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
    }
  }
}


digital-workforce-shifting-focus-growth-profitability

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Joni Grönqvist

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.

e18 Innovation (e18), part of the Digital Workforce Services (DWF) group, is delighted to announce a new partnership with NHS Humber Health Partnership (HHP), one of the largest healthcare providers in the NHS. Under this exciting new automation programme, e18 will deliver an ambitious outpatient transformation plan designed to free up more than 26,000 hours of staff time each year, and generate circa £1m of tangible financial savings over the three year contract.                   Digital Workforce – 28 Oct 25              e18 Innovation & NHS Humber Partner for Outpatient Automation    Explore e18 Innovation's partnership with NHS Humber Health Partnership, focusing on innovative automation to improve outpatient care and efficiency.         Est. reading time: 3 minutes

The market is still difficult. Public administration has retreated into a “roach mode” (ruutanamoodi), which is reflected in the gloom of several IT consultants. Next year doesn’t look better, but not worse either, because demand is already so low. Regarding agents, buyers have an abundance of choice. Various solutions are trendily sold as “agents,” which tends to confuse potential buyers. The situation was like a taxi stand at the main railway station at its worst, to put it a bit exaggeratedly. Promises are overly ambitious, but regarding replicable concepts, it’s quieter. Those in the Microsoft camp find it easiest to adopt one of the Copilot technologies, and other US giants offer similar plugin solutions. A difficult David vs. Goliath situation for DWF. So, I’m not putting on my buying pants (ostohousuja) yet. Some patient operator dreaming of cross-selling might buy DWF, but it’s difficult to justify purchases based on that card.

Joni and Frans have prepared a new company report following Digital Workforce’s Q3.  We reiterate our ‘add’ recommendation for the share and lower the target price to 3.7 euros (previously 4.30 €), reflecting reduced forecasts. Digital Workforce’s Q3 was slightly softer than our expectations. The turnaround in results has encountered some bumps this year and has progressed slower than we anticipated. However, we expect the company to grow organically better than the IT services market in the coming years, and for this growth to scale into profitability. In our opinion, the share’s valuation (2026e EV/EBIT 11x, sum of parts 4.6 €) is attractive. https://www.inderes.fi/research/digital-workforce-q325-kaanne-etenee-hieman-odotuksiamme-hitaammin

Digital Workforce’s CEO Jussi Vasama was interviewed by Iikka.  https://www.inderes.fi/videos/digital-workforce-q325-tulos-parani Topics 00:00 Introduction  00:15 Q3 highlights  01:27 Development of expert services  02:51 Recurring revenue was declining  03:46 Impact of cost savings on profitability  05:17 Development in different markets  08:50 Outlook for the rest of the year

In my eyes, the credibility of the management and financial targets was now definitively lost. There has been a strong sales pipeline for several quarters already, but it simply doesn’t show in the figures, and the management isn’t even interested in the stock.

@Joni_Gronqvist and Frans have given their quick comments on the morning’s result.  Digital Workforce, an IT service company specializing in automation utilizing software robotics, published a slightly weaker Q3 report than our expectations this morning. Revenue was at the previous year’s level and fell short of our expectations due to weaker development in recurring services. Adjusted earnings improved significantly from the comparison period, supported by cost savings and a better gross margin, but fell slightly short of our forecast. The company is behind last year in its guidance for the beginning of the year, but a fairly good outlook for the end of the year and an acquisition will, in our estimation, raise Q4 earnings and revenue significantly higher than last year. https://www.inderes.fi/analyst-comments/digital-workforce-q325-pikakommentti-jonkin-verran-alavireinen-kvartaali

Joni has given his preliminary comments as Digital Workforce publishes its Q3 results on IT Super Thursday.  Digital Workforce, an expert in automation utilizing software robotics, will publish its Q3 business review next week on IT Super Thursday, in the morning according to our estimate. We expect revenue development to have continued strong in Q3. We predict profitability to have improved significantly from the comparison period and slightly from the previous quarter due to cost savings. Additionally, we are keenly following the company’s comments on customer demand in different geographies. https://www.inderes.fi/analyst-comments/digital-workforce-q325-ennakko-odotamme-hyvaa-kasvua-ja-kannattavuusparannusta

Digital Workforce

Digital Workforce's revenue growth was well below expectations in H1, pressured by a mature market. However, the earnings level was in line with expectations. The company is now focusing primarily on profitability, which is logical in the current uncertain market environment. In the current market environment, we expect more moderate but profitable growth in the coming years. In our view, the valuation of the stock is attractive from several perspectives (2024e EV/S 1.1x, EV/EBIT 15x and DCF 6.7), especially given the unfinished profitability turnaround. 


<p>Digital Workforce's revenue growth was well below expectations in H1, pressured by a mature market. However, the earnings level was in line with expectations. The company is now focusing primarily on profitability, which is logical in the current uncertain market environment. In the current market environment, we expect more moderate but profitable growth in the coming years. In our view, the valuation of the stock is attractive from several perspectives (2024e EV/S 1.1x, EV/EBIT 15x and DCF 6.7), especially given the unfinished profitability turnaround.</p> 

	2022	23e	24e
Revenue	25.5	26.1	28.9
growth-%	13.9 %	2.6 %	10.4 %
EBIT (adj.)	-1.3	0.5	2.1
EBIT-% (adj.)	-5.0 %	2.1 %	7.4 %
EPS (adj.)	-0.15	0.05	0.17
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	57.1	18.4
EV/EBITDA	neg.	35.1	7.6

Digital Workforce: Shifting focus from growth to profitability

Key Estimate Figures23.08.2023

Forum discussions