158. Atte Jortikka
Inderes has gained a new, excellent analyst on its team who clearly has plenty of skill, knowledge, and intelligence. His writing is pleasantly clear and robust, and it also conveys a genuine enthusiasm and ambition for his work.
I am not yet very familiar with Atte, although I had previously come across his texts even before his time at Inderes. Based on those alone, I formed a positive impression of him, which has only grown stronger as I have read his writings from this brief “Inderes era” and seen him appear in Inderes’ videos.
Atte seems like a competent and eager professional in every way. I also wanted to get to know him better myself and at the same time offer you the opportunity to do so, which is why I asked him for an interview. 
1. Tell us in fifty words who you are.
I just turned 30 and live in Helsinki with my girlfriend and a puppy. I am originally from Pornainen and graduated with a Master’s degree in Economics and Business Administration in 2022.
2. Tell us three things few people know about you.
My taste in music is quite broad, but my favorites have stayed the same for almost my entire life. I still actively listen to Iron Maiden, and I’ve also seen the band live multiple times across three different decades.
When I was young, I played pesäpallo (Finnish baseball), which is not the most popular hobby, at least here in Uusimaa.
I used to know how to bat in pesäpallo from both the right and left sides. When I started playing it more seriously, I had to choose one side, and I chose the left. Because of this, I now play golf left-handed, even though I am otherwise right-handed. Maybe that’s the reason for my poor golf success 
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3. What interests and hobbies do you have besides investing?
As became clear from my previous answer, I play golf—previously very actively, but nowadays I still try to get at least those 15 rounds played during the summer. I hardly watch sports as a spectator anymore, but I actively follow the World Rally Championship, and attending the Rally Finland (Jyväskylän MM-ralli) in person is definitely one of the highlights of the year.
4. What is a normal weekday like for you?
I wake up by seven at the latest; these days, the dog is responsible for the wake-up call. After going outside and doing my morning routines, I open my computer, go through the news feed, and check if my companies have released any press releases or other relevant news. I usually work from home until about half past eight or nine, after which I head to the office. An equity analyst’s job description varies daily; right now, I am getting particularly familiar with those companies under my coverage that were not in my coverage during my previous role. The evenings are spent on hobbies and/or spending time with my girlfriend and the dog.
5. What kind of investor are you?
I have gone through the school of thought familiar to probably most investors, moving on from value investing. Nowadays, I am not a pure stock picker, but my portfolio also includes index funds for diversification purposes. In my direct stock investments, I don’t rule out companies just because they belong to the “wrong” category, but rather I am omnivorous.
6. What is your investment history?
My interest in investing was sparked in 2014 during an internship at Mandatum. I started right away with direct stocks, and in the beginning, I paid my tuition fees (made mistakes and learned from them). My investment activities later became more rational during my university years when, alongside strong enthusiasm, I also learned financial theory.
7. What is your work history?
I have been in some kind of analyst role for almost my entire adult life. Now for the past 3.5 years as an equity analyst. Most recently at Evli, where I widely followed companies from various sectors, although I had several companies under my coverage from the construction sector. Because of this, companies like SRV, Consti, and YIT are particularly familiar to me. Before my career as an equity analyst, I was, among other things, an investment analyst at a state-owned company investing in the mining and battery value chain, where I got to closely follow the stories of Terrafame and Keliber, for example.
8. What kind of portfolio do you have? What are the last two stocks you bought for your portfolio, and why?
As I mentioned, my portfolio includes index funds in addition to direct stock picks. My direct stock investments are weighted toward the Nordics, but I don’t shy away from other markets either. Of completely new picks, the latest ones I bought were Rio Tinto in the spring and Swedish VBG Group a month ago. I bought Rio Tinto during the hottest days of the tariff dispute when the stock was beaten down and the valuation looked attractive. In my opinion, the stock is a good long-term instrument for copper and lithium, which have a growing role in the company’s portfolio. VBG Group, on the other hand, better reflects my typical investment; the company has a leading position in its niche markets, which is reflected in its margins and return on invested capital. In addition, at the time of purchase, the valuation was moderate considering the quality of the company.
9. What does your stock-picking process normally look like step-by-step?
The process varies depending on how familiar I am with the company. Sometimes new ideas come directly from outside, e.g. forums, X or colleagues. I also occasionally use screeners to filter new ideas, although I think it’s a relatively inefficient way. In addition, when I already have some analysis and investment history behind me, I already have an idea of many companies. Once I’ve found an interesting idea, I start researching the company more closely. As an investor looking into a new company, a quick overview is often formed, for example, by looking at the company’s CMD materials or listing prospectus. I also look at the figures and events of the latest quarters and years and try to form a view of the company’s situation and recent development. I also check if consensus forecasts are available for the company and how realistic they are in my view. I mirror the company’s valuation against its current earnings capacity and future expectations. If I see the return expectation as reasonable, the company ends up in the portfolio. The weight in the portfolio depends on how confident I am in the company and how well I know it.
10. How do you utilize macroeconomic news and data in your investment activities?
When following cyclical construction companies, macro is also actively monitored. I hardly make any moves in my portfolio based on macro news. On the other hand, I might take advantage of various special situations, such as the tariff dispute in the spring.
11. Analyze these companies in 50 words
- Consti
Finland’s leading renovation construction company, has recently suffered from the general downturn in the Finnish construction market. Although the demand for renovation construction is more stable than new construction, the renovation market has also been challenging in recent years and the market situation has increased competition for renovation contracts. Despite this, Consti has been able to maintain its earnings at a good level. However, more significant earnings growth is behind the recovery of the market, on the other hand, the valuation does not set the bar high.
- Honkarakenne
A log construction company with a strong position in the domestic market. Revenue consists mainly of domestic consumer sales (detached houses and leisure homes), which has been the clear loser in the current market. In the coming years, as the domestic market gradually picks up and the company succeeds in exports, there is potential for an earnings turnaround. However, these naturally involve uncertainty. On the positive side, the recovery can be expected with the backing of a strong balance sheet.
- Kreate
Profiled as a specialist in demanding infrastructure projects. The market has fared significantly better than the new and renovation construction market, especially this year. The order backlog was strengthened in the first half of the year, and the market will also remain in growth next year. From these starting points, Kreate also has good conditions for earnings growth next year.
- Tekova
A recent bright spot on the new construction side. Has been able to grow strongly and profitably in its own niche segment. Earnings are growing sharply this year thanks to a strong order backlog and project margin level. In a reviving market and as the company grows, the rising cost level challenges profitability, on the other hand, self-developed and ground-up project starts act as a positive profitability driver if successful.
- 12. What do you think are good sources of information if you want to follow the general situation of the construction industry from an investment perspective?
Statistics on construction are widely available, for example, Statistics Finland publishes comprehensive data on the industry and its various segments. In addition, various instances, e.g. Construction Industry RT and the Ministry of Finance publish reviews of the market and its various segments. There are several construction companies listed on the Nordic stock exchanges that also operate in Finland. Monitoring these is also useful when studying construction companies and the market on the Helsinki Stock Exchange.
13. What does the situation in the construction sector look like looking at the rest of the year and next year?
This year is generally still challenging, and, for example, housing starts will remain practically at the level corresponding to last year. On the other hand, there are also segments in construction, such as infrastructure construction, where the market is also growing this year. Growth is already forecasted for next year in all areas of construction, although e.g. in housing construction it requires a reasonably sharp awakening on the developer side (albeit from low levels).
14. How has the analyst’s job affected and how does it affect your investment activities?
It has at least made me respect the challenge of the sport . Of course I have learned a lot about investing along the way, this job involves a huge amount of repetition and you cannot cut corners in the process.
15. How do you feel the analyst’s job differs at Evli vs Inderes, freshly speaking?
One of the clearest differences is that here there is an active investor community also discussing companies with analysts. At Inderes, they also invest in video production, for example. Now, following construction companies more narrowly, I can focus on the market more closely, whereas previously the monitoring portfolio consisted of companies from several different fields.
16. During your time at Evli, did you visit the Inderes Forum at all to read?
And what do you think is the best thing about the Inderes Forum?
I visited from time to time to read interesting company threads. The forum quickly gives a pretty good overview of the sentiment around a certain stock.
17. Why do you invest? Do you have concrete goals for investing, for example, euro-denominated goals?
I don’t have concrete euro-denominated goals. The main goal of investing is of course getting wealthy. In addition, stock picking and analysis is fun and stimulating work, which is why I have also made it a profession.
18. What would today’s Atte say to the Atte who just started investing?
A “cheap” cyclical company at the peak of the cycle is not necessarily a good investment .
**19. How can a rookie recognize when a company’s undervaluation is justified and when it offers a real buying opportunity?**Undervaluation offers a buying opportunity if you can justify that (and how) it will unwind. In my experience, mere “undervaluation” is often a weak investment thesis, and a forgotten company can remain in the bargain bin stagnating for a long time.
20. What would you like to thank Inderes and the Inderes Forum for?
I want to thank the community for its activity. I think it’s fantastic that the analysts’ views are being challenged, it also keeps our thinking sharp. I hope that more and more people will also find their way to the construction companies’ threads.
Thanks for the excellent answers, Atte!
It’s great that Inderes got a new talented and competent addition to its high-quality analyst team!
Atte had this request 
Toivon että yhä useampi löytää myös tiensä rakennusyhtiöiden ketjuihin.
Thanks and have a nice Friday everyone!