Nordea julkaisi päivitetyn Admicom-analyysinsä. Suositus nousee OSTA-tasolle (edellinen: PIDÄ), tavoitehinta 56,00 €. 
Admicom’s Q3 results and the downgraded 2025 guidance were broadly in line with our expectations. Although the Finnish construction market seems to have bottomed out, the pace of recovery is slow, which leads us to trim 2026E-27E EBITDA by 4%. However, we see Admicom poised for adjusted EBITDA growth from 2026 onwards following three years of declines even without meaningful support from the end market. For 2026, we see scope for organic revenue growth accelerating to 8% (2% for 2025E) on a recently unified product suite and a sharpened go-to market strategy that together allow for a better ability to up/cross-sell, as well as price increases (including Ultima billing model change). With the heaviest growth investments having also been completed over the past years, we expect the adjusted EBITDA margin to expand to 33.7-35.8% for 2026E-27E (32.1% for 2025E). At 17x 2026E EV/EBITDA capex, Admicom trades at a \~30% discount to SmartCraft (23x) despite in line fundamentals. Our multiples-based target price of EUR 56 implies 21x EV/EBITDA capex and 6.7x EV/sales for 2026E. We highlight KKR’s recent acquisition of Swedish Infrobric at a possible valuation of \~9x EV/Sales (2024) as valuation supportive. We upgrade our rating to Buy (Hold).
