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
    }
  }
}


koskisen-toward-better-times-low-valuation

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Head of Research

Antti Viljakainen

Koskisen is active in the forest industry. The company specializes in the manufacture and distribution of industrial wood products. The company's product portfolio is broad and mainly includes wood products such as sawn wood, plywood, chipboard, and veneer. The business is run via various business segments and the customers can be found in a number of industries around the global market. The largest presence is found in Finland. The company was founded in 1909 and has its headquarters in Järvelä, Finland.

Here are the timed topics for the ROAST: 00:00 Jukka Pahta 01:34 Koskisen 02:30 Why Koskisen 03:50 Koskisen as an investment 06:10 Can the sawmill business be good 09:20 How Koskisen stands out 12:00 Investment dynamics 14:30 Product development 16:10 Why not buy at market price 17:10 Scale 20:00 Finnish wood 23:15 Degree of wood processing 27:00 15% EBITDA target 35:00 Bark beetle 37:04 Why EBITDA 38:20 ROCE 42:00 500 MEUR target 43:48 Finnish construction market

Reminder, ROAST starts soon, i.e., around 2:00 PM                    Inderes              ROAST Koskisen 17.11.2025 - Inderes    Aika: 17.11.2025 klo 14.00 Kieli: fi Koskisen toimitusjohtaja Jukka Pahta saapuu Pulkkisen vieraaksi ROASTiin.

Here is an equity report from Viljakainen after Koskisen’s Q3.  Koskisen’s Q3 report was a disappointment in terms of results, but this was partly due to one-off factors, and forecast changes for the coming years ultimately remained quite small. In our view, Koskinen has clear earnings growth potential in the coming years as the construction cycle gradually recovers and the company’s significant investments of recent years reach their cruising altitude. However, we believe this has already been baked into the stock price with over 30% increase this year, which is why the stock’s return expectation for a 12-month horizon remains around the required rate of return. Quoted from the report: Financial position remains strong Koskinen’s net gearing ratio was a reasonable 25% at the end of Q3 (Q3’24: net gearing ratio 8%). Thus, in our opinion, the company’s balance sheet is in good condition, even though significant capital has been allocated to implementing the growth strategy in recent years due to the acquisition of Iisveden Metsä and recent investments. Investments also continue, especially in the Panel Industry and the drying capacity of Järvelä’s new sawmill, but the pace of organic investments is likely to be slowing down.                   Inderes              Koskisen Q3'25: Suunta on nousujohteinen Q3:n ohipelistä huolimatta - Inderes    Toistamme Koskisen 9,00 euron tavoitehintamme ja vähennä-suosituksemme. Koskisen Q3-raportti oli tuloksellisesti pettymys, mutta taustalla oli osin kertaluonteisiakin tekijöitä ja ennustemuutokset lähivuosien osalta jäivät lopulta melko vähäisiksi....

Antti interviewed Koskinen’s CEO Jukka Pahta regarding Q3                    Inderes              Koskisen Q3'25: Hiljainen kvartaali - Inderes    Aika: 14.11.2025 klo 18.36 Koskisen liikevaihto kasvoi kausiluonteisesti hiljaisella Q3:lla 24 % matalasta vertailuluvusta. Koskisen oikaistu käyttökate kuitenkin putosi vertailukaudesta. Puun markkinahinnoissa nähty lasku helpottanee hieman yhtiön...                             Topics: 00:00 Introduction  00:10 Q3 development  02:31 Production challenges  04:09 Inventory write-down  05:07 Demand in the logistics sector  06:26 Iisveden Metsä integration  09:25 Impact of tariffs  12:09 Koskinen does not focus on the United States  13:08 Construction  15:50: Raw timber price has come down from peaks  19:27 Increasing wood reserves  20:35 Briquette production started  22:06 Priorities for next year

Otherwise, surveys would provide valuable data, but since these surveys are usually conducted using the (e)NPS loser metric, which tells nothing about employee satisfaction, the figure is practically useless. The mathematics behind NPS figures were disproven over 10 years ago, but it is still seen everywhere in business arenas filled with animal spirits and kitchen psychology. https://businessoverbroadway.com/2018/05/07/data-science-reveals-three-problems-with-the-nps-dogma/ For example  6,6,6,6,6,6,6,6,10,10  And  0,0,0,0,9  Give the same eNPS result.

Companies often report employee satisfaction in their massive annual reports. Koskinen’s eNPS in 2024 was 4, which probably isn’t very good, though not a bad figure either.  https://storage.mfn.se/e51e728a-12

Most of the growth is due to increased volumes, which naturally raises material and service costs in the manufacturing industry. The disproportionate increase in material and service costs was likely driven especially by the revenue’s emphasis on the lower-margin Sawmilling industry (incl. the acquisition of Iisveden Metsä) and the rise in log prices. Koskisen presumably used inventories purchased at higher than current prices during the beginning of the year. Koskisen’s Q3 figures were undeniably weak compared to the reference period and expectations, even if the impact of that write-down were to be excluded. The comment is here and the webcast starts soon here.

Koskisen

Koskisen’s Q4 report was broadly in line with our expectations, although we added some safety margin for profitability to our 2024 forecasts. In the current situation, the share cannot be priced at particularly high multiples, but the valuation is very moderate, especially on EV basis despite the short-term estimate cuts.

<p>Koskisen’s Q4 report was broadly in line with our expectations, although we added some safety margin for profitability to our 2024 forecasts. In the current situation, the share cannot be priced at particularly high multiples, but the valuation is very moderate, especially on EV basis despite the short-term estimate cuts. Thus, we still find the share's risk/reward ratio attractive. </p> 

	2023	24e	25e
Revenue	271.2	294.2	322.3
growth-%	-14.6 %	8.5 %	9.6 %
EBIT (adj.)	24.4	18.6	22.4
EBIT-% (adj.)	9.0 %	6.3 %	6.9 %
EPS (adj.)	0.88	0.59	0.73
Dividend	0.30	0.32	0.32
Dividend %	5.0 %	3.6 %	3.6 %
P/E (adj.)	6.8	15.2	12.2
EV/EBITDA	4.4	7.2	5.9

Koskisen: Toward better times with a low valuation

Key Estimate Figures19.02.2024

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