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Loihde

Growth oriented comprehensive security and digital IT service provider

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Overview

Loihde is a service provider, specializing in comprehensive security and IT services. The company engages in agile digital IT-services, such as digi-strategy consultancy, data solutions and analytics, AI, software development and service design. Loihde focuses on high-tier security technologies both in its physical and digital security services. The company employs over 800 persons.
Loihde has gone through notable organizational changes and has now placed its focus on growing its topline and improving its profitability. With further integrating its back-office and administrative function, additional cost savings are likely to materialize. Margins should also see further expansion with the increased share of digital security and IT-services. Loihde's healthy balance sheet enables the company to further speed up its growth with M&A activities. The company operates in prolific markets with the underlying markets grow at high-single-digit figures by several megatrends supporting the underlying market development.

Financial overview

Equity research

Loihde text on the wall and salmon red ceiling lamp.
Loihde logo
Loihde - Steady progress amid uncertainty

Loihde’s Q3 beat our estimates, offset by expectations of a slower Q4. Growth in the main business areas continues to be favourable, while recovery in IT consulting is still awaited, and we see continued margin improvement potential. 

Company update |
Loihde text on the wall and salmon red ceiling lamp.
Loihde logo
Loihde - Better than expected quarter 

Loihde reported better than anticipated Q3 results, with sales growing 5% y/y to EUR 31.5m (Evli: 30.6m) and adj. EBITDA amounting to EUR 2.9m (Evli: 2.3m). Growth expectations for the remainder of the year are rather cautious given the market situation and front-loaded revenue from security solutions.

Earnings Flash |
Loihde text on the wall and salmon red ceiling lamp.
Loihde logo
Loihde - Valuation starting to appeal

Loihde reports its Q3 business report on October 30th. We expect healthy profitability levels and slight growth in the near-term and Loihde in our view remains well positioned to tackle near-term market uncertainties. Following a share price decline since our previous update we upgrade our rating to BUY (HOLD), TP of EUR 12.2 and estimates intact. 

Preview |
Loihde text on the wall and salmon red ceiling lamp.
Loihde logo
Loihde - Favourable profitability development

Loihde’s Q2 was better than estimated, profitability in particular, with adj. EBITDA up EUR 1.6m y/y to EUR 2.6m (Evli EUR 1.9m). We continue to expect favourable growth and profitability development going forward.

Company update |
Loihde text on the wall and salmon red ceiling lamp.
Loihde logo
Loihde - Top- and bottom-line estimates beat

Loihde’s Q2 was better than anticipated. Net sales grew a modest 3% to EUR 35.4m (Evli EUR 34.9m), and with operative costs slightly down from previous year levels the adj. EBITDA as a result improved to EUR 2.6m (Evli EUR 1.9m, Q2/23: EUR 1.0m).

Earnings Flash |
Loihde text on the wall and salmon red ceiling lamp.
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Loihde - Steady performance expected

Loihde reports its H1 results on August 27th. We expect slight net sales growth and a clear y/y profitability improvement. Of key interest in our view is the growth pace and potential remarks on recent or anticipated changes in the demand situation. 

Preview |
Loihde text on the wall and salmon red ceiling lamp.
Loihde logo
Loihde - Well on the earnings growth track
Loihde’s 2024 started of quite well and beat our expectations. We continue to expect lower single-digit growth and a clear improvement in profitability in 2024.
Company update |
Loihde text on the wall and salmon red ceiling lamp.
Loihde logo
Loihde - Growth and profitability improvement
Loihde’s Q1 was a pleasant surprise, as we had expected a softer start to the year. The adj. EBITDA improved clearly y/y and beat our estimate, at EUR 1.6m (Evli 0.5m). Net sales also grew nicely by 6% to EUR 33.0m (Evli EUR 31.8m).
Earnings Flash |
Loihde text on the wall and salmon red ceiling lamp.
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Loihde - Cautiously heading into 2024
Loihde’s Q4 came with no larger P&L surprises. Expectations for 2024 are slightly more conservative than we previously estimated but margin improvement potential remains on the weaker comparison figures.
Company update |
Loihde text on the wall and salmon red ceiling lamp.
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Loihde - Guidance on the softer side
Loihde’s Q4 results were in line with our estimates on topline figures, with growth of 3% while the adj. EBITDA came in below our estimates at 3.8m (Evli EUR 4.4.). Group revenue is expected to be flat or grow in 2024 and adj. EBITDA to improve.
Earnings Flash |

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Loihde Plc: SHARE REPURCHASE 28.10.2024

Helsinki Stock Exchange        
        
Trade date: 28.10.2024
Bourse trade: BUY    
Share: LOIHDE    
Amount: 257 shares
Average price / share: 10,9821 EUR
Total cost: 2 822,40 EUR
        
Following shares repurchased on 28.10.2024
the Group now holds 22 696 shares.
        
On behalf of Loihde Plc        
        
Lago Kapital Ltd        
        
Maj van Dijk     Jani Koskell        
        
Further information:        
CEO Samu Konttinen        
Media contact: Director of Communications Tiina Nieminen        
tel. +358 44 411 3480        
email: tiina.nieminen@loihde.com        

Attachments

Loihde Plc: SHARE REPURCHASE 25.10.2024

Helsinki Stock Exchange        
        
Trade date: 25.10.2024
Bourse trade: BUY    
Share: LOIHDE    
Amount: 263 shares
Average price / share: 10,9732 EUR
Total cost: 2 885,95 EUR
        
Following shares repurchased on 25.10.2024
the Group now holds 22 439 shares.
        
On behalf of Loihde Plc        
        
Lago Kapital Ltd        
        
Maj van Dijk     Jani Koskell        
        
Further information:        
CEO Samu Konttinen        
Media contact: Director of Communications Tiina Nieminen        
tel. +358 44 411 3480        
email: tiina.nieminen@loihde.com        

Attachments

Loihde Plc: SHARE REPURCHASE 24.10.2024

Helsinki Stock Exchange        
        
Trade date: 24.10.2024
Bourse trade: BUY    
Share: LOIHDE    
Amount: 173 shares
Average price / share: 11,2604 EUR
Total cost: 1 948,05 EUR
        
Following shares repurchased on 24.10.2024
the Group now holds 22 176 shares.
        
On behalf of Loihde Plc        
        
Lago Kapital Ltd        
        
Maj van Dijk     Jani Koskell        
        
Further information:        
CEO Samu Konttinen        
Media contact: Director of Communications Tiina Nieminen        
tel. +358 44 411 3480        
email: tiina.nieminen@loihde.com        

Attachments

Loihde Plc: SHARE REPURCHASE 23.10.2024

Helsinki Stock Exchange        
        
Trade date: 23.10.2024
Bourse trade: BUY    
Share: LOIHDE    
Amount: 143 shares
Average price / share: 11,4818 EUR
Total cost: 1 641,90 EUR
        
Following shares repurchased on 23.10.2024
the Group now holds 22 003 shares.
        
On behalf of Loihde Plc        
        
Lago Kapital Ltd        
        
Maj van Dijk     Jani Koskell        
        
Further information:        
CEO Samu Konttinen        
Media contact: Director of Communications Tiina Nieminen        
tel. +358 44 411 3480        
email: tiina.nieminen@loihde.com        

Attachments

Loihde Plc: SHARE REPURCHASE 22.10.2024

Helsinki Stock Exchange        
        
Trade date: 22.10.2024
Bourse trade: BUY    
Share: LOIHDE    
Amount: 241 shares
Average price / share: 11,5000 EUR
Total cost: 2 771,50 EUR
        
Following shares repurchased on 22.10.2024
the Group now holds 21 860 shares.
        
On behalf of Loihde Plc        
        
Lago Kapital Ltd        
        
Maj van Dijk     Jani Koskell        
        
Further information:        
CEO Samu Konttinen        
Media contact: Director of Communications Tiina Nieminen        
tel. +358 44 411 3480        
email: tiina.nieminen@loihde.com        

Attachments

Loihde Plc: SHARE REPURCHASE 21.10.2024

Helsinki Stock Exchange        
        
Trade date: 21.10.2024
Bourse trade: BUY    
Share: LOIHDE    
Amount: 241 shares
Average price / share: 11,5689 EUR
Total cost: 2 788,10 EUR
        
Following shares repurchased on 21.10.2024
the Group now holds 21 619 shares.
        
On behalf of Loihde Plc        
        
Lago Kapital Ltd        
        
Maj van Dijk     Jani Koskell        
        
Further information:        
CEO Samu Konttinen        
Media contact: Director of Communications Tiina Nieminen        
tel. +358 44 411 3480        
email: tiina.nieminen@loihde.com        

Attachments

Loihde Plc: SHARE REPURCHASE 18.10.2024

Helsinki Stock Exchange        
        
Trade date: 18.10.2024
Bourse trade: BUY    
Share: LOIHDE    
Amount: 149 shares
Average price / share: 11,5597 EUR
Total cost: 1 722,40 EUR
        
Following shares repurchased on 18.10.2024
the Group now holds 21 378 shares.
        
On behalf of Loihde Plc        
        
Lago Kapital Ltd        
        
Maj van Dijk     Jani Koskell        
        
Further information:        
CEO Samu Konttinen        
Media contact: Director of Communications Tiina Nieminen        
tel. +358 44 411 3480        
email: tiina.nieminen@loihde.com        

Attachments

Loihde Plc: SHARE REPURCHASE 17.10.2024

Helsinki Stock Exchange        
        
Trade date: 17.10.2024
Bourse trade: BUY    
Share: LOIHDE    
Amount: 75 shares
Average price / share: 11,60 EUR
Total cost: 870,00 EUR
        
Following shares repurchased on 17.10.2024
the Group now holds 21 229 shares.
        
On behalf of Loihde Plc        
        
Lago Kapital Ltd        
        
Maj van Dijk     Jani Koskell        
        
Further information:        
CEO Samu Konttinen        
Media contact: Director of Communications Tiina Nieminen        
tel. +358 44 411 3480        
email: tiina.nieminen@loihde.com        

Attachments

Loihde Plc: SHARE REPURCHASE 16.10.2024

Helsinki Stock Exchange        
        
Trade date: 16.10.2024
Bourse trade: BUY    
Share: LOIHDE    
Amount: 276 shares
Average price / share: 11,6007 EUR
Total cost: 3 201,80 EUR
        
Following shares repurchased on 16.10.2024
the Group now holds 21 154 shares.
        
On behalf of Loihde Plc        
        
Lago Kapital Ltd        
        
Maj van Dijk     Jani Koskell        
        
Further information:        
CEO Samu Konttinen        
Media contact: Director of Communications Tiina Nieminen        
tel. +358 44 411 3480        
email: tiina.nieminen@loihde.com        

Attachments

Loihde Plc: SHARE REPURCHASE 15.10.2024

Helsinki Stock Exchange        
        
Trade date: 15.10.2024
Bourse trade: BUY    
Share: LOIHDE    
Amount: 278 shares
Average price / share: 11,6176 EUR
Total cost: 3 229,70 EUR
        
Following shares repurchased on 15.10.2024
the Group now holds 20 878 shares.
        
On behalf of Loihde Plc        
        
Lago Kapital Ltd        
        
Maj van Dijk     Jani Koskell        
        
Further information:        
CEO Samu Konttinen        
Media contact: Director of Communications Tiina Nieminen        
tel. +358 44 411 3480        
email: tiina.nieminen@loihde.com        

Attachments

Loihde Plc: SHARE REPURCHASE 14.10.2024

Helsinki Stock Exchange        
        
Trade date: 14.10.2024
Bourse trade: BUY    
Share: LOIHDE    
Amount: 146 shares
Average price / share: 11,6277 EUR
Total cost: 1 697,65 EUR
        
Following shares repurchased on 14.10.2024
the Group now holds 20 600 shares.
        
On behalf of Loihde Plc        
        
Lago Kapital Ltd        
        
Maj van Dijk     Jani Koskell        
        
Further information:        
CEO Samu Konttinen        
Media contact: Director of Communications Tiina Nieminen        
tel. +358 44 411 3480        
email: tiina.nieminen@loihde.com        

Attachments

Loihde Plc: SHARE REPURCHASE 11.10.2024

Helsinki Stock Exchange        
        
Trade date: 11.10.2024
Bourse trade: BUY    
Share: LOIHDE    
Amount: 208 shares
Average price / share: 11,40 EUR
Total cost: 2 371,20 EUR
        
Following shares repurchased on 11.10.2024
the Group now holds 20 454 shares.
        
On behalf of Loihde Plc        
        
Lago Kapital Ltd        
        
Maj van Dijk     Jani Koskell        
        
Further information:        
CEO Samu Konttinen        
Media contact: Director of Communications Tiina Nieminen        
tel. +358 44 411 3480        
email: tiina.nieminen@loihde.com        

Attachments

Loihde Plc: SHARE REPURCHASE 10.10.2024

Helsinki Stock Exchange        
        
Trade date: 10.10.2024
Bourse trade: BUY    
Share: LOIHDE    
Amount: 146 shares
Average price / share: 11,3007 EUR
Total cost: 1 649,90 EUR
        
Following shares repurchased on 10.10.2024
the Group now holds 20 246 shares.
        
On behalf of Loihde Plc        
        
Lago Kapital Ltd        
        
Maj van Dijk     Jani Koskell        
        
Further information:        
CEO Samu Konttinen        
Media contact: Director of Communications Tiina Nieminen        
tel. +358 44 411 3480        
email: tiina.nieminen@loihde.com        

Attachments

Loihde Plc: SHARE REPURCHASE 9.10.2024

Helsinki Stock Exchange        
        
Trade date: 9.10.2024
Bourse trade: BUY    
Share: LOIHDE    
Amount: 275 shares
Average price / share: 11,2471 EUR
Total cost: 3 092,95 EUR
        
Following shares repurchased on 9.10.2024
the Group now holds 20 100 shares.
        
On behalf of Loihde Plc        
        
Lago Kapital Ltd        
        
Maj van Dijk     Jani Koskell        
        
Further information:        
CEO Samu Konttinen        
Media contact: Director of Communications Tiina Nieminen        
tel. +358 44 411 3480        
email: tiina.nieminen@loihde.com        

Attachments

Loihde Plc: SHARE REPURCHASE 8.10.2024

Helsinki Stock Exchange        
        
Trade date: 8.10.2024
Bourse trade: BUY    
Share: LOIHDE    
Amount: 263 shares
Average price / share: 11,2757 EUR
Total cost: 2 965,50 EUR
        
Following shares repurchased on 8.10.2024
the Group now holds 19 825 shares.
        
On behalf of Loihde Plc        
        
Lago Kapital Ltd        
        
Maj van Dijk     Jani Koskell        
        
Further information:        
CEO Samu Konttinen        
Media contact: Director of Communications Tiina Nieminen        
tel. +358 44 411 3480        
email: tiina.nieminen@loihde.com        

Attachments

Shareholders Date % of Shares % of Votes
Suomen Teollisuussijoitus Oy 31.08.2024 4.8% 4.8%
Bellurum Oy 31.08.2024 3.7% 3.7%
Lakiasiaintoimisto Asiakasturva Oy 31.08.2024 2.2% 2.2%
VISIO Allocator Fund 31.08.2024 1.7% 1.7%
Tenendum Oy 31.08.2024 1.4% 1.4%
LähiTapiola Keskinäinen Henkivakuutusyhtiö 31.08.2024 1.3% 1.3%
LähiTapiola Keskinäinen Vakuutusyhtiö 31.08.2024 1.3% 1.3%
Vaasan kaupunki 31.08.2024 1.2% 1.2%
Hotcom Oy 31.08.2024 1.2% 1.2%
Pelkonen Antti Olavi 31.08.2024 1.2% 1.2%

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Company Facts

CEO Samu Konttinen
CFO Pirjo Suhonen
IR Tiina Nieminen
Market cap (EURm) 63
Industry IT Services
Ticker LOIHDE

Guidance

In 2024, Loihde expects the Group's revenue to be on par with the previous year or grow and adjusted EBITDA to improve compared to 2023, when it was EUR 7.6m.

Financial targets

2024-2027: Annual revenue growth of approximately 10% (2027 target over EUR 200m), adj. EBITDA-margin 15% by 2027. ROI above 10% and net debt/EBITDA 0-2x.

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