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
    }
  }
}


the-future-of-saas-facts-outlook-and-qanda

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Admicom operates in the IT sector. The company develops cloud-based services that mainly concern administration, accounting, payroll and project management. In addition to its main business, it offers training and customer support. Its customers are small and medium-sized corporate customers, with the largest operations in construction and industry. The head office is located in Jyväskylä.

Having reflected on this for nearly the entire weekend, I’ll lay out some of my own thoughts on the impact of AI on Admicom and other vertical SaaS companies. Feel free (and encouraged) to challenge me, let it rip.  I see a couple of scenarios that could come true. If Admicom “remains passive” and merely reacts to AI by integrating it into some web UI with a few AI-driven features, they’ll be in hot water in the long run. We are certainly talking about a horizon of years here, but they’d still be in trouble. This way of working will become a thing of the past. Over time, value will shift from execution to orchestration due to AI. Let’s say within a five-year window, few people will be typing numbers into any web UI anymore. Humans will simply direct, and the agent will execute. If, however, AI is integrated in earnest and the efficiency of the entire construction industry workflow is rethought from a clean slate, Admicom could come out of this unscathed. An example of a use case where AI is at the core, pulled out of thin air, could look like this:  Teemu the Workman calls Tiina the Foreman early in the morning to say he can’t make it to the site because his child is sick. Additionally, Matti the Painter has announced he’ll be doing a half-day. Tiina the Foreman opens the Admicom AI app on her phone and dictates to the AI: “Teemu can’t make it today, Matti is doing a half-day.” This triggers an AI-driven process that makes all the necessary entries and updates the project schedule automatically. A notification about the absence is also sent to other relevant workers on-site. Simultaneously, various calculations and estimates are updated. Furthermore, the AI points out that the rented hoist allocated to Teemu the Workman is sitting idle and suggests it could be handed over to Samuli the Cleaner for the day, as he’ll need it soon for the final cleaning anyway. The AI makes the necessary changes regarding the use of the rented equipment and ensures that machinery doesn’t sit idle on the site. Tiina the Foreman notices that the AI estimated the cost of Matti the Painter’s absence based on a full day and dictates to the AI: “Use a half-day absence for Matti’s cost estimate.” The AI makes the correction and updates the calculations again.  The sharpest among you will surely notice that in this example, the value isn’t in the Admicom AI app’s code, nor even in the complex backend software code. The value comes from the data Admicom controls and a very deep understanding of the construction industry. A moat begins to form on top of the collected data, which allows for increasingly better predictions of how a change affects an individual site’s schedule. How do you, as a competing AI player, compete with that? The winner will be whoever can best predict and manage these minute site changes, and that will be the one with the best data. During the upcoming info session, we might get more clues as to whether Admicom has truly woken up to AI and if the realities have been recognized. The best-case scenario is that Admicom emerges from this as an even stronger AI leader for the construction industry, where the aforementioned use cases are made possible for the customer. The worst-case is that Admicom hasn’t internalised the opportunity brought by AI, and some future AI-native competitor comes along and takes its place.

Yeah, I agree, plans for acquisitions are the most likely reason why they aren’t buying back their own shares. It could also be the reason why insiders haven’t been trading lately. But in my opinion, buybacks should be on the table as an option, especially when trying to reassure investors. The attractiveness of the stock for acquisition purposes also weakens as the share price falls, if the stock were to be used for M&A financing. Strategically, it would of course be a blow if the company retreated from the M&A path, but if the choice is between, for example, a large and expensive acquisition vs. share buybacks, I would personally vote for the latter (always depending on the valuation, of course). As an investor/owner, I think it’s important to consider these things, which is why it’s good to poke the hornet’s nest every once in a while and remind them that we’re keeping a close watch .

Ok, the general fear of AI disruption is so palpable that it makes sense to hold an event even if there hasn’t been anything company-specific. It’ll be good next week to hear the views of those who understand Admicom’s business best regarding the topic and its impacts on their business, so we don’t have to navigate the market based on gut feelings like many are doing right now.

I haven’t heard of any company-specific rumors circulating about Admicom regarding AI disruption. This event sort of sets the rumors in motion in that regard. That’s perhaps what I meant, even if I didn’t phrase it very well.

I agree. Share buybacks aren’t always the best option. Of course, the company is likely aware that capital could also be allocated to buybacks, but on the other hand, if SaaS valuations are coming down anyway, there may be opportunities on the M&A front, which is when it’s good to have cash on hand.

I don’t really believe that Admicom would start buying back its own shares for cancellation yet, while at the same time the company is expected to—and aims for—organic and partly also inorganic growth. All the money spent on buybacks would be taken away from growth investments. After all, the dividend payout was just adjusted downwards to accelerate growth by increasing the amount of capital remaining to be invested in the business. Starting share buybacks would counteract this goal. Many Finnish companies have similar authorizations in place, but they are rarely used in full (excluding the likes of Sampo and Nordea + a few other exceptions); often, some small buyback round is conducted to acquire shares for management bonuses.

If a company-specific negative rumor was circulating about a listed company that had significantly lowered the share price, and the company decided to hold a press conference to debunk the false rumor, would you interpret that as also being a bit like admitting there’s some truth to the rumor?  Or then the board has this view, and with the recent share price drop, starting buybacks is currently in the works.  Or then there’s a view that even more value is created in some other way.  Or then…

Admicom

Admicom will host an information session on Thursday, 26 February at 11:00 am EET to address market concerns about the future of SaaS companies and to share Admicom’s perspective on the impact...

Admicom will host an information session on Thursday, 26 February at 11:00 am EET to address market concerns about the future of SaaS companies and to share Admicom’s perspective on the impact of artificial intelligence on business.The event will be held in English and can be followed at: <a href="https://admicom.events.inderes.com/saas-webinaari/register">https://admicom.events.inderes.com/saas-webinaari/register</a>CEO Simo Leisti and CFO Satu Helamo will be happy to answer questions after the presentation.The presentation materials and a recording of the webcast will be made available on Admicom's investor pages after the event.<div>Admicom Oyj&nbsp;Additional information:Satu Helamo CFO <a href="mailto:satu.helamo@admicom.com">satu.helamo@admicom.com</a> +358 45 633 7710Simo Leisti CEO <a href="mailto:simo.leisti@admicom.com">simo.leisti@admicom.com</a> +358 40 059 0511Approved advisor:Oaklins Finland Ltd +358 9 612 9670Admicom OyjFounded in 2004, Admicom is a pioneer in digitalisation of the construction industry. We utilise our expertise by developing software solutions covering the entire construction value chain as well as services supporting our customers' operations. Our understanding of the operating methods and digitalisation needs of the construction industry is strong, and our goal is to significantly enhance the productivity and quality of operations in the construction industry through our software.Our ERP solution offers the construction industry the only comprehensive solution in Finland that serves the management of companies' operations, finances and projects through one seamless solution. Our project management product suite provides industry-leading solutions for managing the entire lifecycle of a building.Our company has around 300 employees in Finland, in Jyväskylä, Helsinki, Tampere, Oulu, Seinäjoki and Turku, as well as in our office in Tartu, Estonia. More information:&nbsp;<a href="http://www.admicom.com/">www.admicom.com</a>.Admicom's press releases and financial reports:&nbsp;<a href="https://investors.admicom.fi/releases-and-reports/">https://investors.admicom.fi/releases-and-reports/</a>Images and logos for publications are available in&nbsp;<a href="https://www.admicom.com/media-bank">Admicom’s media bank</a>.</div><div>&nbsp;</div>