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
      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
    }
  }
}


qt-group-perfection-performance-and-valuation

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

QT Group operates 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. Operations are conducted on a global level and customers are found in the automotive and aerospace industries.

I didn’t consider Robert Ingman’s role as chairman of the board, so you’re right. If Ingman were to lend shares, an insider notification would have to be made. Ingman is not behind those short sellers’ stock loans, so next, attention turns especially to shareholders owning less than 5%. Ilmarinen could, in principle, also lend shares without a flagging obligation for holdings over 5%.

If HPJ lent shares, wouldn’t there have to be an insider trading notification? None have been made, so I would rule out this option.

Ingman has, in all likelihood, lent shares, given the large number of shorts. However, I don’t believe I claimed this was illegal, which is an impression your message might create for some. However, a company cannot start trading its own shares on the market, which was discussed earlier. In Qt’s case, I also consider buying back own shares a bad idea, as the company went from debt-free to quite indebted after the acquisition.

Major shareholders, like Ingman, are probably asked to lend out shares. They have the opportunity to lend out shares and receive hard cash as a reward. In such a situation, it is possible for a major shareholder to benefit. They lend shares, buy more with them, and at the same time can wield the gavel in deciding on share repurchases. None of this is illegal. A similar situation occurred with Kone a few years back, when Herlin bought shares and decided on repurchases while lending out shares at the same time.

A company is not allowed to trade its own shares on the stock exchange, except for repurchases of its own shares from the market for predefined purposes. So, selling the purchased shares would be out of the question. That’s a good point, that a company has no reason under any circumstances to start “managing” the share price. Although, unfortunately, it is seen happening quite often.

Why do you think Qt would need to actively engage in some kind of short squeeze? It’s better for them to focus on what they’re good at. It would be a bit strange for them to start buying massively and then dump shares back to panicked short sellers at a higher price after a while. Is this even legal? These short positions probably don’t affect Qt’s value much anyway. Price fluctuations today certainly don’t significantly affect what Qt is worth now or in 10 years. Of course, it probably affects loan terms and share exchanges, etc., but if these are not considered. Of course, if the management felt that the stock was undervalued, then it might be good to buy back shares, but they don’t need to do it because of short selling. In my opinion, it doesn’t matter whether they buy back shares from a long-side investor or a short seller.

That claim is based on the assumption that the hundred largest owners would not sell their shares. The actual free float for Qt is almost 80%, assuming Ingman’s ownership is permanent. The number of shorts is indeed significant, but the situation could remain the same for a long time.

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 %			1.3 %
P/E (adj.)	neg.	52.3	27.3
EV/EBITDA	175.3	33.1	20.2

Qt Group: Perfection in performance and valuation

Key Estimate Figures10.08.2020

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