SEB’s comments follow:
" Inderes’ October sales highlight that the slowness in September was largely due to timing issues. The month saw sales increase by 13% after a 16% decline in September. We had expected 4%, and hence the performance in October suggests a good start to Q4, for which we have input sales growth of 2%."
Student tracking comments also saved to the thread:
A case example of how poor competitors’ operations are at the Nordic level. I tried to join the Norwegian Panoro Energy’s earnings webinar, but the organizer wants me to download their own application to my computer or download Chrome or Edge (neither of which can be found on a Mac). As a result, I will now miss the entire webinar.
My sincere hope is that more staff would be hired in Norway at some point so that better solutions could be implemented 
@studentcoverage_team was in an interview with @Iikka_Numminen. 
Inderes invites students interested in stock investing from Finland and Sweden to conduct stock analysis on Inderes’ stock. Teams that pass the selection process will get to produce open coverage for all investors for a year. The team will be paid a reward of 10,000 euros for the coverage. In the interview, the first-year winning team Sami Tuuri and Vilho Saarela.
A few scattered thoughts on this that I’ve been pondering in recent days.
The forum and TikTok are such different platforms that it’s hard to say whether people are actually migrating from here to TikTok. I would rather attribute the forum’s calming down in recent years to the “dynamic” stock market, where especially the small companies favored by many active stock pickers have been battered.
The need to share thoughts, successes, and investment ideas in writing on the internet is an old phenomenon and is unlikely to disappear immediately, even if consuming TikTok is becoming increasingly popular. Regardless of what one thinks of the platform. The strong growth of Reddit indicates that there is still a need for genuine human discussion.
Sijoituskästi has a very smart angle to building financial media, in which they have succeeded excellently.
If I were fired from Inderes on Monday and got the impetus to build my own financial media, I would do pretty much the same things: invite popular figures to visit and create extensive content on various phenomena that genuinely interest people. To gain critical listening mass in Finland, one practically has to expand significantly beyond the realm of investing and finance.
Instead of websites, I would emphasize presence on various channels and create content on the terms of those social media channels. Inderes is a bit of an odd animal in social media in this regard. Customers pay for analysis and some content to be made about them. On the other hand, purely from the perspective of social media algorithms, the most “niche” companies generate few, though not insignificant, views. So, doing social media is simultaneously fulfilling a customer promise, and on the other hand, one can create content completely optimized for social media, such as the “Vartit” (Quarterly Reviews), some podcasts, some analyst interviews, when they are done entertainingly and in-depth, etc. On the other hand, I think of this like Netflix, where even every strange series is good for the whole because among the diverse user base, something always interests people, even the least interesting stocks. It doesn’t take away from anyone else.
For Inderes, its own platform is important, but at the same time, we always strive to be where investors are. This is evident in the digital world and in the fact that our people physically visit different parts of Finland to give presentations.
In social media, follower count has meant nothing for years: all social media platforms operate entirely algorithmically. Legacy media with large follower counts are at a disadvantage. On the other hand, an algorithm-driven world means that no one is ever truly left behind. With the right content, one can achieve good results quickly with their own efforts. A website-less model must be built on presence across many channels due to algorithms. For example, Zuckerberg has destroyed many pages on FB with his algorithm changes, and their media business may have stumbled overnight.
I also agree with the Sijoituskästi team that traditional advertising-revenue-based media is in trouble or at least sweating, because the views are on social media (especially TikTok/IG/Tube/Spotify) and not necessarily on the media’s websites. And older people are increasingly using social media. At some point, advertisers will probably put more effort into advertising within Sijoituskästi and similar formats.
For Inderes, this would be a more direct challenge if companies abandoned Inderes’ analysis and only ordered social media visibility from Sijoituskästi. As I understand it, Valmet, Noho, Aspo, and a few others are already clients, although all of them except Valmet are also Inderes’ analysis clients. Valmet, however, is a Flik webinar client on the other hand. The viewing figures for those short videos on TikTok are on a completely different level than our longer discussions about them elsewhere on social media. On the other hand, not everything can be compared, because companies’ visibility also comes through Inderes’ platform and forum. At this point, I would say that from a customer perspective, Inderes and Sijoituskästi complement each other well. And analysis and social media visibility are also different things in many ways, of course. In the latter, you also see people in suits on boomer platforms, like Bloomberg, which is important for many companies – you have to be visible to international institutions!
And in my opinion, we should make similar short videos about our own clients in addition to (or even instead of) an analyst repeating “like” and “uh” 50 times in a YouTube interview, plus a little EV/EBITDA. There is a continuous opportunity for improvement here. One can have many opinions about short videos, but they force you to concisely summarize the essential. Inderes has a lot to improve on there. It always has, and it always will.
On the other hand, our model relies on cultivating several personal brands and bringing out expertise, the price of which is inevitably years of practice away from “like-like.” 
This is a slower path, but it is also a path where Inderes has unique personal brands in social media, and we don’t have to ask outsiders for interviews just to get views. We can and do, of course, invite experts to discuss to enrich the content.
Addition. The initial text might raise the question of why Inderes doesn’t just aim for maximum viewership. I answer this by saying that Inderes is not a general financial media “in that way,” but a specialized media strictly focused on the financial market (primarily stocks) with a large investor community.
“Rather small and excellent than large and mediocre” is also enshrined in Inderes’ values.
When people come to Inderes’ pages or encounter us on social media, not all companies may interest everyone, but the visitor knows for sure that all content concerns investing. Inderes has also positioned itself more in the deeper end, because there is room to swim there, whereas on the surface, the competition for sustenance is fierce. These are therefore quite conscious choices. In addition, Inderes is not just a one-way announcer, but the community speaks freely about companies here and about much else in the coffee room. Such a multi-voiced investment service is hard to find!
Addition 2. I moved this message from the Coffee Room here for safekeeping.
Excellent thoughts!!
Admittedly, the same question immediately arose for me after reading that paragraph.
I have also thought about this (already voiced it somewhere here on the forum and at the meeting two years ago next to Verneri), that couldn’t such an STNX-like entertaining short video presentation serve as an excellent introductory product to spark interest in a company? After this, an investor could move on to other more in-depth materials about the company offered by Inderes. In my opinion, this would be the added value offered by Inderes compared to STNX’s service.
You can also do this at home yourself with AI. Ask that bot to create a summary on a topic of your choice, mostly using source materials found on Inderes’ website, in the style you prefer. Then ask it to convert that created text into spoken language and sample Verneri’s voice to be used for a text-to-speech model. After that, you listen to the result. A much more convenient solution when Inderes’ only offered alternative would be to watch a 30-minute video on the topic. 
Well, now we are at an interesting point, at least from the perspective of analysis independence. The client could not tell any more directly that the analysis is not pleasing because the target price is too low. When combined directly with the beginning of the message, which states that client relationships have ended before for similar reasons.
An interesting comment indeed, when in other companies there is such a strict policy that the CEO DOES NOT comment on the share price; it’s practically criminal. It was also amusing that Inderes’ inability to forecast for 2021 has been proven by differences that are on the wrong side of the decimal point 
Do you go through Inderes’ playbook in new customer sales regarding the independence of analysis?
Judging by this graph, Inderes’ analysis was spot on last time. Funny thing that the client doesn’t bring up this graph 
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We have a saying that Inderes has hundreds of corporate clients but only one investor community.
We do. It would by no means be sustainable to sell one thing and deliver another.
I don’t understand why company management should comment on the share price at all. Their job is to lead the company as well as possible, creating shareholder value, and the company’s valuation can fluctuate on the stock exchange completely independently of the company’s actions. As an owner, I would be concerned if my company’s management spent more time and brain capacity discussing stock valuation or debating analysts’ views than on coffee break conversations.
Answering myself, I was on a return flight from vacation yesterday, late at night I had time to listen again to selected parts from @Mikael_Rautanen and the book about Inderes, meaning the market value at the beginning of 2019 was still a modest 4.9 million, at the beginning of 2020 it was 9.2 million (Flik was acquired in 2019) and at the beginning of the IPO year before the listing, Mikael fluently reads the market value as 80 million, I had to listen twice, so there must have been some error in thought when reading , can someone answer if it was meant to be 18 million!? In the October IPO, the market value at a price of 25 euros was 43 million, the current share price of 15.9 euros corresponds to a market value of 27.7 million. My idea here was to at least somewhat grasp at what price Inderes personnel still had the opportunity to buy shares in 2019.
One more interesting observation from the book is that in 2017-21, staff turnover was “close to zero”.
Then again, the latest ownership list, surprisingly few changes, someone must have copied those listings from previous months and can check if anyone has completely disappeared from the lists!? : https://group.inderes.fi/fi/sijoittajat/osaketieto/osakkeenomistajat
I went through it yesterday and didn’t notice any significant departures.
Aren’t cases like this very good sales material for Inderes?
