It´s very easy to own Gofore. Just sit back and enjoy the ride 
Sometimes, the market might however give opportunities to buy more. Might be one of those moments ahead?
From Joni´s great analysis:
However, the company is expecting a weak
Q1 due to slower demand at the turn of the year. Throughout the year, the focus will be on profitability, which the
company has managed excellently for years in the face of headwinds.
Nöjd aktieägare mao! “Just sit back and enjoy the ride” låter ju alldeles utmärkt!
Här är mina konstiga funderingar. 
Många säger att Gofores aktie är dyr och sedan säger de att branschen fortfarande går nedåt och det finns inget ljus i tunneln…
Jag funderar också på att företaget förväntas mycket av och har ett utmärkt rykte. Om företaget inte längre presterar riktigt bra eller ens bra, utan bara som alla andra… hur investerare reagerar på det. Om medarbetarnas tillfredsställelse minskar; kompetens lämnar, då måste man locka med lönen - marginalerna minskar och omsättningen.
Företaget fungerar kvalitativt, medarbetarna är lyckliga så att de vill komma till jobbet och dessutom behöver företaget inte hålla mycket låga priser heller, vad jag har hört och läst. Gofore är vinnaren i sin bransch eller har åtminstone varit det, så jag är inte särskilt rädd för de risker jag nämnde.
Styrelsen för Gofore har beslutat om nya aktiebaserade incitamentsprogram för koncernens nyckelpersoner samt en riktad nyemission. 
(22.2.2024)
Gofore’s Board of Directors resolved on new share-based incentive plans for the group’s key employees and a directed share issue
The Board of Directors of Gofore Plc has resolved to establish two new long-term share-based incentive plans for the key employees of the Group. The aim of the new plans is to align the objectives of the company, shareholders and key employees in order to increase the value of the company in the long term, to commit key employees to work for the company and own the company’s shares as well as to offer them competitive incentive plans based on earning and accumulating the company’s shares.
@Isa_Hudd ja @joni.gronqvist pratade om detta fantastiskt högkvalitativa företag.
Innehåll:
00:00 Inledning
00:24 Kvalitetsbolag
01:44 Höga marginaler, lönsamhetskontroll och visibilitet
03:25 Senaste kvartalen omsättningen ngt ner, lönsamheten på topp
04:20 Senaste översatta analysen från februari:länk nedan
04:35 Stort ägande bland personal och nyckelpersoner
07:17 Tydlig rapportering, god insyn
Gofore’s revenue in Q1 was quite good, and the company itself at least believes in the remainder of the year.
EBITA was EUR 6.8 million, exceeding analysts’ forecasts. This corresponds to a strong EBITA margin of 13.8% given the circumstances and is among the highest in the sector.
The company has successfully reduced overhead costs better than expected. It manages profitability well.
When the economy starts to improve overall, Gofore is likely to be among the winners. However, many say the stock is expensive… are the expectations too high?
Gofore published a book in Finnish, and here is a small excerpt translated from Finnish to English:
Mikael Nylund, CEO, and Timur Kärki, Chairman of the Board, Gofore: “At the core of humane digitalization is the idea that services should make people’s everyday lives smoother – not that people should bend over backwards trying to cope in a digitalizing world. Digitalization is about building a sustainable, resilient, and functional society for all of us. The systems and operating models being developed now will define and guide people’s lives for years, even decades. Therefore, it is essential to build them with the thought that they will work well beyond tomorrow’s immediate needs. It is about creating added value and being beneficial to people, the environment, and businesses, which requires constructive data policy discussions and a shift in thinking and attitudes. We invite the entire society to join this dialogue – let’s solve real problems together and collaborate closely across organizational and national borders.”
Gofore is a bold, forward-thinking company with many strengths. Investors might wonder whether the stock is expensive and whether the company is considered so exceptional that even a small piece of bad news could drop its price, as it might be quite tightly “priced in.”
Witted, Gofore och Siili valdes till Yles ramavtalsleverantörer för 35 miljoner euro för åren 2024–2028, som en del av en grupp på åtta företag. 17 anbud deltog i upphandlingen. Avtalet omfattar applikationsutveckling, design- och underhållstjänster, men inkluderar inga obligatoriska inköpsåtaganden. Priset vägde 31 % av den totala bedömningen. Witted fick 79 kvalitetspoäng och ett timpris på 96 €, Gofore 68 poäng och 83 €, Siili 66 poäng och 91 €. Witted-konsortiet placerade sig på tredje plats, Gofore på femte och Siili på sjätte. Övriga utvalda var Solita & Kodan-gruppen, Reaktor, Nitor, Digital Expert Alliance och Nordcloud. Gofore och Siili har tidigare samarbetat med Yle.
Inside information: Gofore Plc’s Business Review 1-30 June 2024: Net sales at 14.2 million euros
Inside information: In June 2024, Gofore’s net sales were 14.2 (15.9) million euros. The Group’s last 12-month (LTM) pro forma net sales were 189.7 million euros in. The Group employed 1,453 (1,396) people at the end of June.
CEO Mikael Nylund comments:
”Business continued in June in line with May until Midsummer. Thereafter began the Finnish summer holiday season, with which our business slows down as every year, to pick up again in August. June had 19 working days; less than any other month in the first half.
June was an active month in sales. We were e.g. invited in a significant frame agreement with the national broadcast company Yle for 2024-2028. In the agreement period, Yle will procure application development, design and maintenance services and other expert services for their information systems, applications, and digital services such as the Yle Areena streaming service, yle.fi website and the Yle application. The 35-million-euro frame agreement is shared between eight suppliers without priority order.
Much is happening in Finnish healthcare and social services, i.e. the wellbeing service counties, at the moment. Of the latest collaborations I could mention the North Ostrobothnia wellbeing services county named Pohde, a frame agreement of five suppliers on developing the operating procedures of wellbeing and rescue services for three years. This agreement’s total value is some 4.5 million euros.”
Och mer information och siffror finns här.
Flera IT-tjänsteföretag har haft det svårt på sistone.
Hur kommer det att gå för Gofore i framtiden? 
Den nuvarande regeringen skär ner och kommer att hålla strikta kostnadskontroller inom den offentliga sektorn, och man kanske inte noggrant överväger vart resurserna ska riktas och vart det leder.
Inom branschen har åtminstone några haft det tufft, och Gofore verkar mycket inom den offentliga sektorn där det kommer fler nedskärningar. Företaget har visserligen ganska långa kontrakt, men dessa faktorer ser ändå inte bra ut.
Det är lugnande att Gofore presterar bra inom stora områden och att både anställda och kunder är nöjda.
This is not necessarily a huge deal in itself, but I believe it may indicate how well this company is doing!
Gofore has been chosen as Kela’s partner on the so-called single application model project. The single application model is government-programme-aligned renewal and development of Finnish social security that smoothens benefit application and is a step towards the ultimate goal of a universal benefit model.
One of the currently most significant projects in the Finnish digital society space, making Kela’s application processes smoother, will soon move forward in collaboration between Kela and Gofore. The single application model is written in Prime Minister Petteri Orpo’s government’s programme. In practice, the model means that in the future, a customer can apply for several benefits with one application.
”The meaning of Goforeans’ work shines through the most in projects like this with great societal impact. The single application model is an important step towards a real reform of the Finnish social security system by harnessing the possibilities of digital technology. It’s on par with groundbreaking Finnish digitalisation reforms like the Suomi.fi national identification system or the OmaVero tax portal”, says Gofore’s CEO Mikael Nylund.
The single application model development is part of Kela’s strategic development programme called Eepos, and part of the larger social security reformation aligned by Orpo’s government. It entails e.g. a reform of basic social security, targeting to improve profitability of work, make social security more accessible and simplify benefits. The reform is meant to create a universal benefit that includes a basic support for living, a housing support and a discretionary part for last-resort assistance. Transition to the universal benefit model will take place gradually by combining benefits and taking into account the national economy’s current state.
Combining the benefits will now kick off with the single application model creation by the government’s mid-term budget framework negotiations. On 28 August 2024, Kela announced it has chosen Gofore as its partner. The way of procurement has been a negotiation tendering procedure. Kela’s estimate value for the procurement is 10-15 million euros for the entire agreement period, and Gofore’s reference price according to the request for quotation has been 5.5 million euros. The project is estimated to last for three years. Gofore’s resource subcontractor and technology platform supplier in the project is Magnolia.
”This was an especially great win for us and goes to show that Gofore is a desirable partner for big, challenging aggregate development where the supplier carries significant responsibility of the success of the project. We successfully convinced the customer of our versatile expertise and comprehensive offering in the negotiating phase of the procurement”, Nylund says.
Kela’s programme director Miikka Saarteinen says in Kela’s press release that the single application service is intended to first have in use for unemployment benefit customers by the summer of 2025. In the first phase, the service will also entail an estimation of housing benefit needs. It is intended for the service to expand to also gradually concern other benefits.
En bra översikt över de finska IT-tjänstebolagen finns via länken.
Gofore’s revenue was already known for Q2 and amounted to 48.0 MEUR, up 1% year-on-year. Organically, revenue decreased by 3%. Intense price competition limited growth opportunities as the company has not been willing to sacrifice too much on profitability. This is positive for the long term, as otherwise the quality of the order book would continue to deteriorate and it would take longer to return to growth when the market situation improves. Gofore’s adjusted EBITA increased by 13% to 6.1 MEUR but missed our forecast. This corresponds to a satisfactory/good EBITA margin of 12.7% for the company under the circumstances, but at the very top end of the sector. We forecast organic revenue development of -1% and and a slight decline in EBITA-% to 13.8% in 2024. Profitability is weighed down by the negative equation of customer prices and wage inflation. Q2 company update on Gofore is available here (in Finnish).