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Research

Tietoevry: Uncertainty limits enthusiasm about the share

By Joni GrönqvistAnalyst
Tietoevry
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We reiterate our Accumulate recommendation for Tietoevry and lower our target price to EUR 26.0 (was 31.0) reflecting estimate changes and increased uncertainty. Q2 figures remained below our estimates for several reasons, but H2 should be stronger supported by the order backlog and efficiency measures. The company repeated its guidance that indicates earnings growth, which, we believe will require good performance and no stronger headwinds on the market. The company's good track record maintain confidence in continued positive development in the coming years, although there is uncertainty in the short term. The valuation picture of the share is still attractive from several angles (2023e adj. P/E 10x, DCF € 33 and SOTP € 31) and the business areas to be separated provide drivers to dismantle the undervaluation.

Tieto is a Nordic provider of digital services and software founded in 1968. The company is headquartered in Finland and employs experts worldwide. It serves thousands of private and public sector customers in nearly 100 countries.

Read more on company page

Forum discussions

Is Tieto being groomed for sale, as it feels like they are streamlining quite commendably now?
2/18/2026, 9:39 AM
8
News Powered by Cision Tieto myy kaksi Tieto Indtechin ohjelmistoliiketoimintaa EG:lle Tietoevry Oyj LEHDISTÖTIEDOTE 18.2.2026 klo 9.30 Tieto...
2/18/2026, 7:31 AM
by Cadel
25
News Powered by Cision Tieto ja Orange Business puitesopimukseen kapasiteetti- ja jatkuvien... Tietoevry Oyj LEHDISTÖTIEDOTE 17.2.2026 klo 10...
2/17/2026, 8:05 AM
by Cadel
17
Message merged into thread: Inderes.fi content development ideas
2/14/2026, 10:17 AM
by Sijoittaja-alokas
0
I support company-paid analysis. Company-paid analysis makes the existence of the coverage itself possible. As for Premium, I pay for the tool...
2/13/2026, 8:05 PM
by Pati_
6
Yep. Back when I was working at Tieto, as soon as Alkio arrived, everything started going downhill. I don’t know if it has anything to do with...
2/13/2026, 7:27 PM
by Pietu
6
At Tieto, things finally seem to be heading in a better direction after a long time. Replacing Alkio with a Norwegian was clearly a good move...
2/13/2026, 6:31 PM
by Hege_
10
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