contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


inderes-group-headwinds-in-sweden-but-foundation-is-solid-seb

__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Inderes operates in the financial industry. The company provides a community platform for investors and listed companies. Via the platform, users can communicate with each other and exchange investment tips. The customers consist of both companies and private individuals. In addition, the company offers analysis services and a basis for investment decisions. The largest operations are in the Nordic region.

Inderes

Inderes’ Q1 left a small positive mark driven by the Finnish operations. The Swedish business, however, still faces headwinds and the company struggles to take more meaningful positions in markets. However, the company is now reacting and we believe the story remains broadly unchanged: the Finnish business forms a solid foundation, but the upside potential lies in international growth, which is hard to predict.

<p><strong class="x_bullet-header" data-olk-copy-source="MessageBody">Inderes&#x2019; Q1 left a small positive mark driven by the Finnish operations. The Swedish business, however, still faces headwinds and the company struggles to take more meaningful positions in markets. However, the company is now reacting and we believe the story remains broadly unchanged: the Finnish business forms a solid foundation, but the upside potential lies in international growth, which is hard to predict.</strong></p>
<p><strong class="x_bullet-header">Q1/25: mostly good but Swedish business and outlook are concerns</strong></p>
<div>
<p>Our read from the Q1 result is that the AGM season looks to be more profitable for Inderes than we initially thought. Q1 saw a large number of AGMs while the volume of AGMs this year is tilted to Q2. Positively, the event business in Finland seems to have taken a step ahead. Sweden was again negative though with continued declining sales. This is partially due to churn in the research business. Also, in Finland, the market for commissioned research is not as promising as it was a few months ago. The recent turbulence will likely affect IPO activity, which means fewer potential clients; this leads us to cut our estimate slightly for the number of contracts.</p>
</div>
<p><strong class="x_bullet-header">Our view is largely intact &#x2013; international expansion the (uncertain) potential</strong></p>
<div>
<p>We find the Inderes story very much intact. The Finnish business forms the foundation with excellent customer retention and some growth potential still in certain products. Yet, the major Finnish potential lies in market growth, which is dependent on IPO activity. The Swedish and other international businesses hold significant potential. However, the company faces challenges in building its presence in markets. This will take more time than we previously assumed and estimates have high uncertainty.</p>
</div>
<p><strong class="x_bullet-header">Fair value range up slightly to EUR 20-22 (19-21)</strong></p>
<div>
<p>Our fair valuation range rises slightly to EUR 20-22. This is driven by our peer valuation benchmark multiples while our DCF valuation remains unchanged.</p>
</div>