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
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... 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
      researchContentUrl
    }
    ... 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

changedAt

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.

On Tuesday, there will be LapWall’s earnings live stream at 9:55, hosted by Tommi.

Here are Tommi’s pre-comments as LapWall releases its Q1 business review on Tuesday, April 21st  We expect revenue to have grown from the comparison period, driven by the order book. We predict profitability to have improved slightly from the previous year but to remain clearly below historical peak levels due to price competition and low production volumes. The report will focus on comments regarding the weakened construction market and any guidance the company might provide for 2026.                   Inderes – 14 Apr 26              LapWall Q1'26 -ennakko: Epävarmassa markkinatilanteessa huomio kiinnittyy...    Yhtiö on kertonut pyrkivänsä antamaan vuoden 2026 ohjeistuksen Q1'26-raportin yhteydessä.

A concise press release from Kerabit at the end of March:                   Kerabit              Kerabit lopettaa kattoelementtien valmistuksen - Kerabit    Jatkossa toimimme kattoelementtien osalta kumppanimme kanssa. Näin voimme edelleen tarjota toimivia kokonaisuuksia.                             Nordic Waterproofing Group, which owns Kerabit, acquired the now-closed Ylistaro factory in 2021. According to Fonecta’s figures, the unit’s revenue has been around 5–7 MEUR in the 2020s. This news is likely positive for LapWall in terms of the roofing element market’s competitive landscape becoming calmer. The press release also states that, going forward, operations concerning roofing elements will be conducted with a partner. In Finland, there aren’t many options for this, and in my opinion, it is very possible that a competitor has become a partner. It will be interesting to hear how Jarmo comments on the matter next week in connection with the Q1 report.

A good interpretation – exactly so. EPD calculation is based on a reporting period defined according to standards and on representative production and energy data, and not on directly allocating individual momentary conditions to individual products. This is the fundamental premise of the entire system and operates in the same way across the industry. Regarding factory 3, it has been a temporary solution related to the construction and commissioning phase. If changes occur in production that are significant for the overall picture, they will naturally be taken into account in subsequent EPD updates in accordance with standards. It is also important to look at the big picture: EPD covers the entire value chain from raw materials to logistics, production, and deliveries. The impact of a single factor, such as the heating method, is limited in relation to the whole. A key factor in this context is production efficiency. The new factory has been designed to be extremely energy-efficient, and its throughput, automation level, and material efficiency are clearly at a higher level than before. In practice, this means that energy consumption and emissions calculated per manufactured square meter are at a very low level. In other words, overall production efficiency and material efficiency determine the emission level much more than a single energy solution, especially in a situation where it is a temporary solution. The information provided to customers is always based on valid, third-party verified EPD declarations, and if necessary, it is supplemented on a case-by-case basis. This ensures that customers have compliant and usable information. Jarmo Pekkarinen  CEO, LapWall Oyj

What kind of house manufacturer is @herepo, that they specifically joined the forum for these questions? Welcome!

Hasn’t this already been answered there - the standard allows for appropriate averaging, and allocating the probably quite minor impacts of such a temporary solution to individual products during which they were in use is not necessary or required. Of course, if this were not just a temporary solution and the use during 2026 were to create a significant impact even on average, it would probably be taken into account in the next round of calculations? At least that’s how I read Jarmo’s answer - he should correct me if my interpretation is wrong.

So, can your answer be interpreted to mean that EPD calculations are based on a period when factory 3 was not yet included in the calculations because it was still under construction? And now that factory 3 is already manufacturing elements, are the EPD calculations for those elements using carbon emission figures from the previous reporting period, even though in reality, the EPD emissions from the production facilities are clearly higher due to oil heating? If so, don’t customers then have a misleading understanding of the EPD emissions of the elements delivered to them? When in reality, the production emissions have been higher than what the company’s provided and third-party verified data, found for example in the RTS EPD database, indicates. This information has piqued interest because January and February were particularly cold, and as the picture shows, an oil-heated thermal container is very much needed in cold weather. At the same time, Lapwall has published images on social media of various element deliveries that have been delivered from the new factory to customers. The question is, is there a risk or problem here from the perspective of customers and their end customers, or are EPD certifications merely indicative, and is heating a single factory with oil not significant for the EPD calculation of wooden elements?

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	15.9	11.3
EV/EBITDA	8.3	9.8	7.3

LapWall: Seeds of growth were sown

Key Estimate Figures14.03.2024

Forum discussions