Currently, there’s a small iceberg in the order book at 9.20, after which the path is pretty much open:
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I’ve been fueling up from that.
Now I have so much on board that I have to leave the icebreaking for others to enjoy! 
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7.50 kh is being held now. I won’t add more at this price. I already have a suitable position.
What’s up with the course curve looking like a dead man’s heart rate for the past week? 
It will rise when sales coming through Danske Bank stop. According to my calculations, there are less than 10k units left of these. After this, we will probably be close to ten.
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Where/how do you get this calculated?
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When watching the 9:20 sell level in the pre-market auction from 9:45-10:00, I spotted ~30k shares the day before yesterday and ~23k yesterday, if I recall correctly. This only flashes briefly (if at all), so it requires vigilance and a quick F5-finger. It’s because the iceberg condition is only changed after the order is entered. Yesterday, ~10k were sold through Danske, so ~10k are still left.
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Clever! Good to know 
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The closing auction showed 8.4k orders, of which 1k were executed through channels other than Danske. This aligns with my previous observations. So, this setup would leave ~7-8k for next week. Not much left then.
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How does the completion of a large office building (Seinäjoki) typically affect a company’s results? Does it have any impact?
Initially, costs will increase, and over time, it should start to generate profit.
"# Press release
17.1.2020
Oma Säästöpankki has been serving customers in its new office in Seinäjoki Keskusta for a month now, on the edge of Keskustori at Keskustori 3." Release
The building was taken into use in December, so no depreciation may be made yet. If it is made, it will be for 1 month. The new space is 1400 square meters, and if the price had been 4,000€ per square meter, the price would be 5.6 million. (I have no idea what something like that costs)
“The acquisition costs of buildings and other depreciable tangible and intangible assets are depreciated on the basis of their economic useful life according to a pre-prepared depreciation plan using straight-line depreciation. The depreciation periods are 10–40 years for buildings and structures and 5–8 years for machinery and equipment. Land areas are not depreciated.” Annual report
Depreciation can be made from this according to the depreciation plan at 140-560kEur per year.
"The amount of depreciation for the tax year may not exceed:
- 7 percent of the undepreciated acquisition cost, if the building is a shop, warehouse, factory, workshop, economic, power station, or other comparable building," EVL
The maximum depreciation amount approved by the tax authority is 7% or 390kEur, of which the tax effect is 20% or 78.4kEur. So, if no depreciation is made for last year, there could be a positive impact of 78.4kEur on the result. The impact on this year’s result is, however, quite small, even if the building were depreciated over 10 years. However, that 7% probably limits the maximum depreciation to 390kEur.
By the way, why did OmaSP have to build the Seinäjoki office itself on its own balance sheet? I really don’t understand how a bank promotes shareholder value growth in that way. It would be better to rent.
The purchase price also seemed to be in the annual report.
“Oma Säästöpankki signed agreements in September 2018 regarding the acquisition of new business premises to be completed in Seinäjoki in 2019. The total purchase price of the agreements was EUR 2.3 million.”
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Well, if 1,400 square meters on the edge of the market cost 2.3 million euros, then this is really affordable. Of course, they’ve sold dozens of apartments from the same building at a good price, so maybe their own space really is half-price. Based on the pictures, it’s a really nice and modern office space.
Edit. So, that space comes with a bunch of housing company debt, in the modern style, and the apartments were sold by the construction company Rajala. The plot was owned by OmaSp, so it’s a bit more complicated, but it’s impressive premises and hopefully it will bring in new customers!
I don’t know anything about the Seinäjoki real estate market, but generally speaking, keeping the head office property on the balance sheet is not very sensible. For example, in Helsinki, Marimekko has sold its property and OP (Osuuspankki) is planning to sell theirs. A bank is hardly a better property owner than professional owners. Furthermore, it’s an unnecessary burden on the balance sheet and ROE (Return on Equity) may suffer.
Nowadays, even rented premises burden the balance sheet, so it probably doesn’t have a very big impact on it. Some professional real estate company would probably be happy to manage this. However, it’s quite easy to operate in one’s own premises if you need to make changes, for example. Obtaining financing is probably quite easy to arrange. By the way, those Covered Bonds have a slightly nicer interest rate than old bonds.
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Yes, at the current interest rate, it makes sense to own your own business premises.
Now banks and insurance companies have moved either to higher floors or further away from city centers because the landlord’s greed is oppressive.
Coincidentally, I know that many banks have only managed to get rid of their premises by making an unfavorable lease agreement themselves.
And Nalle (Björn Wahlroos) once sold Sampo’s buildings from the corners of Aleksanterinkatu and Mikonkatu… Didn’t Handelsbanken buy one of them or something.
The buildings might be double or triple (in value) now + good rental income, who knows what’s smart in the long run.
An Ideapark has just opened in Seinäjoki, which has caused the city center to become quiet. In this light, building one’s own premises in the city center is strange.
Owning property in the heart of Helsinki is a bit different from Seinäjoki.
The interest rate level should not matter when deciding whether to buy or rent business premises. Here, one should look at the yield, which is somewhat comparable to the interest rate level. I’d guess that the yield in the Seinäjoki 1 area could be around 4-5%, which is lower than the bank’s target for its own equity. Thus, renting could be more profitable.