reports
- Antti Viljakainen
Market related challenges continue - Accumulate
​Suominen did not reach our estimates in Q3 due to lower than expected volumes,which reflected challenging trading conditions. Despite slight cuts in estimates, the share’s valuation is still low. Therefore, we retain our recommendation of accumulate for Suominen but revise our target price to 4.00 euros (prev. 4.20 euro).
- Sauli Vilén
Moving to the right direction
We raise our target price to €1.35  - we expect CapMan to continue its profit improvement in upcoming years and the profit mix will continue to move towards the management business which supports the acceptable valuation through a lower risk profile.Despite the recent rally in share price the valuation of the share is still lucrative and a growing almost 7% dividend yield offers strong return while waiting for the profit improvement to realizeÂ
- Antti Viljakainen
Back to the track - Accummulate
​We retain target price 4,50 euros and recommendation accumulate for Suominen. The company is executing its credible organic growth strategy for the strategy period of 2015-2017, which growing nonwoven markets support decently. Despite recent headwind, we estimate that Suominen’s earnings will stay on uphill track in the upcoming years driven especially by net sales growth and slight gross-margin expansion. Given the profit growth outlook, we consider that there is decent upside in the share...
- Mikael Rautanen
We lift Comptel’s recommendation to Buy (previously Accumulate)
​Strong growth fundamentals in the marketComptel is a globally operating company with software that enables operators tocontrol the supply and demand of digital services. Comptel’s software connectsthe physical and virtual communications networks of operators to their BSSsystems. In our view the demand fundamentals for Comptel’s markets arestrong, which is supported by 1) virtualization of communication networks, 2) shiftof networks’ value from HW to SW, and 3) operators’ need to moder...
- Petri Aho
Time to make profits
​We reiterate our Accumulate recommendation and raise target price to 4,1 EUR (before 3,6). SRV’s large business premises development projects, record high order book and the metropolitan area focused housing plot inventory have now started to generate profits. Our SOTP-analysis on continuing operations and large development projects indicate good upside potential and also the valuation multiples look attractive going forward.
Update: Positiivinen kehitys jatkuu
​Toistamme SRV:n lisää-suosituksen ja nostamme osakkeen tavoitehinnan 3,60 euroon (aik. 3,40 euroa) osakkeen ylitettyä aiemman tavoitehintamme. SRV:n tuloskasvupotentiaali on parantunut uusien merkittävien tilauksien myötä entisestään alkuvuoden aikana, yhtiön rahoitustilanne on ahvistunut ja myös markkinatilanne on kehittynyt pääosin positiivisesti. Näemme osakkeessa on edelleen nousupotentiaalia osien summa laskelman ja houkuttelevien tuloskertoimien valossa.
Valuation is low despite weak start to 2016
We cut Suominen’s target price to EUR 0.95 (prev. EUR 1.05), which reflects our negative estimates revision after the company’s comments on weak Q1 demand at the AGM. However, we upgrade our recommendation to Accumulate (prev. Reduce) as valuation has dropped to an attractive level after a 30 % share price decline in 2016.
Improving profitability trend continues this year
​We upgrade our recommendation for Okmetic to Buy (Accumulate) and raise our target price to 8.0 EUR (7.7 EUR) after a solid Q4-report. Okmetic’s investment case is based on Okmetic’s solid long term growth fundamentals, improving profitability trend, low earnings based valuation (P/E 13x) and strong dividend yield (>6 %).
Annual update: Proven success strategy
​We expect that Okmetic will continue to outperform the struggling silicon wafer industry by accelerating the shift to high-margin silicon wafers. The share gives a good >6 % annual dividend yield and an option for upside since the current valuation multiples are relatively conservative.
Annual update: Profit growth in sight
​We retain our target price 1.10 euros and upgrade recommendation to buy (prev. accumulate) for Suominen. After successful rebuilding of profitability and the balance sheet in 2012-2014, the company is executing its credible organic growth strategy for the strategy period of 2015-2017, which growing nonwoven markets support decently. We estimate that Suominen’s earnings will stay on uphill track in the next years driven especially by net sales growth and slight grossmargin expansion. Given t...
- Mikael Rautanen
We update our analysis of Revenio Group’s subsidiary Icare Finland O...
​We update our analysis of Revenio Group’s subsidiary IcareFinland Oy and revise our estimate of the valuation to 145 MEUR.Icare’s business has developed very favorably and in accordanceto expectations since our last update in 3/2013. The main driverfor elevated value estimate in our report is the potential of thenew HOME product.Icare continues to take market share from old technologiesIcare Finland Oy develops, sells and markets easy to use, portable and painlesstonometers. The products ...
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