The Helsinki Stock Exchange opened on a slight decline on Wednesday compared to yesterday’s closing reading, but turned up 0.1 percent to 11,256 points.
The busiest weeks of the Finnish earnings season are underway, and they are reporting their results today F-Hatchet, Raisio, Message and Ahlstrom-Munksjö.
A dozen of the most traded shares showed earnings announcers. Sanoma was among the toughest fallers and most traded stocks. Those who announced their results on Tuesday, for example, also reached the list of the most traded Musti Group, Orion and Nokia tires.
F-Secure surprised with its dividend
The security company F-Secure was 1.2 percent higher at the opening at EUR 3,825. The company unexpectedly intends to pay a dividend of EUR 0.04. However, the company’s revenue growth fell short of expectations. F-Secure’s adjusted EBITDA increased from EUR 6.8 million to EUR 7.3 million in the fourth quarter. Analysts’ expectation for the last quarter of the year is an adjusted EBITDA of EUR 8.4 million.
F-Secure expects adjusted EBITDA to remain close to the previous year’s level of EUR 35.7 million.
Raisio’s V-share at the opening was 0.8 per cent plus EUR 3.70. Raisio’s result exceeded expectations, but the company did not increase the dividend from EUR 0.13, although a very small increase was expected in the forecasts. In the fourth quarter of last year, Raisio made an adjusted operating profit of 4.4 million, compared to a forecast of EUR 4.0 million. One year earlier, the operating profit was EUR 4.3 million.
Raisio expects growth in net sales at the heart of the oat business this year. More information on the new product categories will be provided during the first half of this year. The modernization of the Nokia mill, completed at the beginning of last year, proved successful, and the company entered new export markets for gluten-free oats.
Sanoma’s result was frozen
Sanoma, which reached the top of the most traded, was down 5.9 percent at the opening at 16 euros.
The result of Sanoma, a media house and learning services, decreased from the comparison period in October-December. Looking at the whole of last year, the result improved. The Board of Directors proposes to increase the dividend.
Sanoma’s result for the fourth quarter decreased from the comparison period, when operating profit excluding acquisition cost depreciation was a loss of EUR 1.5 million. In the comparison period, the operating profit calculated excluding depreciation of acquisition costs was a profit of EUR 2.7 million.
Looking at the whole of last year, however, Sanoma’s result improved sharply. Net sales increased from EUR 913.3 million to EUR 1,062.0 million compared to 2019. The consensus of analysts expected a turnover of EUR 1,055.8 million.
Sanoma’s Board of Directors proposes a dividend of EUR 0.52 in two installments when analysts demanded a dividend of EUR 0.53. In 2019, the company paid a dividend of EUR 0.50 per share.
Sanoma’s Board of Directors estimates that this year the company’s net sales would be EUR 1.2-1.3 billion and the operating profit margin excluding amortization of acquisition costs would be 14-16 percent.
Ahlstrom-Munksjö improved briskly
Ahlstrom-Munksjö, a manufacturer of fibrous materials, was up 0.1 percent at the opening at EUR 17.74.
The company improved its results briskly. Comparable EBITDA improved in all business areas. In the fourth quarter of 2020, comparable EBITDA increased to EUR 89.6 million from EUR 71 million in the comparison period of the previous year. Inderes had forecast a comparable EBITDA of EUR 81 million.
Comparable operating profit increased to EUR 46.7 million in October – December from EUR 26 million in the previous year. The forecast was EUR 37 million.
The Board’s dividend proposal to the Annual General Meeting will be decided after the Extraordinary General Meeting to be held on February 19, 2021. The company expects demand for the products to remain at its current level in the first quarter of the year.
Inderes has made changes to target prices: Digian the target price rises to EUR 8.4, the target price of Musti Group to EUR 28.5, the target price of Nokian Tires to EUR 29 and Glaston target price to EUR 0.95. In contrast, Orion’s target price will fall to EUR 38.
All five announced their results yesterday on Tuesday. Of these, Orion was almost completely disappointing. Nokian Tires’ operating profit for October-December also decreased from the comparison period, but the company expects strong earnings growth for the current year.
Source: Arvopaperi by www.arvopaperi.fi.
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