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

Joonas Korkiakoski

Boreo creates value by owning, acquiring and developing small and medium-sized companies in the long-term. Boreo's business operations are organized into two business areas: Electronics and Technical Trade. Boreo's primary objective is sustainable long-term profit generation. The business model is based on the acquisition and ownership of entrepreneurial companies. The profits generated are re-invested back to operations or to acquisitions with attractive expected returns on capital.

Great points! The cultural aspect is definitely an essential part of every company’s identity. To clarify my previous point, these administrative centralizations are not intended to direct business operations or, especially, company culture, but rather to support and enable them. At their best, these measures bring resource efficiency and support, allowing employees to focus more on their core tasks. Small and medium-sized enterprises (SMEs) rarely have deep expertise in all areas of business, such as ICT-related matters, the importance of which is constantly increasing in efficient operations. SMEs often spend a lot of time and resources on these things, and that is where savings and efficiency gains are frequently found. This is just one example. Of course, it is good to remember that these actions also require capability and discretion to ensure the core philosophy remains intact.

Boreo’s current decentralized operating model is the complete opposite of a centralized model. Yes, some efficiency gains are certainly lost on the bottom line in a decentralized setup, but this model ensures the preservation of each acquired company’s own culture and thus reduces risk in acquisitions. In my opinion, the cultural aspect is important when attracting more companies under Boreo’s umbrella. A new company can continue with its own model as long as it meets the financial metrics set by the parent company. The parent company, for its part, wants to focus as much as possible on capital allocation rather than running these companies. If Boreo were to suddenly change the model to a more centralized one, it would be a confusing move for me, and that last bit of being a serial acquirer would be lost.

Boreo needs to centralize its administrative functions more into a group-wide model to achieve greater synergies and savings and to enable more profitable growth. Hopefully, the new Group CEO will implement this, unless the main owner exerts too much control.

In December, the momentum only strengthened as industry grew by 4.1% compared to last year and construction by a whopping 11.8%. Management comments last time (Q3) stated that industrial demand had already improved, but demand on the construction side remained sluggish. Now, perhaps a clearer change for the better has been achieved in that field as well for Q4. The starting point for this year is indeed interesting, especially since the major investment phase in Delfin should also be starting to wrap up.

Boreo’s updated comprehensive report is available to read here.                   Inderes              Boreo laaja raportti: Sarjayhdistelyn jatkuminen nojaa tuloskasvuun - Inderes    Boreo on yhtiö, joka pyrkii luomaan arvoa hankkimalla ja pitkäjänteisesti kehittämällä laadukkaita, ennustettavia ja pääomakeveitä B2B-liiketoimintoja sekä uudelleensijoittamalla näiden tuottamia kassavirtoja. Vuosi 2024 oli yhtiölle tuloksellisesti...

Here’s an example for many others too, if one believes in the company, let’s take a slightly more generous view:                   Inderes              Boreo Oyj - Johdon liiketoimet – Tuomas Kahri Holding Oy - Inderes    Boreo Oyj - Johdon liiketoimet – Tuomas Kahri Holding OyBoreo Oyj Johdon liiketoimet 18.12.2025 KLO 13:05____________________________________________IlmoitusvelvollinenNimi: Tuomas Kahri Holding...

Now also positive figures from the construction sector. https://forum.inderes.com/t/porssien-suunta-osa-3/42502/5761?u=karhu_hylje The business cycle situation is rapidly improving in Boreo’s operations. It’s a shame that the change in management now adds a bit of uncertainty. Boreo, by the way, has now discontinued SEB’s coverage. The reason is probably that they previously took on Redeye’s coverage as new.

Boreo

Boreo published its Q2 report on Thursday that operatively was nearly fully in line with our expectations. The company's businesses were in good shape and despite external challenges, financial...

<p>Boreo published its Q2 report on Thursday that operatively was nearly fully in line with our expectations. The company's businesses were in good shape and despite external challenges, financial performance is solid. The share’s valuation has risen but relative to the convincingly progressing acquisition strategy and the longer-term value creation potential it includes we do not consider the price to be too high. Thus, we consider the annual risk adjusted return expectation to still be sufficient. </p> 

	2020	21e	22e
Revenue	97.6	138.2	155.1
growth-%	63.0 %	41.6 %	12.2 %
EBIT (adj.)	5.9	9.7	12.4
EBIT-% (adj.)	6.0 %	7.0 %	8.0 %
EPS (adj.)	1.50	2.45	3.28
Dividend	0.40	0.44	0.48
Dividend %	1.4 %	3.2 %	3.5 %
P/E (adj.)	19.6	5.5	4.1
EV/EBITDA	15.1	4.7	3.5

Boreo: Solid attacking game

Key Estimate Figures06.08.2021

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