If the debt burden can somehow be melted away (a directed share issue?), then perhaps… It will also require a change in management, because as I understand it, the employees’ trust in the current management is extremely weak, which in turn drives the most talented people away from the company. Acquisitions combined with dividend distribution decisions and share buybacks in a situation where the balance sheet is already completely in shambles do not convince me, at least. Quite a few poor capital allocation decisions have been made overall.
However, Netum has long and deep customer relationships and pretty good competence. Because of those things, under the right management, operations could still be very healthy someday. Assuming, of course, that AI doesn’t disrupt most of the business.
Köngäs seems to have been buying fairly steadily throughout the company’s stock market history, so I wouldn’t draw any major conclusions from that.