OP was a bit bolder in its reaction, as they raised the target price from €10.50 to €10.70. The ‘Add’ recommendation was reiterated.
Profitability is improving, and the partial demerger could highlight the value of the Circular Economy business. On the other hand, the clearest opportunity for value creation lies in the success of the Swedish turnaround. OP considers a positive profit warning this year very possible - and if the Swedish turnaround succeeds, this is almost certain.
Let’s add from Kauppalehti’s flash news, SEB was more generous:
SEB raises Lassila & Tikanoja’s target price to 11.20 euros from 10.30 euros and its recommendation to buy from hold.
In December, you can give your opinion on Lassila & Tikanoja’s partial demerger, with extensive details that are worth reading carefully: Kutsu ylimääräiseen yhtiökokoukseen - Inderes
The shareholders of Lassila & Tikanoja Plc are invited to an extraordinary general meeting, which will be held on Thursday, December 4, 2025, starting at 4:00 PM (Finnish time) at Valkeatalo, Ilkantie 4, Haaga, 00400 Helsinki. The reception of registered attendees and the distribution of voting slips will begin at 3:00 PM (Finnish time).
Could someone please explain that one hero’s L&T “newsletter”?? eukarya.fi (the names of the writer and the company’s background person match)
I posted in the coffee room, but he points out that the aforementioned company arrangement structure (bidCo, midCo, topCo) has been formed, and he estimates that L&T would be the target of the transaction. So the fact is that the aforementioned companies have been established; the rest is speculation.
P.S. Interesting to see what will be done with this company structure. L&T is the writer’s own guess. Is this a sign that an acquisition is coming, or are these, for example, prepared and kept ready for future use? Could @Verneri_Pulkkinen perhaps comment on this?
Well, at least we still got a weak positive
The reaction to this positive news was quite mild, although this positive news wasn’t a game-changer either. In any case, it seems that things are moving in a better direction for Sweden, and that’s good news.
Message combined into thread: I just bought/sold just now (Part 7)
This is indeed peculiar. I don’t quite understand who this is aimed at. Regarding the takeover bid idea itself, I don’t understand why a buyer would want to buy the entire L&T specifically before the demerger, if the Facility Services were to be sold anyway. One would think it would be easier to make an offer in January for the independent circular economy side, if that’s what they’re after (or try to buy it from the company before separate listing). Of course, if one assumes that the whole package can be acquired cheaper before the demerger, then so be it, but I wouldn’t be very convinced of that.
Without taking a stance on this idea, the two new companies demerging from L&T could indeed be quite relevant acquisition targets for some, especially compared to the fact that the current entity poorly suits a single buyer.
Here’s a fresh analysis on that. Indeed, the new guidance was weaker than our previous expectations, and according to it, H2’s adjusted operating profit will at best be at last year’s level, as H1 results were already 5 MEUR ahead of last year, and now the full year guidance is for an improvement of 1-5 MEUR. Not exactly positive news then. We have therefore turned to a ‘reduce’ stance, as the share appears fairly priced.
SEB has drawn different conclusions from the positive profit warning or the approaching partial demerger is weighing, from Kauppalehti’s flash news:
SEB raises Lassila & Tikanoja’s target price to 11.50 euros (previously 11.20 euros), buy recommendation unchanged
OP was also in a bullish mood:
OP raises Lassila & Tikanoja’s target price to 10.80 euros (previously 10.70 euros), reiterates add recommendation
Invitation to the Capital Markets Day, which seems to coincide with the Messukeskus Investor 2025 event. Naturally, it can also be followed online in real-time. Flik’s studio in Sanomatalo will see use again, which is naturally positive for us Inderes shareholders: Kutsu Lassila & Tikanojan pääomamarkkinapäivään 26.11.2025 - Inderes
An article in Kauppalehti published on 23.10.2025 writes about 7 companies that are undergoing a transition phase. L&T is one of these mentioned companies. The tone of the article is positive. L&T’s challenge right now, as I understand it, is that achieving growth within the company’s “economic horizon” is challenging. The article indeed states that the best “growth” will come from the reduction of losses in the Swedish real estate sector. As my “gut feeling” tip for the future L&T company focusing on the environment, it would be worthwhile to try to “drive a trend” for environmental online services to achieve growth in Finland. That is, they should try something similar to the profitable approach by which Caverion once came up with the idea of investing in the “smart electrification” of properties.
@Rauli_Juva has typed up an earnings preview with Wednesday’s earnings release in mind. Below is already a “positive profit warning” that did not resonate positively with Rauli’s forecasts: Lassila & Tikanoja Q3’25 -ennakko: Päivitetty ohjeistus tarjoaa riskiä lähinnä alaspäin - Inderes
Q3 revenue was EUR 199.5 million (192.3). Revenue increased by 3.8%.
Q3 adjusted operating profit was EUR 20.1 million (20.0), which was 10.1% (10.4) of revenue. Operating profit was EUR 18.2 million (18.9), which was 9.1% (9.8) of revenue. Earnings per share were EUR 0.33 (0.35).
January-September revenue was EUR 571.4 million (576.5). Revenue decreased by 0.9%.
January-September adjusted operating profit was EUR 37.7 million (32.7) and operating profit was EUR 34.9 million (28.2).
January-September net cash flow from operating activities after investments was EUR 11.4 million (12.2).
January-September earnings per share were EUR 0.63 (0.51) and net cash flow from operating activities after investments per share was EUR 0.30 (0.32).
On October 15, 2025, the company specified its outlook for 2025 regarding adjusted operating profit. As a result of stable development in the first half of the year, and especially the improved adjusted operating profit of Property Services Finland and Property Services Sweden, the company estimates the adjusted operating profit for 2025 to be EUR 44–48 million.
I’ll also include a link to the result, so it’s easier to find: Lassila & Tikanoja Oyj:n osavuosikatsaus 1.1. - 30.9.2025 | Kauppalehti
The fact that the Swedish real estate side is already in the black was indeed the most positive takeaway, opening up entirely new possibilities if a sale is desired after the demerger.
And here are @Rauli_Juva’s quick comments: Lassila & Tikanoja Q3’25 -pikakommentti: Tulos odotuksiemme mukainen - Inderes
@Rauli_Juva has typed up a report regarding the result; the view has not changed, i.e., we remain on the “reduce” side (read: hold). The report also reviews the valuation of new companies starting at the beginning of next year: Lassila & Tikanoja Q3'25: Ruotsin käänne eteni hyvin - Inderes
SEB remains on the buy side, from Kauppalehti’s flash news: SEB lowers Lassila & Tikanoja’s target price to 11.40 euros (previously 11.50), reiterates its buy recommendation.
Yeah, @Rauli_Juva, sometimes by oversight one reads past the recommendation and target price 
Hey, the report has clearly been read and an interpretation made, great 
I won’t argue with that
