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Alisa Bank’s H2 financials corresponded to our expectations, although NII and subsequently total income fell slightly short. H2 saw the loan portfolio decline notably from H1. The adj. PTP as expected turned positive. Alisa Bank estimates that the bank’s operating result will continue to develop positively during 2025.

Solteq’s Q4 results were weaker than expected. While the company maintained its profitability improvement trend in Retail & Commerce, net sales—particularly in Utilities—were disappointing. The near-term outlook for both segments remain weak, as reflected in the guidance.

CapMan’s Q4 results were better than expected through good investment returns. Our expectations for 2025 reflect clear earnings improvement, with an in our view interesting near-term ahead due to significant fundraising activity and potential use of the strong cash position.

Raute has already achieved high results, and they could be even higher in a more favorable market environment.

Finnair’s results were very strong for Q4 after some more challenging quarters last year. We believe Finnair is positioned to improve again this year, but by just how much remains the key question as valuation has recovered.

Endomines is progressing well in line with its strategy and the H2/24 was clear evidence of the company’s capability to deliver results. After significant net positive adjustments to our models, we increase our TP to EUR 10.8 (prev. EUR 8.3).

Solteq’s Q4 performance mirrored its full-year trends, with declining sales but improved profitability. Retail & Commerce met expectations, while Utilities disappointed. The company estimates that comparable revenue will decrease slightly in 2025, while operating result will improve significantly.

Endomines successfully capitalized on the increased gold market prices during the second half of the year. Pampalo's profitability exceeded our expectations due to lower-than-expected cash costs.

Finnair’s Q4 top line and profitability came in above estimates as ticket pricing pressure already eased a bit. Finnair’s costs were largely as we estimated and so the EUR 48m comparable EBIT was almost EUR 13m higher than we expected. Finnair already guides FY’25 financial results, however the EBIT range remains wide at this point. There are some cost pressures, but in our view Finnair has a decent chance of achieving improving profitability this year as it plans to grow capacity on its North Atlantic routes.

Raute’s Q4 margins were a bit lower than we estimated even if top line was higher than we expected. The EUR 50m order intake was clearly higher than we expected and was a strong result as the figure didn’t include any larger orders. The prospects for a sustained market recovery seem still somewhat unclear, however Raute guides quite stable results for FY’25 at this point.

Etteplan's Q4 results aligned with our estimates, with NRIs weighing on the figures. The market remains challenging which is reflected in the conservative lower range of the 2025 guidance. Going forward, Etteplan aims to continue profitable growth with the help of increased share of AI service offering.

CapMan’s Q4 results came with a pleasant surprise through higher than anticipated investment returns and EBIT of EUR 5.6m beat our expectation of EUR 2.1m. The BoD expects the dividend distribution for 2024 to be EUR 0.14 per share (Evli EUR 0.14).