Clearly expressed goals, but the strategy itself remained completely in the dark. I don’t know why communication has to state that the strategy has been renewed if it is nevertheless desired (probably for very good reasons) to keep it a secret. Wouldn’t it be enough to say that the goals or management metrics have been renewed?
Heh, my CMD preview was published today at 7:00 AM, and immediately at 8:00 AM, a release about the updated strategy came out. Quite a timing 
Here’s also a comment on the fresh goals:
In the previous strategy and related messages, there has been a lot of talk about internationalization (see, for example, above), but these international openings are still being awaited from Admicom. Competitor Smartcraft expanded into the British market last year, and that opening has driven sales growth wonderfully. Admicom expanded… to Estonia? Well, that’s better than nothing and a good place to practice internationalization. Now it is stated:
In Finland and Estonia, we have a broad customer base, which puts us in an excellent position to grow together with our customers by serving them better and more broadly. We have also decided to continue international expansion. We will gradually strengthen our internal capabilities in international business while seeking opportunities to expand into new markets through acquisitions, as we did with the acquisition of Bauhub last year.
In the strategy, internationalization is formulated very timidly, even though the markets in Europe are still available for now, and competitors are snatching them up at the same rate as a middle-aged Finn grabs roe and sour cream at the Viking Line buffet. Those organizational games and exercises should have been done earlier, and now, after years of wavering and rowing, we should be able to achieve more active and faster growth abroad. If we now stay at the starting blocks tying our shoelaces and focus entirely on winning supremacy in the domestic, perhaps Europe’s worst, construction market, then this investment is pure trash. Dividends to zero and abroad, please!
I agree that international acquisitions must be made if one wants to be involved in this game in the long run. But Smartcraft’s journey hasn’t been entirely rosy either. Organic growth has trended downwards in recent years. The company’s focus in Finland is still clearly the smallest, so they have been relatively least affected by the weaker-performing Nordic construction market. This certainly also shows that with acquisitions, there are always some leaks and challenges in the acquired targets, which then reflects in organic growth.
Admicom’s CMD (Capital Markets Day) today had a really good atmosphere, and the presentations added color to the company’s goals. Those interested in Admicom should definitely watch the entire CMD:
For those in a hurry, there’s also a more concise interview:
And naturally, tomorrow there will be my scribblings in the morning review!
That was very clear communication from the CEO. In my opinion, they also explained the growth path and strategy quite well, and how those growth targets will be achieved. It will be interesting to follow where the company progresses in the coming years. At least in terms of valuation, it’s a very attractive case!
Atte “Doesn’t Play” (Ei leiki) Riikola has written comments on Admicom’s Capital Markets Day. 
Admicom organized a Capital Markets Day on Tuesday, the recording of which can be viewed here. The company’s CEO’s CMD interview, in turn, can be viewed here. The day’s presentations added color to achieving the company’s ambitious growth targets, the realization of which depends on the company’s own actions, the gradual recovery of the construction market, and successful international acquisitions. During the weak construction cycle of recent years, Admicom has made significant investments in practically every area of its organization, and after strengthening its growth foundation, the prerequisites for accelerated profitable growth are in place. Our current forecasts are still clearly below the company’s target level after years weighed down by the weak construction cycle. If the targets are met, there would therefore be significant potential in the stock, as we already see the valuation as attractive with our current forecasts. Next, we will go through our key observations from the Capital Markets Day.