Framery plans to list on the main market of the stock exchange.
Framery aims to raise approximately 20 million euros in gross proceeds from the offering.
Framery estimates its revenue in 2025 to be 214–226 million euros (2024: 162 million euros) and its adjusted operating profit to be 48–54 million euros (2024: 33 million euros).
An interview was conducted at Framery’s premises in Tampere.
Topics:
00:00 Introduction
00:14 Samu Hällfors
00:39 Framery as a company
01:38 Over 90% of sales abroad
02:13 Business growth
02:47 Relevant markets
03:24 Competitors
05:17 Traditional industry
06:47 Strategy
09:00 Where does Framery invest?
10:05 Potential acquisitions
10:28 Why is Framery listing?
Samu Hällfors, CEO of Framery, comments:
”Framery originated from our own need to find a better way to work and focus in the office. This same need has proven to be universal, and as a result, we have helped shape this rapidly growing global market. We are the market leader in our core markets, and in total, we have sold our products for over a billion euros. Our products, delivered to over a hundred countries, already impact the daily lives of millions of people, providing a pleasant place to focus, collaborate, communicate, and make important decisions. Furthermore, our new smart office system takes the workday experience to the next level: it streamlines the usability of our customers’ entire offices and helps them make data-driven decisions, such as optimizing the number and placement of meeting and workspaces of various sizes. We believe that listing would support our growth strategy and further accelerate Framery’s development, so that even more people would have the opportunity to benefit from Framery’s technology as part of their everyday work.”
Could someone smarter explain to me that a company makes an offering to gain visibility and credibility, the money is used to strengthen the balance sheet, they are extremely growth-oriented and have high goals, but then finally it’s also said that 70-90% of the profit is distributed as dividends (according to Aamulehti)?
What the heck??
What on earth is the urge for a growth company to distribute money to its owners as dividends? Doesn’t strengthening the balance sheet and strong growth orientation precisely scream that dividends should not be distributed?
Why are Finnish companies like this? When will we see a real growth company that says not a single penny will be distributed as dividends, but everything will be put into growth?
I can’t help it, but it again smells like an IPO that is carried out while the figures are still excellent. We’ve seen far too many of these in Finland.
Well, I don’t know. However, that growth in recent years has been achieved in a rather uncertain market situation. It would seem that the product is good and there is demand for it when the figures are like that in these conditions. What if the business environment just improves a bit from here?
What an interesting company coming to list on the stock exchange! One must always be critical, but it’s refreshing to get new entrants to the Finnish stock exchange. There are always pros and cons, but Framery is certainly an interesting case, as it’s a genuinely growing international company.
You took the words right out of my mouth. I was just about to write down the same thoughts myself. They should indeed seek even a smaller amount through an offering and leave the dividend unpaid.
Of course, the life’s work of the old owners must be rewarded in some way.
How would you support growth? If, for example, they feel that production is in order and scalable, and R&D is already well-developed and cost-effective, and forcibly pumping sales with advertising is not sustainable/effective, should one forcibly try to grow? (I don’t know if this is the situation, but it’s easy to imagine that it’s not always wise to forcibly pour money into growth)
When looking at the data from Finder, for example, the result for years 23 and 24 was between 300k - 400k. Well, at least from these figures, it’s easy to distribute even 100% as dividends.
So, tell a dummy, where did these 21-24 results disappear? So, is the company structure, for example, some kind of “himmeli” (complex arrangement) or something?
Martela is now in a somewhat tragicomic light… even though a test victory was still advertised a couple of years ago. Did Framery get the final edge from sheet metal?
Turku University of Applied Sciences tested Martela’s new PodBooth in a laboratory according to the ISO 23351-1 standard. PodBooth attenuates speech sound by 31 decibels (DS,A). When comparing this figure to other phone booths tested according to ISO 23351-1, Martela’s PodBooth emerges as the best on the market. The comparison data was collected from 105 different products from manufacturers’ own websites on 24.3.2021. Martelan PodBooth on tutkitusti markkinoiden paras puhelinkoppi | Martela
That €20M is probably just a formality. It appears to be a private equity investor’s exit, with a share issue tacked on so it doesn’t solely look like a sale. The balance sheet
In 2018, Vaaka Partners invested in Framery and at that time owned about 60% of it. It is unknown whether the ownership stakes have changed since then.
Vaaka’s investment horizon for these types of investments is usually around 5 years.
This is also, to my understanding, Vaaka’s first IPO exit. Previously, investments were sold to other investment companies.
So some sort of exit was expected, but in light of history, something other than a listing would have been more likely.
Enough familiar faces were seen in the audience of the company presentation that it can be assumed Framery is coming under Inderes’s coverage, and the Martela analyst will likely also use this as a comparable.
