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

Joni Grönqvist

Netum Group operates in the IT sector. The company specializes in the development of software solutions. The software is developed in-house and is mainly used for design and implementation of software, management and monitoring of information systems, cybersecurity solutions and IT management. The customers consist of corporate customers in several sectors. In addition to the main business, various value-added services are offered. The largest operations are in the Nordic region.

Joni has written a new company report on Netum following the Q4 release  We reiterate our Reduce recommendation and EUR 1.1 target price for the share. Overall, the Q4 report was well in line with our expectations. Revenue is weighed down by large completed projects that have not yet been replaced despite good sales. Last year, Netum implemented several changes to adjust its structure and lay the foundation for profitable growth. However, there is still uncertainty regarding the timing and trajectory of the earnings turnaround, although the sales situation appears more positive. Thus, the risk-reward ratio of the share does not quite encourage jumping on board just yet (2026-27e EV/EBITA and P/E are ~11-9x). Quote from the report:  Netum commented that sales went well at the end of the year and in early 2026. In Q4, the company won more contracts than in H1’25 combined, which is naturally positive. However, based on our understanding, this will not be enough to turn things back to growth as early as H1’26. Thus, it remains critical for the company to continue succeeding in sales to break the revenue decline and get back on a growth path. The company commented that its pricing and ability to win deals improved significantly towards the end of the year. This is because the company has adapted to the market situation and compromised on its previously high margin levels, which has then facilitated the pick-up in sales.                    Inderes              Netum Q4'25: Tarkkailemme paikkaa hypätä jälleen kyytiin - Inderes    Netum toteutti viime vuonna useita muutoksia, joilla sopeutettiin rakennetta ja luotiin pohjaa kannattavalle kasvulle.

CEO Repe Harmanen was interviewed by Joni regarding Q4                    Inderes              Netum Q4'25: Päättyneet projektitoimitukset painoivat liikevaihtoa - Inderes    Aika: 10.03.2026 klo 12.40 Netumin liikevaihto laski odotetusti Q4:llä, johtuen suurten projektien loppumisesta ja heikosta markkinatilanteesta.                             Topics: 00:00 Introduction  00:11 ”Year of transformation”  01:30 Impact of completed projects  03:17 Sales outlook  05:34 Cost savings  07:53 Steps for the future  09:59 Guidance and key assumptions

Here are Joni’s quick comments on Netum’s Q4 results.  Netum released its financial statement this morning, which was largely in line with our expectations. Revenue decreased significantly as predicted, driven by the completion of large projects. Profitability was weak, driven by the decline in revenue. The company carried out new change negotiations again early in the year, which reflects the difficulty of the situation and supports profitability this year. However, it was positive that sales picked up at the end of the year, which is important to see continue. The company’s guidance was also well in line with our estimates, so we do not see a major need for changes to our forecasts.                   Inderes              Netum Q4’25 -pikakommentti: Hyvin odotettu raportti - Inderes    Yhtiön ohjeistus oli myös hyvin linjassa ennusteisiimme, joten suurempia muutostarpeita emme näe ennusteissamme.

Joni has prepared a pre-earnings report on Netum, which will release its Q4 results on Tuesday, March 10.  The IT services market has remained difficult in Q4. We expect the company’s revenue decline to have continued strongly at the end of the year as a result of a decrease in the workload of large projects and cost-saving pressures in the public sector. We estimate that profitability remained at a low level, weighed down by weak utilization rates. The company conducted new change negotiations (muutosneuvottelut) at the beginning of the year, which reflects the fact that the market situation has remained challenging, and because of this, we have slightly lowered our forecasts. We estimate that the company will guide for revenue to continue declining in the current year, but there is uncertainty regarding profitability guidance, as well as the potential dividend. We are following signs of a potential earnings turnaround with interest. The valuation profile of the stock is relatively neutral considering the earnings potential and the uncertainty of a turnaround. We reiterate our Reduce recommendation and lower the target price to 1.1 euros (prev. €1.25).                   Inderes              Netum Q4'25 -ennakko: Seuramme merkkejä tuloskäänteestä vuonna 2026  - Inderes    Netum julkaisee tilinpäätöstiedotteensa tiistaina. Arvioimme yhtiön ohjeistavan liikevaihdon edelleen laskevan kuluvana vuonna, mutta kannattavuusohjeistukseen liittyy epävarmuutta.

Here are Antti’s comments as Netum begins change negotiations. Netum announced on Monday that it is initiating change negotiations in its subsidiary Netum Oy (Netum Solutions business area). The goal of the negotiations is to adjust personnel costs to match the current level of the 2026 order backlog, targeting savings of approximately EUR 1 million for 2026. The news did not come as a major surprise given the company’s previous comments on the market situation, but it reinforces our view of a challenging operating environment next year, especially in the public sector. We will review our forecasts for the company at the latest in connection with the publication of Netum’s Q4 report.                   Inderes              Netum aloittaa muutosneuvottelut heikentyneen tilauskannan vuoksi - Inderes    Uutinen vahvistaa näkemystämme ensi vuoden haastavasta toimintaympäristöstä erityisesti julkisella sektorilla.

Since no other comments are seen or heard, I must state that Netum’s performance is quite regrettable. It is, of course, difficult for all IT service companies, but here it has come crashing down. Hopefully, a turnaround can be achieved soon.

Joni has prepared a company report on Netum after Q3.   We reiterate our Reduce recommendation for Netum’s stock and lower the target price to 1.25 euros (previously 1.4 €), reflecting changes in forecasts. Q3 was softer than our expectations. Unfortunately, there is no significant positive turnaround in sight in the market, which makes crucial new sales challenging. The continuous decline in revenue threatens to diminish the effectiveness of efficiency measures, and there is clear uncertainty regarding the timing and magnitude of the earnings turnaround. In our view, the stock is correctly priced (2025-26e EV/EBITA ~9.5x).                   Inderes              Netum Q3'25: Epävarmuus on oikein hinnoiteltu - Inderes    Q3 oli odotuksiamme pehmeämpi. Markkinassa ei valitettavasti ole suurempaa positiivista käännettä näköpiirissä, mikä tekee tärkeästä uusmyynnistä haastavaa. Liikevaihdon jatkuva lasku uhkaa viedä tehostamistoimilta tehot, ja tuloskäänteen ajankohtaan...

Netum Group

Q1 oli operatiivisesti hyvä ja sektoria parempi suoritus. Lisäksi markkinakommentit olivat varovaisen positiiviset. Ennustamme maltillista ja sektoria parempaa kasvua sekä selvää kannattavuus-parannusta vuonna 2024. Ennusteillamme arvostuskuva (2024 EV/EBIT 8x ja P/E 12x) on edelleen houkutteleva.

<p>Q1 oli operatiivisesti hyv&auml; ja sektoria parempi suoritus. Lis&auml;ksi markkinakommentit olivat varovaisen positiiviset. Ennustamme maltillista ja sektoria parempaa kasvua sek&auml; selv&auml;&auml; kannattavuus-parannusta vuonna 2024. Ennusteillamme arvostuskuva (2024 EV/EBIT 8x ja P/E 12x) on edelleen houkutteleva.</p>

	2023	24e	25e
Revenue	37.1	45.2	46.1
growth-%	27.2 %	22.0 %	1.8 %
EBIT (adj.)	2.8	4.7	4.8
EBIT-% (adj.)	7.4 %	10.3 %	10.4 %
EPS (adj.)	0.16	0.23	0.29
Dividend	0.00	0.14	0.16
Dividend %		13.6 %	15.5 %
P/E (adj.)	16.7	4.4	3.6
EV/EBITDA	16.1	3.7	3.3

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Key Estimate Figures07.05.2024

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