So, according to the table, without rounding, the turnover would be about half a million (500,000) euros ahead for the whole year, compared to last year’s situation. In percentages, that’s 2.6%. This year there have been a couple of quite weak months, but the last two months have shown solid growth, so at least the trend looks good. In my opinion, it’s a pretty good performance, considering the operating environment is what it is. We will have to wait for the December figures until the financial statement release on February 10, 2026. My calculations should be correct; please correct me if they are not 
.
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It’s great that the year-end revenue trend is rising, and we might achieve a small growth in revenue compared to last year. However, I’m concerned that the latest listed companies have not, at least for now, become corporate clients. Nokian panimo, Cityvarasto, or Framery (did I forget anyone?) have each been listed, but without analysis. What could be the reason for this? At least during the hot IPO years of 20-21, almost all IPOs consistently became corporate clients, but now it has been quieter. Of course, the economic situation is still weak, and companies are considering costs more carefully, but if Inderes has challenges entering the market in Sweden, and even in Finland, the few listed companies do not largely become corporate clients, then where will future growth come from? It would be interesting to know why these aforementioned companies have not become corporate clients; is it due to strict cost discipline, or is the added value offered by analysis no longer seen as attractive as before?
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I’ve wondered about this myself. Indeed, Nokian Panimo and GRK Infra were listed in the spring. Of these, GRK chose Inderes, while Nokian Panimo chose Evli’s analyses.
Posti and Cityvarasto were listed in October, and Framery in December. It seems no one is following these three companies yet. Of course, they might still end up under Inderes’ coverage, as they’ve only been listed for a short time.
But, if none of these companies become Inderes’ corporate clients, then only one out of five listed companies would have been won. And, if the same pace continued with new listings in the future, it would be very difficult to scrape growth even from the domestic market…
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I believe Framery will come under Inderes’ coverage; Posti and Cityvarasto currently seem unlikely. Oh well, you can’t win them all.
A question for Mikael’s substitutes. MiFID II once unbundled equity research and trading fees, thus apparently making room for a player like Inderes in equity research. In recent years (2021?), however, the MiFID refit introduced an SME exemption, meaning equity research can again be bundled for companies with a market cap under 1 billion. Have these legislative changes had an impact on Inderes’ equity research business? Is equity research bundled with trading fees for SME companies in Finland and Sweden?
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Hello,
Even though I’m not filling in for Mikael here, since I’ve been responsible for the majority of company monitoring agreements concluded before 2024, I’m certainly the right person to answer this 
I dug up some data. Between 2018 and 2025, 69 companies have listed in Helsinki and on FN (this doesn’t account for list transfers, but genuine new companies including spin-offs). Of these, 7 have never been under our monitoring, and 62 have at least been under monitoring (a couple went bankrupt, for one, monitoring never even started despite a contract, one was acquired, another terminated the agreement, etc.).
I calculated data for this period, and on average, listed companies have come under our monitoring approximately 7 months after listing. The spread is, of course, very wide. 27 companies have been taken under monitoring immediately, and in these cases, we were either involved in the IPO or monitoring was initiated as soon as the listing began. Conversely, the longest sales cycle has been 1792 days, just under 5 years (this honor goes to BBS 
). If we exclude cases where monitoring was initiated immediately (i.e., we had a contract signed before the IPO), the average rises to over 12 months. So, if monitoring doesn’t start immediately at the IPO or right after, it takes on average over 12 months for a company to come under monitoring. The median is, of course, somewhat lower, as those individual 3-5 year lags raise the average for everyone. 
If you look at which companies we are typically involved with right from the start of listing, they are usually smaller companies. This is because smaller companies usually come through smaller advisors (Evli, EY, Sisu, Alexander, UB, etc.), and these advisors typically don’t have their own analysis operations. Therefore, they are often interested in including us in the analysis or at least ensuring that someone starts monitoring the company quickly. In large IPOs, on the other hand, the organizers are brokerage firms (Nordea, Carnegie, SEB, etc.) that have their own analysis operations. They rarely need/want us involved because their own analysis operations handle these. In these cases, we typically don’t discuss company monitoring with the company before the listing, as the company has its hands full with the IPO and its focus is there. We usually start negotiations after the IPO.
Without going into specific company matters, as you can see from the 2025 listings (GRK, Posti, Nokian Panimo, Cityvarasto, and Framery), 4x were brought by large players, and only Nokian Panimo is smaller. It’s worth noting here that Evli was the lead organizer, and Evli also performed the IPO analysis. If I recall correctly, in all Evli IPOs during this period, Evli also initiated company monitoring. For clarity, I also state that we have been alongside Evli in several of their cases doing IPO analysis (e.g., Relais). 
Then, a response to the sharp observation regarding Mifid2. We have not seen any change. The problem remains that trading in smaller companies does not sustain anyone, so earnings must come from elsewhere. In addition, commissioned analysis has become part of all players’ offerings in the Mifid2 era, and this is a significantly better way to finance the analysis of smaller companies.
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Regarding Nokian Panimo, Evli is a natural choice as both an IPO and analysis partner, as the company’s main owner is Evli’s founder and was chairman until recently. An analysis client relationship with Inde could be more likely if growth investments genuinely lead to growth.
My belief is that analysis clients will gradually start flowing to Inde from these listed companies. Let’s hope that the windows to the stock market remain more open in the future and sales cycles are shorter than with Bittium before Russia’s war of aggression.
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@studentcoverage_team has given their comments on Inderes’ performance. 
Inderes’ revenue grew by 15% in November and was EUR 1.8 (1.6) million. The growth continued October’s strong development, and the combined revenue for October–November is EUR 3.6 (3.2) million, which corresponds to approximately 12–13% growth compared to the reference period. The strong development over two consecutive months is a clear boost to the exceptionally weak project revenue of the third quarter.
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Good growth figures from Inderes in November 
After the profit warning, we have received two good sets of monthly figures, and the IPO window has also picked up pace. Overall, there has been a positive sentiment in the stock markets, meaning the drivers for Inderes’ stock should also be rather positive. Yet, the share price has continued its downward trend, and for me, the only clear negative driver is potential year-end tax sales. That’s why I’m asking the rest of you, am I missing any negative developments? Has anyone in Sweden noticed any more sluggish developments? Are some investors afraid that AI will take the market from Inderes? Has Inderes faced tougher competition in some segments than before, and is future profitability no longer believed in as it used to be? Something else?
In the same context, it’s probably wise to note that the management has also not been interested in Inderes’ stock, whose valuation multiples have recovered.
Share your thoughts and tell us what threatens us as owners. Thanks in advance!
Aaron Kaartinen pondered about Inderes’ stock like this yesterday on X:
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Regarding this, I believe that the management already has such a large ownership in the company that it would not be good (even for the market) for them to increase it.
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Indeed, those 26 figures have quite high growth numbers built in if one compares them to the 2024 adjusted EPS. Will the growth materialize and from which components is likely the question?
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Inderes’s stock has poor liquidity. The only ways to sell a large quantity of the stock are to find a buyer or good news. This time, the good news was a second consecutive good month. Realizing losses can be a perfectly good reason to sell. The stock doesn’t look particularly cheap unless one believes things will improve. I myself believe in it to some extent, and on the other hand, that management will find a new growth path if the current ones don’t really take off as expected. That’s why I doubled my holdings for a significant sale. The same applies to buyers as to selling. You have to trade when there’s a counterparty. Today, perhaps 6,000 shares wouldn’t have been available.
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Here’s a fresh look at Inderes from Sebu.
Inderes delivered solid monthly sales in November with sales increasing by
15% y/y. The strong growth owes to improved CMD activity. The sales beat our
estimate by EUR 0.2m, which was the case also in October. Consequently, after
two months of reporting in Q4 the sales run-rate is some EUR 0.4m above our
current projection. Our positive read-x is also supported by the fact that
Inderes has managed to win CMDs also in Sweden.
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Greetings to the Forum!
Here is the Inderes Q4 preview we promised for this year. We also want to highlight a change in our team composition. Vilho Saarela is leaving the analyst team as he moves to new duties. The new role requires full independence from Inderes, which is why continuing in the student analyst team is not possible. Sami Tuuri will continue until the end of the coverage period and will comment on Inderes’ 2025 financial statements bulletin in February.
The student analyst team would like to thank you for the past year and wish you a happy and profitable 2026!
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Juha Ollikainen was responsible for the largest selling pressure in December, disappearing from the December shareholder list:
Pauli Lohi also trimmed 1,000 shares, and Tero Jokinen also sold a bit.
Mikko Mäkinen was then among the largest buyers, both in his own name and his company’s.
And Petri Kajaani’s Twin Engine:
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Q4 2025 Community Metrics Update
Steady growth on the forum
Social media has started to wake up
There aren’t many of us shareholders left
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@_TeemuHinkula interviewed @Tuulikki_Rautiainen about Inderes’ organizational model, among other things.
Topics:
00:00 Start 01:35 Tuulikki Rautiainen 02:44 Inderes’ organizational model 08:52 Onboarding 15:34 Decision-making 20:41 Career development 47:05 Working hours 51:32 Hierarchy 58:47 Inderes now
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Inderes would now have a golden opportunity to set up a “Small & mid-cap Nordics” fund 
There wouldn’t be a need to pay high valuations, as prices are currently down. Personally, I’ve been waiting every year to see if a fund might pop out as a surprise. It would be nicely capital-light alongside their other operations.
The customer base is already there.
Or has this topic already been discussed here? I couldn’t find anything with the search.
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Mikael has commented that the fund business would not be compatible with the goal of independence:
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Great to be back! Fulfilling a long-term dream was a fantastic experience, and at the same time, the 2-month break provided a good opportunity to clarify my thinking, walk, get bored, and also start missing intellectual challenges and colleagues. Just as intended. And it’s rewarding to see that the organization has once again developed and moved forward. I was able to trust my colleagues completely, which felt good. Pretty much the only work-related matters I had to handle were related to my role on the nomination committee, meaning I saw @_TeemuHinkula on screen a few times 
Nice to see new names on the list of largest shareholders, thank you for the trust.
On the IR side, the next item in the calendar is the financial statements on February 10th; hope to see you then!
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Hi! Great to see the book is being read so closely 
That 80m is actually correct; it was our market cap right after the bell rang when the share price doubled from the subscription price. It didn’t make any sense, and it wasn’t a healthy way to start a career as a CEO of a listed company when expectations were through the roof. The hype was wild, the business had a massive tailwind, and in the midst of it all, we failed at managing expectations when looking back at it now. Although our IPO has been widely hailed as a major success—and it was, if looking strictly at the transaction—it contains many lessons regarding life as a listed company (fortunately, I’ve had the chance to share these with future IPO candidates at various seminars and events; authentic stories with a bit of friction really resonate with people ).
Yep. At the time, I thought that was a great thing. Later on, experience has shown that a certain level of turnover is quite natural and even a good thing for both the company and the individual, especially if the company is undergoing a major transformation. It’s not realistic to expect that everyone’s goals and career aspirations will evolve in the exact same direction as the company over time.
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