I don’t know if you can or want to answer, but I’ll ask anyway since you also mentioned Sitowise.
If you had to choose, say, with a 2-year investment horizon, which of these two for the portfolio: Solwers or Sitowise?
Our views on companies are for one year ahead, and currently, Solwers is a “buy” and Sitowise is a “sell”. I also remind you that we are not allowed to give personal investment advice, so asking which one to add to your portfolio is a bit problematic from that perspective.
More detailed justifications for our views can be found in the companies’ analyses.
In the big picture, both companies are in roughly similar situations, where at the bottom of the cycle, the debt-to-earnings ratio has risen high, and now the question is how quickly earnings can be expected to recover.
Looking further ahead, I also see potential in Sitowise if things can be sorted out in Sweden, but we are now waiting for clearer signs of this. In Finland, Sitowise has, in my opinion, succeeded very well, but in Sweden, things are currently going very poorly, and at least some of the acquisitions seem to have failed.
Solwers also has some misses in Sweden based on 2024 figures, such as ELE Engineering, but mainly successful acquisitions that overshadow the misses.
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Solwers’ new CEO Johan Ehrnrooth and Communications Director Jasmine Jussila were talking about their company as an investment at the Investor 2025 event. 
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There’s the first step into Poland 
Get the foundation in order first through financial management and accounting 
First acquisition in Poland for Solwers
Solwers Plc, Press Release, December 18, 2025 at 19:15
Solwers Plc’s subsidiary Solwers Poland Sp. z o.o. has today signed an agreement to acquire the entire share capital of Szwak & Spółka Sp. z o.o. The company will be reported as part of the group starting from December 1, 2025. Located in Poznań, Poland, Szwak & i Spółka Sp. z o.o. operates in the fields of financial consulting, accounting, and payroll. The operations are characterized by automation-based, digitized processes and a strong corporate culture. The customer base includes approximately 250 companies, ranging from small sole proprietorships to large listed companies. The company was founded in 2009 and employs approximately 30 financial management professionals. Revenue in 2024 was 8.2 million Polish zlotys, and the adjusted operating profit margin was approximately 24 percent.Expansion into new markets is part of Solwers’ growth strategy. The acquisition of local financial consulting strengthens future acquisitions and will also support other group companies in the future. Solwers now includes three financial management expert companies: in Finland, Sweden, and Poland.
The new CEO has also been shopping in the stock market.
The
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It is encouraging that the new CEO has plenty of confidence. He has, however, already had time to familiarize himself with the subsidiaries at this point. I spoke with him at the investment fair, and that was the plan for the first few weeks.
Here are our comments on Poland
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Here are Olli’s comments on Solwers’ second new acquisition.
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Olli has published a new company report following recent developments.
Solwers announced acquisitions in Poland and Sweden before Christmas, and we have now added them to our forecasts. We take a neutral view of the deals based on current information, as the highly profitable targets increased our earnings forecasts, but at the same time, they slightly raised the company’s already high leverage, which also keeps the risk profile elevated. We reiterate our target price of EUR 2.5 and our Accumulate recommendation.
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Solwers’ updated comprehensive report is available here for free. No changes were made to the forecasts, but the company’s situation was reviewed comprehensively.
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Olli and Iikka discussed Solwers in light of the extensive report.
Topics:
00:00 Introduction
00:10 Solwers as a company
00:52 Have the acquisitions failed?
05:02 Is debt a concern?
09:05 Forecasts
11:33 Risky “Accumulate” rating
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