?) will actively continue its purchases once Saxon’s stake is presumably depleted. At today’s price, someone will probably acquire shares just for the 5% upside.  It would be nice to see the Q1 results before the next developments regarding the tender offer.

The timing of this company’s announcement doesn’t surprise me. Now the rich guys are probably buying more and more below €5.70 and will then agree to the deal… I myself am waiting for a raised offer.

I was expecting this announcement to come about a week ago, but this was quite a clever move to announce the extension of the offer less than an hour before the deadline. This way, they got a pretty comprehensive picture of how many people were taking up the offer.

One thing is now pretty much certain: the offered price is far too low, as many here have repeatedly stated. It seems that even small shareholders are HODLing so aggressively that even getting Nieminen alone on board by some means wouldn’t have made this boat capsize into the lap of the VMBO scoundrels. Not at the offered price, at least. Or perhaps Nieminen genuinely wants to continue as an owner in the company? I don’t quite believe this. Who in their right mind would want to continue being manipulated by such management and insiders? I personally hope that Nieminen “knows” already that the VMBO crooks are absolutely forced to make a revised, significantly better offer to all current owners. At least for now, he’s playing such a good poker face, a stubborn and pot-committed all-in move, that the VMBO gang doesn’t dare to call the bet. It will be interesting to see how this ultimately plays out. These are big boys’ games, with everyone playing hardball. My own toy pistol is a rather tiny and flimsy device to get involved in betting in these games. For now, I will continue to hold.

Tecnotree

The offer period for Tecnotree's tender offer begins on February 5, 2026, at 9:30 am ´(EET) and ends on March 25, 2026, at 4:00 pm (EET).

Translation: Original published in Finnish on 2/5/2026 at 7:00 am EET.
The offer period for Tecnotree&apos;s tender offer begins on February 5, 2026, at 9:30 am EET and ends on March 25, 2026, at 4:00 pm, unless the offer period is extended in accordance with the terms and conditions of the tender offer. The tender offer is currently expected to be completed during the second quarter of 2026. More information about the offer and its acceptance can be found in <a href="https://www.inderes.fi/releases/resilience-investment-holdings-ltd-commences-the-voluntary-recommended-public-cash-tender-offer-for-all-shares-and-equity-securities-in-tecnotree">yesterday&apos;s press release</a>. We have previously commented on the offer in <a href="https://www.inderes.se/en/research/tecnotree-considering-future-dilution-the-offer-is-reasonable">this update</a> and in this <a href="https://www.inderes.se/en/analyst-comments/tecnotrees-convertible-bonds-converted-into-shares-as-expected">comment</a>.
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Tecnotree's tender offer begins today

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