Announcement • Apr 16
Boreo Oyj Announces Board and Committee Appointments Boreo Oyj announced that at the Annual General Meeting held on 15 April 2025, approved the appointment of Mattias Björk as a new member of the Board of Directors. The Board of Directors elected in its first meeting after the General Meeting Simon Hallqvist as the Chair of the Board. The Board of Directors elected also members to its Committees. Jouni Grönroos (the Chair), Mattias Björk and Noora Neilimo-Kontio were elected as the members of the Audit Committee. Camilla Grönholm (the Chair), Simon Hallqvist and Jussi Vanhanen were elected as the members of the Nomination and Remuneration Committee. Announcement • Apr 02
Boreo Oyj (HLSE:BOREO) has signed an agreement to acquire Spetselektroodi Aktsiaselts from Indrek Ranne. Boreo Oyj (HLSE:BOREO) has signed an agreement to acquire Spetselektroodi Aktsiaselts from Indrek Ranne on March 31, 2025. The purchase price will be paid in cash. The payment will be made in two installments: two-thirds upon closing of the transaction and the remaining amount in the fourth quarter of 2025. Boreo will finance the payment of the purchase price using its existing financing facilities. Following the transaction, the Spetselektroodi will operate as part of Boreo's Technical Trade business area, led by the Company's current CEO Karl Laasik. He currently serves as the Company's Director of Technical Support. The transaction is subject to approval by the Estonian competition authorities. For the period ending December 31, 2024, Spetselektroodi Aktsiaselts reported total revenue of €3.6 million. The transaction is expected to close in April-May 2025. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €11.30, the stock trades at a forward P/E ratio of 91x. Average forward P/E is 13x in the Electronic industry in Germany. Total loss to shareholders of 84% over the past three years. Announcement • Nov 05
Boreo Oyj, Annual General Meeting, Apr 15, 2025 Boreo Oyj, Annual General Meeting, Apr 15, 2025. New Risk • Nov 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (€37.3m market cap, or US$40.4m). Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: €0.11 (vs €0.34 in 3Q 2023) Third quarter 2024 results: EPS: €0.11 (down from €0.34 in 3Q 2023). Revenue: €28.8m (down 30% from 3Q 2023). Net income: €300.0k (down 67% from 3Q 2023). Profit margin: 1.0% (down from 2.2% in 3Q 2023). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: €0.26 (vs €0.30 in 2Q 2023) Second quarter 2024 results: EPS: €0.26 (down from €0.30 in 2Q 2023). Revenue: €33.8m (down 20% from 2Q 2023). Net income: €700.0k (down 13% from 2Q 2023). Profit margin: 2.1% (up from 1.9% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Announcement • Aug 02
Boreo Oyj Appoints Jesse Petäjä as New Chief Financial Officer, Effective as of 1 September 2024 Boreo Oyj has appointed Jesse Petäjä as a new Chief Financial Officer effective as of 1 September 2024. He will replace Aku Rumpunen in the role, who has previously announced that he will leave Boreo to pursue other opportunities outside the company. Rumpunen continues in the company until October 2024. Petäjä has since 2021 headed Boreo’s M&A function, acted since 2022 as a member of the Group Management Team and from late 2023 co-headed the Technical Trade business area together with Richard Karlsson. Going forward, Petäjä continues to be responsible for the M&A function and Karlsson for the Technical Trade business area. Announcement • Jun 14
Boreo Oyj Announces Resignation of Aku Rumpunen as Chief Financial Officer Boreo Oyj announced that Aku Rumpunen, Chief Financial Officer and member of the management team, has decided to leave Boreo to pursue other opportunities outside the company. Rumpunen will continue in his current role until October 2024. The process for recruiting a new Chief Financial Officer will be started immediately. Reported Earnings • Apr 30
First quarter 2024 earnings released First quarter 2024 results: Revenue: €32.7m (down 20% from 1Q 2023). Net loss: €900.0k (down 280% from profit in 1Q 2023). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Announcement • Apr 18
Boreo Oyj Appoints Jussi Vanhanen as New Member of the Board of Directors Boreo Oyj announced that at its AGM held on 17 April 2024, announced that Jussi Vanhanen was elected as a new member of the Board of Directors. The Board of Directors elected also members to its Committees. Camilla Grönholm (the Chair), Simon Hallqvist and Jussi Vanhanen were elected as the members of the Nomination and Remuneration Committee. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €22.40, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 18x in the Electronic industry in Germany. Total loss to shareholders of 40% over the past year. Announcement • Mar 13
Michaela von Wendt Does Not Stands for Re-Election to the Board of Boreo Oyj Boreo Oyj announced that from the current members of the Board of Directors Michaela von Wendt has informed that she is not available for re-election. New Risk • Nov 06
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (€73.6m market cap, or US$79.0m). Reported Earnings • Nov 03
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €41.1m (down 5.1% from 3Q 2022). Net income: €900.0k (down 55% from 3Q 2022). Profit margin: 2.2% (down from 4.6% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Announcement • Nov 02
Boreo Oyj Announces Second Dividend Installment, Payable on November 17, 2023 The Board of Directors of Boreo Plc has at its meeting on November 1, 2023 decided on the basis of the authorization by the Annual General Meeting on 19 April 2023 the record date and the payment date for the second installment of the dividend of EUR 0.22. The first dividend installment of EUR 0.22 per share was paid on May 4, 2023. The second installment of the dividend will be paid to shareholders who are registered in the shareholders' register maintained by Euroclear Finland Ltd. on the record date November 9, 2023. The dividend payment date is November 17, 2023. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: €0.18 (vs €0.65 in 2Q 2022) Second quarter 2023 results: EPS: €0.18 (down from €0.65 in 2Q 2022). Revenue: €42.5m (up 5.2% from 2Q 2022). Net income: €800.0k (down 53% from 2Q 2022). Profit margin: 1.9% (down from 4.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Announcement • Jul 04
Boreo Oyj (HLSE:BOREO) acquired 100% stake in Delfin Technologies Oy from Tapani Lahtinen, Jouni Nuutinen and a group of private shareholders. Boreo Oyj (HLSE:BOREO) agreed to acquire 100% stake in Delfin Technologies Oy from Tapani Lahtinen, Jouni Nuutinen and a group of private shareholders on June 8, 2023. The purchase price will be paid in cash. The payment is scheduled in two installments, approximately two thirds at closing and one third in one year from the closing of the transaction. Boreo will fund the payment of the purchase price with its existing financing facilities. Post competition of the transaction Delfin Technologies Oy will continue operate as a part of Boreo’s Electronics business area, led by Jouni Nuutinen. Delfin generated revenue €2.5 million, EBIT €1.1 million, total assets €2.8 million, equity €2.6 million and Net debt €0.9 million for the year ended 2022. The closing of the transaction is expected to take place on July 1, 2023. Boreo Oyj (HLSE:BOREO) acquired 100% stake in Delfin Technologies Oy from Tapani Lahtinen, Jouni Nuutinen and a group of private shareholders on July 3, 2023. Boreo will consolidate the Company in its accounts from July 1, 2023 onwards. Announcement • Jun 09
Boreo Oyj (HLSE:BOREO) agreed to acquire 100% stake in Delfin Technologies Oy from Tapani Lahtinen, Jouni Nuutinen and a group of private shareholders. Boreo Oyj (HLSE:BOREO) agreed to acquire 100% stake in Delfin Technologies Oy from Tapani Lahtinen, Jouni Nuutinen and a group of private shareholders on June 8, 2023. The purchase price will be paid in cash. The payment is scheduled in two installments, approximately two thirds at closing and one third in one year from the closing of the transaction. Boreo will fund the payment of the purchase price with its existing financing facilities. Post competition of the transaction Delfin Technologies Oy will continue operate as a part of Boreo’s Electronics business area, led by Jouni Nuutinen. Delfin generated revenue €2.5 million, EBIT €1.1 million, total assets €2.8 million, equity €2.6 million and Net debt €0.9 million for the year ended 2022. The closing of the transaction is expected to take place on July 1, 2023. Reported Earnings • May 07
First quarter 2023 earnings released First quarter 2023 results: Revenue: €41.0m (up 29% from 1Q 2022). Net income: €500.0k (up 67% from 1Q 2022). Profit margin: 1.2% (up from 0.9% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Germany. Upcoming Dividend • Apr 13
Upcoming dividend of €0.22 per share at 1.1% yield Eligible shareholders must have bought the stock before 20 April 2023. Payment date: 04 May 2023. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (1.4%). Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: €1.77 (vs €1.99 in FY 2021) Full year 2022 results: EPS: €1.77 (down from €1.99 in FY 2021). Revenue: €160.9m (up 9.8% from FY 2021). Net income: €4.70m (down 9.6% from FY 2021). Profit margin: 2.9% (down from 3.5% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Germany. Announcement • Jan 04
Boreo Oyj (HLSE:BOREO) completed the acquisition of Filterit Oy from Olli Säynevirta and Jouni Maavuori. Boreo Oyj (HLSE:BOREO) entered into an agreement to acquire Filterit Oy from Olli Säynevirta and Jouni Maavuori on December 20, 2022. The transaction consideration comprises of a fixed purchase price payable at closing in cash and by Boreo issuing €0.4 million in shares to the Sellers. Boreo will issue 9,645 shares at unit price of €41.48 as consideration. Boreo may pay an earn-out to the Sellers subject to the results of Filterit in years 2023-2024. Filterit will continue operating independently after the transaction, as part of Boreos Technical Trade Business Area, led by Olli Säynevirta. In 2021, the Company had revenues of €3.3 million, EBITDA of €0.4 million, Total assets of €1.5 million and Equity of €1.1 million. The closing of the transaction is expected to take place on January 1, 2023. Boreo Oyj (HLSE:BOREO) completed the acquisition of Filterit Oy from Olli Säynevirta and Jouni Maavuori on January 2, 2023. Buying Opportunity • Dec 16
Now 21% undervalued Over the last 90 days, the stock is up 1.9%. The fair value is estimated to be €48.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Earnings per share has grown by 42%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings is also forecast to grow by 21% per annum over the same time period. Announcement • Dec 02
Boreo Oyj (HLSE:BOREO) acquired 100% stake in J-matic Oy from CEO Jarkko Laukkanen. Boreo Oyj (HLSE:BOREO) signed and acquired 100% stake in J-matic Oy from CEO Jarkko Laukkanen on December 1, 2022. The transaction consideration comprises of a fixed purchase price payable at closing in cash and by Boreo issuing c. €0.2 million in shares to the Seller (5,000 shares at €39.50). In addition, Boreo may pay an earn-out to the Seller subject to the results of J-Matic in years 2023-2025. Upon the transaction, the Company is led by Jarkko Laukkanen and it continues operating independently as part of Boreo’s Technical Trade business area. J-Matic has 20 employees with operations located in Lempäälä, Finland. In FY 2021, the Company had illustrative revenues of c. €2.3 million and an EBITDA of c. €0.6 million.
Boreo Oyj (HLSE:BOREO) completed the acquisition 100% stake in J-matic Oy from CEO Jarkko Laukkanen on December 1, 2022. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improved over the past week After last week's 21% share price gain to €45.00, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 18x in the Electronic industry in Germany. Total loss to shareholders of 37% over the past year. Reported Earnings • Nov 04
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €43.4m (up 24% from 3Q 2021). Net income: €2.00m (up 67% from 3Q 2021). Profit margin: 4.6% (up from 3.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Announcement • Nov 03
Boreo plc Announces Second Dividend Installment, Payable on November 17, 2022 The Board of Directors of Boreo Plc has at its meeting on November 2, 2022 decided, on the basis of the authorization by the Annual General Meeting on 19 April 2022, on the record date and the payment date for the second installment of the dividend of EUR 0.21. The first dividend installment of EUR 0.21 per share was paid on April 29, 2022. The second installment of the dividend will be paid to shareholders who are registered in the shareholders' register maintained by Euroclear Finland Ltd. on the record date November 9, 2022. The dividend payment date is November 17, 2022. Announcement • Oct 26
Boreo Oyj to Report Q3, 2022 Results on Nov 03, 2022 Boreo Oyj announced that they will report Q3, 2022 results at 9:00 AM, E. Europe Standard Time on Nov 03, 2022 Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €32.50, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 15x in the Electronic industry in Germany. Total loss to shareholders of 57% over the past year. Reported Earnings • Aug 11
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €40.6m (up 13% from 2Q 2021). Net income: €1.70m (up 21% from 2Q 2021). Profit margin: 4.2% (up from 3.9% in 2Q 2021). Announcement • Aug 11
Companies controlled by Yrjö Pönni acquired 90% stake in Electronic component distribution business in Russia from Boreo Oyj (HLSE:BOREO). Companies controlled by Yrjö Pönni acquired 90% stake in Electronic component distribution business in Russia from Boreo Oyj (HLSE:BOREO) on August 9, 2022.
Companies controlled by Yrjö Pönni completed the acquisition of 90% stake in Electronic component distribution business in Russia from Boreo Oyj (HLSE:BOREO) on August 9, 2022. Announcement • Jul 29
Boreo Oyj to Report First Half, 2022 Results on Aug 10, 2022 Boreo Oyj announced that they will report first half, 2022 results on Aug 10, 2022 Board Change • Jul 26
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Director Michaela von Wendt is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 
