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Research

Digital Workforce: More profitable strong growth ahead

By Joni GrönqvistAnalyst
Digital Workforce
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Digital Workforce's net sales grew strongly in line with our expectations in Q4. The result clearly exceeded our estimates supported by reported efficiency measures. The company also unexpectedly gave a guidance for 2023 and issued new, more realistic medium-term targets. We expect growth to continue as strong and with the rapid profitability turn and earnings focus, we again raised our earnings estimates clearly. We feel the share's valuation remains very attractive from a number of angles (2023e EV/S 1.1x, SOTP 5.6 and DCF 8.1), particularly considering the profitability turnaround.

Digital Workforce is a service provider specializing in industrial-scale process automation services. The company's service offering covers the entire intelligent automation lifecycle: design and consulting, development and deployment, cloud-based platform, support and maintenance, and further development. The company offers services and solutions to customers in various industries, including finance, healthcare, industry, logistics, and various public actors.

Read more on company page

Key Estimate Figures28.02.2023

202223e24e
Revenue25.530.236.2
growth-%13.9 %18.6 %19.8 %
EBIT (adj.)-1.30.82.4
EBIT-% (adj.)-5.0 %2.7 %6.5 %
EPS (adj.)-0.150.060.19
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.41.613.6
EV/EBITDAneg.11.34.0

Forum discussions

Bro, I was just about to come and wonder if this wasn’t a wildly good investment, but I’m not wondering so much anymore, thanks to your post...
6 hours ago
by Sijoittaja-alokas
3
I’ve been following DWF with half an eye for a while, as this activity raises so many questions about what the goal is. A while ago, ambitious...
18 hours ago
by Karhu Hylje
7
New strategic partnership for the insurance sector: Inderes Sisäpiiritieto: Digital Workforce ja Davies ovat solmineet strategisen... 20.2.2026...
18 hours ago
by Karhu Hylje
9
A fresh report from Joni regarding the financial results: We reiterate our Add rating for the share and a target price of EUR 3.2. Digital Workforce...
yesterday
by Karhu Hylje
10
Joni interviewed Digital Workforce CEO Jussi Vasama regarding Q4 Inderes Digital Workforce Q4'25: Kannattava kasvu jatkui - Inderes Aika: 18...
2/18/2026, 12:53 PM
by Sijoittaja-alokas
10
By the way, they could have used the dividend amount to buy out the shares of the weak hands. A share buyback via a tender offer would have ...
2/18/2026, 10:41 AM
by Mainari
4
Here are Joni’s quick comments on the Q4 results. Digital Workforce announced its 2025 financial statements this morning. Revenue grew strongly...
2/18/2026, 9:56 AM
by Sijoittaja-alokas
1
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