The payment default is likely related to those loss-making projects that will certainly push equity into the negative (which also hinders public sector tenders if equity is not replenished), but cash flow also seems to be under strain if the tax authorities have not been paid on time. It wouldn’t hurt if Dovre would now explain how the situation will be remedied. Since a new order was announced, the intention is likely to make an additional capital injection, and thus Dovre’s ownership stake will rise closer to 100% (unless the capitalization is now some kind of equity-based loan with conversion rights). With the current financial performance, I don’t believe there’s a queue of new investors at Suvic’s door at any reasonable valuation.
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As a Dovre shareholder myself, I believe I would have the right to know the purchase price.
“The parties have jointly agreed that the purchase price will not be disclosed.”
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@Iikka has made a good video about Dovre. 
In November, Dovre announced it would sell most of its business for a larger sum than the company’s current market value on the Helsinki Stock Exchange.
Dovre has seen rapid developments and risky situations recently due to several negative earnings warnings, and this video reviews Dovre Group as an investment target and what the stock currently looks like as an investment.
You should definitely subscribe to Iikka’s channel, which currently has 403 subscribers, but perhaps at least 500 after today. Channel subscriptions will surely further motivate the content creator to make more videos on interesting topics, and in this case, various small companies.
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Thanks for sharing, Recruit!
In the video, I tried to juggle how Dovre’s share could currently be priced.
According to guidance, Suvic will make -€14M losses in 2024, but with €90M in revenue. Suvic has great potential and the company has recently won large projects, but according to guidance, Suvic made €10M losses in the last quarter of the year, which gives a bit of a Lehto-like (Lehtomaiset) feeling about the company.
Someone might give Suvic a negative value, someone zero, or even a clearly positive number due to its great potential. Here, I did a calculation exercise for 2025, where Suvic makes €110M in revenue with a 3.5% margin, and if Suvic were given a moderate valuation of 6x operating profit, the total value of Suvic would be €23.1M. Dovre owns 51% of Suvic, so the value for Dovre would ultimately be €11.8M or €0.11 per share. I believe this calculation exercise represents a positive scenario, as Suvic has never achieved such a high profit, and is currently incurring huge losses.
Another question mark is what will happen with Suvic’s capitalization. Currently, Dovre owns 51% of Suvic, but I believe that the ownership stake will grow closer to 100 percent. The final amount of net cash will only be revealed in future reports.
Attached here is also Suvic’s financial statement for 2023:
suvic_tilinpäätös_2023.pdf (1.1 MB)
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Here’s an article about Dovre as well.
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Dovre raised its guidance and here is Tomi Lahti’s tweet about it.
https://x.com/zijoittaja/status/1886406449036702050
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Small is beautiful, they say. Would guidance have been needed when we are incurring almost the same loss?
20% less than the worst-case scenario, quite appropriate to clarify
Suvic had a couple of working days left in the year when a negative announcement about delayed projects was made, and now a positive one as work progressed faster than anticipated during those two days.
My conclusion is that Suvic’s projects are extremely sensitive to staying on schedule, millions are lost immediately if something unexpected happens, and that Suvic does not have a very good real-time understanding of how projects are progressing.
This can be a dangerous combination.
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Dovre should really invest considerably more in Suvic’s administration and governance. How can both project control and the company’s financial management be in such disarray that even an approximate situational picture cannot be formed? Such amateurism, nor allowing it, is not really suitable for a listed company.
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Dovre just released this kind of announcement, which made the stock skyrocket.
Dovre Group Plc Inside Information 26.2.2025 at 11:30 a.m.
Dovre Group publishes preliminary financial information regarding businesses sold to NYAB AB
On January 2, 2025, Dovre Group completed the sale of its Project Personnel business and Norwegian Consulting business to NYAB AB. To enable NYAB AB to report pro forma financial figures including the acquired operations, Dovre is publishing preliminary and unaudited information regarding them.
As we announced in the stock exchange release published on January 2, 2025, the preliminary purchase price was determined as follows:
The preliminary purchase price paid upon completion of the transaction was approximately EUR 35.3 million. The preliminary purchase price was determined based on the estimated operating profit (EBIT, EUR 4.3 million) of the sold businesses for 2024, multiplied by a factor of seven (as estimated on November 20, 2024), plus compensation for estimated net cash and adjusted working capital as of December 31, 2024 (estimated based on pro forma financial statements).
The key financial figures presented below pertain only to the sold businesses, i.e., the entire Project Personnel business and the Norwegian Consulting business. We note that the figures presented now are not exactly the same as those used in determining the purchase price described above. The purchase price is based on subsidiary- and unit-specific figures of the sold operations, without group-level IFRS adjustments. Furthermore, its calculation applies adjusted operating profit (EBIT) with corrections related to certain administrative expenses, which is not presented below.
The Pro Forma figures simultaneously presented by NYAB AB differ from those presented below, particularly because these figures are IFRS-adjusted.
| Sold Businesses 2024 | |
|---|---|
| Revenue, thousand euros | 112,460 |
| EBITDA, thousand euros | 4,911 |
| Operating profit (EBIT), thousand euros | 4,281 |
| EBIT margin | 3.8 % |
| Net result, thousand euros | 3.846 |
The sold businesses are classified as assets held for sale and discontinued operations and are subject to the provisions of IFRS 5. Consequently, the impact of the sale of businesses on the result will be presented on a single line in the group’s 2024 income statement after the result from continuing operations. Comparative figures for the previous reporting period will also be presented with corresponding adjustments. Similarly, the assets and liabilities related to these assets classified as held for sale and discontinued operations will be presented on individual lines in the group’s 2024 consolidated balance sheet.
EDIT:
I don’t get it, with over 100,000 euros in trading volume, still almost 10 percent up. 
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It was probably low trading volume and a massive spread that made the price ‘rocket’. This announcement didn’t really bring anything new 
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This may affect the stock price today, one way or another:
A big order of 55 M (though no information on how it is distributed over different years), when the entire company’s revenue in 2024 was 99 M.
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Dovre Group Postpones Publication of 2024 Financial Statements Release
Dovre Group Plc announced on December 5, 2024, the financial reporting schedule for 2025, according to which the 2024 financial statements release would be published on Wednesday, March 12, 2025.
The company believes it needs more time to verify the accuracy of the financial information and therefore postpones the publication of the 2024 financial statements release. The financial statements release will be published on Monday, March 17, 2025.
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What’s happening here? Really ugly results coming…
After 3.2.2025, 10M costs found from somewhere for 2024 
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Absolutely appalling performance. They had to sell their Norwegian operations to avoid bankruptcy.
Who calculated these contracts?
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The saga continues, and from the board to put out fires?
I had a slightly more expensive ticket to this theater.
“Suvic has recently secured significant renewable energy project orders in its domestic market in Finland. With the renewed management team model, the company is confident in the successful execution of these projects.”
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You see all sorts of things in investing when you’ve been involved for a long time… now Proha took an extra 10 million euro hit because a little snow work had to be done at the construction site.
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The most significant reasons for the extent of the losses are related to the prolongation and increase in costs of earthwork and works related to snow removal and anti-skid measures.
@Aapeli_Pursimo I’ll buy you a beer if you get the CEO for a video interview and ask him for the exact details about their snow removal and sanding costs.
You could start by asking if the snow removal is done manually by Swiss doctors of technology using tablespoons, and if Dovre, for example, uses some titanium grit impregnated with gold flakes for anti-skid measures instead of normal sanding sand?
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It seems that earthworks and snow removal have been completely forgotten to be included in the offer. Special mention of slipperiness prevention in the announcement. These come at a high price, and it’s only noticed afterwards. Minor changes are being made in Suvic’s management, even though the focus should be on the board.
Fortunately, there is only a 51% ownership. I wonder how deep the pockets are, and how strong the belief in the company is, for the minority owner?
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