I have now read through this entire thread over a couple of days. An interesting company and an amazing start to its journey on the stock exchange. But then came COVID and the construction slump. And the “entry of the Swedes,” as founder Häll puts it, likely had a major impact on the firm as well. Costs started to rise and the culture probably began to change too.
The early years also saw a broader shift in ownership. In addition to the Swedes, others joined: funds, pension companies, and foundations. The original owners cashed in on the fruits of their labor. Currently, Admicom has no “faced” owner (kasvollista omistajaa).
I’m not sure what to do. To buy or not? It’s easy to look at the past and hope for the same kind of rise as before COVID. But the company is different now, because so many executives have come and gone! There have been five CEOs since 2019. That is high turnover and speaks to a chaos in management. Another thing I’m considering is internationalization. It has been talked about for years, and the only thing achieved was a small acquisition in Estonia. Well, maybe it was a good move? I haven’t looked closely at what kind of synergy was gained from it.
A few years ago, a strategic choice was also made to focus solely on construction. Could they have chosen a specific area within the industrial sector in addition to that?
On the other hand, the firm has fared surprisingly well during this construction slump. I’ll keep following the development, even though the share price is at an all-time low.. Maybe.