Alright, Partnera’s company presentation is now on inderesTV. The company might list on the First North market. 
I’m opening a separate thread for this 
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Wasn’t this the company that refused to distribute the money from the DNA sale to its owners, and instead decided to become an “active owner” in somewhat questionable projects? The company has, to put it mildly, an “interesting” history.
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The company is a shareholder in quite a few projects; it was also, for example, in Hoivatilat, where, in my opinion, the divestment happened at a rather bad time. I inherited my Partnera shares from my father and mother; they still had them in paper form. From what I’ve followed the company since the shares have been in my portfolio, the management has not convinced me.
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Then you have a payday coming up.
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Time will tell. If you look at the key figures, they are indeed fascinating, the balance sheet is strong, and the valuation multiples are not exorbitant. Part of the reason lies in the divestment of Hoivatilat.
With the city of Oulu as a major owner, I’m not sure if that’s such a good thing
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Indeed, the entire company should have been dissolved when its main activity ceased, but the insider group wanted to establish the city’s own investment company to promote good projects. Unfortunately, it’s very difficult for the public sector to directly support regional business from the budget these days. If you’ve ever wanted to invest in projects strategically important for Oulu, soon it will be possible at market price. This company truly has connections to the right people 
https://www.oulu.fi/yliopisto/node/37554
It’s worth remembering that the listing is the first time former Oulun Puhelin shareholders, who have been held hostage, can divest their shares at a liquid market price (I wouldn’t call Privanet liquid). There might be quite a hustle on the selling side.
Partnera also directly owns about 22 M€ (!) worth of another investment club company of phone bigwigs, Finda (partially owned InWest also owns a significant stake in Finda). Finda is a whole other story, about which you can read more, for example, from Sijoitustieto.
Someone might say that I’m a bit prejudiced towards the company and that I don’t see the potential hidden in its depths, but in that, you are completely wrong! Yes, this can still be molded into a very excellent listed company, once we just change the main owner, management, and business.
It’s nice to get more exciting companies on the stock exchange now that the commotion around Afarak and Privanet has already begun to subside 
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On Monday, we’ll get a more efficient market price for Partnera. The last trades on Privanet were at 2.35, and with expenses on top of that, we’re talking about something like 2.42 euros per share. Do you think we’ll start trading below or above 2.50 euros on Monday?
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Speaking of market price, Partnera’s market value has been set at €86.79M in Privanet. Partnera’s direct ownership in Finda has been valued at approximately €22.5M, which is a quarter of the company’s Privanet value. Additionally, through its partially owned TeleBusiness InWest, the company owns an even larger additional share in Finda! Try to find a mention of Finda on the company’s website.
…It’s hidden under a few menus and placed in small print at the bottom of the page
Other holdings
In addition to its strategic holdings, Partnera has other, complementary minority holdings, including in the investment group Finda Oy and Telebusiness InWest Oy. Partnera also participates in the financing of various projects.
Finda is currently a very important part of Partnera’s holdings, and due to its owner, the company is strongly committed to those political Oulu projects. However, they don’t really want to highlight them, preferring to focus on advertising sexier environmental businesses.
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I started by checking out the company presentation on 1.9.20 from InderesTV. I stopped researching after watching it. If the management isn’t convincing, then it’s not.
The stock has been in a sharp decline for the past few days. Today, it took another hit of -8.3%.
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@Yu_Gong Was this Partnera listing video on a different platform or why are the video controls different from other videos? Playback speed cannot be changed. 
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Yeah, we didn’t produce that. 
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The correct price for this is probably around EUR 1.5, which corresponds to about 0.8 * equity? It would then be in the same ballpark as Panostaja and Sievi. The City of Oulu’s large ownership share naturally increases the risk.
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It seems Finda’s holdings are not valued at fair value on the balance sheet.
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There might have been a 30 million discrepancy in those Finda holdings between equity and market value. And the market value also differs significantly from the value of Finda’s holdings.
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Hmmm. I just started looking into this, interesting case. The price has indeed been around €1.60 on Privanet for years, so it’s no wonder that shares have been sold with good profit from the start. The dividend for the past two years has been €0.14, so if that continues, there would be an approximate 7% dividend at the current price. I’ll have to keep an eye on it to see if it drops a bit more, then I might consider it. If it were under Inderes’ coverage, it would be easy to make sense of that hodgepodge..
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Yes, there’s enough risk here that a 20% return requirement could be justified, in my opinion. Around one euro, I might consider it a risky value investment for my portfolio.
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Partnera’s path as a listed company has not started well. The share price is now below €1.80, whereas during the IPO it reached €2.47. Trading volume is non-existent, and indeed the share price is now also below the levels at which shares were traded on the Privanet platform.
So the IPO didn’t seem to serve anyone’s interests, did it?
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Yes, it served large masses of owners who had previously been “bank hostages” (pankkivankeina) of Partnera and were now able to dispose of their ownership at market price. In Privanet, this was not a simple operation from the perspective of an ordinary user.
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Uusioaines Oy, part of the Partnera Group, strengthens its position in glass processing
Partnera Oyj Press Release September 29, 2020 at 9:00 AM
Uusioaines Oy, a subsidiary of Foamit Group, which is part of the Partnera Group, has signed an agreement with Suomen Pakkauskierrätys RINKI Oy concerning the further processing of unreturnable glass packaging waste. Previously, glass packaging waste sorted by Finns, i.e., unreturnable glass bottles and jars, was further processed for recycling in the Netherlands and England. With this agreement, most of the unreturnable glass packaging will now be processed domestically by Uusioaines’ factory in Forssa.
Uusioaines, operating in Forssa and Jokioinen, is Finland’s largest processor of recycled glass. Currently, it receives about 70 percent of Finland’s recycled glass, which includes returnable collection glass bottles, unreturnable packaging glass, and hospital glass. In 2019, Uusioaines processed a total of over 90,000 tons of recycled glass.
“The agreement with Rinki makes our subsidiary Uusioaines an even stronger player in glass processing, and through this cooperation, we are involved in supporting recycling and the circular economy. Our goal at Partnera is to develop business that can promote a positive impact on society and sustainable development goals,” says Jari Pirkola, CEO of Partnera Oyj.
“RINKI Oy selected Uusioaines Oy as its new partner based on a tender process. The cooperation agreement with Uusioaines is a pleasing solution for us, as previously the collected glass was transported to Europe for processing, where it was also recycled into new packaging,” says Juha-Heikki Tanskanen, CEO of Suomen Pakkauskierrätys RINKI Oy.
Uusioaines cleans the unreturnable glass packaging waste supplied by Rinki from metal and other impurities, and the cleaned glass is mainly sold as raw material to the glass packaging manufacturing industry. From the side stream of glass recycling, foam glass is produced, which is a good and environmentally friendly material option for foundations and frost insulation in buildings and road construction sites.
Together with Hasopor Ab, also part of the Foamit Group, Uusioaines Oy is one of Europe’s leading manufacturers of foam glass.
“The use of Finnish recycled glass is a particular source of joy for us, as it strengthens our domestic raw material supply chain. Some of the glass ends up as raw material for the Foamit foam glass we produce, so the domestic content of the product increases significantly. With the agreement, we also get to develop glass recycling together with Rinki. At the same time, we support Finnish employment and have a positive impact on the carbon footprint through domestic material,” says Kalle Härkönen, CEO of Foamit Group Oy and Uusioaines Oy.
The PDF press release can be read here.
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