Companies

Alisa Bank issued a profit warning, with continued weaker demand driving lower volumes. 2025 PTP excl. NRI’s is expected to be negative, a notable decrease from the bank’s previous expectations. 

Endomines published its updated strategy for 2025–2029, which largely builds on the previous one, with the expected addition of critical minerals to the strategy. The company aims to grow into a significantly larger scale with growth in production and resources.

Aloitamme Nokian Panimon seurannan 2,7 euron tavoitehinnalla ja LISÄÄ-suosituksella. Yhtiö on hyvin asemoitunut edistämään orgaanista kasvustrategiaansa, selkeän investointisuunnitelman tukemana.

We initiate coverage of Nokian Panimo with a target price of EUR 2.7 and an ACCUMULATE rating. The company is well- positioned to advance its organic growth strategy, supported by a clearly defined investment plan.

Marimekko delivered better-than-expected Q1 results, overcoming tough comparison figures and a difficult market environment. We estimate a more pronounced acceleration towards H2, yet market continues to challenge the company.

Marimekko's first quarter revenue beat our estimates due to stronger than expected growth in international markets. Profitability was hit by higher discounts and lower licensing income as expected. 

Aspo’s Q1 comparable EBITA improved by almost EUR 4m y/y mostly due to own actions. Earnings may not improve at quite such a rapid pace over the summer months but nevertheless continue to trend up towards next year.

CapMan reported better than expected profitability in Q1 through investment returns. Fundraising has seen delays, but the pipeline remains attractive. We continue to see significant earnings growth in 2025.

Aspo’s Q1 EUR 8.8m comparable EBITA comfortably beat the estimates, while the company retains its previous guidance for now as demand is generally picking up from low levels.

CapMan’s Q1 profitability was better than expected, with EBIT of EUR 6.9m (Evli 5.9m), as fair value changes of EUR 5.9m clearly exceeded our EUR 3.0m expectations. Fee income grew 8% and fee profit 46% y/y. 

Administer’s profitability continued to improve in Q1, with EBITDA margin up by 17% y/y. Net sales were in line with the comparison period despite acquisitions.

Suominen’s Q1 results didn’t contain very big surprises, although profitability remained low. Earnings are likely to continue their recovery, but the market remains challenging and doesn’t offer much help in that respect.