contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

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trendingContent

query ContentSlug_ContentQuery(
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) {
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}

fragment CompanyDetails_Content on Content {
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}

fragment ContentBasicInfo on Content {
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  companies {
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  tags {
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  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
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  title
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  alternatePageUrls: translations {
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  imgUrl
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  companies {
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  tags {
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  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
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  ... on Webcast {
    liveTime
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    videoEmbedUrl(location: "inderes")
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}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
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    htmlBody
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  ...TrendingContent_1jQ2Cn
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fragment ForumPosts on ForumPost {
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}

fragment KeyFigures_Content on Content {
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}

fragment PriceAndRecommendation_Content on Content {
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        prevTransaction {
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    id
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}

fragment PublishingDetails on Content {
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  publishers {
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  authors {
    __typename
    id
    name
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  ... on Video {
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  ... on Webcast {
    liveTime
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}

fragment Reactions on Content {
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  reactionGroups {
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    viewerReacted
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}

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

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


inderes-equity-research-initiating-coverage-of-framery-soundproof-value-creation

__typename

title

isPremium

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Framery Group creates solutions for open office environments, hybrid working and space optimization. The company offers a range of office pods designed to provide a soundproof and undisturbed space for meetings, work and privacy in noisy open office environments. The office pods include an integrated office solution, with full access available through the Framery Plus subscription. Framery’s headquarters are located in Tampere, Finland, where all assembly of the company’s pods takes place.

We also made a video about Framery with Thomas.

I have to admit that based on our coverage, the expectations for Framery are certainly on the higher end, but then again, few companies can match their historical track record of value creation. Of course, the “aggressiveness” of assumptions always depends on the benchmark. Relative to the company’s own track record? In our 2025–2035 forecasts, revenue grows by a total of 70%, whereas by comparison, it grew by 37% last year and averaged 21% between 2018–2025. In euro terms, the €154M growth in our forecasts is less than the €217M the company achieved during the previous decade. Granted, the category was in a hyper-growth phase then, and no one knows how many statistical outlier events helped the company’s success along the way. Compared to the category’s projected growth figures of 12–15% reaching until 2030, my forecasts actually predict a loss of market share, although in the report, I expressed my own skepticism towards such strong market growth. Forecasting, especially further into the future, is very challenging, so time will tell.  They do say something about the forecasts, but also about the business model. I agree with you regarding Harvia’s quality, and while quality correlates with return on capital, you cannot put an equals sign between them. In some businesses, a high return on capital is a characteristic of the business model. Rush Factory, which I previously followed, is probably a great example of this from its golden years. Framery’s and Harvia’s business models differ in that Harvia carries out heavy production itself, whereas Framery only assembles its products and outsources the production of modules. Consequently, the company’s business model ties up less capital, which supports the return on capital. For context, Harvia’s Return on Invested Capital (ROIC) adjusted for goodwill was 41-43% in 2024–2025, while Framery’s corresponding figure was 93-131%. Does this indicate higher quality than Harvia? No, but it does signal that Framery’s business model is more capital-light.

Let’s hope on behalf of Finland and Finnish investors that the business progresses brilliantly or Blackstone buys the whole outfit in a month with a massive premium  Personally, I wouldn’t dare put my money into a company that makes fixed phone booths for dying offices (yes, an exaggeration).   When you plug in:  Low cost of equity (relatively) Low WACC (relatively) High growth assumptions High profitability assumptions  You get a small upside from the DCF model to the share price    The return on capital figures say quite a lot about the forecasts.  Harvia is one of the highest quality companies on the Helsinki Stock Exchange. The forecasts suggest that Framery will easily achieve a better return on capital than, for example, Harvia

Good morning to the thread! Finally, we have initiated coverage on Framery! We started with a target price of 8.5 euros and an Accumulate (lisää) recommendation.                  Inderes              Framery seurannan aloitus: Äänieristettyä arvonluontia - Inderes    Framery on globaali markkinajohtaja äänieristetyissä työtiloissa, jotka ovat kasvava kategoria ja joita  yhtiö on ollut vahvasti muokkaamassa.                             We didn’t manage to catch the dip, but despite the recent share price rise, I think you can still get on board the story at a reasonable price. Normalizing orders from a major key account, coming down from an exceptionally high level, are expected to weigh on the company’s reported performance over a one-year horizon. However, during that time, I will personally focus more closely on the development of the rest of the customer base and, through that, the development of the company’s competitiveness. Personally, I believe that the new generation of pods launched in 2024 supports the company’s competitiveness, at least for the coming years (nominal prices were kept unchanged in the new generation, even though product quality and functionalities were improved). Despite strong growth, the investment story also combines a generous profit distribution, where the distribution policy even flirts slightly with share buybacks. At the company’s ITF (Inderes Toy Factory) event, I questioned the heavy dividend distribution instead of more aggressive growth investments, but sparring with the management convinced me that it is not worth expanding the value chain position into more capital-intensive operations, where more capital could theoretically be sunk. One investment angle for the Framery story would, of course, be acquiring a smaller product house and scaling sales through Framery’s global distribution network, but I personally favor capital distribution over forced M&A deals. In the report, I perhaps spent a bit too much space on the company’s services (pod rentals and smart office SaaS services), which are still in their infancy. However, these will play a key role in maintaining the company’s growth potential over the next 10 years. For now, Framery has an estimated 20% share of the pod market, so there, the company’s growth will inevitably approach the market growth rate.

Thomas interviewed Framery CEO Samu Hällfors and CFO Lauri Isotalo regarding Q1                    Inderes              Framery Q1'26: Toiminta laajenee Pohjois-Amerikassa - Inderes    Aika: 28.04.2026 klo 12.05 Frameryn liikevaihto ylsi Q1:llä vertailukauden tasolle. Yhtiö jatkaa töitä kasvustrategian toteuttamiseksi muuntamalla nykyisen logistiikkakeskuksensa Yhdysvalloissa täysimittaiseksi tehdastoiminnaksi vuoden 2026 aikana.                             Topics: 00:00 Introduction  00:17 Sentiments after the listing  00:54 Differentiation in soundproof workspaces  04:02 First quarter development  04:51 Revenue growth  06:04 Impact of geopolitical uncertainty on customers  07:26 Largest customers  09:28 Opening a new factory in the United States  11:23 Market-specific differences in demand

CEO’s review from yesterday’s AGM!                    Inderes              Frameryn yhtiökokous | Toimitusjohtajan katsaus 27.4.2026 - Inderes    Aika: 28.04.2026 klo 12.22 Toimitusjohtaja Samu Hällforsin katsaus Frameryn yhtiökokouksesta 27.4.2026.

Framery’s results are nothing to cheer about. It was presumably known that the high purchase volumes from the largest customer couldn’t continue forever, so the detail that sales to other customers are still growing is a positive sign. Otherwise, I would be even more worried about the situation. Sales are coming in and cash is flowing into the coffers. At this growth rate, it will be a long wait (years) before a 10-euro share price is justified. At least this isn’t a completely questionable listing like Modulight’s. Modulight included research projects in its revenue and accounts receivable that customers didn’t even intend to pay for when the desired results weren’t achieved. Or the probability of payment was low. Once the IPO had been pushed through and the money collected from investors, it was announced that the majority of the projects in the receivables had failed, and customers weren’t asked for payment. Without this window dressing of the prospectus, the offering surely wouldn’t have gone through. They were moving in a very gray area, but this too was apparently legal, as no other actions seem to have been taken afterwards, at least publicly, aside from the grumbling on the discussion boards. The profitable growth company turned out to be a loss-making laggard once management’s discretionary, overly positive future outlooks were left out of the guidance. Try analyzing the financial statements of listing companies as an outsider in a situation like this.

Framery Group

We initiate coverage of Framery with a target price of EUR 8.5 and our recommendation set at Accumulate.Read the full report here.Follow Framery on www.inderes.fi/en to stay informed about all...

We initiate coverage of Framery with a target price of EUR 8.5 and our recommendation set at Accumulate.<a href="https://www.inderes.fi/en/research/framery-initiation-of-coverage-soundproof-value-creation">Read the full report here.</a>Follow Framery on <a href="https://www.inderes.fi/en">www.inderes.fi/en</a> to stay informed about all analyst updates.Inderes Equity Research – Connecting investors and companies.

Inderes Equity Research: Initiating coverage of Framery — Soundproof value creation

Inderes Equity Research: Initiating coverage of Framery — Soundproof value creation