Väldigt högt uppe på önskelistan framöver: mera svenska : pratat och skrivet av Mikael !!
Personligen är- och kommer alltid min åsikt att vara: vill man nå ut till någon, då skall det göras på det språk personen ifråga talar, tänker och fattar beslut på, i den frågan/kring det ämnet. För fler/mångspråkiga kan detta innebära olika språk, beroende på objektet, dvs “vad man vill sälja in”. Även ordlöst språk kan komma i fråga; för en hantverkare är framställningen på den potentiella köparens modersmål av mindre vikt - resultatet av hantverket i sig lär tala sitt tydliga (ordlösa) språk.
Alla ekonomer, mig själv inräknad, vill alltid lyfta fram teorin om “den rationella och effektiva beslutsfattaren”. En sak kan man inte bortse från, (även som ekonom): “känslan” måste vara rätt. :at måste finnas med - oberoende av språk!
Med det sagt: hur friar man bäst till svenskspråkiga privatinvesterare?
We expect a broadly flat performance by Inderes in Q1, with the timing of Easter causing headwinds in March. The investment case and long-term growth still rely on expansion in Sweden, but we think group growth in 2024 will continue to be driven by the Finnish operations, with AGM services and IR software as key contributors. On unchanged estimates, our fair value range is EUR 18-20 (from EUR 18-19 previously).
We published our Q1 report earlier today. As our revenue was essentially flat year over year in a difficult market environment it would be interesting to hear from @mikaelrautanen what do you think needs to happen for the market environment to turn more favourable. Any certain forward-looking indicators worth keeping an eye on?
Inderes delivered a Q1 report well in line with our estimates. Rounded off, sales were a notch higher than our estimate, while EBITA missed by tens of thousands of euros. The number of commissioned research contracts was also in line. Guidance was reiterated and we flag that sales growth should pick up from Q2 as AGM season was more skewed towards Q2 this year. All in all, we expect a neutral reaction and at first glance believe that estimate revisions should be small.
Sure let’s speculate Rule of thumb: when our clients (publicly listed companies) are doing better, then doing business with them is always easier. Then obviously the IPO vs. buyout activity defines if we are operating in a declining or growing market. It’s a totally different game right now to operate (with a growth strategy) in a declining market vs 3 years ago, but that’s the nature of the market. I expect IPO activity to first pick up in Sweden starting this year and then Finland following. Then on the community side, when stonks are rising it’s also always more fun to build the community. But that’s also the nature of the market. One industry veteran once said analysts are paid for taking all the yelling when stocks decline but not sure if I agree
Inderes bygger en nordisk tillväxtsaga på en stark hemmamarknad. Expansionen i Sverige, speciellt inom event och årsstämmor, underlättas av förvärv inom den svenska IR-marknaden, men forskning kräver bredare investerartäckning. Sverige erbjuder stor långsiktig potential, även om resultatet är osäkert. Den svenska marknaden är cirka fyra gånger större än den finska, vilket innebär betydande tillväxtmöjligheter. Inderes rättvisa värderingsintervall har justerats till 19-20 euro. Framsteg i Sverige är nyckeln till bolagets värdering.
Inderes continued better-than-expected sales performance in May with monthly sales up 15% y/y. The May sales of EUR 1.9m topped our estimate of EUR 1.7m with a clear margin. While we note that timing of couple of larger events may have relatively large impact we read that the momentum on software side has continued strong. As software sales are recurring the healthy topline momentum could continue also in June which is seasonally low month.
We increase our fair value range ahead of Inderes’s Q2 report. Our take from recent months is that the company has continued to grow in AGM and IR software. However, due to high market penetration in Finland, the long-term value creation opportunity lies in Sweden, where the steps are still relatively small and the future is more uncertain. We raise our 2024-26 EBITDA estimates by 7-8%.
We will host our H1 event from the Stockholm studio (in Finnish) next week. You are welcome to join if in town! Also, on Thursday we host English webcast with HC Andersen Capital.
Inderes reported Q2 broadly in line with our expectations. Also July sales were reported and sales for the month were slightly above our estimate as the IR software business kept performing. Swedish business ticked up from a low base roughly in line with our assumptions. Our first impression is neutral to slightly positive thanks to the continued increase in commission research contracts and the emerging breakthrough of the IR software business.
Hur gick det för Inderes i augusti? Tja, här är SEB tankar om det.
Inderes’ August sales came in slightly below our estimate. While the muted 3% growth was driven by IR software our take is that event business saw monthly volatility being on the downside. For September we expect input 12% growth, which after August seems elevated. However, we note that the timing of CMDs and other events may give the required boost for the next month.
I believe that almost everyone working in an office should learn to use AI, even just a little, for example, in small daily tasks or helping with text formatting.
Of course, in IT jobs and certain processes, AI should be used actively and in a more versatile way.
It’s clear that you likely use it in some way for image generation, and developers probably utilize it more extensively, to stay competitive. To succeed globally, one needs to be among the first to adopt new technologies, not just because it’s necessary but to remain ahead.
How is AI utilized at Inderes, and has everyone or almost everyone received training in it? How prominent has AI been at your company?
Like you guessed, AI tools are pretty extensively in use among content creators and developers already, we want to encourage such culture of just go out and test new stuff and tools with curiosity. The first AI products/features are also on the way: you can find transcripts now almost in all webcasts we produce. Yet the balance is stil more on tools that improve efficiency, we must look for business opportunities as well.
As a former tech-analyst, I agree that this should not be only a thing of developers. I’d like to see all our 120 employees including myself learning the basics of modern tech tools and keep learning all the time. Then just see what happens… probably some cool stuff and new business
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:at måste finnas med - oberoende av språk!
