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
    }
  }
}


qt-group-perfection-performance-and-valuation

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

QT Group is active in the IT sector. The group develops various development tools for the global market. The technology is based on QT technology and is used to develop multi-platform interfaces and associated applications. The services are used in, among other things, industrial robots, entertainment systems, and vehicle systems. Businesses are conducted on a global level and customers are found in the automotive and aerospace industries.

My doubts regarding competitors are largely based on speculation, so it’s perfectly fine to disagree with me on that. I think @Antti_Luiro provides an interesting assessment of Qt’s competitive landscape in the attached InderesTV video, which was published a couple of months ago. Of course, Luiro’s views aren’t nearly as pessimistic as mine, but my suspicions stem partly from my own caution, which then reflects on a company like Qt in such a way that my portfolio remains closed to the company. @Vilu already wrote well about what the core problem for Qt is from an investor’s perspective right now.

We are probably all on the same page anyway that QT’s valuation multiples are still those of a growth company, despite the decline. Companies with similar growth to QT this year are rarely seen with multiples like EV/EBIT 25.5 (adj. 19.9) and P/E 31.4 (adj. 22.5) (Inderes 2025e). For instance, for Huhtamäki, the corresponding multiples are roughly half of that. The market clearly still expects brisk growth from QT. Otherwise, the company wouldn’t be priced at a premium compared to mature, slow-growth companies. If the company doesn’t regain its growth momentum, I believe the share price still has room to even halve. If you believe the company will return to strong growth, then QT could certainly be a good investment. If, on the other hand, you believe the company’s performance will not improve sufficiently from this year, it might not be worth jumping in. Will they get back on a growth path next year, in 3 years, or never? It’s hard to say, as evaluating that growth potential is so challenging when you’re not personally immersed in the technology. The company’s targets and communication don’t exactly inspire confidence either, as they’ve had to walk back previous estimates.

I disagree with your assessment. There is no evidence of market share loss to any competitor. It could be that customers are doing more with less, which is a hypothesis that needs to be tested. The question is whether the stagnation is structural or cyclical. The board and/or management have clearly set unattainable goals, and this should serve as a warning for them to set conservative targets that can be achieved or exceeded. Only then can they repair the loss of investor confidence.

-50% YTD is admittedly tempting me to try my luck with this outfit. Inspired by this gambling urge of mine, I spent last night reading this thread from the start of 2025 onwards, and I have to give thanks for the good points made by more skilled users who follow QT more actively, especially regarding the ambiguities in the company’s communication. Right now, QT smells to me like management is downplaying the impact of competitors and AI on the business, as well as the risk of losing market share, by pointing to trade war scenarios—even though the opening notes of this year’s slump were struck well before the start of Trump’s tariff show. The alleged delay of large orders that were once in the “pipeline” and their subsequent disappearance from announcements brings to mind the communication strategy of a certain Summa Defence, which has tried to pump air into a leaking stock with empty promises of big orders. It also doesn’t inspire confidence when analysts are forced to conclude that there isn’t enough transparency in the financial figures to perform a reliable analysis on details critical to the company’s growth. As a novice investor, my ability to evaluate financial figures is still quite lacking, so I have to rely on these kinds of factors in my assessments, and based on these observations, I’m steering well clear of QT, at least for now. In fact, the whole firm looks like a bit of a trap for unskilled retail investors chasing quick profits, as the general consensus all year seems to have been—despite all the uncertainty—that a turnaround is coming and the share price will head up again. However, it wouldn’t be the first time a major player who thought their market position was secure was left watching the taillights as competitors zoomed past on both sides. Therefore, I’ll be watching from the sidelines with interest to see how 2026 goes for QT Group.

An article in Talouselämä, I won’t start copying the content, but naturally, the article doesn’t answer the question in the headline.                    Talouselämä – 18 Dec 25              Kurssiromahdus, tulosvaroituksia, sumeat näkymät: Uskaltaisiko Qt Groupin...    Näkyvyys Qt Groupin tilanteeseen on sumentunut niin sijoittajilta kuin analyytikoiltakin. Epäselvää on, kuinka hyvin yhtiö itse pystyy arvioimaan markkinatilannetta.

But the CFO never seems to accept shares. He has the best view of the company’s financial figures. It would always have been worth following his sales, I’ve noticed that. I wonder if Qt won’t hold some kind of change negotiations due to the latest acquisition. In connection with that, there are certainly overlapping job duties and other arrangements to be made regarding roles. As an investor, one would at least want cost savings and synergies to be sought. Now the number of employees is growing enormously.

Interesting to hear the justifications for negative views   It is often frustrating in Finnish listed companies when insider holdings are very small or literally non-existent. Often, the share price of a Finnish listed company also looks very cheap, yet insider purchases are completely absent. Regarding Qt Group, the situation is twofold.  Firstly, Varelius’s position is still over ten million, so I understand if no more shares are wanted. The holdings of other management are more varied.  In 2024, it would have been wise to follow Seppo Saario’s golden rule: sell when insiders sell! If one had sold Qt shares at any point in 2024 and put the money under the mattress, they would have been profitable compared to holding the stock.  But an optimist could say that in the last 9 months, every insider move has been an addition to the stock.

Qt Group

We re-iterate our previous target price of 35.0 EUR for Qt Group and lower our recommendation to reduce (prev. Accumulate). Qt’s equity story combines a market with large growth potential, a...

<p>We re-iterate our previous target price of 35.0 EUR for Qt Group and lower our recommendation to reduce (prev. Accumulate). Qt’s equity story combines a market with large growth potential, a product with proven competitiveness, demonstrated ability in strategy implementation, and a scalable business model. The company is also currently transitioning towards the strong and profitable growth phase of its strategy, which makes the investment profile highly appealing. The rise in share price does however limit share’s return potential, even if Qt executes excellently on its strategy to reach its goals.</p> 

	2019	20e	21e
Revenue	58.4	73.5	92.5
growth-%	28.0 %	25.9 %	25.8 %
EBIT (adj.)	0.2	10.8	19.2
EBIT-% (adj.)	0.4 %	14.7 %	20.8 %
EPS (adj.)	-0.01	0.37	0.70
Dividend	0.00	0.00	0.25
Dividend %			0.8 %
P/E (adj.)	neg.	88.5	46.1
EV/EBITDA	175.3	57.2	35.6

Qt Group: Perfection in performance and valuation

Key Estimate Figures10.08.2020

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