Sauli has written a new company report on Evli following Q4. 
Evli’s Q4 report was excellent in every respect, crowning the company’s record-breaking year. Following the excellent report, we have made minor positive adjustments to our forecasts, and we expect the company to deliver brisk earnings growth in the coming years. However, the stock’s valuation has tightened significantly after the share price rally, and the risk/reward ratio has shifted to an insufficient level in our books. We are revising our target price to EUR 26.0 (prev. EUR 24.0), but downgrading our recommendation to reduce (prev. accumulate).
Excerpt from the report:
Only minor adjustments to forecasts
We have made only minor upward changes to our forecasts. We expect the 2026 result to remain flat, as the normalization of performance fees from the 2025 record level offsets strong growth elsewhere. We note, however, that EPS will grow, as the minority share of earnings will also decrease significantly along with the decline in performance fees. In 2027, operating profit will also return to growth, and we remain very positive about Evli’s long-term outlook. We have discussed our forecasts in more detail in our recent and still relevant extensive report.