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
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Joni Grönqvist

Frans-Mikael Rostedt

Gofore operates in the IT sector. The company specializes in offering digital solutions and consulting in lead and process design, as well as cloud-based solutions. The greatest knowledge is found in the construction and development of software systems and associated project management. The company's customers are found among corporate customers and institutions. The largest operations are found around the European market.

Here are Frans’s comments on Gofore’s November.   Gofore’s revenue, adjusted for working days, was organically at last year’s level, which is positive after a somewhat longer downward trend. Reported revenue grew strongly by 15% driven by the Huld acquisition. Overall capacity and revenue per specialist also developed positively and better than our expectations. The company commented that there was good demand, especially in the Intelligent Industry sector, which is important to it. More broadly, private sector demand appears to be continuing on a slow but gradually improving trend, while demand in the public sector, which is important to the company, still involves clear uncertainty due to cost-saving needs. The critical turn of the year for the IT services sector will also be a kind of watershed for Gofore, providing much additional visibility into next year’s development. November’s development was positive, but overall our forecasts remain unchanged and uncertainty remains high.                   Inderes              Gofore: Positiivista kehitystä marraskuussa - Inderes    Goforen liikevaihto oli työpäiväoikaistuna orgaanisesti viime vuoden tasolla, mikä on positiivista hieman pidemmän laskutrendin jälkeen.

November Business Review:                   Nasdaq Company News              Gofore Oyj:n liiketoimintakatsaus marraskuulta 2025: Marraskuun liikevaihto...                              Working-day adjusted, Gofore’s pro forma revenue also seemed to grow from November of the previous year.

Gofore’s CFO changes: 9.12.2025 14:15:01 EET | Gofore Plc | Changes in board/management/auditing Gofore Plc  Stock Exchange Release  9.12.2025 at 2:15 p.m.        Changes in Gofore’s Management Team: CFO to change Teppo Talvinko, Chief Financial Officer and member of the Management Team of Gofore Plc, has announced his resignation from his position. Talvinko will leave his duties as CFO and member of the Management Team as agreed in February 2026, after the publication of the 2025 financial statements release. ”I want to warmly thank Teppo for his valuable and long-term work in leading Gofore’s financial administration. Teppo has played a significant role in developing our financial administration processes and reporting functions over the past five years. On behalf of myself and Gofore, I wish Teppo all the best in the future,” says CEO Mikael Nylund. Gofore has started the recruitment process for a new CFO and aims to announce the appointment during December.                   Inderes              Muutoksia Goforen johtoryhmässä: Talousjohtaja vaihtuu - Inderes    9.12.2025 14:15:01 EET | Gofore Oyj | Muutokset hallitus/johto/tilintarkastusGofore Oyj Pörssitiedote 9.12.2025 klo 14.15 Muutoksia Goforen johtoryhmässä: Talousjohtaja vaihtuu Gofore Oyj:n ...

Here are Joni’s comments regarding the change negotiations related to the Huld integration. Gofore announced yesterday that the change negotiations related to the Huld integration program resulted in the termination of employment for 14 individuals in administrative roles. Overall, the elimination of overlapping roles, reduction of other administrative redundancies, and streamlining of administration are estimated by the company to bring annual savings of approximately EUR 1.3 million. In the November change negotiation announcement, the company estimated that the negotiations would lead to the dismissal of a maximum of 17 individuals, which would result in savings of approximately EUR 1.4 million. Thus, the negotiations appear to have proceeded largely as planned.                   Inderes              Goforen Huld-integraatioon liittyvät muutosneuvottelut päätökseen melko...    Yhteensä tehostamistoimenpiteet tuovat noin 1,3 MEUR:n vuotuiset säästöt.

Thanks @pörssipiia for your observations and tips for our strategy table, including regarding literature references. Regarding Huld, it’s worth waiting a moment longer before making bigger conclusions about the profitability of the parts that have joined the group or the change in profitability drivers as part of the group. As @Hippos mentioned, there’s probably no reason to treat and evaluate Huld as a one-dimensional entity that now either changes or doesn’t change the entire group’s value creation fundamentals. In itself, a commendable reflection on the integration of different cultures and earning logics, but the diversity of companies adds a bit of complexity to this matter. We should return to this matter at some point later.

Good point. It is undeniably true that in the “physical world” design represented by Huld (mechanics, industrial design), market salary and billing rates are typically lower than in demanding software consulting. This explains part of the difference. From an investor’s perspective, however, the question is not merely operational, but strategic. If the situation is examined within the framework of established strategy theories, several potential risks can be identified that management must control in a heterogeneous portfolio: 1. Positioning and Competitive Advantage  At the core of strategy is choice. If Gofore shifts from premium-priced digital transformation towards a broader industrial service house, there is a risk of a “stuck in the middle” situation as described by Michael Porter. In this scenario, the company would not compete purely on cost-efficiency but might lose the pricing power gained from specialization. 2. Customer Relationship Management  In B2B marketing theories (e.g., Hutt & Speh or George S. Day), the differences in purchasing processes and so-called “buying centers” structures are emphasized. A CIO and a Head of Product Development value different qualities in a supplier. Prahalad & Hamel would speak here of core competence (core competence): is Gofore’s core competence credibly scalable to these new buyer personas without blurring the brand promise and sales focus? 3. Resource Allocation and Dynamic Capabilities  Following Christensen’s Innovator’s Dilemma, it is worth considering whether lower-margin business diverts resources away from higher value-added consulting. In the terms of Teece, Pisano & Shuen, this concerns dynamic capabilities: can two different cultures and earning logics be integrated into a value-creating whole (Stabell & Fjeldstad), or will they remain separate silos? Financial Implications Even if we accept lower billing as a characteristic of the industry, it has a direct impact on Gofore’s investment narrative and objectives:   Profitability Burden: If a significant portion (e.g., 10-20%) of revenue were to operate permanently at a lower EBITA level, it would be mathematically more challenging for the group to achieve its overall 15% target without significant overperformance from its core business.   Financing Capacity (M&A): The financial market values absolute cash flow (EBITDA). Lower productivity per FTE means weaker accumulation of EBITDA euros relative to revenue. This directly impacts the company’s debt servicing capacity and thus its investment capacity for future acquisitions.   It would therefore be essential to understand whether Gofore’s profile is permanently shifting from a “high value-added boutique firm” towards a “broad-based volume firm,” and how this might reflect in the company’s long-term valuation multiples. Thank you for your important observation.

You omit from that revenue per FTE comparison the fact that Huld also has much more than traditional software development. These business areas naturally also have lower salaries.

Gofore

Goforen liikevaihto kasvoi vahvasti orgaanisesti Q3:lla ja kannattavuus ylitti hieman odotuksemme. Heikko talousnäkymä yksityisellä ja tiukka kilpailutilanne julkisella sektorilla jarruttavat...

<p>Goforen liikevaihto kasvoi vahvasti orgaanisesti Q3:lla ja kannattavuus ylitti hieman odotuksemme. Heikko talousnäkymä yksityisellä ja tiukka kilpailutilanne julkisella sektorilla jarruttavat yhtiön menoa lyhyellä aikavälillä, mutta arvioimme yhtiön pärjäävän sektoria keskimäärin paremmin ja jatkavan kannattavaa kasvua myös vaikeammassa syklissä. Arvostuskuva (2023 EV/EBIT oik. 12x) yhdistettynä vahvaan orgaanisen kasvun ajamaan arvonluontinäkymään puoltaa mielestämme vahvaa positiivista näkemystä osakkeesta. </p> 

	2022	23e	24e
Revenue	149.9	190.5	210.0
growth-%	43.5 %	27.1 %	10.2 %
EBIT (adj.)	22.0	25.3	27.3
EBIT-% (adj.)	14.7 %	13.3 %	13.0 %
EPS (adj.)	1.13	1.29	1.39
Dividend	0.34	0.50	0.58
Dividend %	1.5 %	3.7 %	4.3 %
P/E (adj.)	19.6	10.4	9.7
EV/EBITDA	14.1	6.8	5.8

Strategia puree

Key Estimate Figures19.10.2023

Forum discussions