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	Accumulate	133.35 SEK	150 SEK	+12%	2	3	18.03	17.44	15.24	4.5
Nordea Bank	Accumulate	12.075 EUR	12.5 EUR	+4%	2	2	30.01	8.98	7.22	1.28
Telia Company	Reduce	35.62 SEK	32 SEK	-10%	2	3	30.01	17.14	16.28	2.54
Hexagon	Reduce	110.65 SEK	125 SEK	+13%	1	3	03.02	20.39	16.57	2.29
Stora Enso	Accumulate	8.926 EUR	11 EUR	+23%	3	3	11.02	18.1	16.59	0.69
Björn Borg	Reduce	53 SEK	62 SEK	+17%	3	3	24.02	16.1	12.69	3.65
Nibe Industrier	Reduce	40 SEK	44 SEK	+10%	2	3	17.02	25.96	20.39	2.33
Endomines Finland	Reduce	15.8 EUR	10.4 EUR	-34%	5	4	14.02	12.58	10.67	3.12
Sotkamo Silver	Reduce	1.136 SEK	1 SEK	-12%	5	3	16.02	3.47	3.73	0.85
Aktia Pankki	Accumulate	11.02 EUR	10.5 EUR	-5%	2	2	12.02	8.97	8.68	1.13
Scanfil	Accumulate	9.24 EUR	9.4 EUR	+2%	3	3	23.02	13.49	10.24	1.88
Siili Solutions	Buy	5.98 EUR	7.5 EUR	+25%	3	3	13.02	10.32	7.52	1.13
Nokia	Reduce	4.839 EUR	4.2 EUR	-13%	3	3	30.01	15.24	10.3	1.24
Starbreeze	Accumulate	0.191 SEK	0.24 SEK	+26%	4	3	19.02	62.22	27.29	0.4
Alma Media	Accumulate	12.8 EUR	13 EUR	+2%	3	3	05.02	18.41	15.06	4.18
eQ	Accumulate	10.75 EUR	13 EUR	+21%	2	2	04.02	15.86	11.59	6.05
Aspo	Accumulate	5.28 EUR	6 EUR	+14%	3	3	17.02	10.72	13.12	0.97
Aspocomp Group	Reduce	5.38 EUR	4 EUR	-26%	4	3	27.02	17.72	15.49	2.11
Atria	Accumulate	12.15 EUR	13 EUR	+7%	2	2	13.02	8.63	8.65	0.81
Biohit	Accumulate	2.83 EUR	3.2 EUR	+13%	2	2	02.03	18.87	13.75	2.95
CapMan	Accumulate	1.87 EUR	2.1 EUR	+12%	3	2	13.02	13.45	8.77	1.68
Cargotec	Sell	45.99 EUR	42 EUR	-9%	2	3	13.02	18.04	11.68	2.91
Valoe	Sell	0.926 EUR	-	-	5	5	30.11.2024	-	-	-
Componenta	Reduce	4.73 EUR	3.4 EUR	-28%	3	4	10.03	51.55	21.14	1.72
Digia	Accumulate	6.9 EUR	7.8 EUR	+13%	2	2	25.02	11	8.36	1.98
Bittium	Reduce	8.16 EUR	7.8 EUR	-4%	3	4	26.03	27.45	25.59	2.42
Elisa	Accumulate	44.46 EUR	48 EUR	+8%	1	2	02.02	18.12	16.4	5.48
Etteplan	Buy	11.95 EUR	12.5 EUR	+5%	3	2	13.02	13.53	11.22	2.33
Exel Composites	Reduce	0.417 EUR	0.35 EUR	-16%	3	3	16.02	24.06	14.41	1.33
WithSecure	Buy	0.941 EUR	1.1 EUR	+17%	4	2	12.02	395.58	6,871.28	2.45
Finnair	Reduce	3.607 EUR	2.8 EUR	-22%	4	3	13.02	9.18	9.07	1.08
Fiskars	Reduce	14.56 EUR	15 EUR	+3%	2	3	20.03	14.9	12.88	1.51
Fortum	Reduce	15.295 EUR	13.5 EUR	-12%	2	2	12.02	15.7	12.66	1.58
Glaston	Accumulate	0.722 EUR	0.85 EUR	+18%	4	2	16.02	9.98	6.87	0.93
HKFoods	Reduce	1.23 EUR	1 EUR	-19%	4	2	17.02	76.69	9.44	0.61
Honkarakenne	Reduce	2.6 EUR	2.8 EUR	+8%	3	4	13.02	-	-	1.16
Huhtamäki	Accumulate	33.82 EUR	41 EUR	+21%	2	3	16.02	12.58	10.47	1.62
Ilkka	Accumulate	3.69 EUR	3.75 EUR	+2%	3	2	23.02	16.4	38.56	0.56
Incap	Buy	11.57 EUR	13 EUR	+12%	4	3	02.03	13.34	8.75	2.16
Kemira	Accumulate	20.62 EUR	23 EUR	+12%	3	3	11.02	11.98	9.19	1.66
Keskisuomalainen	Accumulate	7.12 EUR	8 EUR	+12%	3	3	28.02	8.89	11.63	1.55
Kesko	Accumulate	18.665 EUR	19.5 EUR	+4%	1	2	06.02	15.39	14.98	2.6
Kesla	Sell	4.82 EUR	3 EUR	-38%	4	4	03.03	-	38.07	1.36
Kone	Accumulate	51.9 EUR	55 EUR	+6%	1	3	30.01	24.46	18.25	8.85
Konecranes	Accumulate	69.45 EUR	68 EUR	-2%	2	3	10.02	14.41	10.29	2.61
Apetit	Reduce	14.4 EUR	14.5 EUR	+1%	2	2	27.03	12.13	9.74	0.81
Lassila & Tikanoja	Accumulate	9.06 EUR	10 EUR	+10%	1	2	13.02	10.83	9.98	1.56
Metsä Board	Reduce	3.63 EUR	4.5 EUR	+24%	4	2	06.02	13.5	13.61	0.73
Marimekko	Reduce	13.12 EUR	13 EUR	-1%	3	4	19.02	20.31	15.5	7.08
Martela	Sell	0.73 EUR	0.5 EUR	-32%	5	4	13.02	-	53.49	14.24
Neste	Reduce	8.968 EUR	11.5 EUR	+28%	3	2	16.02	31.49	35.51	0.92
Nokian Tyres	Accumulate	6.462 EUR	7.5 EUR	+16%	3	3	06.02	19.49	16.41	0.71
Nurminen Logistics	Accumulate	1.05 EUR	1.2 EUR	+14%	4	3	27.02	8.49	5.97	2.27
Oriola	Accumulate	1.104 EUR	1.05 EUR	-5%	3	2	05.03	16.78	5.23	1.59
Orion	Reduce	53.5 EUR	55 EUR	+3%	2	4	26.02	22.89	17.96	6.82
Outokumpu	Accumulate	3.631 EUR	3.8 EUR	+5%	4	2	14.02	33.68	18.62	0.45
Metso	Reduce	10.275 EUR	11 EUR	+7%	2	3	18.02	14.29	11.03	2.99
Panostaja	Buy	0.38 EUR	0.46 EUR	+21%	4	2	14.03	-	20.23	0.7
Rebl Group	Reduce	1.24 EUR	1.1 EUR	-11%	4	3	28.02	-	-	0.39
Ponsse	Reduce	27.8 EUR	24 EUR	-14%	3	3	18.02	18.61	13.12	2.19
QPR Software	Sell	0.978 EUR	0.7 EUR	-28%	4	4	16.02	-	-	-
Raisio	Accumulate	2.405 EUR	2.4 EUR	-0%	2	2	13.02	16.26	11.04	1.46
Rapala VMC	Reduce	1.475 EUR	1.7 EUR	+15%	3	2	07.03	156.87	20.27	0.37
Raute	Buy	16.3 EUR	18 EUR	+10%	4	2	13.02	8.49	5.06	1.78
Revenio Group	Accumulate	25.54 EUR	30 EUR	+17%	2	3	25.03	28.14	20.97	5.67
Sampo	Accumulate	8.852 EUR	8.6 EUR	-3%	1	2	11.02	17.59	14.53	2.91
Sanoma	Accumulate	8.82 EUR	9 EUR	+2%	2	2	11.02	16.29	14.28	1.85
KH Group	Accumulate	0.548 EUR	0.65 EUR	+19%	4	3	24.03	74.39	25.14	0.63
Solteq	Reduce	0.714 EUR	0.6 EUR	-16%	5	4	13.02	-	13.74	0.88
Wetteri	Reduce	0.234 EUR	0.23 EUR	-2%	4	3	14.03	-	16.12	0.61
SRV Group	Reduce	5.3 EUR	4.9 EUR	-8%	4	2	06.02	116.98	18.39	0.61
Investors House	Reduce	5.78 EUR	5.7 EUR	-1%	2	2	06.03	15.89	13.37	0.96
Lindex Group	Buy	3.205 EUR	3.5 EUR	+9%	3	2	04.02	20.77	14.18	1.23
Suominen	Sell	2.03 EUR	1.9 EUR	-6%	3	4	05.03	-	65.4	1.01
Tecnotree	Reduce	3.187 EUR	3.5 EUR	+10%	4	3	17.03	3.75	2.38	0.49
Teleste	Accumulate	2.91 EUR	3.2 EUR	+10%	3	3	03.03	14.06	12.77	0.9
Tulikivi	Sell	0.48 EUR	0.42 EUR	-13%	3	4	10.03	18.51	14.97	1.46
UPM-Kymmene	Accumulate	25.8 EUR	29 EUR	+12%	3	2	05.02	13.8	12.57	1.23
Vaisala	Accumulate	45.4 EUR	53 EUR	+17%	1	3	21.03	21.01	16.31	4.73
Wärtsilä	Accumulate	17.54 EUR	21 EUR	+20%	2	3	06.02	16.44	10.41	3.55
Wulff Group	Reduce	2.95 EUR	3.1 EUR	+5%	3	3	13.03	11.26	8.49	0.89
YIT	Reduce	2.282 EUR	2.2 EUR	-4%	4	3	10.02	-	33.11	0.7
Boreo	Reduce	13.55 EUR	12.5 EUR	-8%	4	3	13.02	13.65	11.87	0.93
Taaleri	Accumulate	7.72 EUR	9 EUR	+17%	3	2	12.02	10.23	6.14	1.01
Ovaro Kiinteistösijoitus	Reduce	3.21 EUR	3.75 EUR	+17%	4	2	02.03	30.79	31.28	0.58
NoHo Partners	Buy	9.2 EUR	10.5 EUR	+14%	2	2	13.02	12.92	12.53	2.27
Valmet	Accumulate	26.25 EUR	30 EUR	+14%	2	2	13.02	11.5	8.92	1.78
Verkkokauppa.com	Accumulate	2.16 EUR	1.9 EUR	-12%	3	3	06.02	39.5	21.51	3.22
Herantis Pharma	Accumulate	1.4 EUR	1.9 EUR	+36%	5	4	07.03	-	-	253.51
Nexstim	Accumulate	7.8 EUR	9 EUR	+15%	3	3	04.03	16.29	17.45	10.36
United Bankers	Reduce	17.45 EUR	18 EUR	+3%	3	3	13.02	16.71	11.34	3.16
Eltel	Reduce	7.52 SEK	7.2 SEK	-4%	4	3	17.02	30.19	10.8	0.59
Detection Technology	Buy	15.35 EUR	18 EUR	+17%	3	2	10.02	15.47	11.23	2.54
Enento Group	Reduce	15.8 EUR	17 EUR	+8%	2	3	16.02	16.32	12.8	1.45
Robit	Reduce	1.485 EUR	1.7 EUR	+14%	4	3	19.02	15.9	11.02	0.65
Pihlajalinna	Buy	13.5 EUR	13.5 EUR	+0%	3	2	12.02	8.64	10.19	1.54
Talenom	Buy	3.295 EUR	4.6 EUR	+40%	3	3	31.01	19.61	17.27	2.87
Alisa Pankki	Reduce	0.192 EUR	0.19 EUR	-1%	4	3	17.02	13.77	-	0.74
Consti	Accumulate	11.1 EUR	11 EUR	-1%	2	3	02.03	11.47	9.62	1.91
Tokmanni Group	Accumulate	12.94 EUR	14.5 EUR	+12%	2	2	10.03	12.55	13.53	2.71
Qt Group	Accumulate	78.65 EUR	100 EUR	+27%	2	3	13.02	26.39	20.11	8.13
NYAB	Buy	5.48 SEK	6.8 SEK	+24%	3	3	27.02	14.96	10.35	1.74
Fondia	Accumulate	5.15 EUR	5.6 EUR	+9%	3	2	14.02	11.49	8.24	6.3
Remedy Entertainment	Buy	14.1 EUR	19 EUR	+35%	4	3	12.02	140.66	100.84	2.61
Admicom	Accumulate	53.3 EUR	60 EUR	+13%	2	3	24.01	24.85	19.61	7.48
Vincit	Accumulate	1.8 EUR	2.3 EUR	+28%	4	2	20.02	13.3	7.34	1.08
Kamux	Reduce	2.535 EUR	2.7 EUR	+7%	4	3	20.02	10.59	10.82	0.88
Titanium	Reduce	7.36 EUR	7.5 EUR	+2%	3	3	13.02	14.03	9.29	4.69
Terveystalo	Accumulate	12.1 EUR	11.5 EUR	-5%	2	3	16.02	15.06	13.06	2.64
Gofore	Accumulate	20.25 EUR	24 EUR	+19%	2	2	20.02	15.2	10.66	2.77
Harvia	Reduce	45.65 EUR	46 EUR	+1%	2	4	14.02	26.99	20.15	6.09
Anora Group	Accumulate	3.51 EUR	3.3 EUR	-6%	2	2	13.02	11.72	7.93	0.59
Enersense International	Reduce	2.13 EUR	2.7 EUR	+27%	4	4	03.03	51.71	6.8	1.09
Eezy	Reduce	0.85 EUR	1.1 EUR	+29%	4	3	13.02	10.8	13.54	0.2
Metacon	Accumulate	0.138 SEK	0.16 SEK	+16%	4	4	05.03	-	-	2.76
Rush Factory	Sell	-	-	-	5	4	26.03	-	-	-
Viafin Service	Reduce	19.4 EUR	21.5 EUR	+11%	2	2	24.02	13.14	8.72	2.44
Oma Säästöpankki	Reduce	9.23 EUR	10 EUR	+8%	4	2	10.02	4.99	39.06	0.49
LeadDesk	Accumulate	6.3 EUR	8.5 EUR	+35%	3	2	28.02	19.6	14.54	2.19
Aallon Group	Buy	9.98 EUR	12.5 EUR	+25%	2	2	13.02	10.64	8.64	2.17
Relais Group	Buy	13.8 EUR	16.5 EUR	+20%	3	2	14.02	10.82	11.15	1.97
Fodelia	Buy	7.14 EUR	7.5 EUR	+5%	2	3	07.02	16.21	12.57	3.87
Optomed	Accumulate	3.87 EUR	5.2 EUR	+34%	4	4	14.02	-	-	4
Faron Pharmaceuticals	Accumulate	2.58 EUR	2.8 EUR	+9%	5	4	28.02	-	-	-
Partnera	Accumulate	1.05 EUR	0.85 EUR	-19%	3	2	14.02	-	13.24	0.85
Verve	Buy	35.75 SEK	57 SEK	+59%	3	3	28.02	8.56	6.69	1.22
Kreate Group	Accumulate	8.48 EUR	8 EUR	-6%	3	2	05.02	13.47	10.23	1.7
Nightingale Health	Accumulate	3.03 EUR	2.9 EUR	-4%	4	4	07.03	-	-	2.65
Sitowise Group	Reduce	2.51 EUR	2.5 EUR	-0%	3	2	13.02	32.29	17.14	0.77
Orthex	Accumulate	5.16 EUR	6 EUR	+16%	2	2	14.03	13.35	10.49	2.36
Alexandria Group	Accumulate	9.4 EUR	10.5 EUR	+12%	3	2	20.03	10.71	7.7	2.93
Netum Group	Reduce	2.28 EUR	2.6 EUR	+14%	3	3	25.02	15.71	9.08	2.62
Merus Power	Reduce	5.38 EUR	4.8 EUR	-11%	4	4	06.02	-	87.43	4.36
Solwers	Reduce	2.4 EUR	2.65 EUR	+10%	3	3	27.02	14.31	14.48	0.57
Toivo Group	Accumulate	0.938 EUR	1.25 EUR	+33%	4	3	26.02	11.12	12.74	0.74
Hexicon	Sell	0.219 SEK	0.2 SEK	-8%	5	4	27.03	1.67	5.05	-
Spinnova	Reduce	0.51 EUR	0.45 EUR	-12%	5	4	02.03	-	-	0.73
Puuilo	Accumulate	12.09 EUR	12 EUR	-1%	2	3	10.03	18.63	15.14	8.73
EcoUp	Accumulate	2.26 EUR	2.6 EUR	+15%	4	2	28.02	29.93	24.46	1.16
Modulight	Accumulate	1.33 EUR	1.3 EUR	-2%	5	4	24.02	-	-	1.31
Bioretec	Accumulate	2.31 EUR	2.8 EUR	+21%	4	4	17.02	-	-	10.65
Fifax	Sell	0.255 EUR	0.17 EUR	-33%	4	4	06.03	-	-	2.73
Canatu	Accumulate	12.5 EUR	13 EUR	+4%	4	4	21.10.2024	-	-	3.96
Loihde	Accumulate	12.5 EUR	12 EUR	-4%	3	3	14.02	19.59	14.27	0.88
Lemonsoft	Accumulate	5.6 EUR	6.5 EUR	+16%	3	3	20.02	20.54	15.58	3.09
Duell	Buy	6.5 EUR	9 EUR	+38%	3	1	17.03	8	7.4	0.64
Norrhydro Group	Reduce	1.32 EUR	1.5 EUR	+14%	4	4	21.02	-	20.68	1.87
Digital Workforce	Accumulate	3.76 EUR	4.7 EUR	+25%	3	3	19.02	16.62	13.91	2.62
Springvest	Reduce	8.25 EUR	8.5 EUR	+3%	3	4	14.02	49.98	40.11	1.58
Lamor	Reduce	1.29 EUR	1.25 EUR	-3%	4	3	07.03	108.41	13.48	0.56
Betolar	Reduce	0.865 EUR	0.9 EUR	+4%	5	4	06.02	-	-	6.19
Aiforia Technologies	Accumulate	3.76 EUR	4.4 EUR	+17%	4	3	10.03	-	-	6.48
Kempower	Accumulate	12.7 EUR	13 EUR	+2%	3	4	13.02	-	-	6.34
Administer	Accumulate	2.3 EUR	2.5 EUR	+9%	3	2	06.03	11.9	9.87	1.47
Evli	Accumulate	18.55 EUR	21 EUR	+13%	2	3	30.01	15.42	11.49	3.3
LapWall	Reduce	4.14 EUR	4.5 EUR	+9%	3	3	26.03	14.77	12.97	3.18
Pallas Air	Sell	1.33 EUR	0.7 EUR	-47%	5	4	20.03	-	-	-
Gabriel Holding	Reduce	145 DKK	180 DKK	+24%	4	3	07.02	-	99.53	1.07
Witted Megacorp	Accumulate	1.395 EUR	1.8 EUR	+29%	4	3	11.03	18.69	10.83	1.49
Asuntosalkku	Accumulate	74.5 EUR	88 EUR	+18%	2	2	14.02	19.06	19.23	0.59
F-Secure	Buy	1.742 EUR	2.3 EUR	+32%	3	2	25.03	10.06	9.65	4.75
Koskisen	Reduce	7.04 EUR	7.25 EUR	+3%	4	3	17.02	12.69	10.29	1.02
Tamtron	Accumulate	5.36 EUR	6.2 EUR	+16%	3	2	13.03	11.91	9.04	1.83
Pohjanmaan Arvo Sijoitusosuuskunta	Accumulate	63.83 EUR	66 EUR	+3%	3	2	20.02	5.9	22.75	0.51
Mandatum	Reduce	5.684 EUR	4.8 EUR	-16%	3	3	13.02	18.57	12.69	2.01
Kalmar	Accumulate	33.38 EUR	38 EUR	+14%	2	3	13.02	13.25	9.59	2.91
Solar Foods	Reduce	6 EUR	3.3 EUR	-45%	5	4	28.02	-	-	9.66
Tietoevry	Accumulate	16.43 EUR	21 EUR	+28%	3	2	24.03	10.84	9.49	1.7
Spotify	Reduce	580.22 USD	535 USD	-8%	2	3	05.02	43.41	43.65	13.65
Tekova	Accumulate	0.83 EUR	1 EUR	+20%	4	3	27.02	7.19	2.5	2.94
Multitude	Accumulate	4.81 EUR	5.7 EUR	+19%	4	2	27.03	5.62	1.21	0.51