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Research

Tietoevry: Still looking good

By Joni GrönqvistAnalyst
Tietoevry
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In the big picture, the Q1 report was largely in line with our and market expectations. Revenue grew strongly organically and profitability improved year-on-year. As expected, the company reiterated its guidance for earnings growth, which is a strong level for Tietoevry as a whole. The company's continued good performance increases confidence that the positive development will continue in the coming years. The valuation picture of the share is still attractive from several angles (2023e adj. P/E 11x, DCF 35 and SOTP 35) and the business areas to be separated provide drivers to unwind the undervaluation.

Tietoevry operates in the IT sector. The company offers a range of software and cloud-based solutions, with the greatest specialist expertise in SaaS solutions. Competence is found in business processes, application services, infrastructure solutions, and front-end solutions. Customers are found in several markets on a global level. The company was formed in 2019 through a merger of Tieto and EVRY. The headquarters are located in Helsinki.

Read more on company page

Key Estimate Figures04.05.2023

202223e24e
Revenue2,928.13,017.93,160.6
growth-%3.7 %3.1 %4.7 %
EBIT (adj.)379.2401.9425.9
EBIT-% (adj.)13.0 %13.3 %13.5 %
EPS (adj.)2.352.502.68
Dividend1.451.501.55
Dividend %5.5 %8.0 %8.2 %
P/E (adj.)11.37.57.0
EV/EBITDA9.06.05.5

Forum discussions

Yep, and this BEKK deal was already accounted for in the forecasts starting specifically from February. Moving forward Here is also our December...
10 minutes ago
by Joni Grönqvist
0
News Powered by Cision Tieto on saanut Bekk Consulting AS:n myynnin päätökseen Tietoevry Oyj LEHDISTÖTIEDOTE 2.2.2026 klo 17.30 Tieto julkisti...
14 hours ago
by Cadel
9
In Kauppalehti today, 21 Jan 2026 SEB raises Tietoevry’s target price to 20.00 euros (prev. 18.00 euros), hold recommendation remains unchanged
1/21/2026, 7:02 AM
by Index
16
Here are Frans’s comments on Tieto’s small acquisitions in Spain. Tietoevry is acquiring the Spanish companies OpenSpring and GrupoOnetec. The...
1/12/2026, 6:53 AM
by Sijoittaja-alokas
9
That deal looks like a sensible move. Out of those 200 employees, it’s hardly worth keeping even half on the payroll going forward; instead,...
1/9/2026, 10:38 AM
5
Tieto is building something truly interesting in Spain, considering the company’s previous moves in the Catalonia region. European patient data...
1/9/2026, 10:33 AM
by Dr.Feelgood
21
200 employees generate only €10M in revenue? We’re talking about long customer relationships, so the companies aren’t startups.
1/9/2026, 9:20 AM
by heskelin
5
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