New Risk • Jun 05
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 (€16.2m market cap, or US$18.8m). Major Estimate Revision • May 28
Consensus EPS estimates fall by 100% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €122.9m to €120.8m. Losses expected to increase from €0.01 per share to €0.02. Professional Services industry in Finland expected to see average net income growth of 39% next year. Consensus price target down from €0.31 to €0.29. Share price was steady at €0.30 over the past week. Reported Earnings • May 22
First quarter 2026 earnings released: €0.02 loss per share (vs €0.004 loss in 1Q 2025) First quarter 2026 results: €0.02 loss per share (further deteriorated from €0.004 loss in 1Q 2025). Revenue: €30.5m (down 8.8% from 1Q 2025). Net loss: €1.10m (loss widened 374% from 1Q 2025). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Professional Services industry in Finland. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 18
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €125.0m to €122.9m. Now expected to report a loss of €0.01 per share instead of €0.01 per share profit previously forecast. Professional Services industry in Finland expected to see average net income growth of 52% next year. Consensus price target down from €0.35 to €0.31. Share price fell 8.8% to €0.30 over the past week. Reported Earnings • Mar 12
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: €0.037 loss per share (improved from €0.073 loss in FY 2024). Revenue: €134.0m (flat on FY 2024). Net loss: €1.97m (loss narrowed 48% from FY 2024). Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 160%. Revenue is forecast to stay flat during the next 3 years compared to a 3.2% growth forecast for the Professional Services industry in Finland. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. New Risk • Mar 06
New major risk - Revenue and earnings growth Earnings have declined by 13% 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 13% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€18.6m market cap, or US$21.5m). Buy Or Sell Opportunity • Jan 05
Now 21% overvalued Over the last 90 days, the stock has fallen 8.3% to €0.35. The fair value is estimated to be €0.29, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.5% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 18% in a year. Earnings are forecast to decline by 46% in the next year. Announcement • Dec 31
Panostaja Oyj, Annual General Meeting, Apr 15, 2026 Panostaja Oyj, Annual General Meeting, Apr 15, 2026. Buy Or Sell Opportunity • Dec 17
Now 20% overvalued Over the last 90 days, the stock has fallen 13% to €0.35. The fair value is estimated to be €0.29, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.5% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 18% in a year. Earnings are forecast to decline by 46% in the next year. Price Target Changed • Dec 15
Price target decreased by 27% to €0.35 Down from €0.48, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €0.36. Stock is down 12% over the past year. The company is forecast to post a net loss per share of €0.03 next year compared to a net loss per share of €0.016 last year. Breakeven Date Change • Dec 15
Forecast breakeven date pushed back to 2027 The analyst covering Panostaja Oyj previously expected the company to break even in 2026. New forecast suggests the company will make a profit of €500.0k in 2027. Average annual earnings growth of 68% is required to achieve expected profit on schedule. Reported Earnings • Dec 14
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: €0.016 loss per share (improved from €0.089 loss in FY 2024). Revenue: €126.9m (flat on FY 2024). Net loss: €822.0k (loss narrowed 83% from FY 2024). Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 160%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Professional Services industry in Finland. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 13% per year. Reported Earnings • Sep 05
Third quarter 2025 earnings released: EPS: €0.003 (vs €0.004 loss in 3Q 2024) Third quarter 2025 results: EPS: €0.003 (up from €0.004 loss in 3Q 2024). Revenue: €30.8m (down 2.5% from 3Q 2024). Net income: €100.0k (up €300.0k from 3Q 2024). Profit margin: 0.3% (up from net loss in 3Q 2024). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Professional Services industry in Finland. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Announcement • Sep 05
Panostaja Oyj to Report Fiscal Year 2025 Results on Dec 12, 2025 Panostaja Oyj announced that they will report fiscal year 2025 results on Dec 12, 2025 Announcement • Jun 13
Panostaja Oyj (HLSE:PNA1V) acquired 55% stake in Lenio Oy for €2.5 million. Panostaja Oyj (HLSE:PNA1V) signed an agreement to acquire 55% stake in Lenio Oy for €2.5 million on June 12, 2025. On completion, The founders of Lenio Oy, Simo Mäkinen and Jyrki Saario continue as significant minority owners of the company, along with other key personnel. For the period ending December 31, 2024, Lenio Oy reported total revenue of €0.74 million, operating loss of €1000 and equity of €0.4 million.
Panostaja Oyj (HLSE:PNA1V) completed the acquisition of 55% stake in Lenio Oy on June 12, 2025. Reported Earnings • Jun 06
Second quarter 2025 earnings released: €0.004 loss per share (vs €0.068 loss in 2Q 2024) Second quarter 2025 results: €0.004 loss per share (improved from €0.068 loss in 2Q 2024). Revenue: €33.5m (flat on 2Q 2024). Net loss: €232.0k (loss narrowed 94% from 2Q 2024). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Professional Services industry in Finland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 16
First quarter 2025 earnings: Revenues and EPS in line with analyst expectations First quarter 2025 results: €0.01 loss per share (improved from €0.016 loss in 1Q 2024). Revenue: €32.7m (down 1.8% from 1Q 2024). Net loss: €700.0k (loss narrowed 22% from 1Q 2024). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Professional Services industry in Finland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Announcement • Feb 06
Panostaja Oyj Announces Board Elections Panostaja Oyj at its Annual General Meeting held on February 5, 2025, Juha Sarsama and Saga Forss were elected as new members to the Board. Reported Earnings • Dec 15
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: €0.075 loss per share (further deteriorated from €0.055 loss in FY 2023). Revenue: €135.5m (flat on FY 2023). Net loss: €3.95m (loss widened 38% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.3%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Professional Services industry in Finland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Announcement • Oct 31
Panostaja Oyj, Annual General Meeting, Feb 05, 2025 Panostaja Oyj, Annual General Meeting, Feb 05, 2025. Major Estimate Revision • Sep 11
Consensus EPS estimates upgraded to €0.08 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -€0.10 to -€0.08 per share. Revenue forecast steady at €133.0m. Professional Services industry in Finland expected to see average net income growth of 37% next year. Consensus price target up from €0.44 to €0.48. Share price rose 18% to €0.47 over the past week. Reported Earnings • Sep 06
Third quarter 2024 earnings released: €0.004 loss per share (vs €0.015 loss in 3Q 2023) Third quarter 2024 results: €0.004 loss per share (improved from €0.015 loss in 3Q 2023). Revenue: €31.6m (flat on 3Q 2023). Net loss: €200.0k (loss narrowed 75% from 3Q 2023). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Professional Services industry in Finland. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. New Risk • Jul 29
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 5.5% 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 (5.5% average weekly change). Market cap is less than US$100m (€19.0m market cap, or US$20.7m). Price Target Changed • Jun 19
Price target decreased by 24% to €0.44 Down from €0.58, the current price target is provided by 1 analyst. New target price is 16% above last closing price of €0.38. Stock is down 37% over the past year. The company is forecast to post a net loss per share of €0.10 next year compared to a net loss per share of €0.055 last year. Board Change • Jun 19
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director Juusela Tommi was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 21
Panostaja Oyj to Lay Off People Panostaja Oyj's investment company Grano has completed the change negotiations started on January 23, 2024. The measures agreed in the negotiations will be taken to improve the company's profitability and competitiveness and to secure its future operational capacity in a weakened market situation. As a result of the negotiations, a total of 56 positions will be terminated as a result of the reorganisation of operations. The company will lay off 45 people and there are 11 job description changes threatened with redundancy. In addition, the company plans to implement temporary layoffs of personnel, the duration of which varies from two weeks to a maximum of four weeks. The intention is to implement the redundancies as soon as possible, and the temporary layoffs as soon as possible and at the latest by the end of 2024. The company originally estimated that the change negotiations may lead to the termination of the employment contracts of a maximum of 84 employees. During the negotiations, retirements and other voluntary arrangements have had an impact on the number of final redundancies. The change negotiations covered approximately 800 people. Price Target Changed • Mar 15
Price target decreased by 28% to €0.42 Down from €0.58, the current price target is provided by 1 analyst. New target price is 16% above last closing price of €0.36. Stock is down 41% over the past year. The company is forecast to post a net loss per share of €0.04 next year compared to a net loss per share of €0.055 last year. Board Change • Mar 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director Juusela Tommi was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 07
Panostaja Oyj Appoints Heikki Tukiainen as Development Director Heikki Tukiainen (b. 1974), M.Sc. (Tech.), has been appointed as Panostaja Oyj's new Development Director and member of the Management Team. He will assume the duties of Development Director in May at the latest. Tukiainen is currently the CEO and entrepreneur of DevePro Oy, which provides IT services. Previously, he has worked as R&D and Technology Director and Business Director in Accountor's various software businesses. Prior to Accountor, Tukiainen worked in business development positions at Nokia and as a management consultant at McKinsey & Company. Panostaja announced on October 18, 2023 that the current Development Director Minna Telanne will transfer to other positions outside the Group. Reported Earnings • Jan 19
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: €0.055 loss per share (down from €0.018 profit in FY 2022). Revenue: €136.2m (down 1.3% from FY 2022). Net loss: €2.88m (down 398% from profit in FY 2022). Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 38%. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 16
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: €0.055 loss per share (down from €0.018 profit in FY 2022). Revenue: €136.2m (down 1.3% from FY 2022). Net loss: €2.90m (down 401% from profit in FY 2022). Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 38%. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Oct 19
Panostaja Oyj Announces Resignation of Minna Telanne as Development Director and Member of the Management Team, to Continue Her Position Until April 2024 Minna Telanne, Panostaja Oyj's Development Director and member of the Management Team, has resigned from Panostaja. Telanne will continue in her position until April 2024. Reported Earnings • Sep 03
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: €0.01 loss per share (improved from €0.02 loss in 3Q 2022). Revenue: €31.5m (down 2.8% from 3Q 2022). Net loss: €800.0k (loss narrowed 33% from 3Q 2022). Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) exceeded analyst estimates by 50%. Revenue is forecast to grow 1.3% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Professional Services industry in Finland. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Sep 01
Panostaja Oyj Announces CFO Changes Panostaja Oyj announced the appointment of Heikki Korelin as CFO. Heikki Korelin (b. 1986), M.Sc. (Econ.), has been appointed as the new CFO and member of the Management Team of Panostaja Oyj. He will assume the duties of CFO next February at the latest. Korelin will transfer to the position from Patria Oyj's Vice President, Group Business Control. Previously, he has served financial management positions in Patria's software and system integration business and M&A as Patria's M&A Manager and at Summa Capital Oy. Panostaja announced on 5.6.2023 that the current CFO Antti Kauppila will transfer to other positions outside the Group. Announcement • Aug 15
Panostaja Oyj Announces Appointment of Christoffer Nordström as Interim CEO of Hygga The Board of Directors of Hygga, Panostaja's investment company, has appointed Christoffer Nordström, who served as interim CEO, as CEO. Nordström has worked in management positions in the company since 2010. He has very solid knowledge and experience in the field of healthcare. New Risk • Jun 19
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 Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (5.6% average weekly change). Market cap is less than US$100m (€30.6m market cap, or US$33.5m). Announcement • Jun 06
Panostaja Oyj Announces Resignation of Antti Kauppila as CFO Panostaja Oyj´s CFO and Member of the Management Team Antti Kauppila has resigned his duties in order to assume a new position at another employer. Kauppila will remain at his position for separately specified time, however no longer than end of November 2023. Process for recruiting a new CFO will start immediately. Reported Earnings • Jun 02
Second quarter 2023 earnings: Revenues miss analyst expectations Second quarter 2023 results: Revenue: €35.4m (up 7.2% from 2Q 2022). Net loss: €569.0k (down 115% from profit in 2Q 2022). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Professional Services industry in Finland. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 16
First quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2023 results: €0.01 loss per share (in line with 1Q 2022). Revenue: €35.5m (flat on 1Q 2022). Net loss: €800.0k (loss widened 14% from 1Q 2022). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Professional Services industry in Finland. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Feb 08
Panostaja Oyj Approves Dividend for the Period from November 1, 2021–October 31, 2022, Payable on February 16, 2023 Panostaja Oyj at its Annual General Meeting held on February 7, 2023 approved that a dividend of EUR 0.03 per share be paid for the financial period November 1, 2021–October 31, 2022. The dividend will be paid to those shareholders who on the record date of the payment, February 9, 2023, are recorded in the company’s shareholders’ register maintained by Euroclear Finland Oy. The dividend will be paid on February 16, 2023. Upcoming Dividend • Feb 01
Upcoming dividend of €0.03 per share at 4.3% yield Eligible shareholders must have bought the stock before 08 February 2023. Payment date: 16 February 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.3%. Lower than top quartile of Finnish dividend payers (4.9%). Higher than average of industry peers (3.3%). Announcement • Dec 16
Panostaja Oyj Proposes Dividend for Year Ended October 31, 2022, Payable on February 16, 2023 Panostaja Oyj’s Board of Directors proposed to the General Meeting that a dividend of EUR 0,03 per share be paid for the financial period November 1, 2021-October 31, 2022. The dividend will be paid to those shareholders who on the record date of the payment, February 9, 2023, are recorded in the company’s shareholders’ register maintained by Euroclear Finland Oy. The Board of Directors proposes that the dividend be paid on February 16, 2023. Reported Earnings • Dec 16
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: €0.018 (up from €0.015 loss in FY 2021). Revenue: €150.3m (up 13% from FY 2021). Net income: €965.0k (up €1.75m from FY 2021). Profit margin: 0.6% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 25%. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Professional Services industry in Finland. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target decreased to €0.60 Down from €0.68, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €0.63. Stock is down 10.0% over the past year. The company is forecast to post earnings per share of €0.04 next year compared to a net loss per share of €0.015 last year. Price Target Changed • Sep 05
Price target decreased to €0.60 Down from €0.68, the current price target is provided by 1 analyst. New target price is 7.4% below last closing price of €0.65. Stock is down 12% over the past year. The company is forecast to post a net loss per share of €0.06 next year compared to a net loss per share of €0.015 last year. Reported Earnings • Sep 04
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: €0.023 loss per share (down from €0.006 profit in 3Q 2021). Revenue: €32.4m (flat on 3Q 2021). Net loss: €1.20m (down €1.50m from profit in 3Q 2021). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 3.1%, compared to a 14% growth forecast for the Professional Services industry in Finland. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Jun 16
Panostaja Oyj Distribute Extra Dividend, Payable on June 28, 2022 Panostaja Oyj’s Board of Directors has on June 16, 2022 decided to distribute an extra dividend of EUR 0.05 per share. The decision is based on the authorization granted by the Annual General Meeting on February 7, 2022. The ex-date for the dividend is June 17, 2022, the date of record is June 20, 2022, and the date of payment is June 28, 2022. The total amount of extra dividend to be distributed is EUR 2,632,265.60. Major Estimate Revision • Jun 09
Consensus EPS estimates fall by 38% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €139.0m to €137.0m. EPS estimate also fell from €0.08 per share to €0.05 per share. Net income forecast to shrink 75% next year vs 28% growth forecast for Professional Services industry in Finland . Consensus price target down from €0.68 to €0.64. Share price fell 2.9% to €0.60 over the past week. Reported Earnings • Jun 03
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: €0.072 (up from €0.022 loss in 2Q 2021). Revenue: €44.2m (up 22% from 2Q 2021). Net income: €3.80m (up €4.97m from 2Q 2021). Profit margin: 8.6% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) also missed analyst estimates by 20%. Over the next year, revenue is expected to shrink by 4.0% compared to a 14% growth forecast for the industry in Finland. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 21
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €0.07 to €0.02 per share. Revenue forecast steady at €139.0m. Net income forecast to grow 515% next year vs 51% growth forecast for Professional Services industry in Finland. Consensus price target of €0.68 unchanged from last update. Share price was steady at €0.61 over the past week. Price Target Changed • Apr 27
Price target decreased to €0.68 Down from €0.78, the current price target is provided by 1 analyst. New target price is 9.7% above last closing price of €0.62. Stock is down 18% over the past year. The company is forecast to post earnings per share of €0.07 next year compared to a net loss per share of €0.015 last year. Reported Earnings • Mar 18
First quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2022 results: €0.01 loss per share (up from €0.034 loss in 1Q 2021). Revenue: €35.8m (down 2.4% from 1Q 2021). Net loss: €700.0k (loss narrowed 61% from 1Q 2021). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 3.2%, compared to a 14% growth forecast for the industry in Finland. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Price Target Changed • Mar 17
Price target decreased to €0.68 Down from €0.78, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €0.68. Stock is down 2.8% over the past year. The company is forecast to post earnings per share of €0.07 next year compared to a net loss per share of €0.015 last year. Upcoming Dividend • Feb 01
Upcoming dividend of €0.03 per share Eligible shareholders must have bought the stock before 08 February 2022. Payment date: 16 February 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.1%. Within top quartile of Finnish dividend payers (3.9%). Higher than average of industry peers (2.2%). Reported Earnings • Jan 18
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: €0.015 loss per share (down from €0.007 loss in FY 2020). Revenue: €133.0m (flat on FY 2020). Net loss: €782.0k (loss widened 105% from FY 2020). Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates by 47%. Earnings per share (EPS) missed analyst estimates by 47%. Over the next year, revenue is forecast to grow 1.5%, compared to a 15% growth forecast for the industry in Finland. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Breakeven Date Change • Dec 29
Forecast breakeven date pushed back to 2023 The analyst covering Panostaja Oyj previously expected the company to break even in 2022. New forecast suggests the company will make a profit of €800.0k in 2023. Average annual earnings growth of 68% is required to achieve expected profit on schedule. Reported Earnings • Dec 15
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: €0.015 loss per share (up from €0.075 loss in FY 2020). Revenue: €135.1m (down 15% from FY 2020). Net loss: €782.0k (loss narrowed 80% from FY 2020). Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates by 47%. Earnings per share (EPS) missed analyst estimates by 47%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 06
Third quarter 2021 earnings released: EPS €0.006 (vs €0.004 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: €32.7m (down 5.2% from 3Q 2020). Net income: €300.0k (up €500.0k from 3Q 2020). Profit margin: 0.9% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Executive Departure • Aug 12
Chief Investment Officer Miikka Laine has left the company On the 12th of August, Miikka Laine's tenure as Chief Investment Officer ended. We don't have any record of a personal shareholding under Miikka's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.00 years. Reported Earnings • Jun 05
Second quarter 2021 earnings released: €0.022 loss per share (vs €0.006 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: €36.3m (down 7.2% from 2Q 2020). Net loss: €1.17m (loss widened 248% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 18
Price target decreased to €0.72 Down from €0.80, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €0.70. Stock is up 18% over the past year. Reported Earnings • Mar 17
First quarter 2021 earnings released: €0.034 loss per share (vs €0.019 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: €38.5m (down 9.7% from 1Q 2020). Net loss: €1.80m (loss widened 74% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 04
New 90-day low: €0.73 The company is down 3.0% from its price of €0.75 on 04 December 2020. The Finnish market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Professional Services industry, which is up 6.0% over the same period. Executive Departure • Feb 12
Independent Director has left the company On the 5th of February, Hannu-Kalle Reponen's tenure as Independent Director ended after 3.0 years in the role. We don't have any record of a personal shareholding under Hannu-Kalle's name. Hannu-Kalle is the only executive to leave the company over the last 12 months. Upcoming Dividend • Feb 01
Upcoming Dividend of €0.03 Per Share Will be paid on the 16th of February to those who are registered shareholders by the 8th of February. The trailing yield of 3.6% is below the top quartile of Finnish dividend payers (3.9%), but it is higher than industry peers (2.2%). 
