There’s no end in sight for the selling and the share price is falling, today has also been a heavy down day with high trading volume, I wouldn’t be surprised if it’s the same seller:
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Tekova Expands Nicely
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Tekova built a hall in Kerava. Visible only to subscribers.
A sports hall with exceptionally comprehensive opportunities for practicing various sports will open in the Helsinki metropolitan area at the turn of the year.
The Kerava-Sipoo sports hall, also known as Energia-areena, will open on January 2nd in Keinukallio, Kerava.
According to Project Manager Erkki Enström, it is possible to practice at least nine sports in the hall: athletics, football, gymnastics, cheerleading, floorball, badminton, American football, Finnish baseball, and cricket.
Enström also notes with a twinkle in his eye that the project has been rare in that it was completed ahead of schedule and within budget.
Construction | A unique sports hall rose in Kerava, raising concerns in the neighboring municipality
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Greetings to the thread!
I’ve been looking into Tekova as an investment for a few days now, and the company seems quite attractively priced, with performance remaining strong even in a difficult market. While browsing the Q3 interim report, I noticed the following passage regarding the authorization granted at the Annual General Meeting on April 9, 2025: “The shareholders of Tekova Plc authorized the Board of Directors to decide on a share issue and on the granting of special rights entitling to shares as referred to in Chapter 10, Section 1 of the Limited Liability Companies Act. The total number of shares to be issued under the authorization may be a maximum of 8,735,938 shares.” If this were to be implemented in full, it would result in approximately 20% dilution for current shareholders. In addition, the Board was authorized to decide on a share buyback program for a maximum of 4,367,969 shares. A quote from the report: “Under the authorization, the maximum number of treasury shares to be acquired is 4,367,969 shares.”
This raises the question: what are these authorizations intended for? The company’s balance sheet appears to be in good shape, so there doesn’t seem to be an acute need for extra capital. Is there a risk here that the share buybacks will go toward management compensation and that a directed issue is coming, where management scoops up shares at a discount into their own pockets? These authorizations are, of course, standard practice for small-cap companies and are usually made just in case to provide flexibility when needed, and they don’t necessarily have to be exercised. In this case, however, the relative number of shares seems exceptionally high. One possible scenario would be a change in the ownership structure, where the company seeks to broaden the shareholder base by conducting a directed issue to institutions; for example, I believe Verve carried out a similar issue last spring. Does anyone else have thoughts on this?
Similar authorizations are granted at the general meetings of almost all companies. These shouldn’t be given much weight.
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This level is not enough. They fell €6.2M short of (my) 25 million expectation. This likely falls under natural variation, as the average project size is quite large.
Here are Atte’s comments on Tekova’s Q4 order intake. 
Tekova announced on Monday that it had signed four new contract agreements during Q4/2025, with a total value of approximately 18.8 MEUR. We forecast an order intake of approximately 17 MEUR for the quarter, so the actual figure was roughly in line with our expectations. The new orders support our forecasts for next year, and the news does not create pressure for changes to our forecasts.
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Tekova has been quite reasonably successful in increasing the number of shareholders. When Tekova technically listed, there were 181 shareholders, and now in December, there were 2,033. This is quite good, given that the growth of the shareholder base has occurred solely through increasing revenue and earnings without any efforts related to share issues. In other words, the technical listing was cost-effective since they didn’t have to pay substantial consultant or other fees to listing agents. This describes the company well: they produce results and don’t waste money on extras. Indeed, profit also brings in more shareholders. Overall, this reflects Tekova’s very disciplined performance culture. They only undertake projects that fall within their own strong core competencies. Every project must be certainly profitable; others are turned down. Growth is not the goal, but a consequence, provided they are certain that a project fits their specific model. One would think many other companies would adopt this kind of mindset as their goal. Not unrestrained growth, but profitable growth.
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Tekova news in Kauppalehti
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Additionally, Evli also initiates coverage:
“Evli initiates coverage of Tekova with a buy recommendation and a target price of EUR 1.7”
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Here is a link to Evli’s company report (at the end of the summary, there is a link to a comprehensive report-style PDF).
(It was news to me that Evli’s analyses are freely available to read.)
Edit: One pick regarding dividend speculation…
Evli apparently does not expect a major change in the payout ratio:
For 2024, a dividend of EUR 0.04 was paid, representing 35% of net profit. Given the capital requirement for project development, we expect no major increase in the company’s dividend payout ratio.
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I wonder why Tekova has not yet risen towards Evli’s target price. Having spoken face-to-face with the CEO several times, I consider him a person who truly leads the company with an entrepreneurial spirit. He works long hours for the benefit of all of us shareholders and, of course, for his own, as he is the second-largest shareholder. I can’t think of another listed company off the top of my head where the CEO has such a large personal stake.
Tekova’s share price has not yet reacted to its excellent performance because there is still widespread disbelief towards the entire construction industry. On the other hand, I understand this. Many have bitter experiences from the brutal decline of Lehto, SRV, and YIT. When you add the constant media drumbeat about the slump in residential construction, it is likely difficult for many to believe that some builder is striking gold. People don’t seem to realize that Tekova doesn’t build housing, but rather commercial premises for companies and public entities with excellent margins.
We will likely have to wait a while longer for investors’ faith in the construction sector to be restored. However, I consider it an excellent sign that Evli started covering Tekova. This creates confidence in the entire industry.
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Here is Atte’s preview report on Tekova, which will release its Q4 results on Thursday, February 12th.
In the report, we are particularly focused on the guidance provided for 2026, as we expect volume development to level off after an exceptionally strong growth year in 2025. In our view, turning Tekova’s revenue towards more distinct growth this year would require further significant project wins, such as last year’s data center project or the recently announced 17 MEUR self-developed project. Additionally, we are looking for evidence from the results and guidance that the company is able to maintain its earnings performance despite the significant growth in the scale of the business. On the other hand, in our forecasts, relative profitability this year will be supported by the completion of self-developed projects. We reiterate our target price of EUR 1.65 and Accumulate recommendation.