Yep, the valuation is tight, and the analyst also states that the high bar was not met…
However, it’s easy to hold onto Alma’s shares when they were acquired via the so-called ‘kaniini’ (rabbit), i.e., through Ilkka. Alma has about €5.25 worth in Ilkka’s shares (yesterday’s price for II-series shares was about €4.0).
On the other hand, if one considers that the Finnish economy, where Alma has many businesses, has developed quite weakly. One COULD imagine that Alma’s businesses – even though they have developed and performed well – will get new momentum to the next level if/when this struggle leads to a growth path.
On the other hand, there would be areas in this company to scale if some company were interested in buying, for example, the whole company or a piece of it.
Thumbs up to Telanne & team, a truly great case for industrial engineering and business school courses on transformation – before it was forced, when markets began to be built.