olivLaw · European equity research
Alisa Pankki Oyj ALISA.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Alisa Pankki Oyj is a Finnish bank that finances small and medium-sized enterprises and attracts deposits through digital channels. In 2025 the bank shrank its loan book after selling a significant part of its consumer loans, while its capital remains very strong, with a CET1 ratio of 31.1 per cent.
At the close of 05 Nov 2026, Alisa Pankki Oyj (ALISA.HE) stock was 0.12 EUR (+4.55% on the day), with beta 0.53, 52-week range 0.11–0.24 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 43.5
- weak (30–45)
- Bollinger (20, 2)
- 0.11 – 0.13
- in the lower half of the band · %B 0.36 · band width 21.0%
- SMA 50 / 200
- 0.13 / 0.15
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.2% | +0.4% | −10.5 pp | — |
| 3 months | −25.3% | −3.3% | −22.1 pp | — |
| 6 months | −22.8% | +4.0% | −26.8 pp | — |
| Year to date | −49.6% | +8.1% | −57.7 pp | — |
| 1 year | −46.0% | +10.7% | −56.7 pp | −1.9% |
| 3 years | −39.5% | +50.1% | −89.6 pp | +5.4% |
| 5 years | −92.0% | +43.6% | −135.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -138.0 k | -1.2 m | -2.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | 0.00 | -0.01 | -0.01 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 9.1 m | 170.3 m | -68.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 34.7 m EUR
- Total assets
- 306.0 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -5.9%
- ROA
- -0.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
Balance sheet · EUR
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 9.1 m | 170.3 m | -68.6 m | esef· 04 Mar 2026verified |
| Capex | 2.0 k | 23.0 k | 0 | esef· 04 Mar 2026verified |
| Free cash flow | 9.1 m ≈ | 170.3 m ≈ | -68.6 m ≈ | esef· 04 Mar 2026derived |
| Investing cash flow | -637.0 k | 1.6 m | -572.0 k | esef· 04 Mar 2026verified |
| Financing cash flow | -147.0 k | -18.7 m | -348.0 k | esef· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 0 of at least 6
- score weight coverage: 0.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
0% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Alisa Pankki Oyj (ALISA.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -5.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KEMIRA.HEKemira Oyj | 2.5 bn | 13.6 | 10.5% | 6.6% | −6.6% | −17% / +4% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for ALISA.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Alisa Pankki Oyj is a Finnish bank that finances small and medium-sized enterprises and attracts deposits through digital channels. In 2025 the bank shrank its loan book after selling a significant part of its consumer loans, while its capital remains very strong, with a CET1 ratio of 31.1 per cent 1.
SWOT
Strengths
- The bank has a very strong capital position, with capital and liquidity ratios well above minimum requirements, giving it a wide margin against business risks 1.
- Funding comes mainly from customer deposits, a stable and relatively low-cost source for lending 1.
- The bank runs a digital model that allows it to attract savings and offer financing without an extensive branch network 1.
Weaknesses
- The bank is not yet sustainably profitable, and a loss before non-recurring items and taxes is expected in the first half of 2026 1.
- The loan portfolio shrank sharply in 2025, which limits interest income until SME growth offsets the exit from retail 1.
- Loan quality weakened, and non-performing exposures rose relative to the prior year as the portfolio contracted 1.
Opportunities
- If SME financing grows, the bank could rebuild income through lending, especially via Banking-as-a-Service partnerships 1.
- Synergies between PURO Finance and the Alisa bank, including cross-selling, could increase the number of customers and income 1.
- If the bank reduces operating costs, it could reach the cost efficiency target it has set for 2027 1.
Threats
- A weaker Finnish economy could increase SME bankruptcies and credit losses, affecting the bank's result 1.
- Interest rate changes can affect income, because the bank's exposure to banking book interest rate risk is significant 1.
- Rising digital fraud could cause financial losses and harm the bank's reputation 1.
Risks
- SME credit riskhigh
Bankruptcies among small enterprises have raised non-performing exposures, and one large customer exposure was partly covered by an export credit guarantee 1.
- Interest rate riskmedium
Most loans are short-term with fixed rates, and changes in interest rates can affect the economic value of own funds and net interest income 1.
- Concentration riskmedium
One customer group exposure exceeded 10 per cent of CET1 capital, largely mitigated by an eligible guarantee 1.
- Digital fraud riskmedium
Fraud in digital channels has increased, which could lead to financial and reputational losses if controls fall behind 1.
- Strategy execution riskmedium
The medium-term targets depend on growing SME volumes and reducing costs, and a failure in these areas could delay reaching them 1.
Investment thesis
What would need to be true (bull case)
- The very strong capital and liquidity position gives the bank a large safety margin to finance SME growth 1.
- If SME financing and Banking-as-a-Service partnerships develop, the bank could return to profitability in the second half of 2026 1.
- Leaving retail lending could reduce risks and costs, which could improve longer-term results 1.
What would break the thesis
- The bank expects a loss before non-recurring items and taxes in the first half of 2026, and profitability depends on the corporate lending market 1.
- The loan portfolio has shrunk substantially, and the bank could struggle to offset lost income if SME demand for financing stays weak 1.
- Loan quality has deteriorated, and a harsher economic environment could lead to further credit losses 1.
What to watch
- Result before non-recurring items and taxes in the first half, against the expected lossH1 2026
- Completion of the sale of the remaining consumer loan portfolio2026
- Development of the NPL ratio and non-performing SME exposures2026
- Progress on medium-term targets for return on equity, cost efficiency and capital ratio2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Alisa Bank focuses on financing SMEs and serving savings customers through digital channels. During fiscal 2025 the bank decided to exit retail lending and sold a significant part of its personal customer loan portfolio, with the sale of the remainder expected in 2026 1. The loan portfolio fell to 58.9 million EUR at the end of 2025 from 149.5 million EUR at the end of 2024 1.
Funding comes mostly from retail deposits, meaning deposits from private individuals and SMEs, and the bank has no outstanding bond issues 1. Customer deposits decreased to 256.5 million EUR at the end of 2025 1. Alisa acquired PURO Finance, a factoring company, in May 2024, and it was later merged into the bank 1.
For 2026 the bank aims to increase SME financing volumes and make its SME services available more broadly through partners under a Banking-as-a-Service model, while the gradual withdrawal from consumer business will reduce its income, expenses and credit losses 1.
Segments
SME financing
The bank's core activity is lending to small and medium-sized enterprises, mainly in manufacturing, wholesale and retail trade, and real estate activities 1. The bank has said it will keep focusing on growing these volumes in 2026 1.
Deposits and savings
Savings customers using digital channels are the main source of funding, and the liquidity and stable funding ratios remained strong at the end of 2025 1.
Factoring (PURO)
The factoring activity that came with the PURO Finance acquisition offers invoice financing, collection and credit insurance, and the synergies targeted include cross-selling and replacing debt funding with deposits 1.
Market context
The bank operates mainly in Finland, where it finances SME customers and attracts deposits from private individuals and businesses. The NPL ratio of the business loan portfolio was 7.1 per cent, and rising bankruptcies among SMEs affected loan quality 1. Conditions in the operating environment can weaken the profitability and investment appetite of SMEs, which could affect financing volumes 1.
The main market risk is interest rate risk in the banking book, since most of the loan portfolio is short-term fixed-rate invoice financing. The bank estimates that a two percentage point rise in rates would improve net interest income by about 1.7 million EUR per year, while a corresponding fall would reduce it by the same amount 1.
Trends
- Exit from retail lendingmixed
The bank has left consumer lending, which has shrunk its loan book and reduced risks, but also lowers income, expenses and credit losses in the short term 1.
- Focus on SME financingtailwind
The strategy aims to grow SME financing volumes and extend services through partners, which could support income if demand for business credit recovers 1.
- Rising SME bankruptciesheadwind
More bankruptcies among small enterprises have raised non-performing exposures, and this could persist if the operating environment stays weak 1.
- Digital fraud riskheadwind
Fraud risks have increased, particularly in digital channels, and the bank is strengthening proactive controls to detect incidents early 1.
Competitive position
The bank states its position in SME financing and digital deposits, but the sources analysed do not contain a detailed comparison with competitors. The competitor list therefore reflects only the businesses and entities named in the annual report 1.
Competition centres on the volume and cost of SME financing, digital services and Banking-as-a-Service partnerships. Rivals may offer better financing terms, which could limit the bank's growth 1.
- Evli Bank
Bank whose banking business was merged with Fellow Finance into the Alisa group, as named in the source 1.
- Fellow Finance
Company whose lending business entered the Alisa group, with subsidiaries in the Czech Republic and Germany 1.
- PURO Finance
Factoring company acquired by Alisa in 2024, which offered invoice financing 1.
- Other banks and SME financiers
Traditional banks and business finance providers compete with Alisa for SME financing in Finland, but the sources do not name them.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Alisa Pankki Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.