Let’s start a new thread here to await the comprehensive company report to be published in October (this is a new company for Inderes monitoring).
iLOQ’s listing plans are postponed ILoq otti jatkoajan pörssipohdinnoissa: Selvitys mahdollisesta listautumisesta valmistuu vasta ensi vuonna | Kauppalehti
That article was published shortly after Olli released his extensive research on Sievi, which can be found here Arvostus on karannut pahasti - Inderes
7 Likes
Let’s wake up this thread. If you investors have any questions regarding Sievi Capital, fire away. My phone has certainly been ringing this morning with calls from private investors regarding the iLOQ divestment, so there seems to be interest. Sievi Capital is now moving into a new era as the iLOQ ownership is replaced by cash. The company’s future direction will be determined by how successful it is in its upcoming investments.
5 Likes
After the sale of iLOQ, there’s not really anything interesting left in the portfolio, so everything boils down to this: what’s next?
It’s quite challenging to find a suitable growth company with a suitable valuation in this market situation.
2 Likes
iLOQ was indeed by far the most interesting company in the portfolio, with strong competitive advantages. The business operations of the other holdings, especially (Suvanto and KH), are more linked to the development of the surrounding economy. Sievi has not bought new companies for a while, which is partly due to strong competition for investment targets. However, as the cycle continues to decline, good investment targets may start to emerge with suitable valuations. From an investor’s perspective, I consider it a good thing that the current management has been selective in its investments and no misses have occurred yet.
6 Likes
Sievi Capital’s Q3 review this morning was broadly in line with our expectations. Indoor Group’s Q3 performance was slightly better than we expected, while cyclical Suvanto Trucks performed weaker. What was said about KH-Koneet was largely in line with our full-year expectations, and it continued to perform well despite the weakening market situation.
2 Likes
Invitation to an Extraordinary General Meeting
Sievi to pay an additional dividend of €0.15
Sievi Capital acquires Saurus Oy and Vema Lift Oy
In my opinion, based on the key figures, this looks like a pretty good case. It’s great to see that there are still good companies available for acquisition and Sievi can follow its strategy.
4 Likes
I was interested in that extra dividend, so I bought some. It’s quite hefty compared to the share price, plus there’s the regular dividend on top of that.
2 Likes
Jussi Capital seems to be selling off a lot, as per their plan, because they want their ownership to be under 50%, so there’s plenty to sell. We’ll see if there will be bigger block trades later; currently, only Mandatum is involved among the asset managers.
I’ve been trying to read Inderes’ reports, and the target price formation remains a bit unclear. Before the latest acquisitions and the announcement of an additional dividend, Inderes’ target price was 1.30. Now, Inderes states that the market immediately priced in the new acquisitions, and therefore the new target price is reduced to 1.40. Almost in the same breath, the analyst states in a video that after the additional dividend is detached, the target price will also drop by the same amount, i.e., it would be 1.25. It is also mentioned that they will wait for better buying opportunities. Of course, it is clearly stated that the additional dividend should not be the only reason to invest in Sievi now. It feels like I’m missing something in this equation 
I myself receive the additional dividend tax-free into my equity savings account, and I believe that Sievi Capital’s value creation will continue to be successful, so I’m not worried about my purchase, but Inderes’ valuation or, rather, its consistency remained a bit unclear @Olli2
2 Likes
I also bought it after the news. Maybe a slight FOMO purchase. The intention was to buy Kamux and/or Sievi during the week. Sievi’s announcement came before I could decide. I then bought it later in the day for 1.40 when I realized that it hadn’t risen by the full dividend amount.
Thinking about it more closely, the only news was that Sievi is unable to find new investment targets quickly enough for the entire sum. The positive aspects were already known.
1 Like
Hi Nukkekukuttaja,
Our valuation is based on Sievi Capital’s sum of parts. We turned our recommendation to “add” at the end of November, when the share price had fallen to 1.2 euros and the sum of parts looked like 1.3 euros. Now, after the acquisition, the sum of parts rose to 1.36 as part of the net cash was converted into ownership through the acquisition, but at the same time the share price rose to 1.4 euros, which is higher than the sum of parts. The additional dividend reduces the company’s net cash, which will have a negative impact on the sum of parts.
4 Likes
Thanks for the answer, maybe I was confused by “the promising acquisition was immediately priced into the stock”. It seemed to me that only the additional dividend was priced in. However, the share price rose to 1.28 at the turn of the year, as if anticipating the acquisitions and additional dividend reported on January 7. So do I understand correctly that when the company distributes an additional dividend of 0.15, the sum of the parts is only 1.21!? It seems everything needs to be explained to me in great detail
Addition: Of course, I don’t mean that analysts should take a stand on daily share price changes. But indeed, when one carefully goes through Sievi’s earlier company reports, the matter begins to clarify even for me. Overall, it appears that the market is currently willing to accept a small premium in the sum-of-the-parts calculation.
Yes, that’s correct, the sum of the parts will drop to 1.21 euros after the dividend detachment, if all other parts remain the same.
1 Like
Suvanto’s CEO is leaving. 
https://www.inderes.fi/fi/tiedotteet/suvanto-trucksin-toimitusjohtaja-vaihtuu
2 Likes
Has anyone kept track or can one see somewhere, how many shares have been sold through Nordea in the last two weeks or so!? I’m mainly interested in how much Jussi Capital (I assume this is the one) can reduce its ownership now that trading is active before the additional dividend is detached. Of course, this can also be seen in February when the public ownership register is updated. @Olli2 !?
I welcome these sales with joy, because the ownership base expands, liquidity improves, and Jussi Capital has stated its goal is to own less than 50%.
The trading has been so active that Jussi Capital is likely selling as planned. Yes, in terms of the stock’s liquidity, it’s a very good thing that the ownership base is expanding.
2 Likes
Additional dividend
The Annual General Meeting decided that an additional dividend of EUR 0.15 per share be paid for the financial year ended on 31 December 2018. The dividend will be paid to shareholders who are registered in the company’s shareholder register maintained by Euroclear Finland Oy on the dividend record date. The dividend record date is 31 January 2020 and the dividend payment date is 12 February 2020.
Am I misunderstanding something - aren’t I entitled to the additional dividend even tomorrow?
However, the share price has already fallen by the amount of that additional dividend.
1 Like
Yesterday was the latest you could own the shares to be entitled to the dividend on tomorrow’s record date. Today is the ex-dividend date.
Addition: Today’s purchases or sales have no bearing on the dividend in either direction.
I was already wondering if this was a special situation, but Nordnet just hasn’t updated the ex-dividend date. In itself, it was known that the dividend should detach on the AGM day.
1 Like
The general meeting was yesterday, so the dividend ex-date is today.