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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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

Atte Riikola

Wulff Group is a retailer of office supplies. The range is wide and includes, for example, inventory, IT solutions, first aid equipment, and various ergonomic solutions. In addition, lighting and products for construction sites are also offered. The company operates throughout the international market, with the largest presence in the Nordic market. The head office is located in Vantaa.

Atte reported on Wulff’s new acquisition in Turku                    Inderes              Wulff tilitoimistokaupoilla Turussa - Inderes    Yrityskauppa tuo Wulffille vuositasolla yli miljoonan euron lisäliikevaihdon ja noin 230 uutta asiakkuutta.

The continuation of September-like development would provide Wulff Works with more support for growth.

Wulff has experienced stronger-than-usual buying pressure for a couple of days. Has Wulff been featured somewhere recently? By the way, Wulff’s CEO Elina Rahkonen was nominated to Duell’s board. She has previously been on Lapwall’s board, at least.

Wulff Works expands into a new industry sector with Wulff Doctors:                   wulff.fi              Pörssitiedotteet | Wulff Oy                              “Roslund has already worked in the medical personnel leasing industry for over 20 years.” Roslund was recruited from Eezy, from where also Works’ leader Asikainen and most likely

Apologies for the low activity on Wulff’s forum. I am indeed currently on paternity leave and will return to work in the second week of December. The monitoring of Wulff will indeed be transferred to me, and I came in for one day to digest the Q3 results. The company has seen positive development in relation to our expectations from recent quarters. Now, operating profit has also increased at the group level, the outlook for service businesses seems strong, and it appears that the decline in product sales is also behind us. For this reason, I believe that the predictability of the results has improved somewhat, which increases confidence in the company’s turnaround. The report provides more detailed justifications for why we changed our view from negative to positive, but an estimated P/E of 8x for next year doesn’t seem very challenging when earnings appear to be growing from here on.

Arttu has published a new company report on Wulff after Q3.  Wulff reported a stronger-than-expected improvement in results. The sales distribution is developing in a more favorable direction for the company, and the uncertainty related to the turnaround in results has slightly eased in our view. We raise Wulff’s target price to 3.50 euros (previously 3.20 e) in line with increased forecasts. We see the stock’s valuation as moderate and the risk-reward ratio attractive, which is why we raise our recommendation to ‘add’ (previously ‘reduce’). Excerpt from the report: Cash Flow Increased and Balance Sheet Position Improved *Operating cash flow for the first three quarters improved to EUR 3.8 million (Q1-Q3’24: EUR 1.8 million), driven by the improvement in results. Free cash flow, considering acquisitions, was around zero (excl. M&A EUR 2 million), whereas in the comparison period, the figure was negative. The sale of a property released over EUR 6 million in cash, part of which was used to repay interest-bearing debts. Thanks to reduced net debt (EUR 14.6 million incl

Arttu interviewed Wulff’s CEO Elina Rahkonen regarding Q3.                    Inderes              Wulff Q3'25: Vahvan kasvun kvartaali - Inderes    Aika: 20.10.2025 klo 15.29 Wulffin mallikkaasti sujunut alkuvuosi sai Q3:lla jatkoa, kun yhtiön liikevaihto ja tulos olivat molemmat ennätyksellisellä tasolla. Wulffin toimitusjohtaja Elina Rahkonen kommentoi analyytikko Arttu Heikuran...                             Topics: 00:00 Introduction  00:09 Strong performance in the beginning of the year  01:22 Staffing services have grown strongly  02:52 Acquisition strategy for accounting firms  05:23 Fewer acquisitions seen recently  06:03 Profitability of the Products for Work Environments segment improved  07:04 Effects of assortment renewal on margins  08:27 Signs of recovery in the Products for Work Environments segment  09:25 Updated strategy  13:54 Drivers behind the guidance

Wulff Group

Yrityskauppa tuo Wulffille vuositasolla yli miljoonan euron lisäliikevaihdon ja noin 230 uutta asiakkuutta.

Wulff <a href="https://www.wulff.fi/porssitiedotteet?publicationId=stt-newsfeed-wulff-71652166">tiedotti</a> maanantaina ostaneensa turkulaisen Tiliteema Oy:n ja vahvistaa asemaansa Varsinais-Suomen taloushallintomarkkinassa. Yrityskauppa tuo Wulffille vuositasolla yli miljoonan euron lis&#xe4;liikevaihdon ja noin 230 uutta asiakkuutta. Kaupan my&#xf6;t&#xe4; Wulffin tilitoimistoammattilaisten verkosto kasvaa yhdeks&#xe4;ll&#xe4; kokeneella asiantuntijalla.
Kauppahintaa ei tiedotteessa avattu, mutta yleens&#xe4; keskikokoisista tilitoimistoista joutuu maksamaan toimialalla yleens&#xe4; n&#xe4;htyj&#xe4; 4-6x EV/EBITDA-kertoimia hieman enemm&#xe4;n. Julkisten l&#xe4;hteiden pohjalta Tiliteeman k&#xe4;ytt&#xf6;kate oli 4/2025 p&#xe4;&#xe4;ttyneell&#xe4; tilikaudella 16 % liikevaihdosta. T&#xe4;st&#xe4; haarukoituna kaupan yritysarvo voisi olla hieman yli 1 MEUR.
Kaupalla ei ole olennaista vaikutusta Wulffin ennusteisiimme, sill&#xe4; ostokohteen liikevaihto vastaa alle prosenttia vuoden 2025 liikevaihtoennusteestamme. Kauppa kuitenkin vahvistaa Wulffin viime vuosina yritysostoilla rakentamaa tilitoimistoliiketoimintaa selv&#xe4;sti. Kaupan my&#xf6;t&#xe4; Wulffin tilitoimistoammattilaisia on jo noin 100, asiakkaita on yli 4 000 ja vuotuinen liikevaihto nousee noin 9 MEUR:oon. T&#xe4;ll&#xe4; liikevaihdolla Wulffin tilitoimistoliiketoiminta on jo Suomen tilitoimistokent&#xe4;n kontekstissa melko iso toimija.

	2024	25e	26e
Revenue	102.8	118.9	122.3
growth-%	9.7 %	15.7 %	2.9 %
EBIT (adj.)	3.3	4.3	5.1
EBIT-% (adj.)	3.2 %	3.6 %	4.1 %
EPS (adj.)	0.28	0.30	0.38
Dividend	0.16	0.18	0.20
Dividend %	5.2 %	4.6 %	5.1 %
P/E (adj.)	10.9	13.0	10.4
EV/EBITDA	6.6	5.0	4.8

Wulff tilitoimistokaupoilla Turussa

Key Estimate Figures21.10

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