I wrote a quick comment on the subject while filling in for Arttu: Verkkokauppa.com aloittaa tuntuvan omien osakkeiden osto-ohjelman - Inderes
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Arttu has written some pre-event commentary regarding the upcoming Capital Markets Day, which will be held on May 28th. 
We expect the core of the strategy to remain unchanged, and the day will be spent reviewing the implementation of the first half of the strategy period while outlining the steps for the latter half. The event can be followed via live stream and later as a recording here.
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Verkkis is holding a Capital Markets Day (CMD) today at 1:00 PM, where they will discuss the strategy and the updated fixed cost ratio target. Otherwise, the financial targets (growth >5%, EBIT % >5%, and dividend 60-80%) remained unchanged.
In practice, the removal of that “under 10%” fixed cost ratio target means, in my interpretation, that the company believes the gross margin % (2025: 17.1%) will be a larger profitability driver in 2026-28. Otherwise, that cost ratio would have been kept as is. This does not, however, change the fact that reaching the 5% profitability target also requires an improvement in fixed cost efficiency towards 10% of revenue (2025: 13.3% of revenue).
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Here are some of my own thoughts from yesterday’s CMD. The day was largely spent reviewing old ground, which may signal that the strategy has worked and will continue to work in the future.
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Verkkis issued a flagging notification regarding a new owner exceeding the 5% threshold:
So, TIND Asset Management now owns slightly over 5% of Verkkis shares.
A quick glance at the fund’s principles looks interesting:
TIND Asset Management is a partner-owned single strategy manager based in Oslo. We manage the TIND Discovery Fund, a high conviction, long-biased portfolio of small- and mid-cap investments in the Nordics based on bottom-up fundamental research generating an information edge. The Fund was launched in November 2023 and is an open-end Qualifying Investor Alternative Investment Fund domiciled in Ireland. The investment approach is absolute return focused, emphasizing valuation discipline, both in terms of maximizing returns and mitigating risks.
In other words, this fund is focused on the long term, especially in small and mid-cap companies. They base their investment decisions on their own research.
Well, perhaps one shouldn’t put too much weight on this yet, as it is a relatively fresh fund from 2023. On the other hand, the team seems to have some expertise:
Christer Bjørndal as CEO, former founder and responsible portfolio manager at another Norwegian hedge fund player, this venture brought together a team of former colleagues from Norges Bank Investment Management (NBIM), Norway’s Oil Fund
Source: Discover the TIND Discovery Fund - HedgeNordic
It isn’t exactly massive in size: AUM $319.0 M (2025-07-15) ( TIND Asset Management as | AUM 13F)
In any case, it is likely very welcome that the company has gained a new significant owner who looks at things with a longer time horizon. And one has to hope they see much more in the company than what the very recent performance suggests (purchases were presumably made in May - so they seem to have hit a good spot).
Positive signal?
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Arttu interviewed Verkkis CEO Panu Porkka, and there was plenty to discuss regarding the themes of the Capital Markets Day
Topics:
(00:00) Introduction
(00:13) The core of the strategy
(01:20) Observations during the strategy period
(03:52) Growth in fast deliveries
(05:56) Profitability development of private labels
(08:08) Growing international business
(12:08) Achieving financial targets
(15:56) Improving gross margin %
(18:23) Repurchase of own shares
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