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Bittium Oyj

HLSE:BITTI
Snowflake Description

High growth potential with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BITTI
HLSE
€221M
Market Cap
  1. Home
  2. FI
  3. Software
Company description

Bittium Oyj develops communications and connectivity solutions worldwide. The last earnings update was 95 days ago. More info.


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BITTI Share Price and Events
7 Day Returns
-1.7%
HLSE:BITTI
0.2%
FI Software
1.1%
FI Market
1 Year Returns
20.2%
HLSE:BITTI
-13.3%
FI Software
-3.1%
FI Market
BITTI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bittium Oyj (BITTI) -1.7% -6.4% -7.8% 20.2% 12.2% 127.2%
FI Software 0.2% 0% -0.2% -13.3% -9.5% -19.7%
FI Market 1.1% 2.2% -1.8% -3.1% 19.7% 27.7%
1 Year Return vs Industry and Market
  • BITTI outperformed the Software industry which returned -13.3% over the past year.
  • BITTI outperformed the Market in Finland which returned -3.1% over the past year.
Price Volatility
BITTI
Industry
5yr Volatility vs Market

BITTI Value

 Is Bittium Oyj undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bittium Oyj to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bittium Oyj.

HLSE:BITTI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.7%
Perpetual Growth Rate 10-Year FI Government Bond Rate 0.5%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for HLSE:BITTI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FI Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6.5%
Software Unlevered Beta Simply Wall St/ S&P Global 1.14
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.139 (1 + (1- 20%) (0.69%))
1.097
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.1
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.54% + (1.097 * 6.51%)
7.68%

Discounted Cash Flow Calculation for HLSE:BITTI using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bittium Oyj is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

HLSE:BITTI DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 7.68%)
2019 -7.50 Analyst x1 -6.96
2020 5.30 Analyst x1 4.57
2021 19.70 Analyst x1 15.78
2022 21.00 Analyst x1 15.62
2023 22.40 Analyst x1 15.47
2024 23.45 Est @ 4.68% 15.04
2025 24.25 Est @ 3.44% 14.45
2026 24.88 Est @ 2.57% 13.76
2027 25.37 Est @ 1.96% 13.03
2028 25.75 Est @ 1.53% 12.28
Present value of next 10 years cash flows €113.03
HLSE:BITTI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €25.75 × (1 + 0.54%) ÷ (7.68% – 0.54%)
€362.48
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €362.48 ÷ (1 + 7.68%)10
€172.90
HLSE:BITTI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €113.03 + €172.90
€285.93
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €285.93 / 35.69
€8.01
HLSE:BITTI Discount to Share Price
Calculation Result
Value per share (EUR) From above. €8.01
Current discount Discount to share price of €6.18
= -1 x (€6.18 - €8.01) / €8.01
22.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Bittium Oyj is available for.
Intrinsic value
23%
Share price is €6.18 vs Future cash flow value of €8.01
Current Discount Checks
For Bittium Oyj to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Bittium Oyj's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Bittium Oyj's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bittium Oyj's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bittium Oyj's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
HLSE:BITTI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €0.11
HLSE:BITTI Share Price ** HLSE (2019-06-20) in EUR €6.18
Finland Software Industry PE Ratio Median Figure of 6 Publicly-Listed Software Companies 55.18x
Finland Market PE Ratio Median Figure of 107 Publicly-Listed Companies 20.62x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bittium Oyj.

HLSE:BITTI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= HLSE:BITTI Share Price ÷ EPS (both in EUR)

= 6.18 ÷ 0.11

54.82x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bittium Oyj is good value based on earnings compared to the FI Software industry average.
  • Bittium Oyj is overvalued based on earnings compared to the Finland market.
Price based on expected Growth
Does Bittium Oyj's expected growth come at a high price?
Raw Data
HLSE:BITTI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 54.82x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
35.1%per year
Finland Software Industry PEG Ratio Median Figure of 5 Publicly-Listed Software Companies 1.7x
Finland Market PEG Ratio Median Figure of 92 Publicly-Listed Companies 1.74x

*Line of best fit is calculated by linear regression .

HLSE:BITTI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 54.82x ÷ 35.1%

1.56x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bittium Oyj is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Bittium Oyj's assets?
Raw Data
HLSE:BITTI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €3.08
HLSE:BITTI Share Price * HLSE (2019-06-20) in EUR €6.18
Finland Software Industry PB Ratio Median Figure of 13 Publicly-Listed Software Companies 5.15x
Finland Market PB Ratio Median Figure of 142 Publicly-Listed Companies 1.99x
HLSE:BITTI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= HLSE:BITTI Share Price ÷ Book Value per Share (both in EUR)

= 6.18 ÷ 3.08

2x

* Primary Listing of Bittium Oyj.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bittium Oyj is good value based on assets compared to the FI Software industry average.
X
Value checks
We assess Bittium Oyj's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Software industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Software industry average (and greater than 0)? (1 check)
  5. Bittium Oyj has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

BITTI Future Performance

 How is Bittium Oyj expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
35.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bittium Oyj expected to grow at an attractive rate?
  • Bittium Oyj's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Bittium Oyj's earnings growth is expected to exceed the Finland market average.
  • Bittium Oyj's revenue growth is expected to exceed the Finland market average.
Annual Growth Rates Comparison
Raw Data
HLSE:BITTI Future Growth Rates Data Sources
Data Point Source Value (per year)
HLSE:BITTI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 35.1%
HLSE:BITTI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 23.1%
Finland Software Industry Earnings Growth Rate Market Cap Weighted Average 59.1%
Finland Software Industry Revenue Growth Rate Market Cap Weighted Average 14.7%
Finland Market Earnings Growth Rate Market Cap Weighted Average 13.6%
Finland Market Revenue Growth Rate Market Cap Weighted Average 2.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
HLSE:BITTI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
HLSE:BITTI Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 27
2022-12-31 161 27 20 1
2021-12-31 140 27 17 1
2020-12-31 94 14 11 2
2019-12-31 77 5 7 2
HLSE:BITTI Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 63 -1 4
2018-09-30 56 -6 0
2018-06-30 50 -11 -3
2018-03-31 51 -5 -4
2017-12-31 52 0 -5
2017-09-30 59 -3 -2
2017-06-30 60 -1 0
2017-03-31 63 -6 2
2016-12-31 65 -2 4
2016-09-30 61 1 3
2016-06-30 58 3 2
2016-03-31 57 -4 2

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bittium Oyj's earnings are expected to grow significantly at over 20% yearly.
  • Bittium Oyj's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
HLSE:BITTI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Bittium Oyj Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

HLSE:BITTI Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 0.55 0.55 0.55 1.00
2021-12-31 0.48 0.48 0.48 1.00
2020-12-31 0.23 0.32 0.15 2.00
2019-12-31 0.17 0.19 0.15 2.00
HLSE:BITTI Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 0.11
2018-09-30 0.01
2018-06-30 -0.09
2018-03-31 -0.11
2017-12-31 -0.13
2017-09-30 -0.06
2017-06-30 0.01
2017-03-31 0.07
2016-12-31 0.10
2016-09-30 0.08
2016-06-30 0.03
2016-03-31 0.02

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Bittium Oyj is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Bittium Oyj's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Finland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Finland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bittium Oyj has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

BITTI Past Performance

  How has Bittium Oyj performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bittium Oyj's growth in the last year to its industry (Software).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bittium Oyj's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Bittium Oyj has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Bittium Oyj has become profitable in the last year making it difficult to compare the Europe Software industry average.
Earnings and Revenue History
Bittium Oyj's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bittium Oyj Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

HLSE:BITTI Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 63.18 4.02
2018-09-30 56.45 0.43 1.44
2018-06-30 49.72 -3.16 2.89
2018-03-31 51.02 -3.96 2.89
2017-12-31 52.32 -4.76 2.89
2017-09-30 58.93 -2.18 4.14
2017-06-30 60.47 0.21 2.70
2017-03-31 63.37 2.41 2.70
2016-12-31 64.57 3.51 2.70
2016-09-30 60.68 3.24 2.63
2016-06-30 57.78 2.14 2.63
2016-03-31 56.58 1.94 2.63
2015-12-31 56.98 2.34 2.63
2015-09-30 57.84 3.47 2.59
2015-06-30 56.64 4.57 2.59
2015-03-31 53.74 2.47 2.59
2014-12-31 52.74 1.27 2.59
2014-09-30 96.09 4.05 8.10
2014-06-30 131.79 3.65 8.10
2014-03-31 167.29 5.15 8.10
2014-01-01 199.29 6.65 8.10
2013-09-30 188.38 1.48 7.47
2013-06-30 184.28 2.38 7.47
2013-03-31 177.88 1.58 7.47
2012-12-31 174.38 1.08 7.47
2012-09-30 161.06 2.81 -62.10
2012-06-30 156.46 -1.99 -39.70

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Bittium Oyj has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bittium Oyj used its assets less efficiently than the FI Software industry average last year based on Return on Assets.
  • Bittium Oyj has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Bittium Oyj's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Software industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bittium Oyj has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

BITTI Health

 How is Bittium Oyj's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Bittium Oyj's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bittium Oyj is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Bittium Oyj's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Bittium Oyj's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 43.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bittium Oyj Company Filings, last reported 5 months ago.

HLSE:BITTI Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 110.04 1.52 30.88
2018-09-30 110.04 1.52 30.88
2018-06-30 105.20 1.20 30.60
2018-03-31 105.20 1.20 30.60
2017-12-31 116.68 1.21 62.92
2017-09-30 116.68 1.21 62.92
2017-06-30 118.70 1.50 73.40
2017-03-31 118.70 1.50 73.40
2016-12-31 130.62 3.15 94.92
2016-09-30 129.10 1.50 106.00
2016-06-30 128.00 1.60 107.70
2016-03-31 137.70 1.50 126.00
2015-12-31 137.58 1.40 122.78
2015-09-30 629.30 1.40 617.50
2015-06-30 628.79 7.39 622.06
2015-03-31 97.00 8.70 50.50
2014-12-31 93.41 8.32 43.28
2014-09-30 85.90 7.30 40.70
2014-06-30 83.30 13.80 30.90
2014-03-31 83.60 11.30 42.60
2014-01-01 81.73 5.28 42.98
2013-09-30 90.90 16.80 44.00
2013-06-30 89.50 16.40 42.10
2013-03-31 90.20 18.80 43.50
2012-12-31 66.00 18.07 14.29
2012-09-30 69.10 23.80 18.40
2012-06-30 67.40 14.30 8.60
  • Bittium Oyj's level of debt (1.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (6.5% vs 1.4% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are well covered by earnings (EBIT is 28.5x coverage).
X
Financial health checks
We assess Bittium Oyj's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bittium Oyj has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

BITTI Dividends

 What is Bittium Oyj's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.43%
Current annual income from Bittium Oyj dividends. Estimated to be 2.91% next year.
If you bought €2,000 of Bittium Oyj shares you are expected to receive €49 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Bittium Oyj's pays a higher dividend yield than the bottom 25% of dividend payers in Finland (2.31%).
  • Bittium Oyj's dividend is below the markets top 25% of dividend payers in Finland (5.27%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
HLSE:BITTI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Europe Software Industry Average Dividend Yield Market Cap Weighted Average of 84 Stocks 1.3%
Finland Market Average Dividend Yield Market Cap Weighted Average of 100 Stocks 4.4%
Finland Minimum Threshold Dividend Yield 10th Percentile 1.4%
Finland Bottom 25% Dividend Yield 25th Percentile 2.3%
Finland Top 25% Dividend Yield 75th Percentile 5.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

HLSE:BITTI Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.25 1.00
2020-12-31 0.18 2.00
2019-12-31 0.15 2.00
HLSE:BITTI Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-02-21 0.150 2.233
2017-04-12 0.300 4.981
2016-02-18 0.050 0.829
2015-04-15 0.040 0.764
2014-02-20 0.020 0.656
2013-04-12 0.010 0.792
2009-10-29 0.000 0.000
2009-08-07 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bittium Oyj has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Bittium Oyj only paid a dividend in the past 6 years.
Current Payout to shareholders
What portion of Bittium Oyj's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
X
Income/ dividend checks
We assess Bittium Oyj's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bittium Oyj afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bittium Oyj has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

BITTI Management

 What is the CEO of Bittium Oyj's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Hannu Huttunen
COMPENSATION €221,148
AGE 52
TENURE AS CEO 3.8 years
CEO Bio

Mr. Hannu Huttunen has been the Chief Executive Officer of Bittium Oyj since August 7, 2015. Mr. Huttunen served as Managing Director and President of Wireless Business Segment at Bittium Technologies Oy since November 1, 2010. Mr. Huttunen served as a Vice President of Wireless Business at EXFO Inc., since March 2010. Prior to joining EXFO, Mr. Huttunen served as the Chief Executive Officer of NetHawk Oyj from 2003 to 2010 and Executive Vice President from 2002 to 2003. Mr. Huttunen began his career in the telecommunications industry at Nokia Mobile Phones in 1995 as Business Controller and Business Line Manager and also served as a Vice President of Special Products from 1998 to 2002 and Vice President of the IP Convergence Business Program since 2002. In this role, he was responsible for driving IP into Nokia’s product portfolio, first developing products and then orchestrating the business system. He has been a Member of the Board at EXFO Inc., since 2008 and Wireless Division leader 2010. Mr. Huttunen holds an MSc in Business Economy from the University of Oulu, Finland and attended several Nokia upper management training programs.

CEO Compensation
  • Hannu's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Hannu's remuneration is lower than average for companies of similar size in Finland.
Management Team Tenure

Average tenure and age of the Bittium Oyj management team in years:

3.8
Average Tenure
52
Average Age
  • The tenure for the Bittium Oyj management team is about average.
Management Team

Hannu Huttunen

TITLE
Chief Executive Officer
COMPENSATION
€221K
AGE
52
TENURE
3.8 yrs

Juha Hulkko

TITLE
Founder & Member of Executive Board
COMPENSATION
€20K
AGE
64

Pekka Kunnari

TITLE
Chief Financial Officer
AGE
51
TENURE
3.6 yrs

Seppo Laine

TITLE
Member of Executive Board and External Advisor of the Board
COMPENSATION
€37K
AGE
65

Jorma Halonen

TITLE
Member of Management Board
COMPENSATION
€20K
AGE
70

Kari Jokela

TITLE
Chief Legal Officer & Member of Corporate Management Board
AGE
49
TENURE
4.8 yrs

Andreas Heim

TITLE
Executive Vice President of Operations
TENURE
3 yrs

Karoliina Fyrstén

TITLE
Head of Product & Services Areas and Director of Corporate Communications & Marketing
AGE
41
TENURE
3.8 yrs

Sammy Loitto

TITLE
Senior Vice President of Sales
AGE
38
TENURE
0.7 yrs

Arto Pietilä

TITLE
Senior Vice President of Medical Technologies Product & Service Area
AGE
60
TENURE
15.4 yrs
Board of Directors Tenure

Average tenure and age of the Bittium Oyj board of directors in years:

3.8
Average Tenure
64.5
Average Age
  • The tenure for the Bittium Oyj board of directors is about average.
Board of Directors

Erkki Veikkolainen

TITLE
Chairman of the Board
COMPENSATION
€42K
AGE
66
TENURE
3.8 yrs

Seppo Laine

TITLE
Member of Executive Board and External Advisor of the Board
COMPENSATION
€37K
AGE
65

Juha Putkiranta

TITLE
Director
COMPENSATION
€27K
AGE
61
TENURE
3.8 yrs

Seppo Mäkinen

TITLE
Director
COMPENSATION
€24K
AGE
66
TENURE
3.8 yrs

Riitta Tiuraniemi

TITLE
Director
COMPENSATION
€22K
AGE
56
TENURE
1.2 yrs

Petri Toljamo

TITLE
Director
COMPENSATION
€20K
AGE
44
TENURE
1.2 yrs

Seppo Mäkinen

TITLE
Member of the Board
COMPENSATION
€24K
AGE
66
TENURE
4.4 yrs

Pekka Kemppainen

TITLE
Director
AGE
64
TENURE
0.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Bittium Oyj's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bittium Oyj has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

BITTI News

Simply Wall St News

Is Bittium Oyj's (HEL:BITTI) ROE Of 3.7% Concerning?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … That means that for every €1 worth of shareholders' equity, it generated €0.037 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Calculating The Fair Value Of Bittium Oyj (HEL:BITTI)

I will use the Discounted Cash Flow (DCF) model. … We generally believe that a company's value is the present value of all of the cash it will generate in the future. … If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model.

Simply Wall St -

Is Bittium Oyj's (HEL:BITTI) CEO Overpaid Relative To Its Peers?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Hannu Huttunen's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Bittium Oyj has a market cap of €236m, and is paying total annual CEO compensation of €288k.

Simply Wall St -

The Bittium Oyj (HEL:BITTI) Share Price Is Up 149% And Shareholders Are Boasting About It

One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. … Sometimes, the start of profitability is a major inflection point that can signal fast earnings growth to come, which in turn justifies very strong share price gains. … The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers)

Simply Wall St -

Brief Commentary On Bittium Oyj's (HEL:BITTI) Fundamentals

Help shape the future of investing tools and receive a $20 prize! … I've been keeping an eye on Bittium Oyj (HEL:BITTI) because I'm attracted to its fundamentals. … Looking at the company as a whole, as a potential stock investment, I believe BITTI has a lot to offer.

Simply Wall St -

How Much Of Bittium Oyj (HEL:BITTI) Do Insiders Own?

The big shareholder groups in Bittium Oyj (HEL:BITTI) have power over the company. … Generally speaking, as a company grows, institutions will increase their ownership. … Bittium Oyj is not a large company by global standards.

Simply Wall St -

Bittium Oyj (HEL:BITTI) Investors Are Paying Above The Intrinsic Value

by estimating the company's future cash flows and discounting them to their present value. … discounted cash flows (DCF). … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

Does Bittium Oyj (HEL:BITTI) Go Up With The Market?

For Bittium Oyj’s (HEL:BITTI) shareholders, and also potential investors in the stock, understanding how the stock’s risk and return characteristics can impact your portfolio is important. … Generally, an investor should consider two types of risk that impact the market value of BITTI. … A popular measure of market risk for a stock is its beta, and the market as a whole represents a beta value of one.

Simply Wall St -

Why Bittium Oyj's (HEL:BITTI) Ownership Structure Is Important

In this article, I'm going to take a look at Bittium Oyj’s (HEL:BITTI) latest ownership structure, a non-fundamental factor which is important, but remains a less discussed subject among investors. … Ownership structure of a company has been found to affect share performance over time. … Therefore, it is beneficial for us to examine BITTI's ownership structure in more detail.

Simply Wall St -

Does Bittium Oyj (HEL:BITTI) Fall With The Market?

A widely-used metric to measure a stock's market risk is beta, and the broad market index represents a beta value of one. … BITTI’s beta indicates it is a stock that investors may find valuable if they want to reduce the overall market risk exposure of their stock portfolio. … BITTI, with its market capitalisation of €202.38M, is a small-cap stock, which generally have higher beta than similar companies of larger size.

Simply Wall St -

BITTI Company Info

Description

Bittium Oyj develops communications and connectivity solutions worldwide. The company offers Bittium Tough Mobile, Bittium Secure Suite, Bittium Tough Mobile HybridX, Bittium Specialized Device Platform, Bittium SafeMove, Bittium Tactical Wireless IP Network, Bittium Tactical LTE Access Point, Bittium Tough Comnode, and The Bittium Tough SDR product family, as well as Bittium Tough VoIP, Bittium Tough VoIP Field Phone, Terminal, Service, and Softphone in the areas of defense and security. It also provides professional design and technology expertise services for wireless devices, network infrastructure, and Internet of Things solutions. In addition, the company provides medical technology in biosignal measuring for cardiology, neurology, rehabilitation, occupational health, and sports medicine comprising Faros, Cardiac rehabilitation system, NeurOne, BrainStatus, and Cardiac Explorer. The company was formerly known as Elektrobit Oyj and changed its name to Bittium Oyj in July 2015. Bittium Oyj was founded in 1985 and is headquartered in Oulu, Finland.

Details
Name: Bittium Oyj
BITTI
Exchange: HLSE
Founded: 1985
€220,583,765
35,693,166
Website: http://www.bittium.com
Address: Bittium Oyj
Ritaharjuntie 1,
Oulu,
Northern Ostrobothnia, 90590,
Finland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
HLSE BITTI Ordinary Shares OMX Nordic Exchange Helsinki FI EUR 15. Sep 1998
DB JOT Ordinary Shares Deutsche Boerse AG DE EUR 15. Sep 1998
LSE 0JG5 Ordinary Shares London Stock Exchange GB EUR 15. Sep 1998
BATS-CHIXE BITTIH Ordinary Shares BATS 'Chi-X Europe' GB EUR 15. Sep 1998
Number of employees
Current staff
Staff numbers
674
Bittium Oyj employees.
Industry
Systems Software
Software
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/23 20:48
End of day share price update: 2019/06/20 00:00
Last estimates confirmation: 2019/05/21
Last earnings filing: 2019/03/20
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.