Companies

Administer’s recent profitability strides signal a promising turn, with the potential for the new strategy to fully unfold should market conditions stabilize and demand increase.

Marimekko’s CMD offered more insights into the company’s SCALE strategy for 2023-2027 and its progress to date. The long-term financial targets remain unchanged. 

Aspo’s results have seen ups and downs in recent years, but the stabilized environment and recent investments should now drive major earnings gains after a still soft H1’24.

Etteplan lowered its guidance as the market conditions have remained weak. While 2024E looks to be another gap year in the profitable growth story, we still consider the valuation undemanding for 2025-2026E. 

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.

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).

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. 

Solteq is set to start showing clearly improved profitability figures, with the toughest actions now behind. Actions to secure near-term financing are also set to be achieved.

Solteq had released preliminary Q2 figures ahead of the earnings report and the comparable net sales of EUR 13.6m (-1.5% y/y) and EBIT of EUR 0.0m came as no surprise. 

We initiate coverage of LapWall with a BUY-rating and TP of EUR 3.8. The sluggish residential construction market at present offers a buying opportunity as the company's valuation seems modest considering the cycle-low earnings. 

Dovre’s Q2 results were close to our estimates. We don’t make any large estimate changes but note Dovre is already back to the EUR 8m EBIT level without the write-down.

Exel’s Q2 was encouraging as EBIT recovered significantly after a challenging period of missing demand. We believe EBIT could climb towards EUR 8m in the next year or so.