New Risk • Jun 26
New major risk - Revenue and earnings growth Earnings have declined by 66% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 66% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€17.2m market cap, or US$19.6m). New Risk • Jun 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Finnish stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (€17.2m market cap, or US$19.5m). Announcement • Apr 24
Honkarakenne Oyj Announces Board Elections Honkarakenne Oyj, at its Annual General Meeting held on 23 April 2026, appointed Jouni Grönroos, Kai Koskinen and Kari Saarelainen to the Board of Directors. The board appointed Jouni Grönroos as Chairman of the Board and Arto Halonen as Vice Chairman of the Board. Board Change • Apr 24
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Vice Chairman of the Board Arto Halonen was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 12
Price target increased by 8.0% to €2.70 Up from €2.50, the current price target is provided by 1 analyst. New target price is 7.1% above last closing price of €2.52. Stock is down 1.9% over the past year. The company is forecast to post a net loss per share of €0.01 next year compared to a net loss per share of €0.70 last year. Major Estimate Revision • Dec 16
Consensus EPS estimates fall by 53% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €41.6m to €37.5m. Losses expected to increase from €0.34 per share to €0.52. Consumer Durables industry in Finland expected to see average net income growth of 26% next year. Consensus price target of €2.70 unchanged from last update. Share price fell 5.9% to €2.55 over the past week. Buy Or Sell Opportunity • Nov 04
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.8% to €2.71. The fair value is estimated to be €3.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 30% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 20% in a year. Earnings are forecast to grow by 77% in the next year. Reported Earnings • Aug 25
First half 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First half 2025 results: €0.39 loss per share (improved from €0.46 loss in 1H 2024). Revenue: €16.7m (up 15% from 1H 2024). Net loss: €2.30m (loss narrowed 15% from 1H 2024). Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) missed analyst estimates by 39%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. New Risk • Jun 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Finnish stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (€16.6m market cap, or US$18.9m). Announcement • Apr 11
Honkarakenne Oyj Approves No Dividend for the Financial Year Ended 31 December 2024 Honkarakenne Oyj at its Annual General Meeting held on 11 April 2025, decided that no dividend be paid for the financial year ended 31 December 2024. New Risk • Mar 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Finnish stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 402% Cash payout ratio: 0% Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (€15.1m market cap, or US$16.3m). Reported Earnings • Mar 23
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: €0.37 loss per share (further deteriorated from €0.041 loss in FY 2023). Revenue: €36.7m (down 21% from FY 2023). Net loss: €2.16m (loss widened €1.92m from FY 2023). Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 5.7%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Price Target Changed • Feb 15
Price target increased by 12% to €2.80 Up from €2.50, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €2.79. Stock is down 11% over the past year. The company is forecast to post a net loss per share of €0.09 next year compared to a net loss per share of €0.37 last year. Reported Earnings • Feb 13
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: €0.37 loss per share (further deteriorated from €0.041 loss in FY 2023). Revenue: €37.2m (down 20% from FY 2023). Net loss: €2.20m (loss widened €1.96m from FY 2023). Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 5.7%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Jan 05
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €39.5m to €38.1m. Losses expected to increase from €0.29 per share to €0.35. Consumer Durables industry in Finland expected to see average net income growth of 20% next year. Consensus price target down from €2.90 to €2.50. Share price was steady at €2.42 over the past week. Announcement • Dec 21
Honkarakenne Oyj, Annual General Meeting, Apr 11, 2025 Honkarakenne Oyj, Annual General Meeting, Apr 11, 2025. New Risk • Oct 16
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 465% Cash payout ratio: 0% Dividend yield: 3.1% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 465% Cash payout ratio: 0% Minor Risk Market cap is less than US$100m (€17.0m market cap, or US$18.4m). New Risk • Aug 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Finnish stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Market cap is less than US$100m (€17.3m market cap, or US$19.2m). Major Estimate Revision • Aug 15
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €46.6m to €39.5m. Forecast losses increased from €0.00 to -€0.28 per share. Consumer Durables industry in Finland expected to see average net income growth of 14% next year. Consensus price target down from €3.20 to €2.90. Share price fell 8.8% to €2.80 over the past week. Price Target Changed • Aug 15
Price target decreased by 12% to €2.90 Down from €3.30, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €2.80. Stock is down 27% over the past year. The company is forecast to post a net loss per share of €0.28 next year compared to a net loss per share of €0.041 last year. Announcement • Aug 14
Honkarakenne Oyj Lowers Earnings Guidance for 2024 Honkarakenne Oyj lowered earnings guidance for the year 2024. According to Honkarakenne's view, the Group's net sales in 2024 will fall from the previous guidance and remain at EUR 38 million – EUR 44 million. The Group's operating profit will decrease and remain between EUR -2.2 million and EUR -0.8 million. Previously the company's guidance was: Group's net sales in 2024 will be at the level of the previous year and amount to EUR 43 million - EUR 50 million. The Group's operating profit will be between EUR +/-0.0 and EUR +0.5 million. Announcement • Apr 20
Honkarakenne Oyj Approves Dividend for the Financial Year Ended 31 December 2023, Payable on 29 April 2024 Honkarakenne Oyj announced that at the Annual General Meeting held on 18 April 2024 decided that no dividend be paid for the financial year ended 31 December 2023. The Board of Directors decided that repayment of capital of EUR 0.09 per share to be distributed from the invested unrestricted equity fund as distribution of funds to shareholders. The repayment of capital will be paid to shareholders who, on the record date of the dividend payment, 22 April 2024, are registered in the company’s shareholders' register maintained by Euroclear Finland Ltd. The payment date for the dividend is 29 April 2024. Announcement • Apr 19
Honkarakenne Oyj Appoints Maria Ristola as Vice Chairman Honkarakenne Oyj announced that Board of Directors convened for its constituent meeting and appointed Maria Ristola as Vice Chairman of the Board. Major Estimate Revision • Apr 18
Consensus forecasts updated The consensus outlook for fiscal year 2024 has been updated. Consumer Durables industry in Finland expected to see average net income growth of 4.1% next year. Consensus price target down from €3.30 to €3.20. Share price rose 4.6% to €3.20 over the past week. Declared Dividend • Apr 04
Dividend reduced to €0.09 Dividend of €0.09 is 64% lower than last year. Ex-date: 19th April 2024 Payment date: 29th April 2024 Dividend yield will be 3.0%, which is lower than the industry average of 5.5%. Reported Earnings • Feb 16
Full year 2023 earnings released Full year 2023 results: Revenue: €46.9m (down 36% from FY 2022). Net loss: €200.0k (down 107% from profit in FY 2022). Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Consumer Durables industry in Finland. Announcement • Feb 16
Honkarakenne Oyj Proposes No Dividend Payment for Financial Year 2023 The Board of Directors of Honkarakenne Oyj proposed to the Annual General Meeting that no dividend be paid for the financial year that ended on December 31, 2023, (2022: EUR 0.25). Announcement • Feb 15
Honkarakenne Oyj Provides Earnings Guidance for 2024 Honkarakenne Oyj provided earnings guidance for 2024. For the period, the company expects net sales will be at the level of the previous year and amount to EUR 43 million to EUR 50 million. The Group's operating profit will be between EUR +/- 0 and +0.5 million. Announcement • Nov 01
Honkarakenne Oyj, Annual General Meeting, Jan 31, 2024 Honkarakenne Oyj, Annual General Meeting, Jan 31, 2024. Reported Earnings • Aug 26
First half 2023 earnings: EPS and revenues miss analyst expectations First half 2023 results: €0.068 loss per share (down from €0.22 profit in 1H 2022). Revenue: €23.0m (down 37% from 1H 2022). Net loss: €400.0k (down 131% from profit in 1H 2022). Revenue missed analyst estimates by 11%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Consumer Durables industry in Finland. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Aug 25
Honkarakenne Oyj Reaffirms Earnings Guidance for the Year 2023 Honkarakenne Oyj reaffirmed earnings guidance for the year 2023. The guidance for 2023 remains unchanged from the guidance updated in the beginning of June. According to Honkarakenne's view, the Group's net sales in 2023 will fall from the previous year and amount to EUR 47 million to EUR 52 million. The Group's operating profit will decrease and remain between Negative EUR 0.5 million and positive EUR 0.8 million. Announcement • Jun 02
Honkarakenne Oyj Revises Group Earnings Guidance for the Year 2023 Honkarakenne Oyj revised group earnings guidance for the year 2023. New guidance for 2023: The Group's net sales in 2023 will fall from the previous guidance and remain at EUR 47–52 million. The Group's operating profit will decrease and remain between EUR -0.5 and +0.8 million. Previous guidance for 2023, published 15 February 2023: the Group's net sales will fall from the previous year in 2023 and remain at EUR 50–56 million. The Group's operating profit will decrease and remain at EUR 1.6–2.4 million. Buying Opportunity • May 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.4%. The fair value is estimated to be €5.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 7.6%. For the next 3 years, revenue is forecast to decline by 1.9% per annum. Earnings is also forecast to decline by 1.6% per annum over the same time period. Upcoming Dividend • Apr 14
Upcoming dividend of €0.25 per share at 5.5% yield Eligible shareholders must have bought the stock before 21 April 2023. Payment date: 02 May 2023. Trailing yield: 5.5%. Within top quartile of Finnish dividend payers (5.1%). In line with average of industry peers (5.4%). Reported Earnings • Mar 28
Full year 2022 earnings released: EPS: €0.47 (vs €0.56 in FY 2021) Full year 2022 results: EPS: €0.47 (down from €0.56 in FY 2021). Revenue: €73.8m (up 5.7% from FY 2021). Net income: €2.77m (down 16% from FY 2021). Profit margin: 3.8% (down from 4.7% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Feb 17
Full year 2022 earnings released Full year 2022 results: Revenue: €74.2m (up 6.3% from FY 2021). Net income: €2.80m (down 15% from FY 2021). Profit margin: 3.8% (down from 4.7% in FY 2021). The decrease in margin was driven by higher expenses. Price Target Changed • Nov 16
Price target decreased to €6.00 Down from €8.00, the current price target is provided by 1 analyst. New target price is 39% above last closing price of €4.31. Stock is down 39% over the past year. The company is forecast to post earnings per share of €0.56 for next year compared to €0.56 last year. Announcement • Nov 09
Honkarakenne Oyj Announces Appointment of Nomination Committee Honkarakenne Oyj’s announced that Annual General meeting on April 13, 2022 resolved to establish a Shareholders’ Nomination Committee. The Nomination Committee is responsible for preparing and presenting to the Annual General Meeting proposals regarding the number, selection and remuneration of the members of the Board of Directors. The Nomination Committee consists of four members, of which the company's four larger shareholders are each entitled to nominate one member. In addition, the chairman of the company's Board of Directors acts as an expert member of the Nomination Committee. The right to nominate the members representing the shareholders belongs to the four shareholders whose share of the votes produced by all of Honkarakenne's shares, according to the shareholder list maintained by Euroclear Finland Oy, is the largest on the last business day of August before the Annual General Meeting. The following members have been appointed to Honkarakenne’s Shareholders’ Nomination Committee:Mauri Saarelainen, appointed by Saarelainen Oy, Arimo Ristola, appointed by Akr-invest Oy,Marko Saarelainen, presenting himself and Tanja Susanne Eronen, appointed by Nordea Nordic Small Cap Fund. In its meeting on November 8, 2022, the Nomination Committee elected Mauri Saarelainen as chairman of the Committee and invited Kyösti Saarimäki, Chairman of Honkarakenne's Board of Directors, to act as an expert member in the Committee. Reported Earnings • Aug 24
First half 2022 earnings: EPS and revenues exceed analyst expectations First half 2022 results: EPS: €0 (down from €0.26 in 1H 2021). Revenue: €37.0m (up 25% from 1H 2021). Net income: €1.30m (down 13% from 1H 2021). Profit margin: 3.5% (down from 5.1% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) missed analyst estimates. Announcement • Aug 24
Honkarakenne Provides Financial Guidance for 2022 Honkarakenne’s guidance for 2022 remains unchanged from the updated guidance in May 2022. Honkarakenne’s outlook is that net sales will increase from the previous year and profit before taxes will be at the previous year’s level. Price Target Changed • Jun 01
Price target decreased to €6.00 Down from €8.00, the current price target is provided by 1 analyst. New target price is 11% above last closing price of €5.40. Stock is down 26% over the past year. The company is forecast to post earnings per share of €0.77 for next year compared to €0.56 last year. Announcement • May 25
Honkarakenne Oyj Provides Earnings Guidance for the Year 2022 Honkarakenne Oyj provided earnings guidance for the year 2022. for the year,the company's outlook is that revenue (net sales) will increase from the previous year and profit before taxes will be at the previous year’s level. Announcement • Mar 03
Honkarakenne Oyj Withdraws its Financial Guidance for 2022 Honkarakenne Oyj announced that at a meeting held on 1 March 2022, Honkarakenne Oyj's Board of Directors decided to withdraw the financial guidance for 2022 published on 16 February 2022. Due to the ongoing uncertainties, the Board of Directors refrains from providing any new guidance for 2022 at this time. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €5.28, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Consumer Durables industry in Europe. Total returns to shareholders of 138% over the past three years. Reported Earnings • Feb 17
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €70.2m (up 32% from FY 2020). Net income: €3.30m (up 17% from FY 2020). Profit margin: 4.7% (down from 5.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.7%. Over the next year, revenue is forecast to grow 6.3%, compared to a 10% growth forecast for the industry in Finland. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 16% share price gain to €6.96, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Consumer Durables industry in Europe. Total returns to shareholders of 149% over the past three years. Reported Earnings • Aug 29
First half 2021 earnings released: EPS €0.26 (vs €0.12 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €29.6m (up 31% from 1H 2020). Net income: €1.50m (up 114% from 1H 2020). Profit margin: 5.1% (up from 3.1% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Announcement • Aug 26
Honkarakenne Oyj Provides Earnings Guidance for the Year 2021 Honkarakenne Oyj provided that performance guidance for 2021 remains unchanged. the company's outlook is that revenue (net sales) will increase in 2021. Executive Departure • Jun 02
Interim Chief Financial Officer has left the company On the 1st of June, Teppo Sipila's tenure in the role of Interim Chief Financial Officer ended. We don't have any record of a personal shareholding under Teppo's name. A total of 2 executives have left over the last 12 months. Upcoming Dividend • Apr 12
Upcoming dividend of €0.18 per share Eligible shareholders must have bought the stock before 19 April 2021. Payment date: 27 April 2021. Trailing yield: 2.5%. Lower than top quartile of Finnish dividend payers (3.7%). Lower than average of industry peers (2.9%). Announcement • Jan 01
Honkarakenne Oyj to Report First Half, 2021 Results on Aug 26, 2021 Honkarakenne Oyj announced that they will report first half, 2021 results on Aug 26, 2021 Announcement • Dec 30
Honkarakenne Oyj Reorganises Its Production Honkarakenne Oyj concluded the cooperation negotiations, begun in October, regarding the reorganisation of its production. Honkarakenne's Executive Group has taken the decision to reorganise the company's production, its content and scope. As a result of the reorganisation, the company will dismiss 11 employees from production, and a further 15 employment contracts will be subject to redundancy-based provisional amendments. Most of the measures decided upon will be implemented before the end of 2020, but some of them can still be implemented in early 2021. The reorganisation will make the company's production processes more efficient and improve its competitiveness in the market. Furthermore, the reorganisation will improve the company’s efficiency to make products that meet the demand and modern construction standards. The company estimates that the efficiency measures will take full effect in the second half of 2021. As a result, the company will recognise the costs of the reorganisation, EUR 0.3 million, in its income statement for 2020. The reorganisation costs consist of the wages and other personnel costs related to the notice period for the redundancies. The company will define the reorganisation costs as adjustment items that do not affect its adjusted profit. Is New 90 Day High Low • Dec 30
New 90-day high: €4.28 The company is up 13% from its price of €3.80 on 01 October 2020. The Finnish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Durables industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: €3.97 The company is up 7.0% from its price of €3.70 on 15 September 2020. The Finnish market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Durables industry, which is up 11% over the same period. 
