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
For an investor, itâs 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, Iâm not claiming that Teleste is.
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). Telesteâs share has fallen 9% since our update after the Q3 results, which has made the shareâs valuation (2026e adj. P/E 11x) moderate again. Telesteâs 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.
It wasnât 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 âreduceâ. 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
3 Likes
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 Telesteâs 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.
4 Likes
@Atte_Riikola How much have you considered the impact of Telesteâs financing costs and/or structure on EPS?
In 2024, Telesteâs average interest rate has been 6.06%. I donât 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 (8/26â8/27) of the syndicated agreement. I donât 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, couldnât one âmajor factorâ emerge by summer 2027 at the latest if the loan terms could be negotiated to be lighter?
1 Like
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 Telesteâs scale; if there were a change of a few hundred thousand in either direction to the forecasts, it wouldnât significantly alter the EPS or the P/E ratio anymore.
4 Likes
âTeleste 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 networkâ
5 Likes
Atte and Roniâs pre-earnings report, as Teleste releases its Q4 results on Friday, Feb 13th. 
The company has not issued the positive profit warning we anticipated, which has led us to lower our Q4 forecasts. However, we expect the companyâs revenue growth to have continued, driven especially by Broadband Networksâ North American deliveries, and a slight improvement in results compared to the comparison period. In the report, our focus is particularly on the 2026 outlook, through which we aim to grasp the trajectory of continued growth in North America. We reiterate our Accumulate recommendation and target price of EUR 4.1 for the share ahead of the report.