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

Foamit Group takes in and process glass to be recycled, and manufacture foam glass from the sidestreams of glass recycling. The received glass is also recycled as glass chips, glass powder and glass sand for industrial purposes. Group comprises companies Uusioaines Oy, Hasopor AB, and Glasopor AS, which operate in Finland, Sweden, and Norway.

Ville Arffman has written his analysis of Foamit following Q4.   Foamit expects the construction cycle to continue to be challenging also in 2026. According to the company, the building construction market has not shown signs of recovery. The market situation for infrastructure construction appears more positive and has growth potential, according to the company. Although Foamit did not provide earnings guidance, the short-term demand outlook appears reasonably good due to strengthened order and tender backlogs (order backlog +28.0 percent, tender backlog +21.1 percent).   Note IR-tracking is SalkunRakentaja and Sijoittaja.fi’s corporate partners’ channel for background and analytical articles, as well as other interesting investor information. The article is part of a commercial cooperation with the company. The article does not contain investment recommendations.                   Sijoittaja.fi – 16 Feb 26              Analyysi: Foamit paransi kannattavuuttaan - mittavat investoinnit tukevat...    Foamit raportoi vuoden 2025 toiselta puoliskolta vahvat tulosluvut. Vankka tilaus- ja tarjouskanta sekä investoinnit luovat hyvät lähtökohdat kasvulle.

Here is the company report from Tommi following H2  Despite the revenue falling short of forecasts, Foamit’s financial statement release turned out to be on the positive side compared to our expectations, as the order backlog and profitability developed better than we anticipated. Reflecting these factors, our earnings forecasts rose slightly. In our estimation, the company’s strong earnings growth trajectory, supported by investments in the coming years, is priced into the stock in a balanced manner. Quoted from the report: The balance sheet still has firepower for investments The balance sheet weakened significantly during the year due to investments: moving from a net cash position of EUR 10.2 million at the end of 2024 to a net debt of EUR 7.8 million. However, net debt/EBITDA settled at 1.3x, which is at a manageable level, and the equity ratio of 62% remains strong. With this balance sheet position, we estimate the company has approximately EUR 10 million in firepower for investments in line with its growth strategy, the next of which on the list is the Reiling/Veriso arrangement announced at the end of 2025.                   Inderes              Foamit H2'25: Väläytys kannattavuuspotentiaalista - Inderes    Liikevaihdon ennustealituksesta huolimatta  Foamitin tilinpäätöstiedote kääntyi odotuksiimme nähden positiivisen puolelle tilauskannan ja kannattavuuden kehityttyä odotuksiamme paremmin.

Tommi interviewed Foamit’s CEO Erja Sankari regarding the H2 report                    Inderes              Foamit H2'25: Vahva tulosparannus - Inderes    Aika: 13.02.2026 klo 15.38 Laskeneesta liikevaihdosta huolimatta Foamitin tulos parani vuoden takaisesta selvästi. Liikevaihtoa painoivat toimitusten ajoitukset sekä kausivaihtelu, kun taas kannattavuutta tukivat tuotantotehokkuuden paraneminen sekä...                             Topics: 00:00 Introduction  00:14 Highlights for the full year and H2  01:55 Drivers behind the revenue and profitability development  04:17 Order and tender backlog  05:46 Outlook for 2026  06:57 Letter of intent (LoI) with Reiling  08:03 Cost structure  10:05 Dividend proposal and investments

Hi, good questions! Is the city as an owner similar to the state? In my opinion, the City of Oulu is a different kind of owner in this context compared to the state. State holdings are fundamentally strategic: the state’s interest is to keep a Finnish airline and a Finnish energy company in Finnish ownership. This involves interests other than purely financial ones. Furthermore, Oulu has classified its ownership in Foamit as non-strategic. Thus, they are ready to divest when the price is right, and the ownership is primarily viewed from the perspective of creating shareholder value. Of course, this owner also has other interests perhaps higher on the priority list than another type of owner (regional vitality, environmental factors). This is supported by Foamit’s strategy, which focuses on the circular economy, as well as the ownership in the Nordic Option private equity fund, which describes itself as follows:  “We are a private equity fund in the form of a limited company, focusing our investments on small and medium-sized growth-stage companies primarily in the Northern Finland region. We look for investment targets that have good proven growth and significant growth prospects.”*  We forecast depreciation to increase to over EUR 5 million following investments made in the 2025 financial year. In our 2028 forecasts, a revenue of EUR 56 million and an EBITDA margin of 16% would translate into an operating profit/EBITA margin of approximately 7%. We expect the investment pace to be more moderate than this (just over EUR 4 million annually). Thus, we expect the cash flow to be slightly better than what the operating profit (EBIT) or EBITA would suggest. This could favor using EBITDA as a financial target. I cannot provide more detailed background on the company’s choice regarding this, but let’s add it to the list of questions. A gross margin of 50% is a good level for a construction products company. LapWall’s gross margin has been around 40% in recent years. LapWall, on the other hand, closes the gap with a low other cost structure and a significantly smaller balance sheet, which has lifted LapWall’s return on capital to a different level compared to Foamit (2025 LapWall ROIC over 15% on average in recent years and Foamit under 5%, although the normalized level is somewhat difficult to calculate due to structural changes). Generally regarding the realism of the financial targets: organically, I don’t see the company reaching close to EUR 100 million, meaning achieving the revenue target will require acquisitions. I see no direct obstacles to margin improvement, but visibility into positive margin drivers is still quite limited for now.

Here are the preview comments from Tommi as Foamit releases its H2 results on Friday, February 13.  We expect the company’s performance in the latter half of the year to have been stronger than in the beginning of the year, driven by a growing order backlog. Key points of interest in the report include the guidance, order backlog development, and the dividend level, which we believe provides an indication of the amount of capital required to execute the strategy in the coming years. We converted our forecasts to IFRS format, and other forecast changes were minor adjustments. Due to the tight valuation outlook for the coming years, the risk-reward profile remains lackluster, so we reiterate our Reduce rating and update our target price to EUR 0.90 (prev. EUR 0.85).                   Inderes              Foamit H2'25 -ennakko: Kookkaat investointihankkeet ovat maalissa - Inderes    Muutimme ennusteemme vastaamaan IFRS-raportointia.

Foamit has started to interest me, and I now own a slice of it. The product is, as I understand it, quite good. Foam glass is circular economy in construction at its best. Waste streams are used to manufacture a technically excellent product. Foam glass can be used in similar applications as Leca gravel, which has been known and used in the industry for 70 years. To my surprise, the price of foam glass is in the same range as Leca gravel. A cubic meter bag from K-Rauta is about €230 for both. I can’t say about the price differences for full truckloads. Does anyone have an idea in which property foam glass would clearly lose out to Leca gravel? I’m trying to figure out why foam glass wouldn’t take market share from Leca gravel. A few questions about the company that arose while reading the initiation report and getting to know the company. @Tommi_Saarinen   The City of Oulu is the largest owner. How should this be viewed? Is a city as an owner similar to the state?   Why is EBITDA reported instead of operating profit? Isn’t EBITDA “bullshit earnings”? What could the company’s 2028 target of 20% EBITDA correspond to in terms of EBIT %?   In my opinion, Foamit has a lot in common with LapWall. A technically good product that aims to take market share from an alternative way of building (Leca gravel). The price is competitive and the product’s eco-friendliness provides an advantage. There is room for improvement in brand awareness. Both are building product companies whose operations are based on modern factories. Foamit’s gross margin is 50%, while LapWall’s is 35%. Isn’t that 50% gross margin really good for a building product company?   I’m mainly trying to figure out whether those 2028 targets for the company are realistic or not. Currently, in summary, Foamit appears as follows in my own thoughts:  Good product and good gross margin Plenty of growth drivers Valuation is somewhat tight(?) in the short term, but the horizon is several years away. The transition from Partnera to a building product company muddies the picture.

Here are Tommi’s comments as Foamit transitions from national FAS accounting to international IFRS reporting.  Foamit Oyj’s transition to international IFRS reporting is a strategically justified step that supports the company’s internationalization goals and improves the transparency of investor communications. While the change technically improves reported earnings figures, it does not significantly affect the company’s cash flow or the basis of its valuation. We will update our forecasts to IFRS format no later than in connection with the H2’25 preview commentary.                   Inderes              Foamit siirtyy kansainvälisten kirjanpitokäytäntöjen piiriin - Inderes    Muutos kohentaa raportoituja tuloslukuja vain teknisellä tasolla

Foamit

Over the past few years, Partnera has started to build a business group that promotes a sustainable development based on M&A transactions. We expect sustainable development trends to support the growth of Partnera’s current operational subsidiaries in coming years.

<p>Over the past few years, Partnera has started to build a business group that promotes a sustainable development based on M&amp;A transactions. We expect sustainable development trends to support the growth of Partnera’s current operational subsidiaries in coming years. In addition, we expect the company to allocate its non-strategic capital to new strategic targets in the medium term, with the potential to further accelerate earnings growth. Considering this favorable view, we consider the share’s return expectation to be good. </p> 

	2020	21e	22e
Revenue	31.1	81.7	115.6
growth-%	36.4 %	162.8 %	41.4 %
EBIT (adj.)	5.7	7.2	11.7
EBIT-% (adj.)	18.3 %	8.8 %	10.1 %
EPS (adj.)	0.12	0.17	0.25
Dividend	0.11	0.10	0.10
Dividend %	5.7 %	11.6 %	11.6 %
P/E (adj.)	15.8	5.2	3.5
EV/EBITDA	4.9	4.9	2.9

Partnera: In construction gear

Key Estimate Figures12.12.2021

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