The more recent decline might be due, for example, to this: Ponsse ja Kesla: Deere aloitti muutosneuvottelut Joensuussa - Inderes
plus the fact that the overall situation at Kesla remains uncertain. My own investment case is purely based on guesswork and a gut feeling that that one large defense order simply “can’t” be a one-off. Once more like that come in, the narrative changes in an instant. But it’s very speculative. Hopefully, the core business performs well at the same time, but I’m not expecting great things from it—nothing more than a basic foundation.
Edit: the market cap is indeed really small, and even Inderes’s forecasts for next year project an earnings turnaround and a positive result. On the flip side, there’s high indebtedness.
As a reminder, here is that large, widely reported order from March: Keslalle suuri 17 MEUR:n tilaus NATO-maasta - Inderes and “Deliveries for the order will begin in early summer 2026 and continue until spring 2027”