The journey to this point. I practically cannot comment on the current view here / in the video separately, so I won’t take a stand on it. It would be problematic to anticipate possible future changes here for the “insiders”.
A bit the same boring answer as before. We’ll see.
This was a way to comment on different views, brought up by @Verneri_Pulkkinen. If you read the reports, these come through quite well. Many, of course, only look at recommendations, so here are quotes from previous reports:
Previous report (Q3’25) end of valuation section: “…we remain neutral, even though the stock’s valuation multiples are somewhat alarming.” Of course, the report’s title was also “Let’s see Indra before drawing major conclusions”.
CMD update end of valuation section: “In practice, the targets must be met in the coming years, preferably exceeded, for the stock to still have a good return expectation. This is possible with strong tailwinds, but the valuation is already in the red.”
Q2’25 report end of valuation section: “However, we believe long-term investors can hold onto their shares and see what kind of performance Bittium ultimately achieves.”
When using analysis reports, one should always try to look behind the view. I would always pay attention to the “conviction” level (I apologize, I couldn’t come up with a Finnish term for it now). We have considered whether this could be brought directly into the report, but for now, it comes through in the text.
A ‘Hold’ recommendation has its pros, and these have indeed been considered often over the years. In this case, I think it would have been good, but it’s easy to say that in hindsight 
These matters are, however, decided by the management of the Research business.
Hope this clarified!
