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

Head of Research

Antti Viljakainen

LapWall operates in the building products industry with several factories. The company manufactures wooden wall and ceiling elements in factory conditions for construction companies. The product range includes several standard products that are delivered and installed by the customer. The company's market area is Finland. LapWall was founded in 2011 and its headquarters are located in Pyhäntä, Finland.

The ramp-up of LapWall’s Factory 3 is progressing in Pyhäntä. The first assembly line (cold roof element line) has been operational, and now the wall element assembly line has also been brought into production. The first 4.5-meter wall element package bound for a customer has been produced on the new line. The factory investment is progressing in stages according to the updated plan, and capacity is increasing in a controlled manner. Welcome to visit our new factory. Visits can be arranged by appointment, and a joint factory tour will be organized after LapWall’s Annual General Meeting on March 17, 2026. A video of the new line can be viewed in my LinkedIn post:                  linkedin.com              Tehdas 3, Pyhäntä – seinäelementtien kokoonpanolinja  Ensimmäinen 4,5 metrin...    Tehdas 3, Pyhäntä – seinäelementtien kokoonpanolinja  Ensimmäinen 4,5 metrin seinäelementtipaketti ulos uudelta linjalta.  Kun tarvitsette seinäelementtejä tai haluatte vierailla uudella tehtaallamme, olkaa yhteydessä.

OP reiterates BUY rating but lowers the target price from €5.10 to €4.90.  Although the full commissioning of the new factory is delayed by a few months, our view remains clearly positive: there is a direct earnings lever in the reduction of production unit costs and volume growth.

Good report, @Tommi_Saarinen. When considering the drivers of stock returns, this highlights well how strongly the earnings growth is already priced in. This is definitely worth a second thought in my own investment decision-making. And for the sake of clarity, I’ll state the most striking point to me: in Inderes’ forecast for 2027e, there is a +121% earnings improvement in the bottom line (net profit) compared to the 2025 result. And that only leads to roughly neutral multiples / a neutral valuation. Of course, one could argue that 2025 is an exceptionally poor comparison level. To be fair, even on my own back-of-the-envelope calculations a few years ago, a 10M EBIT felt like a very appropriate estimate and a realistic profit level, especially with @jarmot.pekkarinen’s Duracell-like energy. I can’t immediately form a view on whether it still feels that way  . In the big picture, I do believe in success, but its timeframe is hard to predict.

Updates after Q4                   Inderes              LapWall H2'25: Kapasiteetti kasvaa, mutta tuloskasvu odotuttaa - Inderes    Pyhännän suuren investoinnin valmistuminen venyy vuoden 2026 puolelle.                              LapWall’s financial statement release fell short of expectations due to the delay in commissioning the production line and sluggish Q4 sales. Reflecting these factors and a pricing environment that remains tighter than our expectations, we lowered our EBITDA forecasts. In our view, the elevated short-term risk level, combined with a valuation that we believe requires earnings growth, supports a cautious stance regarding the stock. Consequently, we reiterate our Reduce recommendation and EUR 4 target price.  And a more extensive premium version   https://www.inderes.fi/files/0cf59d55-3fab-4df7-a251-60a1ed874de9

I got the impression that deals have been taken in with lower-than-usual margins to secure those volumes. It keeps people employed and ensures at least some business is being done. Discounts are always an unfortunate thing. Once you lower the price level for a customer, it can be more difficult to raise prices back to the “right level” in the future. On the other hand, in the construction industry, people are currently quite satisfied with deals that result in either a break-even result or only a small loss. Compared to this, LapWall’s margin level is still very good. Personally, I paid attention to the CEO’s comments on the market, or rather the lack thereof. Statistics have shown a recovery in construction (albeit slow) in all categories, so I was expecting positive comments. If Jarmo reads the discussion here, I would love to hear more about the outlook for the construction industry and whether the expected growth has been visible in the field in any way.

Inderes              LapWall H2'25: Viivästys uuden tehtaan käyttöönotossa - Inderes    Aika: 10.02.2026 klo 16.41 LapWallin liikevaihto ylitti odotukset H2:lla vahvan tilauskannan ansiosta, mutta kannattavuus jäi ennusteista Pyhännän tehdasinvestoinnin ylösajokustannusten rasittaessa tulosta.                             I haven’t had time to listen yet. Great that we get CEO comments out so quickly!

I only had time to quickly read through the report; hopefully, the CEO’s interview will be released on InderesTV soon (if it’s coming)  . Key takeaways for me:   Signs of recovery in the market, but the atmosphere remains quite weak and cautious. Industrial, commercial, and public construction are gradually waking up, while residential construction is sluggish.   It seems they have managed to hold onto market share as revenue is growing well and the order book has also been replenished. Growth is organic, albeit slow.   The softness of the tender pipeline is slightly worrying (€58m vs. €65m last year). Does this foreshadow a soft H1?   Competition seems tight, and gross margins are weakening. The CEO has mentioned in webinars that competitors should gradually start exiting the field, as prices cannot be undercut indefinitely in the name of revenue. I hope this is temporary because, as the CEO said, “this is a volume business”. Now revenue rose sharply but operating profit fell, even though I understand these shouldn’t be inversely proportional. Of course, the investments in Pyhäntä had an impact.   My own belief is that market recovery is expected to happen faster than it actually will. I fear that during H2/26, we might realize that it hasn’t taken off yet. I am a shareholder, and I hope I’m wrong.

LapWall

We included the expected investment decision that LapWall sealed last week for the Pyhäntä unit in our forecasts. We expect it to create value for shareholders as profitable growth but expect the benefits to be clearly visible in the figures only from 2027 onwards. In the shorter term, we believe the stock will be driven by the development of the Finnish construction cycle in particular and the company’s earnings outlook for 2024-2025, which depends on it.

<p>We included the expected investment decision that LapWall sealed last week for the Pyhäntä unit in our forecasts. We expect it to create value for shareholders as profitable growth but expect the benefits to be clearly visible in the figures only from 2027 onwards. In the shorter term, we believe the stock will be driven by the development of the Finnish construction cycle in particular and the company’s earnings outlook for 2024-2025, which depends on it. </p> 

	2023	24e	25e
Revenue	41.9	45.2	53.8
growth-%	-20.2 %	7.9 %	19.0 %
EBIT (adj.)	3.9	4.7	6.9
EBIT-% (adj.)	9.4 %	10.5 %	12.8 %
EPS (adj.)	0.22	0.25	0.36
Dividend	0.13	0.13	0.15
Dividend %	4.2 %	3.3 %	3.8 %
P/E (adj.)	14.2	15.8	11.2
EV/EBITDA	8.3	9.8	7.3

LapWall: Seeds of growth were sown

Key Estimate Figures14.03.2024

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