Quantitative stockmarket analysis First North Finland stock valuation

MCAP (MEur)

Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)
Aallon Group Oyj 40.8 41.3 34.4 41.7 35.6 35.6 35.6
Admicom Oyj 231.9 215.7 236.7 216.2 128.9 128.9 128.9
Administer Oyj 38.1 34.5 31.0 35.9 37.4 37.4 37.4
Aiforia Technologies Oyj 83.4 90.6 101.5 82.3 34.2 34.2 34.2
Alexandria Group Oyj 65.4 65.0 95.9 116.8 162.7 162.7 162.7
Arvo Sijoitusosuuskunta 0.0 51020.9 42781.5 64750.4 68252.6 68252.6 68252.6
Asuntosalkku Oyj 106.5 78.4 75.3 77.6 76.1 76.1 76.1
Nokian Panimo Oyj 0.0 0.0 0.0 24.0 25.4 25.4 25.4
Betolar Oyj 59.6 25.4 16.5 22.6 21.2 21.2 21.2
Bioretec Oy 1.7 4.1 4.9 1.7 39.4 39.4 39.4
Canatu Oyj 0.0 0.0 0.0 275.4 193.9 193.9 193.9
Cityvarasto Oyj 0.0 0.0 0.0 134.1 109.6 109.6 109.6
Detection Technology Oyj 247.7 200.8 224.2 162.7 112.3 112.3 112.3
Duell Oyj 54.5 11.6 36.1 17.1 12.2 12.2 12.2
Digital Workforce Services Oyj 44.2 33.9 45.1 31.0 30.0 30.0 30.0
Eagle Filters Group Oyj 8.0 11.7 14.9 18.6 22.9 22.9 22.9
EcoUp Oyj 26.9 15.3 17.7 13.2 9.7 9.7 9.7
Foamit Oyj 28.1 24.1 29.4 33.4 32.5 32.5 32.5
Fodelia Oyj 34.2 44.7 50.2 44.0 35.8 35.8 35.8
Fondia Oyj 26.2 24.7 19.2 19.5 19.3 19.3 19.3
Inderes Oyj 41.6 33.4 33.8 27.7 30.1 30.1 30.1
KPY osk 0.0 0.0 0.0 140.1 98.1 98.1 98.1
LapWall Oyj 50.9 45.2 57.8 56.4 64.8 64.8 64.8
LeadDesk Oyj 44.1 38.9 33.0 39.2 15.9 15.9 15.9
Lemonsoft Oyj 146.4 111.7 106.3 109.4 82.7 82.7 82.7
Loihde Oyj 75.3 69.4 69.1 67.6 70.8 70.8 70.8
Merus Power Oyj 31.6 30.9 28.5 35.9 45.2 45.2 45.2
Modulight Oyj 80.5 50.0 40.9 47.7 42.8 42.8 42.8
Netum Group Oyj 44.0 33.5 32.7 14.7 9.6 9.6 9.6
Norrhydro Group Oyj 0.0 22.6 17.9 13.3 13.6 13.6 13.6
Nexstim Oyj 27.8 19.9 56.6 102.4 70.7 70.7 70.7
Solar Foods Oyj 0.0 0.0 113.6 115.5 153.1 153.1 153.1
Solwers Oyj 41.7 47.6 32.3 22.6 16.0 16.0 16.0
Spinnova Oyj 280.9 122.7 51.0 24.2 26.1 26.1 26.1
Springvest Oyj 21.4 23.5 44.3 38.2 46.7 46.7 46.7
Summa Defense Oyj 0.0 223.8 157.1 96.8 17.4 17.4 17.4
Tamtron Group Oyj 34.5 35.6 39.7 44.9 30.3 30.3 30.3
Tekova Oyj 0.0 0.0 0.0 57.0 49.8 49.8 49.8
Titanium Oyj 160.1 178.4 102.3 73.6 62.4 62.4 62.4
Viafin Service Oyj 48.9 44.9 66.5 68.9 69.2 69.2 69.2
Vincit Oyj 70.3 54.6 29.2 21.7 18.1 18.1 18.1
Witted Megacorp Oyj 56.6 33.8 24.4 21.8 25.2 25.2 25.2
Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)

Eneterprice Value (MEur)

Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)
Aallon Group Oyj 46.0 42.0 39.0 48.0 44.0 44.0 44.0
Admicom Oyj 230.0 210.0 232.0 207.0 118.0 111.0 104.0
Administer Oyj 55.0 49.0 43.0 46.0 52.0 48.0 44.0
Aiforia Technologies Oyj 61.0 82.0 97.0 80.0 39.0 52.0 65.0
Alexandria Group Oyj 65.0 65.0 96.0 117.0 163.0 163.0 163.0
Arvo Sijoitusosuuskunta 0.0 51029.0 42786.0 64760.0 68264.0 68254.0 68241.0
Asuntosalkku Oyj 243.0 216.0 219.0 218.0 215.0 215.0 216.0
Nokian Panimo Oyj 0.0 0.0 0.0 20.0 23.0 25.0 27.0
Betolar Oyj 36.0 16.0 13.0 24.0 29.0 38.0 49.0
Bioretec Oy 1.0 -2.0 -1.0 -2.0 32.0 42.0 54.0
Canatu Oyj 0.0 0.0 0.0 185.0 136.0 159.0 183.0
Cityvarasto Oyj 0.0 0.0 0.0 167.0 150.0 159.0 168.0
Detection Technology Oyj 227.0 188.0 197.0 142.0 96.0 89.0 78.0
Duell Oyj 105.0 57.0 61.0 40.0 29.0 20.0 10.0
Digital Workforce Services Oyj 29.0 22.0 33.0 25.0 27.0 30.0 31.0
Eagle Filters Group Oyj 12.0 15.0 20.0 24.0 27.0 29.0 31.0
EcoUp Oyj 28.0 19.0 22.0 18.0 16.0 19.0 22.0
Foamit Oyj 72.0 46.0 17.0 42.0 45.0 50.0 55.0
Fodelia Oyj 40.0 51.0 53.0 48.0 39.0 39.0 38.0
Fondia Oyj 21.0 21.0 17.0 19.0 17.0 15.0 13.0
Inderes Oyj 40.0 31.0 33.0 27.0 29.0 27.0 26.0
KPY osk 0.0 0.0 0.0 195.0 197.0 196.0 204.0
LapWall Oyj 53.0 42.0 60.0 67.0 77.0 82.0 86.0
LeadDesk Oyj 49.0 44.0 36.0 49.0 28.0 30.0 33.0
Lemonsoft Oyj 137.0 113.0 109.0 113.0 90.0 84.0 77.0
Loihde Oyj 63.0 67.0 70.0 69.0 56.0 42.0 25.0
Merus Power Oyj 30.0 32.0 27.0 39.0 45.0 45.0 44.0
Modulight Oyj 45.0 31.0 28.0 41.0 43.0 50.0 55.0
Netum Group Oyj 43.0 42.0 39.0 21.0 18.0 17.0 16.0
Norrhydro Group Oyj 0.0 32.0 27.0 22.0 21.0 21.0 21.0
Nexstim Oyj 27.0 23.0 58.0 104.0 68.0 68.0 67.0
Solar Foods Oyj 0.0 0.0 120.0 124.0 145.0 154.0 160.0
Solwers Oyj 55.0 65.0 42.0 45.0 41.0 47.0 52.0
Spinnova Oyj 206.0 68.0 33.0 6.0 19.0 24.0 26.0
Springvest Oyj 21.0 24.0 44.0 38.0 47.0 47.0 47.0
Summa Defense Oyj 0.0 242.0 168.0 105.0 48.0 69.0 92.0
Tamtron Group Oyj 38.0 46.0 46.0 52.0 37.0 33.0 34.0
Tekova Oyj 0.0 0.0 0.0 39.0 46.0 52.0 45.0
Titanium Oyj 139.0 161.0 88.0 61.0 51.0 49.0 49.0
Viafin Service Oyj 49.0 45.0 67.0 69.0 69.0 69.0 69.0
Vincit Oyj 60.0 43.0 20.0 22.0 18.0 22.0 27.0
Witted Megacorp Oyj 47.0 27.0 17.0 17.0 20.0 20.0 19.0
Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)

P/S

Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)
Aallon Group Oyj 1.39 1.25 0.98 1.05 0.86 0.92 0.9
Admicom Oyj 7.34 6.29 6.65 5.73 3.35 3.26 3.17
Administer Oyj 0.72 0.46 0.42 0.49 0.36 0.33 0.32
Aiforia Technologies Oyj 32.07 37.75 35.6 23.29 12.94 9.51 8.89
Alexandria Group Oyj 1.71 1.47 1.94 2.13 2.54 2.54 2.41
Arvo Sijoitusosuuskunta 0.0 3347.39 2306.9 2400.65 1745.86 1078.92 963.75
Asuntosalkku Oyj 5.93 4.75 4.37 4.57 4.27 4.31 4.27
Nokian Panimo Oyj 0.0 0.0 0.0 1.85 1.75 1.67 1.55
Betolar Oyj 211.24 49.2 21.65 23.94 13.56 13.75 15.92
Bioretec Oy 0.59 1.06 1.08 0.48 7.95 7.91 9.96
Canatu Oyj 0.0 0.0 0.0 17.67 23.23 23.23 22.38
Cityvarasto Oyj 0.0 0.0 0.0 4.94 3.64 3.37 3.39
Detection Technology Oyj 2.51 1.93 2.09 1.61 1.06 1.04 1.08
Duell Oyj 0.44 0.1 0.29 0.14 0.09 0.1 0.09
Digital Workforce Services Oyj 1.74 1.36 1.65 1.08 0.98 0.89 0.86
Eagle Filters Group Oyj 4.14 4.82 1.96 6.0 3.0 5.9 4.02
EcoUp Oyj 0.76 0.5 0.58 0.45 0.36 0.35 0.34
Foamit Oyj 0.33 0.48 0.71 0.84 0.77 0.77 0.77
Fodelia Oyj 0.82 0.91 0.94 0.81 0.63 0.64 0.63
Fondia Oyj 1.06 0.95 0.75 0.82 0.78 0.73 0.68
Inderes Oyj 3.08 1.95 1.84 1.45 1.43 1.37 1.35
KPY osk 0.0 0.0 0.0 0.84 0.86 0.86 0.86
LapWall Oyj 0.97 1.08 1.34 1.26 1.28 1.27 1.25
LeadDesk Oyj 1.57 1.33 1.04 1.0 0.43 0.44 0.44
Lemonsoft Oyj 6.49 4.24 3.68 3.72 2.69 2.64 2.63
Loihde Oyj 0.61 0.52 0.49 0.47 0.5 0.51 0.51
Merus Power Oyj 1.21 1.06 0.79 0.66 0.84 0.71 0.62
Modulight Oyj 17.49 12.43 9.99 6.75 7.02 7.13 6.47
Netum Group Oyj 1.51 0.9 0.74 0.39 0.3 0.3 0.34
Norrhydro Group Oyj 0.0 0.74 0.74 0.46 0.47 0.47 0.46
Nexstim Oyj 2.92 2.74 6.48 9.34 5.7 5.09 4.61
Solar Foods Oyj 0.0 0.0 6683.24 939.1 2126.49 3827.68 3827.68
Solwers Oyj 0.66 0.72 0.41 0.28 0.21 0.22 0.23
Spinnova Oyj 11.57 11.54 66.98 70.39 46.06 46.55 46.55
Springvest Oyj 5.64 6.2 6.31 6.41 7.31 8.02 8.41
Summa Defense Oyj 0.0 3.38 1.99 0.96 0.16 0.15 0.16
Tamtron Group Oyj 0.93 0.65 0.75 0.81 0.59 0.6 0.6
Tekova Oyj 0.0 0.0 0.0 0.52 0.43 0.43 0.43
Titanium Oyj 5.74 6.8 4.67 3.65 3.16 3.23 3.31
Viafin Service Oyj 0.56 0.6 0.73 0.69 0.73 0.6 0.57
Vincit Oyj 0.83 0.56 0.34 0.31 0.31 0.39 0.52
Witted Megacorp Oyj 1.07 0.53 0.46 0.41 0.45 0.46 0.48
Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)

EV/S

Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)
Aallon Group Oyj 1.57 1.29 1.1 1.22 1.06 1.14 1.11
Admicom Oyj 7.26 6.12 6.51 5.49 3.08 2.81 2.55
Administer Oyj 1.03 0.65 0.58 0.63 0.49 0.42 0.38
Aiforia Technologies Oyj 23.61 34.36 33.87 22.63 14.7 14.49 16.96
Alexandria Group Oyj 1.71 1.47 1.94 2.13 2.54 2.54 2.41
Arvo Sijoitusosuuskunta 0.0 3347.93 2307.15 2400.99 1746.15 1078.94 963.58
Asuntosalkku Oyj 13.53 13.11 12.72 12.84 12.08 12.2 12.09
Nokian Panimo Oyj 0.0 0.0 0.0 1.55 1.55 1.66 1.63
Betolar Oyj 127.5 31.52 17.15 25.89 18.49 24.38 37.04
Bioretec Oy 0.42 -0.45 -0.15 -0.57 6.43 8.42 13.6
Canatu Oyj 0.0 0.0 0.0 11.9 16.25 19.05 21.16
Cityvarasto Oyj 0.0 0.0 0.0 6.15 4.98 4.88 5.18
Detection Technology Oyj 2.3 1.81 1.83 1.41 0.9 0.83 0.75
Duell Oyj 0.86 0.47 0.48 0.32 0.22 0.16 0.08
Digital Workforce Services Oyj 1.12 0.87 1.21 0.89 0.9 0.88 0.91
Eagle Filters Group Oyj 6.03 6.32 2.61 7.75 3.6 7.53 5.45
EcoUp Oyj 0.79 0.62 0.7 0.63 0.6 0.68 0.79
Foamit Oyj 0.84 0.91 0.41 1.04 1.06 1.17 1.29
Fodelia Oyj 0.96 1.04 0.98 0.87 0.69 0.69 0.66
Fondia Oyj 0.87 0.79 0.66 0.81 0.69 0.58 0.46
Inderes Oyj 2.97 1.83 1.81 1.43 1.37 1.25 1.17
KPY osk 0.0 0.0 0.0 1.16 1.73 1.72 1.79
LapWall Oyj 1.01 1.01 1.4 1.5 1.51 1.6 1.66
LeadDesk Oyj 1.76 1.51 1.14 1.25 0.75 0.82 0.89
Lemonsoft Oyj 6.08 4.28 3.77 3.85 2.91 2.68 2.46
Loihde Oyj 0.51 0.51 0.5 0.48 0.4 0.3 0.18
Merus Power Oyj 1.16 1.11 0.76 0.71 0.84 0.7 0.6
Modulight Oyj 9.76 7.81 6.85 5.78 6.99 8.3 8.32
Netum Group Oyj 1.47 1.14 0.88 0.56 0.56 0.53 0.56
Norrhydro Group Oyj 0.0 1.06 1.13 0.78 0.72 0.72 0.69
Nexstim Oyj 2.82 3.16 6.65 9.47 5.51 4.89 4.34
Solar Foods Oyj 0.0 0.0 7047.94 1011.46 2014.81 3850.0 4010.5
Solwers Oyj 0.88 0.99 0.54 0.55 0.53 0.63 0.73
Spinnova Oyj 8.5 6.42 42.9 17.6 33.87 42.8 46.21
Springvest Oyj 5.64 6.2 6.31 6.41 7.31 8.02 8.41
Summa Defense Oyj 0.0 3.66 2.12 1.04 0.43 0.58 0.87
Tamtron Group Oyj 1.04 0.84 0.88 0.94 0.72 0.65 0.66
Tekova Oyj 0.0 0.0 0.0 0.35 0.4 0.45 0.39
Titanium Oyj 5.0 6.12 4.04 3.04 2.58 2.55 2.6
Viafin Service Oyj 0.56 0.6 0.73 0.69 0.73 0.6 0.57
Vincit Oyj 0.71 0.43 0.24 0.32 0.31 0.47 0.79
Witted Megacorp Oyj 0.9 0.41 0.31 0.32 0.36 0.36 0.36
Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)

EV/EBIT

Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)
Aallon Group Oyj 21.21 17.07 12.35 16.29 11.72 15.06 13.16
Admicom Oyj 21.23 21.37 28.12 27.36 19.06 19.27 20.28
Administer Oyj 432.77 -16.68 -32.5 -137.59 -809.76 598.41 161.93
Aiforia Technologies Oyj -4.21 -6.46 -7.92 -7.15 -3.1 -5.79 -8.63
Alexandria Group Oyj 11.96 6.31 8.64 10.46 8.86 8.56 7.37
Arvo Sijoitusosuuskunta 0.0 24592.36 17343.34 8936.04 7585.73 4189.9 3519.37
Asuntosalkku Oyj 8.01 -29.52 -61.22 28.94 -244.66 694.86 244.96
Nokian Panimo Oyj 0.0 0.0 0.0 13.77 13.94 13.2 11.99
Betolar Oyj -3.11 -1.23 9.57 -4.19 -5.17 -6.16 -9.72
Bioretec Oy -0.54 0.57 0.16 0.23 -3.59 -5.26 -6.82
Canatu Oyj 0.0 0.0 0.0 -17.38 -5.61 -8.79 -13.65
Cityvarasto Oyj 0.0 0.0 0.0 22.46 25.5 26.28 25.5
Detection Technology Oyj 39.14 22.12 14.24 17.37 9.96 8.95 7.24
Duell Oyj 13.59 240.93 32.9 34.56 12.07 3.85 1.82
Digital Workforce Services Oyj -10.98 -25.62 91.29 99.48 -117.66 2.6717423942476026e+17 -14.99
Eagle Filters Group Oyj -3.56 -6.1 -6.17 -6.11 -122.67 -15.38 -20.81
EcoUp Oyj -17.95 -12.41 -22.49 -6.11 -4.51 -5.45 -7.2
Foamit Oyj -3.8 17.85 11.77 31.61 41.22 184.17 364.01
Fodelia Oyj 44.4 20.27 17.58 18.84 13.95 14.88 13.95
Fondia Oyj 10.19 11.29 16.68 14.15 9.18 5.49 3.62
Inderes Oyj 49.27 40.08 28.13 30.38 13.15 9.84 12.48
KPY osk 0.0 0.0 0.0 13.13 -144.22 -160.31 62.64
LapWall Oyj 6.83 13.06 14.42 23.35 20.4 19.65 22.36
LeadDesk Oyj -32.05 -40.59 -86.2 -45.18 -17.66 -13.98 -10.17
Lemonsoft Oyj 29.41 16.37 20.19 16.11 13.16 12.63 12.7
Loihde Oyj 21.3 -74.54 33.94 22.81 9.8 5.14 2.43
Merus Power Oyj 3.38 -63.42 -13.29 121.94 28.11 7.02 3.7
Modulight Oyj -5.76 -2.59 -3.36 -8.79 -8.7 -9.12 -12.55
Netum Group Oyj 56.31 -180.57 33.91 13.82 -109.77 53.82 -318.93
Norrhydro Group Oyj 0.0 -125.3 -323.5 16.57 13.96 14.06 13.01
Nexstim Oyj 31.97 -18.64 -108.54 163.2 65.69 40.85 28.69
Solar Foods Oyj 0.0 0.0 -13.43 -11.96 -10.84 -11.54 -12.05
Solwers Oyj 10.81 13.42 15.48 65.57 72.05 34.85 33.96
Spinnova Oyj -15.63 -3.26 -1.78 -0.15 -1.42 -1.86 -2.0
Springvest Oyj 28.99 43.94 21.81 31.9 49.45 56.11 44.04
Summa Defense Oyj 0.0 232.0 380.9 -5.27 -1.36 -2.01 -2.38
Tamtron Group Oyj 19.51 18.78 20.0 28.02 152.09 138.16 128.88
Tekova Oyj 0.0 0.0 0.0 3.8 4.75 5.26 4.24
Titanium Oyj 9.18 12.79 9.75 8.95 9.89 10.29 14.76
Viafin Service Oyj 10.83 10.79 11.73 10.75 9.66 7.22 6.6
Vincit Oyj 256.84 -19.38 -7.01 -9.12 -18.86 23.93 7.9
Witted Megacorp Oyj -77.93 -15.03 -41.52 -21.57 27.13 29.14 36.11
Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)

P/E

Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)
Aallon Group Oyj 26.51 23.26 14.55 18.03 12.96 15.29 13.39
Admicom Oyj 29.08 30.31 40.3 40.74 29.4 27.96 31.44
Administer Oyj -54.22 -9.45 -13.42 -21.78 -27.85 -64.48 -86.97
Aiforia Technologies Oyj -5.57 -7.01 -8.5 -6.5 -2.94 -4.75 -5.65
Alexandria Group Oyj 16.99 8.07 11.97 15.02 11.15 10.71 9.21
Arvo Sijoitusosuuskunta 0.0 35804.13 14571.35 11643.65 8654.91 4927.98 4169.37
Asuntosalkku Oyj 3.41 -6.66 -5.13 -61.54 -38.99 304.58 108.78
Nokian Panimo Oyj 0.0 0.0 0.0 18.83 20.41 16.62 14.21
Betolar Oyj -5.04 -1.93 -2.13 -3.72 -4.07 -4.35 -5.22
Bioretec Oy -0.72 -1.09 -1.07 -0.18 -4.44 -5.75 -5.78
Canatu Oyj 0.0 0.0 0.0 -28.24 -9.05 -13.39 -18.04
Cityvarasto Oyj 0.0 0.0 0.0 31.81 30.62 25.96 21.96
Detection Technology Oyj 48.41 36.49 20.18 25.26 13.96 14.32 13.04
Duell Oyj 42.36 -2.99 -37.35 -10.95 8.98 2.95 2.73
Digital Workforce Services Oyj -14.7 -48.61 76.39 1032.62 -49.25 -1502.16 -17.57
Eagle Filters Group Oyj -2.13 -2.65 -3.82 -3.91 -38.13 -15.05 -19.22
EcoUp Oyj -13.54 -7.77 -13.04 -4.46 -2.57 -3.48 -3.91
Foamit Oyj -1.86 -2.72 6.33 -288.26 86.89 541.59 -324.96
Fodelia Oyj -51.87 37.11 25.15 27.26 17.04 17.28 16.64
Fondia Oyj 15.94 18.29 36.18 34.38 13.85 8.71 6.64
Inderes Oyj 96.84 242.21 68.11 114.11 19.18 13.49 18.01
KPY osk 0.0 0.0 0.0 10.15 -22.22 -100.08 37.58
LapWall Oyj 10.78 17.67 16.68 28.58 23.41 19.51 21.1
LeadDesk Oyj -24.72 -23.09 59.32 -16.69 -12.93 -9.03 -6.23
Lemonsoft Oyj 45.36 20.89 26.38 25.08 15.98 15.55 16.96
Loihde Oyj 65.0 -112.13 38.04 28.93 17.39 10.81 8.64
Merus Power Oyj 75.09 -27.87 -10.73 -32.23 92.42 9.0 4.74
Modulight Oyj -9.41 -4.22 -6.35 -10.37 -9.93 -9.8 -12.17
Netum Group Oyj 237.57 -31.16 -71.78 17.14 -20.23 36.88 -319.65
Norrhydro Group Oyj 0.0 -15.64 -13.55 57.1 15.46 11.46 10.82
Nexstim Oyj 21.29 -22.3 -63.42 178.69 296.88 77.68 49.09
Solar Foods Oyj 0.0 0.0 -10.31 -10.03 -11.58 -13.09 -13.12
Solwers Oyj 11.66 14.84 26.81 -24.23 -22.78 14.78 13.2
Spinnova Oyj -18.59 -6.26 -3.03 -0.59 -2.11 -2.45 -2.54
Springvest Oyj 36.32 65.12 27.2 40.96 61.67 70.73 55.58
Summa Defense Oyj 0.0 -825.97 -159.05 -4.31 -0.52 -0.64 -0.56
Tamtron Group Oyj -90.77 -726.32 66.47 95.35 -59.85 151.72 151.72
Tekova Oyj 0.0 0.0 0.0 6.94 6.45 6.22 5.76
Titanium Oyj 13.74 18.38 14.38 13.83 15.67 16.26 23.56
Viafin Service Oyj 13.85 12.38 14.21 14.14 12.26 9.06 8.13
Vincit Oyj -253.91 -19.14 -10.26 -5.6 -15.26 33.59 7.06
Witted Megacorp Oyj -102.53 -21.32 -61.4 -31.65 51.14 46.68 60.02
Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)

P/B

Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)
Aallon Group Oyj 3.03 2.84 2.16 2.53 1.94 1.72 1.53
Admicom Oyj 7.89 7.38 7.28 6.15 3.89 3.41 3.08
Administer Oyj 1.19 1.26 1.23 1.48 1.3 1.33 1.35
Aiforia Technologies Oyj 2.85 5.06 6.12 4.83 2.7 6.25 -58.98
Alexandria Group Oyj 2.16 1.9 2.83 3.14 3.72 2.76 2.13
Arvo Sijoitusosuuskunta 0.0 533.37 445.69 661.46 675.17 593.83 519.83
Asuntosalkku Oyj 0.72 0.58 0.63 0.66 0.67 0.66 0.66
Nokian Panimo Oyj 0.0 0.0 0.0 1.47 1.47 1.35 1.23
Betolar Oyj 2.24 1.84 2.02 10.23 -7.42 -2.74 -1.8
Bioretec Oy 0.91 0.5 0.49 0.17 2.87 5.74 668.62
Canatu Oyj 0.0 0.0 0.0 2.55 2.24 2.69 3.16
Cityvarasto Oyj 0.0 0.0 0.0 0.86 0.69 0.67 0.65
Detection Technology Oyj 3.4 2.76 2.72 2.08 1.33 1.22 1.11
Duell Oyj 1.71 0.33 0.71 0.35 0.24 0.22 0.21
Digital Workforce Services Oyj 2.86 2.3 3.04 2.19 2.45 2.45 2.85
Eagle Filters Group Oyj 2.73 12.93 6.8 -54.36 13.67 149.52 -22.02
EcoUp Oyj 1.3 0.82 1.03 0.93 0.72 0.9 1.18
Foamit Oyj 0.63 0.54 0.6 0.71 0.69 0.69 0.69
Fodelia Oyj 2.65 3.31 4.0 3.56 2.81 2.42 2.11
Fondia Oyj 5.15 5.04 6.49 8.06 7.16 3.93 2.47
Inderes Oyj 5.22 4.67 5.42 5.54 5.04 3.67 3.05
KPY osk 0.0 0.0 0.0 0.84 0.58 0.59 0.58
LapWall Oyj 3.21 2.69 3.15 3.18 3.41 2.9 2.55
LeadDesk Oyj 2.54 2.43 2.0 2.39 1.09 1.24 1.55
Lemonsoft Oyj 6.01 3.71 3.29 3.73 2.61 2.24 1.98
Loihde Oyj 0.68 0.69 0.8 0.8 0.85 0.78 0.72
Merus Power Oyj 2.45 2.55 2.99 3.45 4.15 2.84 1.78
Modulight Oyj 1.19 0.9 0.83 1.07 1.06 1.19 1.32
Netum Group Oyj 3.7 2.62 2.65 0.96 0.64 0.63 0.63
Norrhydro Group Oyj 0.0 2.54 2.26 1.63 1.54 1.36 1.21
Nexstim Oyj 6.83 7.01 15.29 24.49 7.4 6.76 5.94
Solar Foods Oyj 0.0 0.0 4.95 10.04 6.51 12.96 1078.22
Solwers Oyj 1.11 1.19 0.79 0.55 0.4 0.39 0.38
Spinnova Oyj 2.73 1.41 0.72 0.79 1.42 3.4 -9.96
Springvest Oyj 1.31 1.17 2.02 1.7 1.89 1.84 1.78
Summa Defense Oyj 0.0 5.6 8.13 0.57 0.13 0.16 0.23
Tamtron Group Oyj 2.32 1.77 1.97 2.0 1.43 1.42 1.41
Tekova Oyj 0.0 0.0 0.0 3.68 2.37 1.72 1.32
Titanium Oyj 6.05 7.96 5.8 4.53 4.15 3.31 2.9
Viafin Service Oyj 2.25 1.94 2.7 2.65 2.39 1.89 1.53
Vincit Oyj 1.7 1.51 0.94 0.68 0.59 0.58 0.54
Witted Megacorp Oyj 3.26 2.28 1.67 1.62 1.88 1.8 1.75
Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)

P/OCF

Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)
Aallon Group Oyj 8.9 9.26 6.97 11.34 6.0 6.8 6.49
Admicom Oyj 21.04 20.84 24.81 22.9 14.15 14.07 13.79
Administer Oyj 16.36 6.37 8.62 7.8 6.31 5.69 5.52
Aiforia Technologies Oyj -8.86 -11.1 -13.01 -10.85 -4.89 -4.81 -4.85
Alexandria Group Oyj 9.0 6.55 18.96 9.84 6.95 6.95 6.28
Arvo Sijoitusosuuskunta 0.0 27211.14 11986.96 -18569.08 10656.14 4458.04 3832.26
Asuntosalkku Oyj -373.64 9.74 82.63 25.43 25.34 24.33 23.94
Nokian Panimo Oyj 0.0 0.0 0.0 101.14 7.99 19.42 9.53
Betolar Oyj -6.24 -2.17 -1.63 -3.75 -3.56 -3.75 -2.43
Bioretec Oy -0.74 -1.2 -0.97 -0.17 -5.09 -4.12 -3.49
Canatu Oyj 0.0 0.0 0.0 -60.3 -10.04 -10.91 -10.35
Cityvarasto Oyj 0.0 0.0 0.0 18.19 12.5 16.55 15.13
Detection Technology Oyj -842.41 24.46 11.14 41.87 25.22 12.06 9.05
Duell Oyj -116.52 1.19 27.59 3.86 1.48 1.13 1.06
Digital Workforce Services Oyj -29.06 -12.03 47.85 -15.32 -88.1 -29.17 -50.92
Eagle Filters Group Oyj -2.18 -10.98 -5.55 -7.35 -10.79 -15.89 -15.46
EcoUp Oyj 14.48 -107.73 7.38 -14.98 -4.23 53.69 -17.57
Foamit Oyj -4.18 3.74 11.32 9.67 11.22 11.02 11.56
Fodelia Oyj 25.88 17.09 11.59 30.37 9.0 13.76 11.43
Fondia Oyj 5.39 11.89 8.71 9763.91 4.98 6.76 6.28
Inderes Oyj 16.56 21.26 11.22 14.25 15.01 14.05 14.25
KPY osk 0.0 0.0 0.0 6.18 82.9 9.19 63.27
LapWall Oyj 5.97 11.45 13.53 20.64 7.95 11.57 10.32
LeadDesk Oyj 26.27 11.86 7.27 6.42 4.33 5.84 7.79
Lemonsoft Oyj 26.91 26.84 21.25 12.92 13.71 10.69 9.84
Loihde Oyj 14.88 36.49 8.64 5.83 4.52 3.51 2.91
Merus Power Oyj -6.37 735.28 5.72 -11.84 8.17 13.46 10.73
Modulight Oyj -19.6 -6.87 -49.53 -27.27 -15.57 -13.1 -33.99
Netum Group Oyj 14.11 121.82 6.77 5.23 19.69 5.78 7.38
Norrhydro Group Oyj 0.0 73.74 20.39 12.59 6.0 20.98 13.11
Nexstim Oyj 27.75 -8.77 30.08 61.49 38.59 29.7 23.1
Solar Foods Oyj 0.0 0.0 -156.49 -54.23 -22.21 -22.21 -34.96
Solwers Oyj 7.18 8.49 7.44 6.47 3.88 2.85 2.67
Spinnova Oyj -18.5 -8.77 -5.89 -2.04 -3.58 12.3 5.2
Springvest Oyj -13.4 95.96 22.64 -1232.81 -752.98 -259.36 172.91
Summa Defense Oyj 0.0 80.57 26.73 -16.77 -1.0 -0.98 -0.85
Tamtron Group Oyj 38.49 26.44 6.65 35.11 8.02 5.17 17.64
Tekova Oyj 0.0 0.0 0.0 23.49 -4.29 -9.45 7.06
Titanium Oyj 11.36 15.15 12.9 13.96 13.46 31.06 135.72
Viafin Service Oyj 13.61 7.95 17.98 8.33 7.96 5.81 6.75
Vincit Oyj 28.66 10.39 20.9 9.3 5.44 259.12 -7.85
Witted Megacorp Oyj 134.12 -14.21 40.06 -59.5 27.55 28.33 22.71
Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)

EV/OCF

Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)
Aallon Group Oyj 10.05 9.53 7.82 13.16 7.35 8.36 7.98
Admicom Oyj 20.83 20.28 24.27 21.95 12.99 12.14 11.1
Administer Oyj 23.4 9.09 11.94 10.07 8.74 7.29 6.46
Aiforia Technologies Oyj -6.52 -10.1 -12.37 -10.54 -5.55 -7.33 -9.26
Alexandria Group Oyj 9.0 6.55 18.96 9.84 6.95 6.95 6.28
Arvo Sijoitusosuuskunta 0.0 27215.55 11988.24 -18571.7 10657.91 4458.1 3831.59
Asuntosalkku Oyj -852.75 26.85 240.6 71.36 71.64 68.82 67.79
Nokian Panimo Oyj 0.0 0.0 0.0 85.15 7.09 19.34 10.02
Betolar Oyj -3.77 -1.39 -1.29 -4.05 -4.85 -6.64 -5.66
Bioretec Oy -0.52 0.51 0.13 0.2 -4.11 -4.39 -4.77
Canatu Oyj 0.0 0.0 0.0 -40.61 -7.02 -8.95 -9.79
Cityvarasto Oyj 0.0 0.0 0.0 22.65 17.09 24.02 23.14
Detection Technology Oyj -772.38 22.92 9.76 36.62 21.61 9.54 6.31
Duell Oyj -224.32 5.86 46.48 8.94 3.52 1.85 0.88
Digital Workforce Services Oyj -18.81 -7.68 34.89 -12.59 -80.39 -28.8 -53.34
Eagle Filters Group Oyj -3.17 -14.39 -7.38 -9.5 -12.96 -20.3 -20.96
EcoUp Oyj 15.08 -133.74 8.95 -20.82 -7.07 104.67 -40.43
Foamit Oyj -10.67 7.1 6.51 12.0 15.54 16.86 19.43
Fodelia Oyj 30.32 19.55 12.17 32.9 9.81 14.82 11.99
Fondia Oyj 4.4 9.91 7.7 9733.61 4.44 5.36 4.28
Inderes Oyj 15.95 19.99 11.05 14.01 14.39 12.83 12.36
KPY osk 0.0 0.0 0.0 8.6 166.28 18.33 131.34
LapWall Oyj 6.25 10.69 14.15 24.6 9.43 14.56 13.64
LeadDesk Oyj 29.47 13.48 7.95 8.08 7.59 10.98 15.96
Lemonsoft Oyj 25.2 27.08 21.8 13.4 14.85 10.84 9.21
Loihde Oyj 12.42 35.35 8.75 5.94 3.55 2.11 1.03
Merus Power Oyj -6.08 768.61 5.48 -12.78 8.16 13.41 10.45
Modulight Oyj -10.93 -4.32 -33.96 -23.35 -15.51 -15.25 -43.73
Netum Group Oyj 13.76 154.31 7.98 7.53 36.51 10.05 12.27
Norrhydro Group Oyj 0.0 105.24 31.32 21.19 9.22 32.22 19.76
Nexstim Oyj 26.8 -10.08 30.87 62.36 37.33 28.49 21.75
Solar Foods Oyj 0.0 0.0 -165.03 -58.41 -21.04 -22.34 -36.63
Solwers Oyj 9.48 11.6 9.76 12.79 10.01 8.3 8.62
Spinnova Oyj -13.59 -4.88 -3.77 -0.51 -2.64 11.31 5.17
Springvest Oyj -13.4 95.96 22.64 -1232.81 -752.98 -259.36 172.91
Summa Defense Oyj 0.0 87.11 28.51 -18.11 -2.79 -3.87 -4.49
Tamtron Group Oyj 42.94 34.26 7.77 40.95 9.76 5.65 19.48
Tekova Oyj 0.0 0.0 0.0 16.16 -4.0 -9.87 6.41
Titanium Oyj 9.89 13.64 11.15 11.62 11.01 24.51 106.54
Viafin Service Oyj 13.61 7.95 17.98 8.33 7.96 5.81 6.75
Vincit Oyj 24.49 8.09 14.39 9.5 5.4 307.67 -11.87
Witted Megacorp Oyj 112.27 -11.16 27.09 -46.38 22.35 22.16 16.92
Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)

P/FCF

Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)
Aallon Group Oyj 90.93 10.9 -119.77 -76.64 15.31 21.8 18.91
Admicom Oyj -41.79 21.61 114.23 30.22 18.46 17.97 17.51
Administer Oyj -1.86 27.02 20.77 14.67 -13.91 9.46 9.01
Aiforia Technologies Oyj -5.44 -6.4 -7.58 -5.78 -2.67 -2.64 -2.65
Alexandria Group Oyj 9.41 -77.13 6.85 9.34 14.83 10.89 9.32
Arvo Sijoitusosuuskunta 0.0 -52926.23 7139.77 -57812.83 32625.52 6555.19 5285.98
Asuntosalkku Oyj -6.43 16.68 -20.47 16.81 19.59 -711.64 -477.4
Nokian Panimo Oyj 0.0 0.0 0.0 -7.91 -36.03 -10.9 -26.11
Betolar Oyj -14.49 -10.37 103.12 -3.32 -3.67 -2.45 -1.81
Bioretec Oy -0.67 -1.15 -0.84 -0.16 -4.79 -3.9 -3.33
Canatu Oyj 0.0 0.0 0.0 -56.3 -6.12 -8.3 -7.97
Cityvarasto Oyj 0.0 0.0 0.0 -13.85 -60.7 -19.16 -21.48
Detection Technology Oyj -128.86 -32.28 12.52 54.73 -748.38 15.13 10.67
Duell Oyj -4.46 -89.98 -7.13 6.58 2.03 1.35 1.25
Digital Workforce Services Oyj -16.45 -9.35 135.35 -5.32 -19.27 -13.36 -16.62
Eagle Filters Group Oyj -1.79 -3.64 -4.96 -6.85 -9.24 -13.09 -12.79
EcoUp Oyj -3.93 -3.06 -10.22 -12.68 -2.22 -3.62 -2.85
Foamit Oyj -5.39 3.87 1.07 -2.33 -10.32 -6.86 -6.67
Fodelia Oyj 13.23 357.43 10.61 -100.94 28.19 74.85 35.49
Fondia Oyj 6.87 31.44 15.57 -18.85 6.21 10.01 8.98
Inderes Oyj -17.52 24.43 12.0 20.94 18.57 15.91 16.17
KPY osk 0.0 0.0 0.0 6.72 -8.47 86.64 -12.28
LapWall Oyj 5.16 -10.16 -15.22 -10.16 84.08 -19.87 -25.1
LeadDesk Oyj -16.37 -108.06 13.83 -54.33 -14.86 -7.88 -5.89
Lemonsoft Oyj -35.77 -21.72 70.24 16.1 90.11 13.4 12.09
Loihde Oyj 20.24 11.35 10.39 6.76 3.69 3.78 3.09
Merus Power Oyj -5.52 -10.85 11.51 -3.96 15.53 307.22 45.19
Modulight Oyj -4.52 -2.94 -7.14 -7.88 -6.51 -5.92 -8.2
Netum Group Oyj 16.35 -3.84 10.46 12.55 -282.04 8.73 12.99
Norrhydro Group Oyj 0.0 352.58 -365.39 24.19 7.27 3408.95 34.61
Nexstim Oyj -63.48 -4.97 -560.12 -9944.14 434.73 124.67 56.69
Solar Foods Oyj 0.0 0.0 -11.57 -41.61 -18.52 -17.14 -23.85
Solwers Oyj 14.96 22.05 -67.53 -2.68 14.36 -25.43 -64.38
Spinnova Oyj -18.46 -6.76 -4.43 6.62 -3.65 -5.43 -13.66
Springvest Oyj -12.96 96.22 10.98 338.2 192.12 -259.36 172.91
Summa Defense Oyj 0.0 -134.52 -208.14 -32.16 -0.87 -0.86 -0.75
Tamtron Group Oyj -15.98 -3.99 9.76 -21.57 19.23 7.99 -86.7
Tekova Oyj 0.0 0.0 0.0 12.02 -4.12 -8.96 7.33
Titanium Oyj 11.9 15.64 11.92 12.91 13.87 34.61 245.8
Viafin Service Oyj 46.93 12.58 -18.42 15.82 10.5 7.06 8.5
Vincit Oyj 54.44 12.54 59.38 9.58 7.84 -60.06 -6.76
Witted Megacorp Oyj -67.06 -13.59 45.85 -14.23 59.6 34.63 26.59
Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)

EV/FCF

Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)
Aallon Group Oyj 102.64 11.21 -134.38 -88.96 18.73 26.82 23.26
Admicom Oyj -41.36 21.03 111.77 28.96 16.95 15.5 14.1
Administer Oyj -2.66 38.56 28.76 18.95 -19.27 12.11 10.53
Aiforia Technologies Oyj -4.01 -5.83 -7.21 -5.62 -3.04 -4.01 -5.05
Alexandria Group Oyj 9.41 -77.13 6.85 9.34 14.83 10.89 9.32
Arvo Sijoitusosuuskunta 0.0 -52934.8 7140.52 -57820.99 32630.95 6555.28 5285.05
Asuntosalkku Oyj -14.67 45.99 -59.61 47.19 55.4 -2013.14 -1351.51
Nokian Panimo Oyj 0.0 0.0 0.0 -6.66 -31.96 -10.85 -27.46
Betolar Oyj -8.74 -6.64 81.68 -3.6 -5.01 -4.34 -4.21
Bioretec Oy -0.47 0.48 0.12 0.19 -3.88 -4.15 -4.55
Canatu Oyj 0.0 0.0 0.0 -37.92 -4.28 -6.8 -7.54
Cityvarasto Oyj 0.0 0.0 0.0 -17.24 -83.02 -27.8 -32.85
Detection Technology Oyj -118.15 -30.25 10.97 47.87 -641.4 11.97 7.44
Duell Oyj -8.58 -441.55 -12.01 15.25 4.83 2.2 1.04
Digital Workforce Services Oyj -10.65 -5.97 98.69 -4.37 -17.58 -13.19 -17.41
Eagle Filters Group Oyj -2.61 -4.78 -6.59 -8.86 -11.09 -16.72 -17.35
EcoUp Oyj -4.09 -3.8 -12.4 -17.63 -3.72 -7.07 -6.55
Foamit Oyj -13.76 7.36 0.61 -2.89 -14.29 -10.5 -11.2
Fodelia Oyj 15.5 408.89 11.14 -109.33 30.74 80.62 37.23
Fondia Oyj 5.61 26.21 13.76 -18.79 5.54 7.93 6.12
Inderes Oyj -16.87 22.97 11.81 20.57 17.8 14.52 14.02
KPY osk 0.0 0.0 0.0 9.36 -17.0 172.78 -25.48
LapWall Oyj 5.4 -9.48 -15.93 -12.11 99.67 -25.01 -33.18
LeadDesk Oyj -18.37 -122.9 15.11 -68.4 -26.05 -14.81 -12.08
Lemonsoft Oyj -33.5 -21.92 72.06 16.69 97.59 13.58 11.32
Loihde Oyj 16.9 10.99 10.53 6.89 2.9 2.27 1.1
Merus Power Oyj -5.27 -11.35 11.04 -4.28 15.52 305.92 44.0
Modulight Oyj -2.52 -1.85 -4.9 -6.74 -6.48 -6.89 -10.55
Netum Group Oyj 15.94 -4.86 12.32 18.06 -523.01 15.2 21.61
Norrhydro Group Oyj 0.0 503.17 -561.18 40.72 11.17 5235.7 52.15
Nexstim Oyj -61.31 -5.71 -574.95 -10085.37 420.53 119.6 53.38
Solar Foods Oyj 0.0 0.0 -12.2 -44.82 -17.54 -17.24 -24.99
Solwers Oyj 19.75 30.12 -88.58 -5.29 36.99 -74.15 -208.12
Spinnova Oyj -13.57 -3.76 -2.83 1.65 -2.68 -5.0 -13.56
Springvest Oyj -12.96 96.22 10.98 338.2 192.12 -259.36 172.91
Summa Defense Oyj 0.0 -145.42 -221.98 -34.74 -2.43 -3.38 -3.98
Tamtron Group Oyj -17.83 -5.17 11.41 -25.15 23.42 8.73 -95.74
Tekova Oyj 0.0 0.0 0.0 8.27 -3.84 -9.36 6.66
Titanium Oyj 10.36 14.09 10.3 10.75 11.34 27.31 192.95
Viafin Service Oyj 46.93 12.58 -18.42 15.82 10.5 7.06 8.5
Vincit Oyj 46.52 9.77 40.87 9.77 7.8 -71.31 -10.22
Witted Megacorp Oyj -56.14 -10.68 31.0 -11.09 48.35 27.1 19.81
Company 2022 2023 2024 2025 2026(e) 2027(e) 2028(e)






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