Turnaround company.
Now the direction is right, a significant change.
If that quarterly EPS is reached this year and even exceeded, the stock is really cheap.
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Weren’t at least 10 million orders expected? We got 8.7, so we fell short. Or am I remembering wrong?
The order book is almost 20 million.
Where were 10 million orders expected for Q4?
Preview:
“We expect new orders received in Q4 to have been at least 10 MEUR, and through this, we anticipate the order book to have strengthened further.”
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So it seems, I completely missed that line.
Thanks.
Surprisingly good EPS came with those Q4 figures, compared to, for example, Inderes’ forecast.
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Here’s a comment on the result.
@Pika-Sissi That reported EPS is misleading because it comes purely from a technical tax entry. These have occurred before; they practically secure tax losses so that income taxes don’t have to be paid in the future either. No cash flow impact, and in my opinion, not a relevant item.
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Interview work 
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Good morning!
This is what I finished putting together after yesterday’s results.
Now I’ll take a breather, and later we’ll traditionally open the case with a video as well. That might, however, go into tomorrow.
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And here you can also watch Juha’s thoughts in video form 
Topics:
00:00 Introduction
00:35 Aspocomp’s competitiveness
02:44 Customer sector outlook
06:51 Pricing power and how to respond to strong demand?
09:16 Financial situation
12:32 Has the market already front-run the valuation too much?
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Nasdaq Helsinki Ltd - Helsinki Stock Exchange Release
ASPOCOMP GROUP OYJ: DIRECTED ISSUE
RELEASE, 20.3.2025 SHARES (Record Id 296466)
A total of 7,800 shares will be admitted to trading together with the old shares on 21.3.2025.
Aspocomp Group Oyj: Basic share information:
Trading code: ACG1V
ISIN code: FI0009008080
id: 24228
Number of shares: 6,849,240
Nasdaq Helsinki Oy, Surveillance, survo@nasdaq.com, 358 9 6166 7260
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Juha has been pre-partying, because Aspocomp will publish its Q1 report next week on Tuesday. 
We expect very strong revenue growth (+40%) from the company, as well as a decent profit for the first time in a while. Following the strong turnaround seen in the order book in Q3’24, the company successfully ramped up production for Q4’24, and now the turnaround should also reach the bottom line of the income statement. The demand situation should still be very good in the semiconductor industry and the defense sector, but outside of these, there are more uncertainties associated with development. Order intake may be weighed down by prolonged delivery times, but in the big picture, the outlook should still be very positive for 2025. We assume the financial situation has remained relatively tight as growth ties up working capital, but it is still under control.
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Happy Juha gave his comments on Aspocomp’s Q1 report:
Aspocomp’s Q1 report, published this morning, was stronger than we anticipated. Revenue grew a whopping 66% from a weak comparison period, and earnings were also reasonable as volumes were on target. Operating cash flow was surprisingly strong given the robust growth. Orders received were also strong, and the order book increased, meaning all indicators moved in the right direction for the beginning of the year. The stock has already risen sharply, but with the strong Q1 report, the fundamentals are catching up with the increased expectations.
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Sotkmaon Jussi interviewed Aspocomp’s CEO Manu Skyttä.
Topics:
00:00 Introduction
00:21 Q1 Highlights
01:24 Oulu factory capacity & quality assurance
05:34 Profitability potential
07:39 Semiconductor industry orders
09:30 Concentration on largest customers
10:54 Cash flow and working capital
11:59 Guidance
13:42 Impact of tariffs on customers
14:38 Focus areas for the rest of the year
15:51 Strategy update schedule
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A man from Sotkamo has completed a new company report on Aspocomp.
We raise Aspocomp’s target price to 5.0 euros (previously 4.0 €), but reiterate our reduce recommendation. Q1 results clearly exceeded our forecasts, which significantly supported especially the significantly raised forecasts for 2025. However, the stock has risen sharply and is already becoming expensive in the short term (2025e P/E 15x), if the company cannot continue to beat our forecasts. However, the company has found similar momentum going uphill as it did going downhill previously, which is why it may not be worth fighting the momentum.
Quoted from the report:
Order flow remained strong
Order intake in the early part of the year was stronger than we anticipated. New orders amounted to 11.4 MEUR, bringing the company’s order book to 21.0 MEUR at the end of Q1 (Q4’24: 19.9 MEUR). We ourselves expected only about 8.0 MEUR in order flow after previous quarters and capacity constraints. The order book is historically high for Aspocomp, and the outlook is excellent as a result, but at the same time, it is important to note that the delivery time for the order book has lengthened from before. The order book already extends well into 2026, but on the other hand, autumn capacity is still unsold due to customer-specific restrictions. As a result, short-term forecasts also involve more uncertainty than one might assume based solely on the absolute size of the order book.
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Juho Toratti has written an article about Aspocomp that takes about five minutes to read, which was quite good reading.
The recovery of the order book indicates an improvement in market conditions. A positive turn for the better was seen especially in the semiconductor industry and in the security, defense, and aerospace customer segments.
Note.
IR-window is a channel for SalkunRakentaja and Sijoittaja.fi’s corporate partners for background and analytical articles, as well as other interesting investor information. The article is part of a commercial collaboration with the company. The article does not contain investment recommendations.
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Here are the preliminary comments from the Sotkamo legend as Aspocomp publishes its results on Thursday.
We expect the company to perform similarly in Q2 as in Q1, which means very strong revenue growth (+48%) and a significant improvement in results from the previous year. Aspocomp’s turnaround progressed excellently in the early part of the year, but it apparently faces capacity constraints. We expect the demand situation to have remained very good in the semiconductor industry and the defense sector. Overall, the outlook should remain positive for 2025, through which we pay special attention to management’s actions to increase capacity. We assume the financial situation has remained relatively tight as growth ties up working capital, but still under control.
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CEO Many Skyttä in Juha Kinnunen’s Q2 interview:
Topics:
00:00 Introduction
00:15 Q2 highlights
02:13 Revenue and production
05:34 Profitability
07:08 Sales mix
09:28 Balancing customer distribution
11:02 Guidance
12:40 Demand outlook
13:52 CEO has become one of the largest owners
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Juha has prepared a new company report after Aspocomp’s Q2 results.
Profitability in Q2 was clearly below expectations, but the underlying reasons are mostly temporary. Through this, the company appears to be still on its previous development curve, and forecasts for the coming years remain largely unchanged. On the other hand, based on the 2025 results, the stock is expensive, and although we trust in next year’s earnings improvement, we do not believe there is adequate compensation for bearing the uncertainty.
Quoted from the report:
Cash flow was reasonable and the balance sheet has improved
Operating cash flow in Q2 was a good EUR 0.6 million relative to the result, and the company’s net working capital has remained well under control. For the entire H1, operating cash flow was a strong EUR 2.4 million, and investments were very small, which has enabled the company to significantly reduce its debt burden (credit limit). Covenant conditions were also met, which allows for future investments.
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Here are Kaisa’s and Juha’s preliminary comments as Aspocomp publishes its Q3 results on Thursday, October 30th.
We expect the company to show very strong revenue growth and a significant improvement in results from a weak comparison period. Aspocomp’s development appears to continue on its previous positive growth curve, where the limiting factor is the capacity of the Oulu factory. Demand, in our assessment, has remained strong in the semiconductor industry and the defense sector, but outside these, the situation is unclear. The outlook should remain good for the rest of the year, and we do not expect major changes in the big picture. Towards the end of the year, the focus will be on the strategy update and capital markets day, from which we expect further visibility into the company’s capacity plans and growth strategy.
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Kaisa interviewed Aspocomp’s CEO Manu Skyttä after the Q3 release.
Topics:
00:00 Introduction
00:11 Q3 development
00:59 Revenue and production
01:58 Profitability
03:06 Sales mix
04:12 Demand
05:04 Customer breakdown
06:17 Guidance
07:10 Strategy update and Capital Markets Day
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