Thanks for the interesting data compilation 
For me, this data raised more thoughts about the rather divided nature of the group:
The first group consists of those who demand both the realization (if not exceeding) of high earnings expectations AND the continuation of an excellent market sentiment. For example, Qt’s earnings should almost double and Efecte’s almost quadruple, yet the multipliers are still very high even for next year. These stories cannot have major (if any) wrinkles, or significant declines will be seen.
| price 15.9.21 | change (%) | cap, Me | ev, Me | ev/s21 | ttm-p/e | p/e21 | p/e22 | |
|---|---|---|---|---|---|---|---|---|
| Admicom | 93.7 | 402 | 461 | 446 | 18 | 61 | 52 | 44 |
| Efecte | 15.7 | 180 | 97 | 91 | 5.3 | 218 | 276 | 74 |
| Fodelia | 7.84 | 57 | 68 | 1.8 | 140 | 45 | 24 | |
| LeadDesk | 22.9 | 122 | 123 | 4.8 | 79 | 58 | ||
| Musti | 34.06 | 1142 | 1260 | 3.6 | 49 | 50 | 41 | |
| Optomed | 11.55 | 160 | 10 | |||||
| Qt | 159 | 1803 | 3987 | 3990 | 32 | 188 | 172 | 92 |
| Remedy | 40.75 | 428 | 532 | 476 | 10 | 49 | 43 | 46 |
| Revenio | 60.55 | 281 | 1615 | 1630 | 20 | 93 | 81 | 59 |
| Talenom | 14.32 | 412 | 637 | 665 | 8.2 | 60 | 56 | 42 |
Then there is the second (larger) group, which in my opinion does not look particularly expensive, let alone bubble-priced. Of course, these also require the continuation of the current (good) earnings development. However, this year’s valuations are “only” 15-30, meaning no unreasonable excesses. I would even see clear upside potential in these if forecasts are met, as many P/E ratios for next year at current prices are even low (e.g. Glaston 11, Solteq 14 etc.).
| price 15.9.21 | change (%) | cap, Me | ev, Me | ev/s21 | ttm-p/e | p/e21 | p/e22 | |
|---|---|---|---|---|---|---|---|---|
| Boreo | 73.8 | 854 | 193 | 226 | 1.6 | 38 | 30 | 23 |
| Fondia | 7.22 | -48 | 28 | 24 | 1.1 | 51 | 25 | 16 |
| Glaston | 1.19 | -27 | 99 | 121 | 0.7 | 23 | 11 | |
| Gofore | 20.3 | 118 | 305 | 289 | 2.8 | 35 | 27 | 25 |
| Harvia | 50.8 | 764 | 946 | 988 | 5.4 | 34 | 27 | 22 |
| Incap | 50.6 | 739 | 296 | 302 | 1.9 | 19 | 17 | 15 |
| Kamux | 13.28 | 105 | 530 | 608 | 0.6 | 23 | 22 | 19 |
| Marimekko | 67.9 | 271 | 550 | 549 | 3.6 | 27 | 25 | 26 |
| Nurminen | 1.18 | 198 | 90 | 126 | 0.9 | 15 | 17 | |
| Orthex | 10.66 | 189 | 217 | 2.3 | 47 | 19 | 16 | |
| Rapala | 9.36 | 165 | 360 | 396 | 1.5 | 12 | 16 | 15 |
| Relais | 24.6 | 439 | 518 | 2.2 | 50 | 21 | 18 | |
| Scanfil | 8.06 | 72 | 519 | 549 | 0.8 | 16 | 15 | 14 |
| Sitowise | 8.06 | 283 | 315 | 1.8 | 45 | 24 | 18 | |
| Solteq | 5.6 | 293 | 108 | 133 | 1.8 | 23 | 17 | 14 |
| Solwers | 7.4 | 62 | 1.3 | 26 | 20 | |||
| Tecnotree | 1.23 | 2137 | 385 | 395 | 5.7 | 21 | 21 | 16 |
| Tokmanni | 22.44 | 205 | 1321 | 1670 | 1.4 | 17 | 16 | 15 |
| Verkkokauppa | 8.21 | 83 | 370 | 372 | 0.6 | 22 | 21 | 19 |
This was a very quick and rough division, and for individual companies, one might question whether some of those in group 2 should have been moved to group 1 (e.g. Boreo, Marimekko, Harvia or Gofore), but it doesn’t change the overall picture that, in my opinion, small companies still offer good potential investment cases despite the strong rally in recent years.