Inderes Ranking

Overview

Valuations

Key figures

Company	Recommendation	Current price	Target price	Potential	Business risk	Valuation risk	Updated	P/E (adj.) 25e	EV/EBIT (adj.) 25e	P/B 25e
H&M	Reduce	145.85 SEK	130 SEK	-11%	2	3	09.04	21.29	18.17	5.05
Nordea Bank	Accumulate	12.84 EUR	12 EUR	-7%	2	2	16.04	9.67	7.71	1.45
Telia Company	Reduce	36.32 SEK	34 SEK	-6%	2	3	24.04	16.33	15.45	3.09
Hexagon	Accumulate	97.84 SEK	105 SEK	+7%	1	3	02.05	21.08	17.15	2.03
Stora Enso	Accumulate	8.988 EUR	9 EUR	+0%	4	2	27.04	19.44	19.19	0.7
Björn Borg	Reduce	59.3 SEK	55 SEK	-7%	3	3	16.05	17.97	14.22	4.08
Nibe Industrier	Reduce	42.21 SEK	40 SEK	-5%	2	3	16.05	29.9	22.52	2.48
Endomines Finland	Reduce	15.08 EUR	16.2 EUR	+7%	5	4	17.04	10.05	8.89	2.86
Sotkamo Silver	Sell	0.898 SEK	0.75 SEK	-16%	5	4	30.04	14.48	9.39	0.84
Aktia Pankki	Accumulate	9.6 EUR	10.5 EUR	+9%	2	1	07.05	8.78	7.06	1
Scanfil	Reduce	8.66 EUR	9 EUR	+4%	3	3	24.04	12.6	9.46	1.77
Siili Solutions	Buy	6.28 EUR	7.5 EUR	+19%	3	3	23.04	11.19	7.75	1.19
Nokia	Reduce	4.616 EUR	4.3 EUR	-7%	3	3	24.04	15.06	11.45	1.19
Starbreeze	Accumulate	0.21 SEK	0.26 SEK	+24%	4	3	14.05	15.67	7.81	0.47
Alma Media	Accumulate	11.7 EUR	13 EUR	+11%	3	3	27.04	16.51	13.54	3.81
eQ	Reduce	11.25 EUR	11 EUR	-2%	3	3	29.04	19.55	14.46	6.71
Aspo	Accumulate	5.34 EUR	6 EUR	+12%	3	3	13.05	9.27	12.45	1.18
Aspocomp Group	Reduce	4.92 EUR	5 EUR	+2%	4	3	30.04	13.72	12.83	1.89
Atria	Reduce	12.55 EUR	14 EUR	+12%	2	2	25.04	8.38	8.51	0.83
Biohit	Accumulate	2.69 EUR	3.2 EUR	+19%	2	2	02.03	17.93	12.91	2.8
CapMan	Accumulate	1.846 EUR	2.1 EUR	+14%	3	2	11.05	15.56	10.34	1.69
Componenta	Reduce	3.84 EUR	3.8 EUR	-1%	3	3	12.05	37.47	14.3	1.39
Digia	Buy	7.12 EUR	8.3 EUR	+17%	2	2	09.05	11.09	8.84	2.05
Bittium	Reduce	6.95 EUR	7 EUR	+1%	3	4	30.04	24.87	23.32	2.07
Elisa	Accumulate	46.12 EUR	48 EUR	+4%	1	2	21.04	18.91	16.99	5.71
Etteplan	Accumulate	11.55 EUR	12 EUR	+4%	3	2	06.05	14.77	12.06	2.33
Exel Composites	Reduce	0.384 EUR	0.38 EUR	-1%	3	3	09.05	79.59	12.04	1.3
WithSecure	Buy	0.994 EUR	1.1 EUR	+11%	4	2	27.04	-	-	2.64
Finnair	Reduce	2.6 EUR	2.5 EUR	-4%	4	3	29.04	30.52	16.88	0.85
Fiskars	Reduce	14.4 EUR	13.5 EUR	-6%	2	3	25.04	17.19	14.04	1.52
Fortum	Reduce	15.08 EUR	14 EUR	-7%	2	2	30.04	15.17	11.99	1.55
Glaston	Accumulate	1.352 EUR	1.5 EUR	+11%	4	2	07.05	8.32	6.18	0.87
HKFoods	Accumulate	1.31 EUR	1.3 EUR	-1%	3	2	08.05	29.38	8.97	0.74
Honkarakenne	Reduce	2.65 EUR	2.8 EUR	+6%	3	4	13.02	-	-	1.19
Huhtamäki	Buy	34.58 EUR	38 EUR	+10%	2	2	24.04	14.17	11.47	1.67
Ilkka	Accumulate	3.33 EUR	3.75 EUR	+13%	3	2	05.05	16.45	118.4	0.5
Incap	Accumulate	10 EUR	12 EUR	+20%	4	3	27.04	13.31	7.94	1.9
Kemira	Accumulate	19.34 EUR	20.5 EUR	+6%	3	3	27.04	11.47	8.88	1.56
Keskisuomalainen	Accumulate	6.66 EUR	8 EUR	+20%	3	3	28.02	8.32	11.22	1.45
Kesko	Accumulate	20.64 EUR	21 EUR	+2%	1	2	30.04	17.61	16.49	2.89
Kesla	Sell	4.04 EUR	3 EUR	-26%	4	4	29.04	-	160.57	1.2
Kone	Reduce	56.18 EUR	55 EUR	-2%	1	3	02.05	26.82	20.04	9.64
Apetit	Accumulate	13.8 EUR	15 EUR	+9%	2	2	27.04	12.63	9.22	0.78
Lassila & Tikanoja	Accumulate	9.24 EUR	10.5 EUR	+14%	1	2	30.04	10.33	9.69	1.59
Metsä Board	Reduce	3.444 EUR	3.25 EUR	-6%	4	2	29.04	22.89	19.24	0.7
Marimekko	Reduce	13.04 EUR	13 EUR	-0%	2	3	15.05	20.07	15.38	7.03
Martela	Sell	0.772 EUR	0.6 EUR	-22%	5	4	08.05	-	35.69	-
Neste	Reduce	9.518 EUR	9 EUR	-5%	4	3	29.04	49.32	49.9	0.99
Nokian Tyres	Accumulate	6.56 EUR	7.2 EUR	+10%	3	3	07.05	24.19	18.47	0.73
Nurminen Logistics	Accumulate	1.078 EUR	1.2 EUR	+11%	4	3	25.04	9.1	5.78	2.37
Oriola	Accumulate	1.09 EUR	1.25 EUR	+15%	3	2	30.04	18.03	4.8	1.68
Orion	Reduce	57.2 EUR	50 EUR	-13%	2	3	24.04	24.51	19.25	7.3
Outokumpu	Accumulate	3.382 EUR	3.8 EUR	+12%	4	2	08.05	-	37.02	0.43
Metso	Accumulate	10.475 EUR	10 EUR	-5%	2	3	25.04	15.28	11.73	3.09
Panostaja	Buy	0.366 EUR	0.46 EUR	+26%	4	2	14.03	-	20.01	0.67
Rebl Group	Reduce	1.42 EUR	1.25 EUR	-12%	4	3	28.04	-	-	0.44
Ponsse	Reduce	28.7 EUR	25 EUR	-13%	3	3	24.04	16.82	12.71	2.22
QPR Software	Sell	0.928 EUR	0.72 EUR	-22%	4	4	24.04	-	-	14.1
Raisio	Reduce	2.39 EUR	2.45 EUR	+3%	2	2	13.05	16.29	10.98	1.46
Rapala VMC	Reduce	1.265 EUR	1.7 EUR	+34%	3	2	07.03	134.54	19.36	0.31
Raute	Accumulate	17.35 EUR	19 EUR	+10%	4	2	07.05	7.68	4.38	1.93
Revenio Group	Accumulate	29.15 EUR	30 EUR	+3%	2	3	30.04	32.3	23.29	6.48
Sampo	Accumulate	9.472 EUR	9.8 EUR	+3%	1	3	07.05	18.26	15.3	3.34
Sanoma	Accumulate	9.88 EUR	10.5 EUR	+6%	2	3	29.04	17.45	15.19	2.55
KH Group	Accumulate	0.54 EUR	0.65 EUR	+20%	4	3	07.05	20	13.91	0.61
Solteq	Reduce	0.616 EUR	0.6 EUR	-3%	5	4	29.04	-	14.16	0.76
Wetteri	Reduce	0.198 EUR	0.2 EUR	+1%	4	3	15.05	-	17.78	0.54
SRV Group	Reduce	5.34 EUR	5 EUR	-6%	4	2	02.05	-	24.17	0.81
Investors House	Reduce	5.36 EUR	5.7 EUR	+6%	2	2	07.05	14.6	13.28	0.89
Lindex Group	Buy	2.92 EUR	3.5 EUR	+20%	3	3	30.04	21.45	14.33	1.16
Suominen	Sell	2.1 EUR	1.8 EUR	-14%	3	4	08.05	-	3,029.13	1.1
Tecnotree	Reduce	3.06 EUR	3.5 EUR	+14%	4	3	30.04	3.72	2.32	0.47
Teleste	Accumulate	2.96 EUR	3.3 EUR	+11%	3	3	07.05	14.24	12.03	0.92
Tulikivi	Sell	0.453 EUR	0.42 EUR	-7%	3	4	12.05	23.86	15.58	1.41
UPM-Kymmene	Accumulate	24.92 EUR	26 EUR	+4%	3	2	24.04	16.37	14.9	1.21
Vaisala	Accumulate	48.4 EUR	53 EUR	+10%	1	3	24.04	22.87	17.08	5.08
Wärtsilä	Accumulate	17.94 EUR	18.5 EUR	+3%	2	3	28.04	17.47	11.45	3.69
Wulff Group	Reduce	2.75 EUR	3 EUR	+9%	3	3	29.04	11.68	8.67	0.83
YIT	Reduce	2.57 EUR	2.2 EUR	-14%	4	3	29.04	-	28.67	0.9
Boreo	Reduce	15.2 EUR	16.5 EUR	+9%	4	3	29.04	11.49	11.54	1.96
Taaleri	Buy	7.31 EUR	9 EUR	+23%	3	2	29.04	14.23	7.84	0.99
Ovaro Kiinteistösijoitus	Reduce	2.86 EUR	3.75 EUR	+31%	4	2	02.03	27.44	29.73	0.51
NoHo Partners	Accumulate	9.42 EUR	10.5 EUR	+11%	2	2	06.05	5.34	13.16	1.91
Valmet	Accumulate	28.79 EUR	28 EUR	-3%	3	2	23.04	12.83	10.49	1.98
Verkkokauppa.com	Accumulate	2.62 EUR	2.7 EUR	+3%	2	3	25.04	24.47	15.67	3.62
Herantis Pharma	Accumulate	1.38 EUR	1.9 EUR	+38%	5	4	07.03	-	-	249.89
Nexstim	Accumulate	7.62 EUR	9 EUR	+18%	3	3	04.03	15.92	17.07	10.12
United Bankers	Reduce	17.15 EUR	18 EUR	+5%	3	3	13.02	16.43	11.13	3.11
Eltel	Accumulate	8.4 SEK	9 SEK	+7%	4	3	02.05	15.86	8.98	0.73
Detection Technology	Accumulate	12.3 EUR	13 EUR	+6%	4	2	25.04	15.04	10.32	2.1
Enento Group	Accumulate	17.2 EUR	17.5 EUR	+2%	2	3	28.04	18.46	13.54	1.59
Robit	Reduce	1.32 EUR	1.5 EUR	+14%	4	3	02.05	13.24	10.31	0.58
Pihlajalinna	Accumulate	14.7 EUR	16.5 EUR	+12%	3	2	12.05	8.68	10.2	1.84
Talenom	Buy	3.935 EUR	4.6 EUR	+17%	3	3	25.04	25.99	20.08	3.47
Alisa Pankki	Reduce	0.187 EUR	0.19 EUR	+2%	4	3	17.02	13.45	-	0.72
Consti	Accumulate	10.6 EUR	11 EUR	+4%	2	3	27.04	11.29	9.06	1.83
Tokmanni Group	Accumulate	11.65 EUR	14.5 EUR	+24%	2	2	10.03	11.3	12.88	2.44
Qt Group	Buy	60.55 EUR	80 EUR	+32%	2	3	24.04	26.58	19.45	6.75
NYAB	Buy	5.83 SEK	7.2 SEK	+23%	3	3	08.05	14.59	10.06	1.81
Fondia	Buy	4.49 EUR	5.6 EUR	+25%	3	2	25.04	10.44	7.39	5.62
Remedy Entertainment	Buy	18.68 EUR	20 EUR	+7%	4	3	01.05	45.41	29.24	3.27
Admicom	Accumulate	54.2 EUR	55 EUR	+1%	2	3	09.04	28.05	22.14	7.85
Vincit	Accumulate	1.75 EUR	2 EUR	+14%	4	2	24.04	14.92	8.08	1.1
Kamux	Reduce	2.25 EUR	2 EUR	-11%	4	3	14.05	25.38	16.17	0.83
Titanium	Reduce	6.92 EUR	7.5 EUR	+8%	3	3	13.02	13.19	8.62	4.41
Terveystalo	Accumulate	12.52 EUR	12.5 EUR	-0%	2	3	28.04	13.86	12.54	2.67
Gofore	Accumulate	18.1 EUR	19.5 EUR	+8%	2	2	12.05	17.89	12.67	2.63
Harvia	Reduce	48.25 EUR	43 EUR	-11%	2	4	08.05	29.61	21.85	6.48
Anora Group	Accumulate	3.145 EUR	3.5 EUR	+11%	2	2	08.05	10.81	7.39	0.53
Enersense International	Buy	2.29 EUR	2.8 EUR	+22%	4	4	28.04	16.76	6.22	0.92
Eezy	Reduce	0.752 EUR	0.75 EUR	-0%	4	3	08.05	-	31.83	0.18
Metacon	Accumulate	0.198 SEK	0.23 SEK	+16%	4	4	16.05	-	-	2.78
Viafin Service	Accumulate	20.2 EUR	21.5 EUR	+6%	2	2	06.05	13.55	9.03	2.54
Oma Säästöpankki	Reduce	8.79 EUR	9 EUR	+2%	4	2	05.05	6.19	47.9	0.48
LeadDesk	Buy	6.78 EUR	8.5 EUR	+25%	3	2	28.04	24.02	17.28	2.4
Aallon Group	Buy	10.6 EUR	12.5 EUR	+18%	2	2	13.02	11.3	9.16	2.31
Relais Group	Accumulate	15.45 EUR	17 EUR	+10%	3	2	13.05	10.7	12.61	2.14
Fodelia	Accumulate	7.32 EUR	7.5 EUR	+2%	2	3	25.04	18.99	14.53	4.06
Optomed	Accumulate	4.22 EUR	5.2 EUR	+23%	4	4	07.05	-	-	4.39
Faron Pharmaceuticals	Accumulate	2.525 EUR	3.2 EUR	+27%	5	4	16.04	-	-	-
Partnera	Accumulate	0.808 EUR	0.85 EUR	+5%	3	2	14.02	-	6.74	0.65
Verve	Buy	43.52 SEK	45 SEK	+3%	3	3	09.04	10.57	8.06	1.47
Kreate Group	Accumulate	7.98 EUR	8.6 EUR	+8%	3	2	25.04	11.64	10.05	1.58
Nightingale Health	Accumulate	2.795 EUR	2.9 EUR	+4%	4	4	07.03	-	-	2.45
Sitowise Group	Reduce	2.5 EUR	2.4 EUR	-4%	3	2	14.05	34.85	18.35	0.77
Orthex	Accumulate	4.94 EUR	5.5 EUR	+11%	2	2	16.05	15.28	12.29	2.33
Alexandria Group	Accumulate	9.58 EUR	10.5 EUR	+10%	3	2	20.03	10.91	7.86	2.98
Netum Group	Reduce	2 EUR	2.2 EUR	+10%	3	3	14.05	14.37	8.37	2.32
Merus Power	Reduce	4.96 EUR	4.8 EUR	-3%	4	4	06.02	-	80.79	4.02
Solwers	Reduce	2.17 EUR	2.65 EUR	+22%	3	3	27.02	12.94	13.77	0.52
Toivo Group	Accumulate	0.954 EUR	1.2 EUR	+26%	4	3	07.05	11.78	13.68	0.76
Hexicon	Sell	0.284 SEK	0.2 SEK	-30%	5	4	27.03	2.17	5.19	-
Spinnova	Reduce	0.389 EUR	0.45 EUR	+16%	5	4	02.03	-	0.13	0.56
Puuilo	Reduce	13.32 EUR	12 EUR	-10%	2	3	28.03	21.1	16.96	11.77
EcoUp	Accumulate	2.2 EUR	2.5 EUR	+14%	4	2	14.05	209	42.68	1.17
Modulight	Accumulate	1.23 EUR	1.5 EUR	+22%	5	4	26.04	-	-	1.19
Bioretec	Accumulate	2.25 EUR	2.8 EUR	+24%	4	4	16.05	-	-	10.93
Fifax	Sell	0.04 EUR	-	-	5	4	16.05	-	-	0.47
Canatu	Accumulate	9.96 EUR	13 EUR	+31%	4	4	30.03	-	-	3.06
Loihde	Reduce	11.65 EUR	11.7 EUR	+0%	3	3	01.05	19.62	16.75	0.83
Lemonsoft	Accumulate	6.23 EUR	6.7 EUR	+8%	3	3	27.04	27.09	16.81	3.51
Duell	Buy	6.66 EUR	8.5 EUR	+28%	3	1	11.04	8.86	7.6	0.66
Norrhydro Group	Reduce	1.315 EUR	1.5 EUR	+14%	4	4	21.02	-	20.63	1.86
Digital Workforce	Accumulate	3.26 EUR	4.1 EUR	+26%	3	3	28.04	30.99	24.01	2.63
Springvest	Reduce	7.54 EUR	8.5 EUR	+13%	3	4	14.02	45.67	36.69	1.45
Lamor	Reduce	1.365 EUR	1.3 EUR	-5%	4	3	09.05	24.08	12.43	0.58
Betolar	Reduce	1.315 EUR	1.2 EUR	-9%	5	4	28.04	-	-	10.21
Aiforia Technologies	Accumulate	3.4 EUR	4.2 EUR	+24%	4	3	23.04	-	-	7.54
Kempower	Accumulate	11.82 EUR	12.5 EUR	+6%	3	4	28.04	-	-	5.88
Administer	Accumulate	2.54 EUR	2.8 EUR	+10%	3	2	07.05	10.84	9.61	1.53
Evli	Accumulate	18.4 EUR	20 EUR	+9%	2	3	27.04	17.19	12.09	3.35
LapWall	Reduce	3.82 EUR	4 EUR	+5%	3	3	30.04	22.89	19.58	3.21
Pallas Air	Sell	1.56 EUR	0.7 EUR	-55%	5	4	20.03	-	-	-
Gabriel Holding	Reduce	179 DKK	150 DKK	-16%	4	3	09.05	42.4	28.69	1.25
Witted Megacorp	Accumulate	1.55 EUR	1.8 EUR	+16%	4	2	23.04	23.27	13.87	1.67
Asuntosalkku	Accumulate	79.5 EUR	88 EUR	+11%	2	2	14.02	20.34	19.65	0.63
F-Secure	Accumulate	1.978 EUR	2.3 EUR	+16%	3	2	29.04	11.54	10.69	5.42
Koskisen	Accumulate	8.28 EUR	8.25 EUR	-0%	4	3	11.05	13.03	10.69	1.14
Tamtron	Accumulate	5.34 EUR	6.2 EUR	+16%	3	2	03.04	12.18	9.33	1.77
Arvo Sijoitusosuuskunta	Accumulate	58.01 EUR	66 EUR	+14%	3	2	20.02	5.36	20.58	0.47
Mandatum	Reduce	5.282 EUR	5.6 EUR	+6%	3	4	08.05	17.53	11.84	1.87
Kalmar	Accumulate	29.88 EUR	30 EUR	+0%	3	3	29.04	12.25	9.03	2.63
Solar Foods	Reduce	5.88 EUR	3.3 EUR	-44%	5	4	28.02	-	-	9.47
Tietoevry	Accumulate	16.16 EUR	19 EUR	+18%	3	2	29.04	12.96	12.17	1.75
Spotify	Reduce	656.3 USD	570 USD	-13%	2	3	30.04	58.77	50.82	16
Tekova	Accumulate	0.848 EUR	1.05 EUR	+24%	4	3	07.05	6.07	1.98	2.77
Multitude	Accumulate	6.1 EUR	6.2 EUR	+2%	4	2	04.04	6.86	1.43	0.65