Pyynikin Brewery (Pyynikin panimo) has also progressed, as it made an export deal with Lidl.
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I went to check it out.
The growth targets do indeed include all the good things and then some. A realist might halve the growth.
The valuation for a heavily loss-making company with a turnover of just over a million is quite challenging, but if even half of that revenue growth target materializes, the case could be good from a 5-year perspective.
The biggest threat is that probably nothing prevents competition from emerging. For an industry where profit percentages hover above 50%, one would expect a rush of competitors. I can’t think of any moat that would prevent competition from arising.
With competition, the margins presented in the forecasts will not hold.
This, with its forecasts, belongs to the “too good to be true” category; it will not bring the kind of success presented in the forecasts, but growth is certainly in the cards. The amount and quality of competition will largely dictate how successful this ultimately is.
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Pyynikki has made some deal in Japan
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St1 shares to be offered through Privanet.
“For the first time, St1 shares are being offered to the public and will be listed on Privanet’s main list of unlisted large companies.”
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Has anyone called for more information regarding pricing?
Does anyone have any experience with shares bought through Fundu? Do they stay in Fundu’s portfolio, what are the fees, etc.? I can only quickly find information about their lending services, nothing about share offerings.
I’m looking forward to Uroksen’s listing.
What do the Forum members think of Naava? The company’s name is Naturvention Oy. Apparently, there will be new content in the fall, and maybe an IPO at some point?
I’m mostly bitter towards them because for years I’ve had a similar contraption as their green wall as a project, and I even thought about starting a company. My device is a bit more complicated, though.
Well, what can you do about laziness.
Edit: lichen, I mean
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Impressive work for a long time now. 2017 was heavily loss-making, but they managed to curb losses last year while still increasing sales. They should just keep the pedal to the metal to truly enter the global market. I participated in the previous share issue on Invesdor, and this will probably be my first unlisted listing. Is this new share issue official information? I haven’t come across it.
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No official information, but heard directly from the company’s management
Let’s stir up some discussion:
Viria is a company that has transformed from a telephone company into a holding company standing on three legs. The business areas are security, information, and real estate. Those interested can find more information on the company’s website.
I’ve been thinking about the company’s pricing for quite some time. At a share price of 17 euros, the company’s market value is approximately 90 million euros. The balance sheet, until this year’s Auerolis transaction, holds about 62 million euros in cash and financial securities. Debt amounts to 32 million euros. Thus, the business is valued at 60 million euros. Is this a lot or a little? The best answer to this question is likely provided by EV/EBITDA.
The company’s adjusted operating profit (EBITDA) is 5.5 million euros. The adjustment adds depreciation and impairment to operating profit and does not account for financial assets sold from the balance sheet, such as DNA shares. This provides the most realistic picture of how the business generates money for the company. Thus, the company’s EV/EBITDA is calculated as (market value + debt - liquid assets) / (adjusted EBITDA), or (92 + 32 - 62) / 5.5 = 11. The stock market average in 2016 was 9.7.
Other key figures:
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P/B = 92/118 = 0.78. This is low, but if goodwill, which is 46 million, is removed from equity, the same figure becomes 92/(118-46) = 1.28. The share immediately becomes less attractive.
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The equity ratio is at a safe level of 79%.
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Return on capital: invested capital yielded approximately 13% and equity approximately 11%. These levels are acceptable, but there is definitely room for improvement.
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Dividend yield: the proposed dividend is 1.9€ per share, resulting in an attractive dividend yield of 11%. The proposed total dividend to be distributed is 1.9€ * 5.47 million (number of shares) = 10.4 million euros. Any investor can see that the EBITDA (5.5 million €) or cash flow from operations (5.2 million € for the group, -3.5 million € for the parent company) is not enough to cover this. Also, in the long term, I consider it unlikely, though not impossible, that the company could generate enough cash flow from its operations for a dividend investor to receive a growing dividend-paying share from Viria.
Summary: The company is very expensively priced given that it is shrinking and distributing money from one pocket to another. The current pricing also does not take into account the liquidity discount appropriate for an unlisted company. I would see EV/EBITDA as the most important key figure, which allows for the company’s pricing based on an otherwise confusing annual report full of adjustments and items hindering annual comparison. The company’s pricing also does not receive support from the dividend yield as long as it is paid by reducing the balance sheet rather than from business operations.
I form my own acceptable pricing as follows: an acceptable level for EV/EBITDA is the average of comparable companies on the stock exchange minus a liquidity premium of 25%. A sustainable dividend, in my view, is 1€, which is EBITDA/number of shares. The dividend yield should be the average of comparable companies on the stock exchange plus the same liquidity premium of 25%. These figures are EV/EBITDA 10*0.75 = 7.5 and dividend yield 5% * 1.25 = 6.25%. Based on the dividend yield, the acceptable price is 16 €, and based on EV/EBITDA, it is 12.9 €. Let my own purchase price be the average of these, 14.45 €. However, it must be noted that the risk premium of 25% for the dividend yield, in particular, is rather low, so 14.45 € is the absolute upper limit for pricing.
What thoughts does the pricing of Viria or other shares on Privanet’s trading platform evoke in other Inderes forum members? My own observation is that, at first glance, companies appear attractive and cheaply priced, but when you look a little deeper, there are no free lunches.
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I myself have invested (small sums) through OP’s crowdfunding in Suomisen Maito (Jymy ice creams), Papu Design, and Biosafe. Through Invesdor, I have Injeq, Oceanvolt, Solwers, Yeply, and Myssyfarmi.
Of these, I’ve been most satisfied with the progress of Suomisen Maito and Biosafe. Other companies have perhaps struggled a bit with their pace, or their communication has been unfortunate. It would be interesting to hear perspectives/updates if any experts have holdings or information about the situation of these companies 
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Oceanvolt did not receive the loan advertised by Nordea during the previous round. 2019 was below expectations, and soon they’ll be back on Invesdor because they’re out of money. Better cases can be found on Seedrs (though fewer domestic ones). https://www.seedrs.com/
Too bad, I suspected Oceonvolt and Injeq had the highest potential to make it big, but so far it feels like more money is needed before anything major happens. This was, of course, somewhat known already.
Similarly, Jymy, Papu, and Myssyfarmi are nice to own, even though I don’t believe they have the potential for explosive growth. But Jymy is already making a positive profit, and pine ice cream is the best thing ever 
They even paid a small dividend, but I didn’t care much for that decision.. Papu and Myssyfarmi, on the other hand, constantly get orders from the missus, so I tried to get at least something back from those funds by investing.. 
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Would it be possible to get a list of currently active crowdfunding platforms that actually have open funding rounds right now?
Seedrs, Crowdcube, Companisto, Funderbeam, FundedByMe, Invesdor, and Springvest. Those are probably pretty much the best in Europe (well, Seedrs and CC are in the UK). Seedrs and Funderbeam also have a secondary market, meaning more liquidity than the others.
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Where did you find this information?
From the AGM slide deck I got in an email.
Here, a small ownership in Yeply. They have sent me a lot of emails this early year (at least monthly) about the situation, corona, the annual general meeting, and the cash situation.
Growth seems to be continuing, and operations are intentionally unprofitable for now. Corona is seen as both a threat and an opportunity. Some services have stopped, some have continued normally - for example, restrictions in Germany and Finland have affected things differently, and consumer (unchanged) / business sales (disappeared) have reacted in different ways. In the longer term, corona may (emphasis on “may”) also support the trend towards cycling (as do climate concerns). New business models had already been tweaked (and partly started last year, such as the maintenance contract with Tunturi bikes).
I still consider this a good project, and the ability of the creators to react quickly to the situation is a positive sign in my opinion. The company is, however, heavily unprofitable and has growth ambitions, so there is a real possibility of running out of money. My own investment case is based on the idea that it’s about 50/50, and in a positive scenario, the value more than doubles.
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