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
    }
  }
}


solwers-one-offs-plagued-h1-earnings-nordea

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Solwers is a consulting company focused on the industrial sector. The company specializes in digital solutions that involve planning and project management services. Examples of the company's services include architecture, technical consulting, environmental monitoring, project management, circular economy and digital solutions. Customers are found in several industries, mainly among small and medium-sized business customers. Operations are found throughout the global market, with the largest presence in the Nordic region.

Solwers’ new CEO Johan Ehrnrooth and Communications Director Jasmine Jussila were talking about their company as an investment at the Investor 2025 event.                    Inderes              Solwers sijoituskohteena | Sijoittaja 2025 - Inderes    Aika: 28.11.2025 klo 11.21 Solwersin toimitusjohtaja Johan Ehrnrooth ja viestintäjohtaja Jasmine Jussila kertovat yhtiön liiketoiminnasta Sijoittaja 2025 -tapahtumassa.

Our views on companies are for one year ahead, and currently, Solwers is a “buy” and Sitowise is a “sell”. I also remind you that we are not allowed to give personal investment advice, so asking which one to add to your portfolio is a bit problematic from that perspective. More detailed justifications for our views can be found in the companies’ analyses. In the big picture, both companies are in roughly similar situations, where at the bottom of the cycle, the debt-to-earnings ratio has risen high, and now the question is how quickly earnings can be expected to recover. Looking further ahead, I also see potential in Sitowise if things can be sorted out in Sweden, but we are now waiting for clearer signs of this. In Finland, Sitowise has, in my opinion, succeeded very well, but in Sweden, things are currently going very poorly, and at least some of the acquisitions seem to have failed. Solwers also has some misses in Sweden based on 2024 figures, such as ELE Engineering, but mainly successful acquisitions that overshadow the misses.

I don’t know if you can or want to answer, but I’ll ask anyway since you also mentioned Sitowise. If you had to choose, say, with a 2-year investment horizon, which of these two for the portfolio: Solwers or Sitowise?

Financial costs are indeed below the EBIT-% that I refer to here as the profitability level, so they are not the reason. The idea has been that in better years, competition has not been as fierce, which has allowed for a good margin through pricing. Apparently, previously the phone rang frequently in consulting firms, and now they have had to call clients more themselves. But indeed, it is possible that the company will still reach historical profitability levels, but we are more cautious at this stage. The company’s profitability consists mainly of 3 components, which are   Employee utilization rate, which already improved slightly and is predicted to increase further in the coming quarters, as the order backlog grew and the number of employees decreased.   Scaling of common group expenses with sales growth (Solwers has fewer of these than, for example, Sitowise, as subsidiaries are not integrated in the same way, and all have their own IT systems, among other things).   Price increases as demand begins to rise relative to supply. The timing of this is the most difficult component to predict, as it depends on how market investments start to pick up. This is currently only predicted to start from H2’2026, as price levels were still low in the Q3 review.   The question you mentioned about the number of framework agreements and the prices agreed upon in them, and what kind of delay this creates for price increases, is excellent, and I intend to ask about this when I meet the new management in connection with the comprehensive report update. I know that some of you investors have been following Solwers’ activities much longer than I have, and if you have more questions on your mind, please send them in. The revenue split directly through framework agreements has not been disclosed, to my understanding, but the company provides these key figures

Lainaus raportista:  Currently, the key question remains what the company’s normal profitability level will be when the market finally improves. In our opinion, it is clear that it will be significantly better than the 2024-25 level, which is burdened by a weak cycle and one-off costs, but a return to the 2019-2023 averages (EBIT 7.9%) currently seems unlikely.  @Olli_Vilppo Do I understand correctly that increased financing costs are, in your opinion, the main reason why the 2019-2023 profitability levels cannot be reached? Or what is the sticking point? I’m also considering other reasons. The comprehensive report mentions that roughly half of the revenue comes from the public sector. Is it known how much of that comes through framework agreements? My point is that if multi-year framework agreements have had to be sold cheaply, then they are stuck with them. The same is apparently seen, for example, in the IT sector. Edit: In Pörssisijoittajan viikko 9.9.2025, the CEO says “we do quite a lot of our work through framework agreements” and a slide shows >250 framework agreements.

Hi! According to our forecasts, the company would meet its covenants by H1’26, and then the interest rate would also decrease, and the net debt amount should also decrease somewhat as I cut the dividend. For the next update, I still need to consider whether that estimate is realistic. I’m not sure how the previous analyst arrived at this estimate. However, in the big picture, it doesn’t significantly deviate. The slope of the operating profit increase is the most essential component in the case. The SEK/EUR exchange rate also seems to affect that line (at least it did with Musti), so that can also be misleading when looking at historical figures.

How did @Olli_Vilppo end up with only €1.1 million in financing costs next year? That debt is quite substantial, and surely even breaking the covenant terms would somewhat increase those financing costs?

Solwers

Solwers' Q2 sales were largely in line with our expectations, but profitability was clearly below, similar to Q1. One-off costs hampered performance in H1, a total of EUR ~1m year-to-date. Q2...

Solwers' Q2 sales were largely in line with our expectations, but profitability was clearly below, similar to Q1. One-off costs hampered performance in H1, a total of EUR ~1m year-to-date. Q2 EBITA of EUR 0.9m was 50% below our estimate and EBIT was EUR 0.1m, versus our estimate of EUR 1.2m. The company aims to implement cost savings of almost EUR 1m compared to the 2024 cost level. The order backlog remained solid and the billing rate improved y/y. Project starts in Sweden appear to have been postponed and the Swedish operations performed worse than the Finnish ones. Following the Q2 report, we cut our top line by 1% for 2025E-27E, while we lower EBIT by 10-24% for 2026E-27E and clearly more for 2025E. We hence derive a lower DCF- and peer-based fair value range of EUR 3.0-3.5 (3.5-4.1), which includes EUR 0.6 per share for the present value of unannounced acquisitions. The waiver received for the financing agreement covenant could limit the company's appetite for new M&amp;A in the medium term, although it has a strong cash position. Marketing material commissioned by Solwers.