One should probably look at the group’s previous mergers and consider how they turned out.
Perhaps the track record shows Summa’s chances of success?
It’s operating at a loss and the market value is that. Quite drastic.
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I have bought a small amount of Meriaura shares now, but at the same time, I’ve been wondering what the calculated upper limit might be. That merger prospectus is very difficult to understand, and at least for me, it’s impossible to calculate any theoretical upper limit for the current Meriaura share price. Perhaps dilution also lies ahead later? It now seems to have settled at €0.069. Has anyone done calculations? But nevertheless, it’s a very interesting case, and let’s hope for success for Summa.
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According to the previous announcement, 11.9% of the future publicly listed company Summa Defence Plc will be owned by Meriaura’s current shareholders. With a market value of 52.01 million euros, the market value of Summa Defence is 437.06 million
EBITA 4 million in the red. Good luck!!!
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Now the entire Meriaura saga also leaves definitive questions. Not that there would have been any hope in Savosolar’s story for the last decade (?). Yet Meriaura went public, only to buy its company back soon after. One cannot speak of any long-term plan, at least. Didn’t they know what they were buying?
Initially, there was talk about how marine logistics and renewable energy would work hand in hand into the future, but surprisingly soon, some of the marine operations were transferred back to family ownership (too cheaply from the owner’s perspective) and now the rest as well (too cheaply again). At least, creating shareholder value was not a priority for Meriaura.
What was ultimately behind this reversal then? Or was Summa Defence’s offer just so irresistible, when some price was obtained for the solar energy junk and they got rid of it? The entire Meriaura reversal was ultimately one big question mark.
And then add Pyylevä’s Kauppalehti link (about the background owners), and finally the ex-CEO who had branched out in Enersense… LOL, what a mess.
Of course, it’s good if the valuation is sky-high at the beginning, so share issues can be made at an outrageous valuation and more miscellaneous goods can be bought for the general store. Perhaps sometime later it will be time to jump in - with the share price significantly lower and assuming that things have started moving somewhat logically. At this stage, it is still difficult to find logic, unless it is purely in the defense industry hype.
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I recommend extreme caution to everyone with this - I myself wouldn’t touch with a ten-foot pole any company where this Kankaala is involved, a very unreliable-seeming type, and I don’t believe for a second that he would have small investors’ interests in mind.
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I totally agree. Nyabissa said that everything was just beginning, and a moment later he sold his ATL shares and either left or was dismissed from the company’s board of directors.
The company was still doing better than ever in its history. Yet, this quick realization due to Summa Defense.
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"Summa Defence Oy is establishing a joint venture with the Ukrainian AI company Griselda, in which Summa Defence will hold a majority stake. The joint venture will strengthen Summa Defence’s technological capability in utilizing data and artificial intelligence and in creating real-time situational awareness.
Drones play a key role in data production. Griselda complements Summa Defence’s drone system entity in forming situational awareness.
The cooperation aims to strengthen the defense capabilities of Europe and partner countries by developing and implementing advanced technologies that enable real-time, AI-assisted data processing at all stages, from collection and analysis to decision-making. This provides a significant advantage on the battlefield, for example in Ukraine.
“Information about the enemy plays a crucial role in warfare. Griselda is involved in the war in Ukraine in creating this information, and its unique AI tools and algorithms provide real-time situational awareness and accelerate decision-making on the battlefield. Together with Summa Defence, these tools will be made available to NATO countries and complement Summa’s ecosystem,” states Jussi Holopainen, CEO of Summa Defence Oy.
Summa Defence brings together companies in the defense and security industry and creates a new strong growth company in the sector. The company’s acquisition strategy focuses on companies that have already demonstrated the applicability of their technologies to civilian markets in addition to the defense industry. These companies must have the passion and capability to grow internationally, especially in NATO member countries. Key is also the owners’ desire to continue working on developing and growing the company. The companies will continue to operate under their own identities and will be able to leverage the group’s internal synergies and participate in larger international projects."
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Somehow, I can’t quite get a grip on this. In itself, all this business activity related to defense and weapons is likely to grow for years to come. But this is somehow so “hazy” that there’s just no understanding. So, is there already a good reason to pass on this opportunity…
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They are heavily capitalizing on the trend, even Ukraine has already been included in the news.
It’s a bit like when Skarta immediately acquired a hydrogen car for the CEO.
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Summa Defence’s estimates for 2025.
Incl. Meriaura Energy.
Strong growth is predicted for revenue and a direct turnaround for adjusted EBITA.
Summa Defence estimates the group’s revenue to be 110–140 million euros and adjusted operating profit (EBITA) to be 9–12 million euros in 2025
Fri, Feb 21, 2025 09.00 CETReport this content
Summa Defence Oy
Press Release 21.2.2025 at 10.00Summa Defence Oy estimates the Summa Defence Group’s 2025 revenue to be 110−140 million euros and adjusted operating profit (EBITA) to be 9−12 million euros. The estimate is based on Summa Defence’s target companies’ confirmed order book of approximately 200 million euros, partly already in production, as of 21.2.2025. The share of the defense sector and other public procurements in the order book is approximately 66 million euros.
Summa Defence’s target companies are Lännen Tractors, Aquamec, Uudenkaupungin Työvene, IntLog, and Lightspace Technologies. They are intended to become subsidiaries of the Summa Defence Group through share exchanges approximately at the beginning of April 2025, as announced on 29.1.2025. The estimate for revenue and adjusted operating profit development is based on a forecast of Summa Defence’s continuing operations’ financial development for the period 1.4.–31.12.2025 and Meriaura Energy’s financial development for the period 1.1.–31.12.2025. Achieving the estimated revenue growth and profitability level requires that the share exchange with Meriaura Group Oyj announced on 29.1.2025 and the related acquisitions concerning the target companies are implemented as planned.
The Summa Defence Group seeks growth both organically and through acquisitions. The now published revenue and earnings guidance does not include potential corporate arrangements to be announced and implemented later in 2025.
The combined pro forma revenue of Summa Defence and its future subsidiaries in 2024 was 67.1 million euros and adjusted operating profit (EBITA) was -9.7 million euros, according to preliminary unaudited figures.
“We expect strong revenue and profitability growth for the Summa Defence Group in 2025. A confirmed order book of approximately 200 million euros provides a strong foundation for our growth. The extremely positive development of the order book is due to the successful sales work of the target companies, market growth resulting from geopolitical instability, and the financing provided by Summa Defence to its target companies, which in turn has created conditions for business scaling and sales growth. Our target companies possess significant expertise and potential, which the companies can now fully leverage with the support of Summa Defence,” states Jussi Holopainen, CEO of Summa Defence.
Summa Defence’s medium-term goal is to achieve a revenue of 500 million euros.
Summa Defence Oy and Meriaura Group Oyj announced on 29.1.2025 that they will merge through a share exchange to form a new defense industry group. The Summa Defence Oyj, which will be formed upon the completion of the planned merger, will issue financial guidance for 2025 after the implementation of the arrangement.
https://news.cision.com/fi/summa-defence-oy/r/summa-defence-arvioi-konsernin-liikevaihdon-olev…-liikevoiton-,c4109020
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In Kauppalehti, CEO Holopainen in an interview.
Summa Defence’s CEO Jussi Holopainen tells KL that the company is not listing on the stock exchange through an initial public offering because there is no need for it.
“We don’t need an offering. We have private domestic investors behind us who are committed to bringing 25 million euros in capital to the company in the initial phase.”
According to Holopainen, the company’s strong order book enables the turnaround.
“If one wants to highlight something from the shorter term, there is strong demand for Uudenkaupungin Työvene at the moment. In the longer term, Lightspace Technologies has very positive prospects. All companies have a strong growing order book.”
Uudenkaupungin Työvene is a shipbuilding company belonging to Summa Defence, whose production is based on vessels for professional and official use. Lightspace Technologies, on the other hand, is a deep tech company focusing on augmented reality and virtual reality.
The targets are certainly ambitious if revenue is doubled with boats and VR glasses.
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A tip for everyone on the forum: by no means invest in this company. This particular CEO is absolutely awful. They were thrown out of Enersense, and it’s a wonder they were tolerated there for so long. They don’t consider shareholder value at all; instead, they put money into completely bizarre projects at Enersense, which then led to huge write-downs and ultimately a command to leave.
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Jussi Halme has made a video about Summa Defence. 
Can one soon invest in defense industry stocks on the Helsinki Stock Exchange? Yes – but is it worth it? In this video, I dive into Summa Defence, Finland’s first defense industry company to be listed on the stock exchange, which aims to grow rapidly through acquisitions.
Summa Defence is carrying out its listing through the acquisition of Meriaura Group, and it includes companies from many sectors, such as Lännen Tractors, Summa Drones, and Uudenkaupungin Työvene. But can this business logic lead to success? The industry competes with giant players, and this listing model has previously seen complete farcical cases.
Is this the next Kempower or another Wetteri? I go through the company’s business, risks, and opportunities – and finally, I consider whether this stock would be attractive to an investor.
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Defence and security technology group Summa Defence’s target company Uudenkaupungin Työvene has signed a contract for the construction of two battery-hybrid passenger vessels for the Swedish shipping company Torghatten AB.
The vessels will operate on Sweden’s west coast between Strömstad and the Koster Islands. The vessels are based on a design by Norwegian Multi Maritime AS.
The total value of the contract is over 20 million euros.
”The order book of our target companies is already 200 million euros, and this order further strengthens it. Our target companies have a tremendous amount of expertise and potential, and together with Summa Defence, operations and production can be scaled significantly upwards,” states Jussi Holopainen, CEO of Summa Defence.
Summa Defence’s target companies include Lännen Tractors, Aquamec, Uudenkaupungin Työvene, IntLog, and Lightspace Technologies. They are intended to become subsidiaries of the Summa Defence group through share exchanges approximately at the beginning of April 2025, as announced on January 29, 2025.
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The drone manufacturer featured in IS’s article is Summa’s partner company.
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How much is this heavily loss-making company already worth? Half a billion or more already?
This is being pumped up with Nyab’s money, then suddenly it’s sold to the ground. Just like Nyab.
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Summa Defence immediately joined distinguished company.
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Sometimes one wonders if anyone in Finland does background checks on people, when this Holopainen has been allowed into the company of Stubb and Zelensky..
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Right. And there were also other representatives of the defense industry. Who? Only Summa is hyping it up and the stock price is rising wildly. So far without grounds.
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In the stock market world, these new entrants are the most interesting.
The stock price finds its place and swings up or down depending on the day.
Supply and demand determine the price of a stock listed on the exchange; no justification beyond a gut feeling is needed. In established companies, value is determined mostly by numbers; newcomers may not yet have formed anything stable on which value could be based.
I don’t know what needed to be looked for in Holopainen’s background, but he certainly propelled himself and Summa to a very prominent position in the nation’s defense equipment industry.
I would assume that one doesn’t go there just to show off if some immediate threat were to arise from the man; that much has surely been checked.
Try to do it yourselves; I myself tip my hat to such an achievement. The company growing through stock transactions, and from there, meeting the world’s most famous president alongside our president.
An interesting story is coming.
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