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Alisa Bank - Suffering from demand weakness

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. 

Company update |
Endomines gold nuggets.
Endomines logo
Endomines - Raising the bar for future growth

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.

Analyst comment |
Nokian Panimo - production photo.
Nokian panimo
Nokian Panimo - Kannattavaa kasvua keittämässä (FI)

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

Company report |
Nokian Panimo - production photo.
Nokian panimo
Nokian Panimo - Brewing profitable growth

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.

Company report |
Marimekko-Unikko-flower-print.
Marimekko
Marimekko - Resilient performance amid uncertainty

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.

Company update |
Marimekko-Unikko-flower-print.
Marimekko
Marimekko - Strong international growth continues

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. 

Earnings Flash |
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Aspo - Recent investments yield results

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.

Company update |
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Cap Man logo black
CapMan - On track despite fundraising delays

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.

Company update |
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Aspo logo
Aspo - Earnings beat, guidance intact

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.

Earnings Flash |
Cap Man picture: A beautiful landscape in a swampy environment with people and a dog walking.
Cap Man logo black
CapMan - Investment returns remained good

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. 

Earnings Flash |
Administer Group - People sitting on couch by coffie table.
Administer logo
Administer - Profitability improving again in soft market

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.

Company update |
Suominen - A woman in a light outfit in the Finnish nature on a rock by the sea.
Suominen logo
Suominen - Still improving, albeit slowly

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.

Company update |

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