# Teleste as an Investment
**URL:** https://forum.inderes.com/t/teleste-sijoituskohteena/3952
**Category:** Osakkeet
**Tags:** teleste
**Created:** [March 10, 2020, 11:14am UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952 "2020-03-10T11:14:47Z")
**Posts on this page:** 20
**Page:** 14
### Author:  [@Mifalt](https://forum.inderes.com/u/Mifalt)
#### Post date: [November 20, 2025, 6:09pm UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/269 "2025-11-20T18:09:55Z")
Shareholders have been selling off their holdings in Nordnet for a long time, and after a few dozen exits, the level from 10 years ago has been reached. Although this trend is only from
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### Author:  [@TitoK](https://forum.inderes.com/u/TitoK)
#### Post date: [November 21, 2025, 7:19am UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/270 "2025-11-21T07:19:48Z")
For an investor, it’s only good if a stock is clearly undervalued. Then one should buy it heavily. The market will correct the situation sooner or later.
Of course, I’m not claiming that Teleste is.
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### Author:  [@Sijoittaja-alokas](https://forum.inderes.com/u/Sijoittaja-alokas)
#### Post date: [November 24, 2025, 5:42am UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/271 "2025-11-24T05:42:20Z")
**Atte** and **Roni** have made a new company report **EDIT:** clarification+correction after my poor expression, i.e., a company report made after the share price drop, so the second one after the Q3 report, so there are no confusions. 😃
_We reiterate our target price of 4.1 euros for Teleste, but due to the share price drop, we raise our recommendation to add (previously reduce). Teleste’s share has fallen 9% since our [update](https://www.inderes.fi/research/teleste-q325-pohjois-amerikan-potentiaalia-hinnoiteltu-sopivasti) after the Q3 results, which has made the share’s valuation (2026e adj. P/E 11x) moderate again. Teleste’s expansion into North America has progressed well this year, which enables the company to continue its earnings growth in the medium term. However, slightly weaker order development in Q3 and the merger of a key North American customer may cause short-term fluctuations in earnings development. Viewed over a few years, the development is still strongly moving in the right direction._
> **[Teleste: Arvostus näyttää maltilliselta kurssilaskun jäljiltä - Inderes](https://www.inderes.fi/research/teleste-arvostus-nayttaa-maltilliselta-kurssilaskun-jaljilta)**
>
> Telesten osake on laskenut 9 % Q3-tuloksen jälkeisestä päivityksestämme, jonka myötä osakkeen arvostus (2026e oik. P/E 11x) on kääntynyt jälleen maltilliseksi.
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### Author:  [@Atte\_Riikola](https://forum.inderes.com/u/Atte_Riikola)
#### Post date: [November 24, 2025, 7:54am UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/272 "2025-11-24T07:54:10Z")
It wasn’t after Q3, but after the share price drop 😃 After the Q3 results, it was stated in the update that the valuation looks quite neutral in the short term, and the recommendation was turned to “reduce”. Well, this breather was short-lived, as the stock already retreated 9% in a little over two weeks, and the valuation multiples started to look moderate again for next year.
By the way, Teleste is on Wednesday at the Investor 2025 event at Messukeskus. You can also spot me there between 12-15, so come and tap me on the shoulder if you have questions about the companies I follow. Of course, you can also come to talk about other topics 😃
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### Author:  [@Index](https://forum.inderes.com/u/Index)
#### Post date: [January 20, 2026, 3:42pm UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/273 "2026-01-20T15:42:55Z")
Turku, Finland - January 20, 2026 - INFRABEL, the Belgian state railway operator, has selected Teleste as the supplier of advanced RGB LED multi-color displays for its railway stations in Belgium. The collaboration marks an important step in Teleste’s ongoing work to support the digital transformation of public transport infrastructure. The framework agreement between Teleste and INFRABEL is for four years, including extension options, initiating a new long-term partnership.
> **[Teleste Corporation: Teleste toimittaa huipputason RGB LED näyttöjä...](https://www.kauppalehti.fi/lehdistotiedotteet/a/2a60ea30-20a3-56a5-9b51-b2ad4ab8e66b)**
>
> Tärkeimmät ajankohtaiset talousuutiset, pörssikurssit ja kattavat sijoittajapalvelut löydät Kauppalehdestä.
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### Author:  [@Teletappi](https://forum.inderes.com/u/Teletappi)
#### Post date: [January 21, 2026, 10:56am UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/274 "2026-01-21T10:56:42Z")
@Atte_Riikola How much have you considered the impact of Teleste’s financing costs and/or structure on EPS?
In 2024, Teleste’s average interest rate has been 6.06%. I don’t know the specifics of the syndicated loan package, but based on comments and general practice, it is likely tied to Euribor rates (3m/6m). If so, for 2025, the average interest rate will probably drop to somewhere around 4.5% (Euribor + 2.5%), or what do you think?
If I understood correctly, they are using at least one option year (8/26–8/27) of the syndicated agreement. I don’t know if the interest rate itself is high, but they have to pay back capital quite aggressively. Roughly one million per quarter goes toward loan repayments. That is well over half of the annual operating profit.
In summary, couldn’t one “major factor” emerge by summer 2027 at the latest if the loan terms could be negotiated to be lighter?
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### Author:  [@Atte\_Riikola](https://forum.inderes.com/u/Atte_Riikola)
#### Post date: [January 21, 2026, 3:52pm UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/275 "2026-01-21T15:52:06Z")
This is certainly an essential point, especially since a few years ago Teleste had to finance inventory growth with debt while interest rates were rising. Now, the situation has reversed; working capital has been clearly released, and at the same time, indebtedness has decreased. Our current forecast model still assumes that net financing costs will decrease for the coming years compared to the 2024 level. Regarding 2025, the high figure is somewhat misleading because Teleste reports, among other things, unrealized foreign exchange losses caused by fluctuations in the dollar under financing costs, and the impact of these large dollar movements from last year is significant. We will recalibrate the financing cost assumptions based on the latest information when the financial statements are released. Overall, financing costs of just over a million euros are starting to be relatively small on Teleste’s scale; if there were a change of a few hundred thousand in either direction to the forecasts, it wouldn’t significantly alter the EPS or the P/E ratio anymore.
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### Author:  [@Choyoba\_Capital](https://forum.inderes.com/u/Choyoba_Capital)
#### Post date: [January 29, 2026, 3:35pm UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/276 "2026-01-29T15:35:00Z")
“Teleste has been selected as a supplier for the French national railway operator SNCF for a renewal program in which passenger information displays will be updated across the entire French railway network”
> **[Teleste valittu Ranskan kansallisen rautatieoperaattorin SNCF:n...](https://news.cision.com/fi/teleste-corporation/r/teleste-valittu-ranskan-kansallisen-rautatieoperaattorin-sncf-n-matkustajainformaationayttojen-valta,c4299846)**
>
> Turku, Suomi 29.1.2026 Teleste on valittu Ranskan kansallisen rautatieoperaattorin SNCF:n
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### Author:  [@Sijoittaja-alokas](https://forum.inderes.com/u/Sijoittaja-alokas)
#### Post date: [February 6, 2026, 6:34am UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/277 "2026-02-06T06:34:03Z")
**Aten** and **Ronin’s** pre-report update, as Teleste releases its Q4 results on Friday, Feb 13. 🙂
_The company has not issued the positive profit warning we anticipated, leading us to lower our Q4 forecasts. However, we expect the company’s revenue growth to have continued, driven particularly by Broadband Networks’ North American deliveries, and a slight improvement in results compared to the comparison period. In the report, our attention is focused particularly on the outlook for 2026, through which we aim to gauge the growth trajectory in North America. We reiterate our Accumulate recommendation and EUR 4.1 target price ahead of the report._
> **[Teleste Q4’25 -ennakko: Tuloskasvu jatkuu tänä vuonna - Inderes](https://www.inderes.fi/research/teleste-q425-ennakko-tuloskasvu-jatkuu-tana-vuonna)**
>
> Yhtiöltä ei ole tullut ennakoimaamme positiivista tulosvaroitusta, minkä myötä olemme laskeneet Q4:n ennusteitamme.
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### Author:  [@Mifalt](https://forum.inderes.com/u/Mifalt)
#### Post date: [February 13, 2026, 6:58am UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/278 "2026-02-13T06:58:43Z")
> **[Telesten kannattavuus yli odotusten, kasvu jäi piippuun loppuvuonna –...](https://www.kauppalehti.fi/uutiset/a/23759b47-3c5f-4201-8113-ab5973cd4056)**
>
> Tietoliikenneyhtiö Teleste jäi loppuvuonna odotetusta kasvusta, mutta kannattavuus koheni. Tuore ohjeistus painottuu nyt kasvuun. Osinko kasvaa odotetusti.
> New guidance promises growth
>
> For the full year just ended, Teleste generated an adjusted operating result of EUR 7.1 million on net sales of EUR 138.6 million. The previous year’s net sales were 132.5 million and the adjusted operating result was 4.2 million. Net sales thus grew by 4.6 percent year-on-year, and the adjusted operating result increased by a robust 69.7 percent.
> **[Teleste Oyj:n tilinpäätöstiedote 1.1.-31.12.2025](https://www.teleste.com/fi/sijoittajille/tiedotteet/yhtio/teleste-oyjn-tilinpaatostiedote-1-1-31-12-2025/)**
>
> Teleste Oyj Pörssitiedote 13.2.2026 klo 8.30 Ellei toisin mainita, luvut suluissa viittaavat vertailukauteen edellisvuonna. – Liikevaihto oli 36,1 (36,5) milj. euroa ja oli edellisvuoden tasolla…
Financial Statements Bulletin 2025: Profitability improved significantly
**October–December 2025 (Q4)**
Net sales: EUR 36.1 million (comparison period: EUR 36.5 million) – remained at the previous year’s level.
Adjusted operating result: EUR 1.2 million (+38.6%).
Orders received: EUR 31.6 million (-13.0%).
Result: Turnaround to profitability, earnings per share EUR 0.02 (EUR -0.27).
**Full year 2025 (1–12)**
Net sales: EUR 138.6 million (+4.6%).
Adjusted operating result: EUR 7.1 million (+69.7%).
Orders received: EUR 138.2 million (+10.7%).
Cash flow: Cash flow from operations remained strong: EUR 12.9 million (+3.6%).
Earnings per share: EUR 0.15 (EUR -0.32).
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### Author:  [@Sijoittaja-alokas](https://forum.inderes.com/u/Sijoittaja-alokas)
#### Post date: [February 13, 2026, 9:14am UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/279 "2026-02-13T09:14:34Z")
Here are **Atte’s** comments on this morning’s results. 🙂
_Teleste reported a Q4 result this morning in line with our expectations, and the company’s outlook anticipates, as expected, that earnings growth will continue this year. Overall, the company’s North American expansion progressed well last year, and the company already has more than 20 operator customers there. The expanding customer base also diversifies the short-term risk related to its largest North American customer, Cox, as the company is currently merging with Charter._
> **[Teleste Q4’25 -pikakommentti: Tämän vuoden tuloskasvunäkymä linjassa...](https://www.inderes.fi/analyst-comments/teleste-q425-pikakommentti-taman-vuoden-tuloskasvunakyma-linjassa-odotuksiimme)**
>
> Teleste raportoi aamulla odotustemme mukaisen Q4-tuloksen ja yhtiön näkymät ennakoivat odotetusti tuloskasvun jatkuvan tänä vuonna.
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### Author:  [@Sijoittaja-alokas](https://forum.inderes.com/u/Sijoittaja-alokas)
#### Post date: [February 13, 2026, 11:50am UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/280 "2026-02-13T11:50:37Z")
**Atte** interviewed Teleste CEO **Esa Harju** regarding Q4 🙂
> **[Teleste Q4'25: Tuloskehitys jatkui vahvana - Inderes](https://www.inderes.fi/videos/teleste-q425-tuloskehitys-jatkui-vahvana)**
>
> Aika: 13.02.2026 klo 12.01 Telesten näkymät ennakoivat tuloskasvun jatkuvan tänä vuonna.
**Topics:**
00:00 Introduction
00:13 Earnings development remained positive
02:15 Positive development in Broadband Networks at the end of the year
04:10 Significant customer account from Canada
06:00 Key strengths in the product offering
07:05 Outlook for the European market
08:16 Public Safety and Mobility project deliveries
09:52 Factors behind the positive profitability development
11:03 Guidance and outlook
13:54 Teleste’s position following the Cox and Charter merger
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### Author:  [@Mifalt](https://forum.inderes.com/u/Mifalt)
#### Post date: [February 13, 2026, 6:38pm UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/281 "2026-02-13T18:38:20Z")
I’ve been analyzing Teleste quite a bit using AI, but what thoughts does this provoke? The business operations have already been separate entities for some time, which could suggest a potential sale of the company during 2026.
**The following is AI-generated output.**
### Sum-of-the-parts Value and DCF (Cash Flow Analysis)
Teleste has often been considered more valuable as a “sum-of-the-parts” (SOTP) than as a company as a whole, because its two main business areas (Broadband Networks and Public Safety & Mobility) serve different customer bases.
**DCF Calculation Assumptions (Estimate):**
- **WACC (Weighted Average Cost of Capital):** Approximately 9.5–10.0% (reflects small size and indebtedness).
- **Growth (Terminal growth):** 1.5%.
- **Operating profit margin:** Long-term target of 6–8%.
**DCF Value:**
According to most analyst estimates (such as Inderes and banks), Teleste’s DCF value ranges between **€4.20 – €4.60**.
- This means that at the current share price (approx. €3.80), the stock has **10–20% upside** based on cash flows alone.
- **Sum-of-the-parts value:** If Video Security and Information Solutions (PSM) were sold separately, it could interest industrial buyers. The value of the PSM unit could be approx. €1.0–1.5/share and the value of the core business (Broadband) approx. €3.5/share, making the theoretical sum-of-the-parts closer to **€5.00**.
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### Author:  [@Sijoittaja-alokas](https://forum.inderes.com/u/Sijoittaja-alokas)
#### Post date: [February 16, 2026, 6:00am UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/282 "2026-02-16T06:00:40Z")
Here is the company report on Teleste from **Atte** and **Roni** after the Q4 results 🙂
_We reiterate our Accumulate rating for Teleste and adjust our target price to EUR 4.2 (previously EUR 4.1). Teleste’s Q4 results were in line with our expectations, and the outlook for the current year predicts a continuation of earnings growth as expected. The company’s track record in its North American expansion is continuously strengthening, and with the significantly expanded customer base last year, future growth is also supported by broader shoulders. With the strengthening earnings trend and moderate valuation, we see the stock’s risk/reward ratio as attractive._
**Quote from the report:**
_ **Long-term profitability forecasts slightly up** _
_Following Teleste’s well-progressed earnings development last year, we slightly revised our long-term profitability assumptions upwards. We now expect the company’s EBIT margin to be between 6-6.8% in the medium to long term, which is already quite close to the lower end of the company’s target range (7-12%). As the good progress continues, there is still room for upside in our forecasts. At the same time, we slightly revised our dividend forecasts for the coming years downwards, reflecting the latest dividend decision._
> **[Teleste Q4'25: Hyvin etenevä Pohjois-Amerikan valloitus tukee arvostusta -...](https://www.inderes.fi/research/teleste-q425-hyvin-eteneva-pohjois-amerikan-valloitus-tukee-arvostusta)**
>
> Telesten Q4-tulos oli odotustemme mukainen ja kuluvan vuoden näkymät ennakoivat odotetusti tuloskasvulle jatkoa.
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### Author:  [@Teletappi](https://forum.inderes.com/u/Teletappi)
#### Post date: [February 16, 2026, 7:51am UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/283 "2026-02-16T07:51:16Z")
I haven’t read the report, so this might be a repetition of the same thoughts.
Regarding the dividend and the somewhat unusual scheduling adjustment, a few thoughts come to mind: the cash position is really stretched so thin that there won’t be a sufficient safety margin until H2, and/or the syndicate loan terms are restricting dividend payments, and/or there is some semi-interesting potential M&A target. Of course, one would think Teleste itself would be more of an acquisition target, if anything.
However, if we take the baseline scenario that the train keeps chugging steadily forward, improving a little all the time, the financing conditions should improve significantly from 8/27 onwards, when the syndicate ends and they will surely be able to negotiate a new, lighter one to replace it. At that point, shouldn’t they be able to pay significantly higher compensation to shareholders than what is currently estimated in the model? @Atte_Riikola
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### Author:  [@Mifalt](https://forum.inderes.com/u/Mifalt)
#### Post date: [February 17, 2026, 9:59pm UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/284 "2026-02-17T21:59:44Z")
OP has also released its report, and it can be found on Teleste’s [website](https://www.teleste.com/analyytikot/).
> Teleste may have an opportunity to
> divest its Broadband Networks business at a good valuation if the company manages to optimally capitalize on the upcoming growth cycle.
DCF by OP
> Cash flow calculation value EUR 6.00/share
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### Author:  [@Mifalt](https://forum.inderes.com/u/Mifalt)
#### Post date: [February 18, 2026, 7:07pm UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/285 "2026-02-18T19:07:54Z")
Let’s continue speculating on the significance of the Canadian operator for Teleste.
A massive network upgrade is underway in Canada (DOCSIS 4.0 and 1.8 GHz technology).
- **Scenario** : If Rogers’ network size is roughly 1/4–1/3 compared to US giants (such as Charter), and they renew their entire amplifier base.
- **Estimate** : The contract could bring Teleste €15–25 million in revenue per year for the next three years. This is just my own estimate of the contract distribution.
- **3-year cumulative impact** : Approximately €45–75 million. This would explain a large part of Teleste’s targeted revenue growth.
Impact on profitability
- **Margin** : If we assume that the operating profit margin for these deliveries is around 12–15% (higher than the company average).
- **3-year earnings addition** : The Rogers partnership could directly bring €6–10 million in adjusted operating profit over three years.
The success of this deal also serves as a reference for others and can help with winning new deals.
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### Author:  [@Sijoittaja-alokas](https://forum.inderes.com/u/Sijoittaja-alokas)
#### Post date: [May 4, 2026, 4:52am UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/286 "2026-05-04T04:52:39Z")
Here are **Atte’s** preview thoughts regarding Teleste’s Q1 to be published on Friday. 🙂
_We expect the company’s revenue to have grown in both business units from a fairly soft comparison period. We estimate the operating result to have settled close to the comparison period level, and full-year earnings expectations are weighted towards the second half of the year, in line with the company’s outlook._
> **[Teleste Q1'26 -ennakko: Kuluvan vuoden tulosodotukset painottuvat H2:lle -...](https://www.inderes.fi/analyst-comments/teleste-q126-ennakko-kuluvan-vuoden-tulosodotukset-painottuvat-h2lle)**
>
> Kuluvan vuoden osalta tulosodotukset painottuvat loppuvuoteen.
---
### Author:  [@Mifalt](https://forum.inderes.com/u/Mifalt)
#### Post date: [May 8, 2026, 5:42am UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/287 "2026-05-08T05:42:23Z")
#### JANUARY–MARCH 2026 IN BRIEF
-- Net sales were EUR 32.2 (32.2) million and remained at the previous year’s level
-- Adjusted EBITDA was EUR 3.1 (2.7) million and increased by 12.8%
-- Adjusted operating result was EUR 1.9 (1.5) million and increased by 29.0%.
-- Operating result was EUR 1.8 (1.5) million and increased by 20.4%.
-- Earnings per share were EUR 0.07 (0.03) and increased by 114%.
-- Cash flow from operations was EUR -1.5 (1.5) million.
-- Orders received were EUR 31.2 (37.1) million and decreased by 15.8%.
OUTLOOK FOR 2026 (unchanged)
Teleste estimates that net sales for 2026 will be EUR 140–160 million and the adjusted operating result EUR 7–10 million. The result is expected to be weighted towards the second half of the year. Essential changes in the operating environment, including geopolitical tensions, changes in U.S. trade policy, and the development of the U.S. dollar exchange rate, create uncertainty for parts of the business.
> **[Teleste Oyj:n osavuositiedote 1.1. – 31.3.2026](https://www.teleste.com/fi/sijoittajille/tiedotteet/yhtio/teleste-oyjn-osavuositiedote-1-1-31-3-2026/)**
>
> Teleste Oyj Pörssitiedote 8.5.2026 klo 8.30 Ellei toisin mainita, luvut suluissa viittaavat vertailukauteen edellisvuonna. Broadband Networks -segmentti on vaihtanut nimeään Networks-segmentiksi.
AI summary of the CEO’s comments:
The beginning of 2026 was operationally strong, and profitability improved thanks to the efficiency measures taken in the previous year. Although order intake was seasonally moderate, the company’s outlook for the year remains unchanged.
**Segment Development**
**Networks** : Net sales and profitability increased. In North America, orders were delayed due to a customer’s corporate restructuring, but development in Europe was positive.
**Public Safety and Mobility** : Development was in line with expectations. Cost efficiency and balanced project sales kept profitability at a good level.
**Key Drivers and the Future**
**Profitability Drivers** : Protection of gross margin, favorable sales mix, and strict cost control.
**Order Backlog** : Despite a moderate start to the year, the order backlog is strong and provides a good foundation for the rest of the year.
**Outlook** : Full-year guidance remains unchanged. The result is expected to be weighted towards the second half of the year (H2).
**Market Situation** : Uncertainty is addressed through proactive preparation and prioritization.
---
### Author:  [@Sijoittaja-alokas](https://forum.inderes.com/u/Sijoittaja-alokas)
#### Post date: [May 8, 2026, 7:14am UTC](https://forum.inderes.com/t/teleste-sijoituskohteena/3952/288 "2026-05-08T07:14:50Z")
Here are **Atte’s** comments on Teleste’s Q1 🙂
_Teleste reported Q1 results this morning that were clearly better than our expectations, even though revenue remained at the level of the comparison period. This reflects a strong gross margin as well as previously implemented efficiency measures, which support profitability. As expected, the company reiterated its outlook for this year, and the company appears to be progressing solidly on the earnings growth path we have forecasted for this year._
> **[Teleste Q1'26 -pikakommentti: Vahva kannattavuus toi tulosylityksen - Inderes](https://www.inderes.fi/analyst-comments/teleste-q126-pikakommentti-vahva-kannattavuus-toi-tulosylityksen)**
>
> Oikaistu liikevoitto ylitti ennusteemme tehostamistoimien ja vahvan bruttomarginaalin siivittämänä.
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