Recognition for Evli again in wealth management rankings Evli has been at the top of these various wealth management rankings for over a decade, which is an incredibly good performance. I would like to remind you that even though these might feel like “business as usual” for Evli, this continuous success is vital for the company’s long-term success, and in the investment markets, returns start from zero every day.
Evli’s strong sales in the early part of the year continued, and the company collected EUR 37 million in subscriptions in June. For the entire first half of the year, subscriptions now total EUR 428 million, and Evli is a clear success in the sector when measured by net subscriptions for the entire first half of the year. We note, however, that Evli Liquid has grown by roughly the same amount during the review period, and this somewhat weakens the success of new sales. Part of the growth in Liquid is, in our estimation, due to the company’s allocation decisions.
From the link you put above, fair-weather clouds, the half-year review
OUTLOOK FOR 2025
The first half of the year was turbulent in the investment markets, and the operating environment is expected to remain uncertain and difficult to predict for the rest of the year. The expansion of geopolitical risks and concerns about the sustainability of economic growth increase uncertainty in the markets. If investor confidence erodes further and market values turn downwards, it will have a negative impact on Evli’s fee income and the return on its own investment portfolio.
Despite the challenging operating environment, Evli has succeeded in strengthening its position in the market. Growth has been supported by a wide product range and customer base. With a strong market position and growth prospects, we estimate the operating profit to be clearly positive.
ANNIVERSARY YEAR
In 2025, we celebrate Evli’s 40-year journey. Over the years, we have grown into a leading Nordic wealth manager and fund house, supporting our clients in building long-term success and directing capital where it creates long-term value. We are committed to building a more prosperous tomorrow also in the future.
We revise Evli’s target price to EUR 21.0 (previously EUR 20.0) reflecting forecast changes. We continue to see Evli as a clear long-term winner in the sector, and the earnings growth outlook for the coming years remains good. The share’s valuation is neutral, but if earnings growth materializes as per our expectations, the share is inexpensive. The return expectation formed by earnings growth and a strong dividend is, in our opinion, attractive, especially when compared to the company’s moderate risk level. We are therefore raising our recommendation to Buy (previously Add).
Quoted from the report:
Compared to its domestic peer group, Evli is valued at a small premium. In our opinion, the premium could also be wider than currently, considering the company’s high quality. The entire sector is currently valued approximately at its historical levels, which we consider justified, and we see the valuation of the entire sector as very reasonable at the moment. The valuation of the peer group also supports our view that there is clear upside potential in the stock as earnings growth materializes.
Again, the annual Stock Investor’s Week program has been published, and this time, Evli is not on stage either.
The company’s management last appeared in an Inderes format in 2022
Humble request to @Sauli_Vilen: Next time you meet with Maunu/Evli IR, could you humbly go with a bouquet of flowers and ask if the management would like to come and provide an update at some event? In my opinion, good IR communication nowadays includes management appearing elsewhere than just in boardrooms. Even access to the quarterly reports webcast is only available if you register in advance
Evli’s strong sales in the early part of the year continued, and the company raised subscriptions of EUR 50 million in August. For the entire year-to-date, subscriptions now total nearly EUR 500 million, and Evli, measured by net subscriptions for the whole year-to-date, is a clear success in the sector along with Mandatum. However, we note that Evli Likvidi has grown by over EUR 330 million during the review period, and this somewhat weakens the success of new sales. Part of Likvidi’s growth is, in our estimation, due to the company’s allocation decisions.
Now I can’t think of anything else to say but “NOW THERE WAS A SHOCKER!”
Evli had absolutely massive sales in September. Although this can partly be explained by their own allocation decisions, the numbers are impressive nevertheless
The fund report directly shows that Evli has transferred capital from certain Factor Funds to those Enhanced ETFs (background here https://www.evli.com/artikkelit/evli-lanseeraa-kaksi-uutta-enhanced-rahastoa). Additionally, I suspect that Evli has made transfers from regular ETFs to these in at least some allocation portfolios. To put it simply: Let’s say you had a full discretionary wealth management portfolio with Evli, and that fund had a USA ETF with a 20% weighting. Now I consider it possible that Evli has replaced this USA ETF with its own Enhanced ETF in at least some portfolios. I can’t possibly believe that they would have received such amounts of new capital in the last week of the month. Practically, the only possibility would be that these products have been tailored for a really large investor (a pension company or similar) who has invested large sums of capital into them. If my guess is correct, then Evli’s net AUM will not grow with this move. However, Evli’s earnings may increase because Evli receives significantly more fees from these ETFs than from basic ETFs. IF the capital were new and came from some pension giant, then that entity would certainly not pay list prices, and Evli would only receive marginal compensation for this new capital. Well, we’ll be wiser in 2 weeks, but anyway, this is positive for Evli, and the sales machine is rolling nicely right now
Here are Sale’s preliminary comments as Evli releases its Q3 results next Friday.
The company has been an absolute success story in the sector for the entire year, and positive development has continued in Q3 as well. The company’s earnings are finally turning to strong growth after more than a year of stagnation. We have made marginal positive revisions to our forecasts due to strong sales and positive capital market developments. We will exceptionally write a quick comment on Evli on Friday and will not publish a separate earnings update, as we will release a comprehensive analysis at the beginning of next week.
Evli issues a positive profit warning in connection with its interim report (= we estimate the operating profit to be clearly positive and to exceed the comparable level of the previous year)
Evli Plc’s Interim Report January-September 2025
October 24, 2025 at 14:00
EXCELLENT THIRD QUARTER – ASSETS UNDER MANAGEMENT EXCEEDED EUR 20 BILLION
Highlights of the period
Assets under management reached a new ten-billion-euro level and amounted to EUR 20.8 billion.
International sales boosted the sales of traditional investment funds. Net subscriptions from foreign clients to traditional investment funds amounted to EUR 737 million since the beginning of the year.
Performance-related fees amounted to EUR 12.7 million during the period, of which a record EUR 12 million was accrued in the third quarter.
Despite the challenging operating environment, Evli has succeeded in strengthening its market position. Growth has been supported by a broad product portfolio and client base. Due to its strong market position, favorable earnings development in the early part of the year, and growth prospects, we estimate the operating profit to be clearly positive and to exceed the comparable level of the previous year (EUR 43.3 million).
Previously we estimated the operating profit to be clearly positive.
I’ll get the comment out later tonight, but don’t get too excited about that operating profit! It comes practically entirely from performance fees, and a significant portion of this also flowed to minorities. Regarding EPS, the beat is only one cent. Additionally, the mix of fees looks softer than I had expected, at least at first glance. Yeah, it was a good quarter, but not quite as good as the numbers initially suggest
I haven’t delved deeply into the company beyond the figures, so what are these mysterious minorities that eat into the profit? Why are their stakes reflected in Evli’s results if Evli doesn’t fully own the profit itself? And why doesn’t Evli acquire these ‘stakes’ entirely for itself if there’s surplus cash?
Now I finally got the “quick comment” out. What a report it was. I have to say, I don’t immediately recall the last time a report was this two-sided. The top line was indeed insane due to performance fees, but this entire beat practically disappeared into costs. Sales were historically good, however, and the outlook is also favorable. On the other hand, recurring fees were very soft. There’s a lot to chew on for the weekend
Evli has been at the top of these various wealth management rankings for over a decade, which is an incredibly good performance. I would like to remind you that even though these might feel like “business as usual” for Evli, this continuous success is vital for the company’s long-term success, and in the investment markets, returns start from zero every day.
