The Helsinki Stock Exchange opened on Friday down, but during the day the trend turned to a clear rise. The general index closed up 0.7 percent at 9,838 points
The most traded of the day had announced its results yesterday Nordea. The bank’s stock closed up 1.4 percent.
Also announced his results on Thursday Nokia was the second most traded and rose 2.5 percent during the day.
Although the company’s first quarter figures did not meet expectations, the company anticipates that the foundations of the mobile network business have now been seen.
During the day, Friday morning’s earnings announcement gained the most Elisa, 4.4 percent. The telecom operator’s operating profit in January–March was 112 million euros. Analysts expected an operating profit of 117 million euros, according to the information service FactSet.
The company kept its instructions unchanged. Elisa has instructed that the turnover and comparable EBITDA should be at the level of the comparison period or slightly higher in 2024.
“Elisa’s good earnings continued in the first quarter despite the geopolitical and macroeconomic challenges. Turnover decreased as a result of the sale of business operations, a decrease in equipment sales and a decrease in intermodal turnover”, CEO Topi Manner said in the results announcement.
Other earnings announcements
Friday’s other results announcers were Middle Soul, Morning and QPR Software.
The first quarter result of Alma Media, which focuses on digital media and services, was barely below analyst expectations. The company’s operating profit adjusted for non-recurring items was 16.1 million euros, while analysts expected it to have been 16.3 million euros in the first part of the year.
“Alma Media’s business developed well in the first quarter, despite the sluggish operating environment. Turnover remained at the level of the comparison period at 76.2 million euros. Turnover was supported by acquisitions, but the weakened exchange rate of the Czech koruna slowed down the development of turnover,” CEO Kai Telanne stated in the earnings release.
The company’s stock closed unchanged from Thursday’s level.
The first quarter of the IT service company Gofore was, as expected, sluggish compared to the company’s previous growth and profitability development. Gofore’s adjusted ebita result decreased to 6.8 million euros from 8.3 million euros in the comparison period.
“In our eyes, the first quarter seems like the trough of a weaker market situation. In particular, the turn of the year coincided with the end of projects and cost-saving measures, but new projects were also started. This was seen in both the public and private sectors”, CEO Mikael Nylund stated.
Gofore’s stock closed up 3.9 percent.
Software company QPR Software’s operating result in the first quarter of the year was 0.03 million euros, while the operating loss was 0.3 million in the corresponding period last year. The company’s result was positive for the first time since the third quarter of 2019.
The company’s stock closed down 8.5 percent.
Other company news
Manufacturer of forest machines Ponsse said that it is lowering its guidance for 2024. Ponsse’s operating profit in euros is estimated to be slightly weaker than in 2023, when it reached 47.2 million euros.
Solar panel company Value has received an extension of time until June 14, 2024 to submit the restructuring program, the company is informed. Valoe says that he has secured funding for the duration of the procedure and continues negotiations on longer-term funding.
Changes in recommendations and target prices
DNB lowered Nokia’s target price to 3.30 euros (previously 3.60), the hold recommendation remained unchanged
ON welski Forest Board target price to 8.50 euros (previously 8.80), the buy recommendation remained unchanged
ON welski YIT:n target price to 1.70 euros from 1.80 euros, the reduce recommendation remained unchanged.
ON welski Nokian target price to 3.70 euros from 3.80 euros, the add recommendation remained unchanged.
OP nosti Nordic target price to 13.50 euros from 13.00 euros, the buy recommendation remained unchanged.
Inderes raised Robitin target price to 1.90 euros from 1.80 euros, the recommendation dropped to add level from buy level.
Inderes counted Titaniumin the target price to EUR 12.00 from EUR 15.00, the reduce recommendation remained unchanged.
Inderes counted Aspocompin target price to 3.30 euros from 3.50 euros, the recommendation decreased from the reduce level to the increase level
Inderes counted Talenomin recommendation to the add level from the buy level, the target price of 6.30 euros remained unchanged.
Kauppalehti is part of Alma Media.