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Research

Solteq: Switching to a smaller gear

By Inderes
Solteq
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Solteq’s Q4 was a continuation for soft Q3. However, the whole year was strong, and the company is clearly better positioned to continue growth and internationalization with investments and acquisitions. The valuation picture of the share is attractive, and the potential is clearly higher than our forecasts. Short-term talent market risks and transformation into a Nordic software company that is still in the early stages lead us to switch to a smaller gear.

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 Figures18.02.2022

202122e23e
Revenue69.176.783.4
growth-%14.2 %11.1 %8.8 %
EBIT (adj.)7.47.79.8
EBIT-% (adj.)10.7 %10.0 %11.8 %
EPS (adj.)0.230.240.35
Dividend0.100.150.18
Dividend %2.1 %34.6 %41.6 %
P/E (adj.)20.71.81.2
EV/EBITDA9.22.01.3

Forum discussions

I have to agree. The only thing is that from an investment perspective, I myself wouldn’t leave anything left of this decaying company. Off ...
11/4/2025, 3:09 PM
1
Shareholders think Evli has made a better report 2027 operating profit=9.1% and P/E= 4.4
10/30/2025, 11:00 AM
by Zen65
3
Joni has published a company report on Solteq immediately after Q3. We reiterate our Reduce recommendation for the share and lower the target...
10/30/2025, 7:10 AM
by Sijoittaja-alokas
3
Evli’s and OP’s reports are generally more pleasant for an owner to read, as many analysts at Inderes (unlike in 2021) often have quite gloomy...
10/29/2025, 10:47 AM
by Zen65
1
Here are Joni’s comments on Solteq’s morning results. Solteq published its Q3 report this morning, which was unfortunately again clearly weaker...
10/29/2025, 8:47 AM
by Sijoittaja-alokas
1
If that utilities segment has been messed up once, it’s pretty hard to gain trust in the future… Weak billing rates, sales aren’t picking up...
10/29/2025, 7:28 AM
by Tunturisusi
0
At least some bright spot, and note: product development is not capitalized, which would beautify the result.. The performance of the Utilities...
10/29/2025, 6:57 AM
by Zen65
2
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