Companies

Finnair’s strategy update emphasizes RASK more than CASK, which itself wasn’t a big surprise, however the target for unit revenue growth was more ambitious than expected.

Administer’s Q3 was soft, with lower net sales weighing on profitability. Cost-saving measures should support margins slightly in the short term, while the pending Sarastia acquisitions remain the key potential value driver.

Administer's Q3 results fell short of expectations as net sales declined to EUR 17.0m and EBITDA weakened to EUR 0.7m, driven by challenging market conditions and lower volumes across all business areas.

Aspo’s Q3 results were in the end neutral; both ESL and Telko can improve more next year, when they are also to be split.

Alisa Bank intends to sell the majority of its consumer loan portfolio. Proceeds should reasonably be used to accelerate business lending growth, organically and inorganically, to fill the gap from lost income.
 

Marimekko’s Q3 brought no major surprises, with both net sales and profitability roughly in line with estimates. Despite the subdued market environment, we expect the strong development to continue in Q4.

Administer is set to report Q3 results on November 5. We expect stable performance in line with H1 trends, with limited organic growth. Looking ahead, the Sarastia acquisitions remain a key catalyst for growth and earnings expansion.

Aspo’s EUR 9.6m comparable EBITA was roughly in line with estimates, although ESL’s result stayed weak while Telko delivered another relatively strong quarter. ESL’s still weak comparable EBITA was offset by the strength of Telko and Leipurin, and Aspo retains its guidance according to which FY’25 comparable EBITA will be in the range of EUR 35-45m; in our view the higher end of the range might be hard to reach unless ESL improves very significantly in Q4’25.

Finnair’s biggest challenges this year may now be in the past, yet it still needs to achieve significant earnings growth next year to earn its current valuation.

YIT’s Q3 results overall corresponded to expectations but was positive in terms of profitability of the contracting segments. With slight upwards revisions to our estimates, we adjust our TP to EUR 3.0 (2.9) and retain our ACCUMULATE-rating.

Marimekko’s Q3 results were well in line with expectations. Both domestic and international sales posted solid growth, supported in particular by strong wholesale performance. Operating profit improved by 13%, driven by higher volumes.

DT’s Q3 wasn’t strong yet EBITA was better than estimated; Q4 should see further gradual gains, while next year has significant earnings drivers after a period of low volumes.