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

Lemonsoft is a Finnish SaaS company that designs, develops and sells ERP software solutions. The company is primarily a service provider of business systems to small and medium-sized businesses. Its customer base consists of companies in industrial manufacturing, wholesale and retail trade, construction and accounting firms. The company operates mainly in Finland.

Alpo was on InderesTV today to elaborate a bit more on the updated strategy:                   Inderes              Lemonsoft: Päivitetty strategia - Inderes    Aika: 16.12.2025 klo 15.40 Lemonsoft päivitti taloudelliset tavoitteensa ja strategiansa. Yhtiö tähtää voimakkaaseen tuloskasvuun tulevina vuosina. Lemonsoftin toimitusjohtaja Alpo Luostarinen kommentoi videolla.

In the comment linked above, I explain how those targets relate to our forecasts. It’s good to remember that the targets also include acquisitions, so organically, such strong earnings growth is not expected at this point. But it is true that with good strategy execution and an improvement in market conditions, organic growth could be stronger than our current forecasts.

Well, your forecasts for Lemonsoft are quite conservative compared to the company’s targets, which is over 90% operating profit growth by 2028. However, for Admicom, you have growth of this magnitude forecasted. Lemonsoft’s guidance: the new financial target is to achieve an average adjusted operating profit growth of 25% in 2025-2028. For clarity, the target concerns the following three years (2026-2028). A potential hidden influence already crept into my mind. For example, ADMICOM is in your model portfolio, and partly the CEO’s speeches are also more assertive..

Regarding forecasts from the Q3 report:  It is therefore expected that the company’s reorganized sales team will gradually start to improve its performance in the coming months. After this, new customer implementations will still take some time, so revenue growth could start to accelerate in H2 next year. In Admicom’s case, the report states the following:  Also in Admicom’s case, changes have still been made in the organization this year, and this has slowed down development. In addition, the change in the billing model is one variable that could somewhat support growth next year. Furthermore, a slight recovery in the construction market would support growth, about which more was written, for example, in the CMD comment published today.                   Inderes              Admicom CMD: Lähtökohdat kasvun kiihdyttämiselle ovat erittäin hyvät - Inderes    Admicomin tavoitteiden toteutuminen on yhtiön omien toimien, rakennusmarkkinan asteittaisen elpymisen sekä onnistuneiden kansainvälisten yritysostojen varassa

At the smaller end, Odoo is raising its head. In medium-sized client accounts, the worst competitor is Monitor, but Roiman Lean is also involved there. Precisely that consulting slump is the problem. It reflects the number of new projects and thus future continuous invoicing. Conversely: when there are no projects, there are no new customers, no invoicing base. However, it often seems that monthly invoicing only starts at the end of the project or during it. I don’t know. It is true that Lemonsoft has many customers in industry and wholesale. And in that quantity, individual or even tens do not yet quantitatively make a difference. Generally, however, these industrial companies are large enough that one can easily make a big dent in the invoicing base. Compared to, for example, Finvoicer, where customers’ monthly charges are tens per month, whereas in industrial customers, invoicing can be thousands of euros per month. And once the reputation is gone and customers start leaving, it’s hard to stop. One must remember that Finland is a small country and entrepreneurs talk a lot among themselves. Through that, when someone switches away and gets good experiences from another software, the stern really starts to leak like a lemming herd. But as @Atte_Riikola noted, let’s wait and see. I hope I’m wrong for the sake of all investors in the company  I myself sold my Lemonsoft shares after the IPO at levels above 15€/share, as I anticipated what was to come (And of course, at that level, the company’s valuation was completely overblown).

On what, then, do you base the assumption that Admicom will grow slightly more than Lemon next year? Is the assumption that the construction industry will start performing better than other sectors? Currently, Lemon is supposedly planning to step on the gas on the sales side, now that internal matters no longer take up all the attention. Lemon is slightly cheaper than its peers, as Kakkonen’s wife also mentioned  KL: In Lemonsoft, Rite is the clear main owner, and Häggblom chairs the company’s board. Lemonsoft is not familiar to the general public. The company sells enterprise resource planning systems to small and medium-sized companies in many different industries using a recurring revenue SaaS model. Lemonsoft’s stock performance has been subdued, even though the company has grown its earnings. The collapse in valuations of small software companies due to the jump in interest rates has had an impact, but according to Häggblom, the company also needs to look in the mirror. “Especially organic growth has been slower than what we believed at the time. We are a market leader and very strong in the industry, and there is still a lot of market for us there,” says Häggblom. “For example, we can articulate even more clearly to customers that our solutions are developed precisely for the business of our core customer group and how great the value of our software is in improving the efficiency of customers’ businesses.”

Which competitors do you think are currently doing well in the industry? Lemonsoft has identified Monitor, Oscar, and Odoo as key competitors. You already grouped Oscar into the same category as Lemonsoft, so are it those two others or some other players? Lemonsoft’s recurring revenue has shown slight growth this year as well, and negative development has mainly come from transactions and consulting. Therefore, in terms of numbers, the ERP side is not particularly struggling. Customer churn has also been at a quite reasonable level. Lemonsoft has previously stated that the company’s ERP software has a total of about 700 core customers in the industrial and wholesale sectors. Across all products, the total number of customers is several thousands. Thus, on an annual basis, it is quite normal for dozens of customers to be lost, and in return, the company also gains new customers. But it remains to be seen whether the issues you raised will be reflected in the company’s figures in the future.

Lemonsoft

Lemonsoft Oyj | Company Release | June 23, 2025 at 08:30:00 EESTLemonsoft Oyj: SHARE REPURCHASE 19.6.2025Helsinki Stock Exchange Trade date: 19.6.2025 Bourse trade: BUY Share: LEMON Amount: ...

<div class="mfn-header mfn-header-finland"><p>Lemonsoft Oyj | Company Release | June 23, 2025 at 08:30:00 EEST</p></div><div class="mfn-preamble"><p><strong>Lemonsoft Oyj: SHARE REPURCHASE 19.6.2025</strong></p></div><div class="mfn-body"><p>Helsinki Stock Exchange<br></p><p>Trade date: 19.6.2025<br>Bourse trade: BUY<br>Share: LEMON<br>Amount: 91 shares<br>Average price / share: 7.0600 EUR<br>Total cost: 642.46 EUR<br></p><p>Following shares repurchased on 19.6.2025<br>the Company now holds 272 641 shares.<br></p><p>On behalf of Lemonsoft Oyj<br><br>Lago Kapital Ltd<br><br>Jarkko Järvitalo Jani Koskell</p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong></p><hr><p><a rel="noopener" href="https://storage.mfn.se/2847fbd0-e74a-48fb-a5f3-d1d719cfc2b8/lemon-sbb-trades-20250619.xlsx">LEMON SBB Trades 20250619</a></p></div>