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Extensive research

Solteq: On its way from a retail sector IT consultant to a product house

By Joni GrönqvistAnalyst
Solteq
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We raise our target price for Solteq to EUR 3.4 (previously 3.0) reflecting updated estimates and we also raise our recommendation to Accumulate (previous Reduce). The 2010s were challenging for IT service and industry solution supplier Solteq. Solteq changed its strategy in 2016 and started building a new base for a growth strategy based on its own products and internationalization. Last year, we saw the first signs of a result turnaround and success in the transformation of the product business. Despite modest estimates for the product business, we expect strong earnings growth over the next few years. Valuation is attractive from many angles with our estimates.

Solteq is an IT consulting company. The company specializes in ERP - Enterprise Resource Planning. Other services offered are related to financial management and inventory management. The customers consist of small and medium-sized business customers operating in the retail and hospitality industries. The operations are conducted on a global level, mainly in Europe, North America and Asia.

Read more on company page

Key Estimate Figures02.02.2021

201920e21e
Revenue58.360.165.1
growth-%2.5 %3.2 %8.3 %
EBIT (adj.)3.55.36.5
EBIT-% (adj.)6.0 %8.9 %10.0 %
EPS (adj.)0.050.130.20
Dividend0.000.030.05
Dividend %0.0 %8.6 %14.3 %
P/E (adj.)28.22.81.8
EV/EBITDA5.43.12.4

Forum discussions

Tomi and Joni discussed Solteq and, among other things, its balancing act Inderes Solteq tasapainoilee taloudellisesti kapealla nuoralla - Inderes...
4/9/2026, 11:29 AM
by Sijoittaja-alokas
2
Here are Joni’s comments on Solteq’s change negotiations. Solteq announced on Friday that it had concluded the change negotiations initiated...
3/23/2026, 9:19 PM
by Sijoittaja-alokas
1
Inderes Solteq Oyj - Johdon liiketoimet - Inderes Pörssitiedote Johdon liiketoimet 25.2.2026, kello 15.00 Solteq Oyj - Johdon liiketoimet Ilmoitusvelv...
2/25/2026, 2:45 PM
by Tommi
6
Here is a fresh company report on Solteq from Joni following the Q4 results. We reiterate our Reduce recommendation and target price of EUR ...
2/13/2026, 5:43 AM
by Sijoittaja-alokas
4
The last question was a real gem. It also gave the impression that some significant negotiations might be taking place in the background.
2/13/2026, 4:50 AM
by Ripelein
2
I don’t own Solteq, but Joni Grönqvist’s interviews with Aarne Aktan are definitely among the best content Inderes has to offer. They’re a pleasure...
2/13/2026, 12:27 AM
13
Here are Joni’s quick comments on Solteq’s Q4 result. Solteq released its Q4 report this morning, which for the first time in a while was relatively...
2/12/2026, 7:44 AM
by Sijoittaja-alokas
1
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