Companies

Aspo downgraded guidance as ESL’s demand hasn’t picked up as fast as might have been expected earlier this year. Q4 EBITA will gain some, but expectations rest on next year.

Endomines released a profit warning due to lower-than-expected production volume growth in Q4 driven by issues in both Pampalo OP and UG mines. We still estimate strong revenue growth in 2024E helped by the robust gold market.

The Duell AGM was held on November 20, 2024, where a decision was passed regarding the reverse split, the plans for which were published earlier in October. In the split, each existing 200 shares will correspond to one share in the company. We update our TP to EUR 9.0 (prev. EUR 0.045) to match the new share count.

Dovre will realize significant value through the announced sale, which should help it to better find growth within Renewable Energy, however the exit leaves valuation neutral.

In its CMD, Vaisala outlined its strategy and updated long-term financial targets. With slight positive estimate adjustments and higher peer multiples, we increase TP to EUR 49.0 (prev. EUR 47.0), recommendation remains at HOLD.

Operatively CapMan’s Q3 fell short of our expectations mainly due to negative fair value changes, while the Management Company business profitability continued to develop nicely. The near-term outlook remains soft and we have pushed forward our expectations for market aided recovery. 

Administer’s Q3 report was in line with expectations. Net sales declined 3.9% y/y, but profitability continued its positive development, with the EBITDA-margin at 5.7%, improving clearly y/y. 

Suominen had some production issues in Q3, and even if those no longer bother valuation begins to look a bit stretched.

CapMan’s Q3 results were below our and consensus expectations. On our estimates the main deviations came from FV changes (EUR -0.8m/2.0m act./Evli) and the classification of CaPS as discontinued operations. The relative profitability of the Management Company business was better than expected on lower than estimated turnover.

Marimekko’s Q3 brought no real surprises as the net sales were in line with our estimates while profitability was a touch lower mainly due to higher-than-expected marketing investments. We continue to see the current pricing relatively neutral and reiterate TP of EUR 13.0 with recommendation at HOLD. 

Suominen’s revenue grew 5% y/y in Q3, which was below estimates. There were also some EUR 3.0m in additional costs due to major operational challenges, which caused the EUR 3.3m comparable EBITDA to fall significantly below estimates. Suominen retains its guidance, and as the market looks quite stable Q4 should still see improvement albeit from a low comparison period. Suominen’s earnings have a lot more way to go before reaching satisfactory levels.

Administer's net sales declined by 3.9% y/y, reflecting the challenging market conditions that have weighed on this year’s sales development. This decline was anticipated, as the company revised its revenue guidance downward in October. Nevertheless, the turnaround in profitability continued as expected, marking the third consecutive quarter of positive profitability growth y/y.