Reported Earnings • May 02
First quarter 2026 earnings: Revenues miss analyst expectations First quarter 2026 results: Revenue: €7.50m (down 1.1% from 1Q 2025). Net income: €1.08m (up 9.3% from 1Q 2025). Profit margin: 14% (up from 13% in 1Q 2025). Revenue missed analyst estimates by 1.3%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in Finland. Announcement • Apr 15
Lemonsoft Oyj Appoints Mikael Da Costa to Its Board of Directors Lemonsoft Oyj at its AGM held on 14 April 2026 approved Mikael da Costa as a new member of the Board of Directors. Upcoming Dividend • Apr 08
Upcoming dividend of €0.14 per share Eligible shareholders must have bought the stock before 15 April 2026. Payment date: 28 April 2026. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Finnish dividend payers (5.4%). Higher than average of industry peers (1.1%). New Risk • Mar 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 26
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €0.25 (up from €0.22 in FY 2024). Revenue: €29.5m (up 1.9% from FY 2024). Net income: €4.53m (up 9.4% from FY 2024). Profit margin: 15% (up from 14% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.2%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in Finland. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Recent Insider Transactions • Mar 15
Chairman of Board recently bought €1.7m worth of stock On the 6th of March, Christoffer Haggblom bought around 356k shares on-market at roughly €4.67 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Christoffer's only on-market trade for the last 12 months. New Risk • Mar 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €82.6m (US$95.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Declared Dividend • Feb 22
Dividend of €0.14 announced Dividend of €0.14 is the same as last year. Ex-date: 15th April 2026 Payment date: 23rd April 2026 Dividend yield will be 2.8%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 1.9% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 20
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: €0.25 (up from €0.22 in FY 2024). Revenue: €30.5m (up 5.7% from FY 2024). Net income: €4.53m (up 9.4% from FY 2024). Profit margin: 15% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.2%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Finland. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Announcement • Feb 20
Lemonsoft Oyj announces Annual dividend, payable on April 23, 2026 Lemonsoft Oyj announced Annual dividend of EUR 0.1400 per share payable on April 23, 2026, ex-date on April 15, 2026 and record date on April 16, 2026. Price Target Changed • Feb 19
Price target decreased by 12% to €6.30 Down from €7.15, the current price target is an average from 2 analysts. New target price is 25% above last closing price of €5.04. Stock is down 13% over the past year. The company is forecast to post earnings per share of €0.24 for next year compared to €0.22 last year. Announcement • Feb 14
Lemonsoft Oyj (HLSE:LEMON) entered into a share purchase agreement to acquire 76% stake in Jakamo Limited for €5.8 million. Lemonsoft Oyj (HLSE:LEMON) entered into a share purchase agreement to acquire 76% stake in Jakamo Limited for €5.8 million on February 13, 2026. The purchase price consists of approximately €3.5 million will be paid at closing and approximately €0.4 million as a deferred purchase price in early 2027. The purchase price will be paid fully in cash and the transaction will be financed with a bank loan. The agreement includes an option to acquire the remaining 24% of the shares during 2028 and 2029. In addition, the parties have agreed on an additional purchase price based on the year 2026, which is based on the company’s revenue growth and profitability. The maximum additional purchase price is €1.9 million and, if realised, it will be paid fully in cash in early 2027. Jakamo will be reported as part of the Lemonsoft Group as of the completion of the transaction. Jakamo’s current CEO Jarl Matti Anttila will continue as CEO and the organisation will continue to operate in its current form as a subsidiary of Lemonsoft Oyj.
For the period ending December 31, 2025, Jakamo Limited reported total revenue of €2 million, EBITDA of €0.19 million and employs approximately 20 employees.
The expected completion of the transaction is March 2, 2026.
Aktia Alexander Corporate Finance Oy acted as financial advisor for Lemonsoft Oyj. Announcement • Dec 03
Lemonsoft Oyj, Annual General Meeting, Apr 14, 2026 Lemonsoft Oyj, Annual General Meeting, Apr 14, 2026. Announcement • Nov 28
Lemonsoft Oyj Announces Executive Changes, Effective 1 December 2025 Lemonsoft Oyj strengthens its management team as of 1 December 2025. Kari Yli-Hakuni has been appointed Product Management Director and member of the management team. At the same time, Kari Joki-Hollanti will transition from Chief Product Officer to Chief Development Officer, enabling a stronger focus on long-term development projects. Kari Yli-Hakuni joins Lemonsoft’s management team as of 1 December 2025 and will be responsible for the entire Lemonsoft Oyj’s product management organisation. Yli-Hakuni joined Lemonsoft in August 2025 and has recently served as ERP Product Manager. He has over 25 years of experience in ERP and SaaS product organisations. Prior to joining Lemonsoft, he served at Visma as Business Director and held several senior product management and consulting leadership roles. The updated management team consists of the following people and roles: Alpo Luostarinen, Chief Executive Officer; Kari Joki-Hollanti, Chief Development Officer; Mari Erkkilä, Chief Financial Officer; Janne Tammi, Chief Technology Officer; Jarno Lehikoinen, Chief Sales Officer (as of 8 December 2025); Kari Yli-Hakuni, Product Management Director. Major Estimate Revision • Nov 07
Consensus EPS estimates increase by 11%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from €30.0m to €29.5m. EPS estimate rose from €0.225 to €0.25. Net income forecast to grow 14% next year vs 40% growth forecast for Software industry in Finland. Consensus price target broadly unchanged at €7.20. Share price was steady at €7.06 over the past week. Buy Or Sell Opportunity • Nov 06
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €6.72. The fair value is estimated to be €8.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 16%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Reported Earnings • Nov 02
Third quarter 2025 earnings: Revenues miss analyst expectations Third quarter 2025 results: Revenue: €7.24m (down 1.1% from 3Q 2024). Net income: €1.92m (up 11% from 3Q 2024). Profit margin: 27% (up from 24% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.9%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in Finland. Price Target Changed • Aug 15
Price target increased by 9.8% to €7.25 Up from €6.60, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of €7.48. Stock is up 3.2% over the past year. The company is forecast to post earnings per share of €0.23 for next year compared to €0.22 last year. Reported Earnings • Aug 14
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €7.40m (up 5.3% from 2Q 2024). Net income: €544.0k (down 28% from 2Q 2024). Profit margin: 7.4% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Finland. Over the last 3 years on average, earnings per share has fallen by 20% per year and the company’s share price has also fallen by 20% per year. New Risk • Jul 24
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 5.9% 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. This is currently the only risk that has been identified for the company. Price Target Changed • Jun 12
Price target increased by 8.9% to €6.75 Up from €6.20, the current price target is an average from 2 analysts. New target price is 6.5% below last closing price of €7.22. Stock is up 19% over the past year. The company is forecast to post earnings per share of €0.24 for next year compared to €0.22 last year. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €7.40, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 14x in the Software industry in Finland. Total loss to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.82 per share. Buy Or Sell Opportunity • Apr 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.8% to €6.00. The fair value is estimated to be €7.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 20%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Reported Earnings • Apr 27
First quarter 2025 earnings: Revenues exceed analyst expectations First quarter 2025 results: Revenue: €8.51m (up 23% from 1Q 2024). Net income: €985.0k (up 51% from 1Q 2024). Profit margin: 12% (up from 9.5% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.5%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in Finland. New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €89.9m (US$98.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Announcement • Apr 09
Lemonsoft Oyj Resolves Dividend for the Accounting Period Ended on 31 December 2024, Payable on 23 April 2025 Lemonsoft Oyj at its Annual General Meeting held on 9 April 2025 resolved that a dividend of EUR 0.14 per share will be paid according to the confirmed balance sheet for the accounting period ended on 31 December 2024, corresponding to a total dividend payout of approximately EUR 2.6 million. The dividend shall be paid to shareholders registered on the record date, 11 April 2025, as a shareholder in the company’s shareholders’ register maintained by Euroclear Finland Oy. The Board of Directors proposes that the dividend be paid on 23 April 2025. The Annual General Meeting resolved that the share of profits not paid out in dividends for the accounting period be transferred to the company’s retained earnings account. Declared Dividend • Mar 26
Dividend of Nkf0.14 announced Shareholders will receive a dividend of Nkf0.14. Ex-date: 10th April 2025 Payment date: 22nd April 2025 Dividend yield will be 2.5%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 2.5% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 23
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: €0.22 (down from €0.29 in FY 2023). Revenue: €28.9m (up 9.7% from FY 2023). Net income: €4.14m (down 22% from FY 2023). Profit margin: 14% (down from 20% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in Finland. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 25% per year. Major Estimate Revision • Feb 27
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €31.1m to €30.2m. EPS estimate also fell from €0.26 per share to €0.215 per share. Net income forecast to shrink 3.5% next year vs 16% growth forecast for Software industry in Finland . Consensus price target down from €6.40 to €6.20. Share price rose 4.3% to €6.05 over the past week. Reported Earnings • Feb 21
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: €0.22 (down from €0.29 in FY 2023). Revenue: €29.0m (up 9.9% from FY 2023). Net income: €4.14m (down 22% from FY 2023). Profit margin: 14% (down from 20% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in Finland. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 24% per year. Price Target Changed • Feb 20
Price target decreased by 8.5% to €5.90 Down from €6.45, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €5.80. Stock is down 18% over the past year. The company is forecast to post earnings per share of €0.22 for next year compared to €0.29 last year. Buy Or Sell Opportunity • Feb 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.7% to €5.80. The fair value is estimated to be €7.37, 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 declined by 11%. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings are also forecast to grow by 6.6% per annum over the same time period. Announcement • Feb 20
Lemonsoft Oyj to Report Fiscal Year 2024 Final Results on Mar 17, 2025 Lemonsoft Oyj announced that they will report fiscal year 2024 final results at 1:00 PM, USSR Zone1 on Mar 17, 2025 Announcement • Nov 22
Lemonsoft Oyj Announces Change in Management Team Lemonsoft Oyj ("Lemonsoft") renews the group's management team as of November 22, 2024. The new management team consists of the following people and roles: Alpo Luostarinen, Chief Executive Officer; Kari Joki-Hollanti, Chief Product Officer; Mari Erkkilä, Chief Financial Officer; Tuomas Koivisto, Chief Commercial Officer and Janne Tammi, Chief Technology Officer. Janne Tammi joins Lemonsoft’s management team as of November 22, 2024 and will be responsible for the entire Lemonsoft Oyj’s product development organization. Tammi has been with Lemonsoft since 2019, and in recent years he has been responsible for the technology team and the architecture of the Lemonsoft product. Tammi has over 15 years of experience in various roles within product organizations of domestic companies in Finland and North America. The company's founder and current Development Director, Kari Joki-Hollanti, will continue as a member of the management team and takes on the role of Chief Product Officer, overseeing the group’s product management. Pauli Siirtola will step down from his role as Product Management Director and his position in the management team as of November 22, 2024. Siirtola will continue with the company until January 1, 2025. Reported Earnings • Nov 05
Third quarter 2024 earnings: Revenues miss analyst expectations Third quarter 2024 results: Revenue: €7.32m (up 7.2% from 3Q 2023). Net income: €1.72m (up 3.9% from 3Q 2023). Profit margin: 24% (in line with 3Q 2023). Revenue missed analyst estimates by 2.7%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in Finland. Announcement • Oct 25
Lemonsoft Oyj (HLSE:LEMON) commences an Equity Buyback Plan for 1,800,000 shares, representing 9.7% of its issued share capital, under the authorization approved on April 9, 2024. Lemonsoft Oyj (HLSE:LEMON) commences share repurchases on October 24, 2024, under the program mandated by shareholders in the Annual General Meeting held on April 9, 2024. As per the mandate, the company is authorized to repurchase up to 1,800,000 shares, representing 9.7% of its share capital. The shares can be repurchased at a price formed on First North Growth Market Finland on the date of the repurchase or at a price otherwise determined by the markets. The purpose of the program is to finance or carry out acquisitions or other arrangements, to implement the company’s incentive schemes, to develop the company’s capital structure, or for other purposes as decided by the Board of Directors. The shares shall be repurchased using the company’s unrestricted equity. The authorization will be valid till Annual General Meeting of the company in 2025 or June 30, 2025, if earlier. As of March 4, 2024, the company had 18,562,005 issued shares.
On October 4, 2024, the company announced a share repurchase program. Under the program, the company will repurchase up to 300,000 shares, representing 1.6% of its share capital for €2 million. The program will commence from October 7, 2024, and will be valid till Annual General Meeting of the company in 2025. As of October 4, 2024, the company had 18,671,632 issued shares and 0 treasury shares. Announcement • Oct 15
Lemonsoft Oyj Announces Composition of the Shareholder's Nomination Board Lemonsoft Oyj have appointed the following members to the Shareholder’s Nomination Board: Victor Mellgren, appointed by Rite Internet Ventures AB; Jarmo Kinnunen, appointed by Kari Joki-Hollanti; Niklas Johansson, appointed by Handelsbanken Fonder. At the first meeting, Victor Mellgren was appointed as the Chairman of the Nomination Board. The Chairman of the Board of Lemonsoft Oyj acts as an expert member of the Nomination Board. The right to nominate members to represent shareholders rests with three shareholders who are registered in the shareholders’ register maintained by Euroclear Finland Ltd. or another operator on the last business day of August in the year preceding the Annual General Meeting and who hold the largest number of votes conferred by shares according to the shareholder register. The Shareholders’ Nomination Board is a body established by the Annual General Meeting consisting of the company's shareholders, whose task is to prepare proposals on the election and remuneration of the members of the Board of Directors for Lemonsoft’s Annual General Meeting. Announcement • Sep 25
Lemonsoft Oyj Announces CEO Changes Lemonsoft Oyj’s Board of Directors has nominated Alpo Luostarinen, M.Sc. (Econ.), as the company’s new CEO as of September 25, 2024. Luostarinen has served the company since 2021 and has acted as Director responsible for mergers and acquisitions as well as investor relations. Prior to this, he has been in several positions in M&A, financing and management consulting in various organizations. Lemonsoft’s founder Kari Joki-Hollanti has acted as the company’s Interim CEO since March 2024. Joki-Hollanti will continue as Lemonsoft’s Development Director and Board member as of September 25, 2024, continuing to focus on developing the competitiveness of Lemonsoft’s product family. Alpo Luostarinen has been responsible for i.a. acquisitions and as a member of the management team has been involved in the development of the company's key operations. In addition, he has played a significant role in the development of Lemonsoft as a listed company and has successfully lead the company's investor relations. Announcement • Aug 21
Lemonsoft Oyj Announces Riku Åkerblom Will Leave as Chief Delivery Officer and Member of the Management Team Lemonsoft Oyj announced that its Chief Delivery Officer and member of the management team Riku Åkerblom will leave his role and position in Lemonsoft’s management team on August 20, 2024. The updated management team consists of the following people and roles: Kari Joki-Hollanti, Interim CEO. Mari Erkkilä, Chief Financial Officer. Pauli Siirtola, Director, Product management. Alpo Luostarinen, Director, M&A and Investor Relations. Tuomas Koivisto, Chief Commercial Officer. Reported Earnings • Aug 09
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €7.03m (up 14% from 2Q 2023). Net income: €759.0k (down 23% from 2Q 2023). Profit margin: 11% (down from 16% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in Finland. Price Target Changed • Jul 22
Price target increased by 11% to €6.80 Up from €6.10, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of €6.95. Stock is down 8.6% over the past year. The company is forecast to post earnings per share of €0.24 for next year compared to €0.29 last year. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €7.65, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 13x in the Software industry in Finland. Total loss to shareholders of 2.0% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €8.09 per share. Buy Or Sell Opportunity • Jul 01
Now 23% undervalued Over the last 90 days, the stock has risen 5.4% to €6.20. The fair value is estimated to be €8.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last year. Earnings per share has grown by 3.6%. For the next 3 years, revenue is forecast to grow by 6.4% per annum. Earnings are also forecast to grow by 8.6% per annum over the same time period. Buy Or Sell Opportunity • Jun 19
Now 23% undervalued Over the last 90 days, the stock has risen 3.1% to €6.00. The fair value is estimated to be €7.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last year. Earnings per share has grown by 3.6%. For the next 3 years, revenue is forecast to grow by 6.4% per annum. Earnings are also forecast to grow by 8.6% per annum over the same time period. Announcement • May 30
Lemonsoft Oyj Announces Appointment of Tuomas Koivisto as Chief Commercial Officer and Member of the Management Team Lemonsoft Oyj announced Tuomas Koivisto has been appointed as Chief Commercial Officer (CCO) of Lemonsoft Oyj and member of the management team. The updated management team consists of the following people and roles: Kari Joki-Hollanti, Interim CEO, Mari Erkkilä, Chief Financial Officer, Pauli Siirtola, Director, Product management,Alpo Luostarinen, Director, M&A and IR, Riku Åkerblom, Chief Delivery Officer, Tuomas Koivisto, Chief Commercial Officer. In his role as Chief Commercial Officer, Tuomas Koivisto is responsible for leading Lemonsoft’s sales and marketing functions on a group level. The CCO has an integral role in developing sales and marketing of all Lemonsoft Group’s products and executing Lemonsoft’s commercial strategy. Tuomas has successfully run Finvoicer Group Oy as its CEO for the past 10 years and will also continue in that role. Buy Or Sell Opportunity • May 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to €6.14. The fair value is estimated to be €7.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last year. Earnings per share has grown by 3.6%. For the next 3 years, revenue is forecast to grow by 6.4% per annum. Earnings are also forecast to grow by 8.6% per annum over the same time period. Announcement • Apr 27
Lemonsoft Oyj Announces Changes to Management Team Lemonsoft Oyj announced that Chief Human Resource Officer (CHRO) and member of the management team, Marjaana Murtomaa, will leave her role and position in Lemonsoft’s management team on April 26, 2024. The updated management team consists of the following people and roles: Kari Joki-Hollanti Interim CEO, Mari Erkkilä Chief Financial Officer,Pauli Siirtola, Director, Product management, Alpo Luostarinen Director, M&A and Investor Relations,Riku Åkerblom Chief Delivery Officer. Price Target Changed • Apr 26
Price target decreased by 9.0% to €6.10 Down from €6.70, the current price target is an average from 2 analysts. New target price is 8.9% above last closing price of €5.60. Stock is down 34% over the past year. The company is forecast to post earnings per share of €0.25 for next year compared to €0.29 last year. Reported Earnings • Apr 26
First quarter 2024 earnings: Revenues miss analyst expectations First quarter 2024 results: Revenue: €6.94m (up 17% from 1Q 2023). Net income: €653.0k (down 30% from 1Q 2023). Profit margin: 9.4% (down from 16% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.5%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in Finland. Announcement • Apr 10
Lemonsoft Oyj Approves Dividend for the Accounting Period Ending on 31 December 2023, Payable on 22 April 2024 Lemonsoft Oyj resolved at its AGM held on 9 April 2024 that a dividend of EUR 0.14 per share will be paid according to the confirmed balance sheet for the accounting period ending on 31 December 2023, corresponding to a total dividend payout of approximately EUR 2.6 million. The dividend shall be paid to shareholders registered on the record date, 11 April 2024, as a shareholder in the company’s shareholders’ register maintained by Euroclear Finland Oy. The Board of Directors proposes that the dividend be paid on 22 April 2024. Upcoming Dividend • Apr 03
Upcoming dividend of €0.14 per share Eligible shareholders must have bought the stock before 10 April 2024. Payment date: 22 April 2024. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 2.4%. Lower than top quartile of Finnish dividend payers (5.8%). Lower than average of industry peers (2.9%). Announcement • Mar 29
Lemonsoft Oyj Announces Chief Executive Officer Changes The board of directors of Lemonsoft Oyj and Jan-Erik Lindfors have mutually agreed that Lindfors will leave the role as CEO with immediate effect. The Board of Directors has initiated the search for a new CEO. The Board of Directors of Lemonsoft Oyj has appointed the founder of Lemonsoft Oyj and the group’s Development Director Kari Joki-Hollanti as the interim CEO. He will commence in this position with immediate effect. In addition to the role as interim CEO, Joki-Hollanti will also continue in the role as Development Director. Reported Earnings • Mar 25
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: €0.29 (up from €0.27 in FY 2022). Revenue: €26.3m (up 17% from FY 2022). Net income: €5.30m (up 5.4% from FY 2022). Profit margin: 20% (down from 22% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.4%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in Finland. Announcement • Mar 22
Lemonsoft Oyj Announces Executive Appointments, Effective March 25, 2024 Lemonsoft Oyj announced that Marjaana Murtomaa (Chief HR Officer) and Riku Åkerblom (Chief Delivery Officer) have been appointed as new members of the management team. Murtomaa and Åkerblom will start working for Lemonsoft and as members of the management team on March 25, 2024. The updated management team consists of the following people and roles: Jan-Erik Lindfors, Chief Executive Officer; Mari Erkkilä, Chief Financial Officer; Kari Joki-Hollanti, Chief Product Officer; Pauli Siirtola, Director, Product management; Alpo Luostarinen, Director, M&A and Investor Relations; Marjaana Murtomaa, Chief HR Officer; Riku Åkerblom, Chief Delivery Officer. In her role as Chief HR Officer, Marjaana Murtomaa is responsible for Lemonsoft’s HR strategy, policies and operations as well as developing Lemonsoft’s organizational culture. Marjaana has extensive experience in HR operations in the software and SaaS industry ranging from organizational design and scaling up operations to developing and deploying and managing HR processes. In his role as Chief Delivery Officer, Riku Åkerblom is responsible for Lemonsoft’s customer success, customer deliveries and customer support as well as developing the company’s professional services offering. Previously, Riku worked at Sympa Oy as VP, Services and has over 15 years’ experience from customer delivery and scaling up SaaS businesses in the Nordics and in Europe. Buy Or Sell Opportunity • Mar 20
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.2% to €5.82. The fair value is estimated to be €7.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has declined by 8.0%. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings are also forecast to grow by 6.6% per annum over the same time period. Declared Dividend • Feb 21
Dividend of €0.14 announced Dividend of €0.14 is the same as last year. Ex-date: 10th April 2024 Payment date: 18th April 2024 Dividend yield will be 2.1%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (107% cash payout ratio). The dividend has increased by an average of 3.8% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Feb 18
Price target increased by 12% to €6.70 Up from €6.00, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of €6.48. Stock is down 27% over the past year. The company is forecast to post earnings per share of €0.28 for next year compared to €0.29 last year. Reported Earnings • Feb 16
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: €0.29 (up from €0.18 in FY 2022). Revenue: €26.8m (up 19% from FY 2022). Net income: €5.30m (up 64% from FY 2022). Profit margin: 20% (up from 14% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.4%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in Finland. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €7.18, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 9x in the Software industry in Finland. Total loss to shareholders of 2.6% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €8.20 per share. Buy Or Sell Opportunity • Feb 02
Now 21% undervalued Over the last 90 days, the stock has risen 22% to €6.00. The fair value is estimated to be €7.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Board Change • Feb 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. 3 experienced directors. 2 highly experienced directors. Independent Director Ilkka Hiidenheimo 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. Buying Opportunity • Jan 15
Now 20% undervalued Over the last 90 days, the stock is up 26%. The fair value is estimated to be €7.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings is also forecast to grow by 17% per annum over the same time period. Buying Opportunity • Dec 31
Now 20% undervalued Over the last 90 days, the stock is up 9.5%. The fair value is estimated to be €7.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings is also forecast to grow by 17% per annum over the same time period. Announcement • Dec 08
Lemonsoft Oyj to Report Fiscal Year 2023 Results on Feb 15, 2024 Lemonsoft Oyj announced that they will report fiscal year 2023 results on Feb 15, 2024 Buying Opportunity • Dec 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.9%. The fair value is estimated to be €7.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings is also forecast to grow by 17% per annum over the same time period. Major Estimate Revision • Nov 02
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €0.245 to €0.27. Revenue forecast unchanged at €26.4m. Net income forecast to grow 59% next year vs 12% growth forecast for Software industry in Finland. Consensus price target down from €7.20 to €6.00. Share price fell 4.7% to €4.92 over the past week. Reported Earnings • Oct 28
Third quarter 2023 earnings: Revenues in line with analyst expectations Third quarter 2023 results: Revenue: €6.83m (up 18% from 3Q 2022). Net income: €1.66m (up 93% from 3Q 2022). Profit margin: 24% (up from 15% in 3Q 2022). Revenue was in line with analyst estimates. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in Finland. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €5.52, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Software industry in Finland. Total loss to shareholders of 51% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €7.33 per share. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €4.80, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Software industry in Finland. Total loss to shareholders of 59% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €6.74 per share. New Risk • Oct 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €92.0m (US$96.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (114% cash payout ratio). Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€92.0m market cap, or US$96.8m). Buying Opportunity • Oct 03
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 34%. The fair value is estimated to be €6.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last year. Earnings per share has declined by 60%. For the next 3 years, revenue is forecast to grow by 8.7% per annum. Earnings is also forecast to grow by 18% per annum over the same time period. Price Target Changed • Sep 28
Price target decreased by 8.3% to €7.20 Down from €7.85, the current price target is an average from 2 analysts. New target price is 25% above last closing price of €5.78. Stock is down 44% over the past year. The company is forecast to post earnings per share of €0.24 for next year compared to €0.18 last year. Buying Opportunity • Sep 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be €7.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last year. Earnings per share has declined by 60%. For the next 3 years, revenue is forecast to grow by 9.4% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. 