I’m starting a dedicated thread for this, as Soprano didn’t have one before 
The company also released an interesting announcement https://www.inderes.fi/fi/tiedotteet/soprano-oyj-ostaa-wetteri-konsernin-osakevaihdolla
Company page: https://www.inderes.fi/fi/yhtiot/soprano
Thank you for creating the thread. A refreshing way to go public. I can’t immediately recall if any company has been brought to the stock exchange this way in Finland before. What will happen to the company’s education business, is it usually sold off in situations like this, or what?
You have to go as far back as a year ago when Privanet acquired Skarta. The same man as now, Markku Kankaala, was also the conductor there.
Amusing, Soprano’s past activities reminded me of the stereotypical “used car salesman,” constantly offering new buzzwords (just check YTJ (Finnish Business Information System) for Soprano’s previous ancillary business names, quite a list of past hits) and now he’s becoming a car dealer. Unfortunately, a bit late, as car sales are just slowing down with consumer confidence. Owner value has never really been created. It’s on my no-go list.
Olli and I made a video about Soprano’s latest moves:
Now that Soprano is transforming into an automotive player, the production challenges for new cars should be monitored in this thread.
Bloomberg had an interesting story regarding the chip shortage that limits new car production.
In short, it seems that the automotive industry is now seeing light at the end of the tunnel when it comes to production challenges. There is still significant uncertainty in the coming months, but manufacturers generally expect production bottlenecks to ease during H2’22. Component availability has improved faster than expected in the last 5-6 weeks, partly due to weakened demand for consumer electronics.
According to a Daimler representative, there are now enough chips to clear the order backlog. A BMW representative stated that the company’s factories are operational, and there have been no further production interruptions due to the chip shortage. However, a Volvo representative noted that there is still a shortage of components, which will affect H2 production.
I wonder how the new company wants to get rid of Soprano’s business? Selling it is probably the easiest option, and a spin-off to the stock exchange is unlikely.
So, Wetteri’s ownership arrangements ultimately led to a listing on the stock exchange. It hasn’t been long since the current owners bought out the long-term main owner, Heikki Häggkvist.
Wetteri is known specifically for Volvos, and the car company’s goal seems to be to sell cars to consumers through its online store in the future.
Simula didn’t necessarily start his daily life as a CEO of a listed company in the most spectacular way, as the headline of the local main newspaper Kaleva reported Simula saying that car industry outlets would decrease. This is probably true, but one must be careful with communication in the future.
Inderes mentioned in this morning’s Helsingin Sanomat (Hesari) article 
This is the 10th post in the thread.
Analyst @Olli_Koponen has written a new company report on Soprano.
“Soprano announced on Friday that the share exchange agreement with Wetteri did not receive an exemption from the Financial Supervisory Authority (Finanssivalvonta) to forgo making a public tender offer. Due to this, Simula Invest will make a public tender offer for Soprano’s shares at 0.82 euros per share. We believe this is good compensation for Soprano’s shareholders, given the company’s business development has looked weak for years, even though shareholders still have the option to participate in the share exchange agreement.”
@Olli_Koponen has commented on Wetteri’s new strategy.
According to the release, Wetteri aims to become Finland’s largest full-service multi-brand car dealership and the most profitable company in its industry by 2025. The company represents one of the widest selections of car brands in its field, and Wetteri intends to accelerate its growth by consolidating the industry. Wetteri plans to further strengthen its position in utilizing digitalization and data analytics, which is, of course, in line with current megatrends. The company also seeks the title of one of the most popular stocks and plans to expand its ownership base, creating sustainable shareholder value.
Soprano has joined the ranks of companies issuing negative profit warnings. Operating profit will remain in the red, although better than 2021, and revenue will be at the same level as 2021. This looks relatively weak, especially compared to Inderes’ forecasts. Of course, at the moment, Soprano’s share price is not driven by its earnings level, but by the Wetteri deal. The latest twist there seems to be Simula Invest’s application to the Financial Supervisory Authority (FIN-FSA) for an exemption regarding the deadlines for the tender offer, which in itself is not positive news. After this profit warning, the price of the (potential) public tender offer of EUR 0.82 seems even better to me.
https://www.inderes.fi/fi/tiedotteet/tulosvaroitus-soprano-muuttaa-tulosohjaustaan-2
And following that, Olli’s comments:
Here is Olli’s comment on the exemption granted for Soprano’s tender offer deadlines.
This belongs here, meaning Aarne Simula was at the SijoitusMessut (Investment Fair) talking about Wetteri.
Soprano’s or the upcoming Wetteri’s listing prospectus has been published on Soprano’s investor pages, by the way.
The management and lawyers have really been working hard, as the prospectus is over 300 pages long. Happy reading to all! 
So, will Wetteri be covered by Inderes’ analysis? And will @Thomas_Westerholm take the lead?
We don’t typically comment on new companies coming under coverage, but I can probably make an exception here, as following the reverse listing, Wetteri ”inherits” Soprano’s coverage. The plan is to initiate coverage on Wetteri, at which point I’ll be jumping into the driver’s seat.
Here is the latest Soprano report. 
Soprano’s extraordinary general meeting approved the share swap agreement between Wetteri and Soprano. Soprano will thus become Wetteri, and the main industry will change from education business to automotive business. For Soprano shareholders, the approval means that a tender offer for Soprano shares will be made at a price of EUR 0.82, in accordance with previous announcements. In our opinion, the compensation received is very good, but shareholders also have the right to remain owners of Wetteri through Soprano shares. However, we believe the valuation is already high when looking through the combined company-
And here is the morning comment, which is of course available for everyone to read.
It might be time for a slight update to the heading
Kaupankäynti pörssiin takaoven kautta kurvanneen Wetterin osakkeilla alkaa tänään | Kauppalehti.
Agreed!
The initiation of coverage report can be found here:
