olivLaw · European equity research
Alma Media Oyj ALMA.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Alma Media is a Finnish group combining digital recruitment platforms, online marketplaces for housing, commercial property and mobility, information services and news media, with an international recruitment business in Eastern Central Europe. In fiscal 2025 it reported revenue of 327 MEUR and an adjusted operating margin above 25%, while management expects revenue to stay at the 2025 level in 2026 and adjusted operating profit to rise. The relevance lies in its shift toward digital models and in the uncertainty around the Finnish advertising market.
At the close of 05 Nov 2026, Alma Media Oyj (ALMA.HE) stock was 14.00 EUR (+0.72% on the day), with market capitalisation 1.2 bn EUR, P/E 21.2 on diluted EPS of 0.66 EUR over the last 12 months, dividend yield 3.30%, beta 0.31, 52-week range 12.00–14.95 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.6
- strong (55–70)
- Bollinger (20, 2)
- 13.00 – 14.04
- in the upper half of the band · %B 0.96 · band width 7.7%
- SMA 50 / 200
- 13.55 / 13.45
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.10 / 0.04
- MACD above 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 | +7.3% | +0.4% | +6.9 pp | — |
| 3 months | +4.9% | −3.3% | +8.1 pp | — |
| 6 months | +10.7% | +4.0% | +6.7 pp | — |
| Year to date | −2.4% | +8.1% | −10.5 pp | — |
| 1 year | +0.7% | +10.7% | −10.0 pp | −2.6% |
| 3 years | +64.7% | +50.1% | +14.6 pp | +4.1% |
| 5 years | +26.1% | +43.6% | −17.5 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.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 17.7, median 19.7, max 21.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 312.7 m | 327.1 m |
| Revenue YoY | unavailable | +4.6% |
| Net income | 52.3 m | 55.4 m |
| Net income YoY | unavailable | +5.9% |
| Diluted EPS | 0.62 | 0.66 |
| Diluted EPS YoY | unavailable | +6.5% |
| net % | 16.7% | 16.9% |
| Free cash flow | 72.6 m | 80.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 32.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 249.5 m EUR
- Total assets
- 521.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.72x
- ROE
- 22.9%
- ROA
- 10.6%
- FCF margin
- 24.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 312.7 m | 327.1 m | esef· 24 Mar 2026verified |
| Operating income | 73.4 m | 77.8 m | esef· 24 Mar 2026verified |
| Depreciation & amortisation | 17.6 m | 18.9 m | esef· 24 Mar 2026verified |
| EBITDA | 91.0 m ≈ | 96.7 m ≈ | esef· 24 Mar 2026derived |
| Interest expense | 9.1 m | 8.4 m | esef· 24 Mar 2026verified |
| Pre-tax income | 67.0 m | 70.7 m | esef· 24 Mar 2026verified |
| Income tax | 14.4 m | 15.0 m | esef· 24 Mar 2026verified |
| Net income | 52.3 m | 55.4 m | esef· 24 Mar 2026verified |
| Diluted EPS | 0.62 | 0.66 | esef· 24 Mar 2026verified |
| Dividend per share | 0.46 | 0.46 | esef· 24 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 42.5 m | 32.5 m | esef· 24 Mar 2026verified |
| Inventories | 700.0 k | 800.0 k | esef· 24 Mar 2026verified |
| Current assets | 80.6 m | 71.1 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 3.4 m | 2.9 m | esef· 24 Mar 2026verified |
| Goodwill | 309.0 m | 322.5 m | esef· 24 Mar 2026verified |
| Total assets | 526.1 m | 521.6 m | esef· 24 Mar 2026verified |
| Current liabilities | 95.3 m | 99.1 m | esef· 24 Mar 2026verified |
| Total liabilities | 291.2 m | 272.1 m | esef· 24 Mar 2026verified |
| Equity | 234.9 m | 249.5 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 81.7 m | 82.7 m | esef· 24 Mar 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 73.8 m | 81.3 m | esef· 24 Mar 2026verified |
| Capex | 1.2 m | 1.0 m | esef· 24 Mar 2026verified |
| Free cash flow | 72.6 m ≈ | 80.3 m ≈ | esef· 24 Mar 2026derived |
| Investing cash flow | -22.6 m | -23.2 m | esef· 24 Mar 2026verified |
| Financing cash flow | -61.4 m | -67.9 m | esef· 24 Mar 2026verified |
| Dividends paid | 37.4 m | 38.2 m | esef· 24 Mar 2026verified |
| Share repurchases | 2.0 m | 2.5 m | esef· 24 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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.2 bn EUR
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.43 – 11.47 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E5.43 – 11.47 (Mid 7.32)23 companies used · median multiple 11.1x · quartiles 8.2x – 17.4xAPETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE, KEMIRA.HE
- Dividend discount (DDM)6.28 – 8.57 (Mid 7.25)
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: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 16.9% | 87 (vs peers) | 12% |
| FCF conversion · Quality | 144.9% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 9.3x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 21.2x | 32 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.9% | 87 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 3.5% | 50 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 47.6% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality94/100 · 2/3 factors with a value
- Returns70/100 · 2/2 factors with a value
- Valuation56/100 · 2/3 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
Alma Media Oyj (ALMA.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 327.1 m EUR in 2025; YoY growth 4.6%; net margin 16.9%; ROE 23.0%.
The estimated value range is 5.86–10.02 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 7.29 EUR, the price of 14.00 EUR leaves a potential of -47.9% (value / price − 1) and a margin of safety of -92.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 16.9%
- FCF conversion: 144.9%
- Interest coverage: 9.3x
- FCF yield: 6.9%
- Payout ratio (FCF): 47.6%
What contradicts it
- Current ratio: 0.7x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
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 ALMA.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 8.41 Total return -37% · Per year -37% | 14.87 Total return 10% · Per year 10% | 22.39 Total return 64% · Per year 64% |
| 3 years | 8.18 Total return -34% · Per year -13% | 16.27 Total return 27% · Per year 8% | 26.90 Total return 106% · Per year 27% |
| 5 years | 7.95 Total return -30% · Per year -7% | 17.80 Total return 46% · Per year 8% | 32.32 Total return 156% · Per year 21% |
- Exit P/E± 4.07
- Net margin± 2.85
- Annual revenue growth± 2.33
- Annual dilution± 0.24
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
Alma Media is a Finnish group combining digital recruitment platforms, online marketplaces for housing, commercial property and mobility, information services and news media, with an international recruitment business in Eastern Central Europe. In fiscal 2025 it reported revenue of 327 MEUR and an adjusted operating margin above 25%, while management expects revenue to stay at the 2025 level in 2026 and adjusted operating profit to rise 1. The relevance lies in its shift toward digital models and in the uncertainty around the Finnish advertising market 1.
SWOT
Strengths
- High margins, a strong digital base and brand leadership in their niches, together with a controlled debt position 1.
- An integrated ecosystem of marketplaces, media and data services that reinforce each other and reduce dependence on one economic cycle 1.
- Strong international recruitment operations, less dependent on the slow-growing Finnish market 1.
Weaknesses
- Dependence on the advertising market, which is vulnerable to economic downturns and cuts in client budgets 1.
- Overlapping capacity costs during the recruitment system renewal, expected to decrease only as the cloud transition is completed 1.
- Exposure to regulation and operational risks linked to cyber security and AI systems 1.
Opportunities
- Expanding AI-based and data services in existing and new markets, such as the Jobly Vibes rollout planned in Croatia 1.
- Growing digital subscriptions and paid models in media, which could stabilise recurring revenue 1.
- Acquisitions of data and compliance services, such as the ESG reporting and Edilex businesses, that broaden the offering 1.
Risks
- Economic uncertaintyhigh
A decline in the advertising market and in recruitment, housing and automotive volumes could weigh on revenue and profitability 1.
- Changing user behaviourhigh
A drop in subscribers and readers could lead to a lasting decline in digital advertising sales 1.
- AI-related risksmedium
Wrong technology choices or AI use that undermines customer trust could hurt competitiveness 1.
- Cyber and data securitymedium
Cyber attacks, data breaches and AI system malfunctions could cause service interruptions 1.
- Regulationmedium
Still-uncertain interpretations of the EU data package could impose additional requirements on platforms 1.
Investment thesis
What would need to be true (bull case)
- If the digital transformation continues, high margins and strong cash flows could support long-term growth and dividends 1.
- A leading international recruitment business could offset weakness in the Finnish market 1.
- Strong brands and an integrated ecosystem could make the group more resilient to market shifts 1.
What would break the thesis
- If the advertising market does not recover, revenue could stay flat, as management's 2026 outlook suggests 1.
- Competition from international platforms and AI-driven services could erode positions in advertising and media 1.
- Overlapping system renewal costs and compliance costs could limit profitability improvement 1.
What to watch
- Revenue and adjusted margin development against the 2026 outlook2026
- Progress of the recruitment system cloud transition and reduction of overlapping costsend 2026
- Development of digital subscriptions at Iltalehti and Kauppalehtinext 10-K
- Impact of EU data and AI regulation on the group's platforms2027
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
Alma Media is a highly innovative company focused on digital services and journalistic media content, building growth from media to services. Digital business accounts for about 86% of revenue, and the group works as an ecosystem where marketplaces, media, advertising and classified listings reinforce each other 1. It operates in Finland and several European countries, with an active international recruitment business 1.
The company aims to build the most comprehensive digital ecosystem for housing transactions, notably through platforms such as DIAS and Etuovi, and to integrate artificial intelligence into products and internal processes 1. Its transformation strategy emphasises scalable platforms, data and system renewal, and the group made several acquisitions in 2025 to broaden its offering 1. It has said it will divest activities that do not support long-term value creation 1.
The capital structure is solid, with a net debt to EBITDA ratio below the target ceiling, and the company aims to distribute, on average, more than half of annual profit as dividends 1. An asset-light model and strong cash flows support this policy, but growth depends on expanding digital services without relying solely on the slow-growing Finnish advertising market 1.
Segments
Alma Career
The recruitment segment offers job advertising, staffing and employer branding, with leading platforms in Eastern Central Europe such as Jobs.cz, Prace.cz and Profesia.sk, plus Jobly in Finland 1. It operates in nine European countries and aims to strengthen its position and expand services supporting job search and employer needs 1.
Alma Marketplaces
The segment includes leading marketplaces for housing, commercial premises and mobility, comparison services and data insights, with operations in Finland and Sweden 1. In 2025 it acquired Edilex Lakitieto and Effortia, and launched the Edilex AI service for legal questions 1.
Alma News Media
Alma News Media operates in Finland with Iltalehti and Kauppalehti, developing digital subscription models and using artificial intelligence in editorial and commercial services 1. The Netello business, focused on search engine optimisation and digital advertising, was divested during the year 1.
Market context
The Eastern Central European recruitment market is an important growth area, and the group's international business carries significant weight in revenue and profitability, making it less dependent on the slowly growing Finnish market 1. In Finnish housing and automotive markets, competitiveness depends on brand reach and access to unique data, while in media, digital advertising remains exposed to economic uncertainty 1.
Trends
- Digitalisation of property transactionstailwind
Digital housing transactions became the most popular way to complete housing company share transactions in Finland, supporting the DIAS platform 1.
- Artificial intelligence in productsmixed
Adopting generative AI in products and processes could improve efficiency and customer experience, but carries quality and trust risks if the technology is misused 1.
- Uncertainty in the advertising marketheadwind
A decline in the advertising market and in key sector volumes could weigh on media and classified revenue, and management does not rely on a recovery in that market 1.
- EU data and AI regulationheadwind
The EU data and AI regulatory package could raise requirements on data use and platform transparency, affecting business processes 1.
Competitive position
Alma Media faces competition from international platforms and new business models that could reduce price competitiveness and change how users reach its services 1. The group responds by diversifying revenue sources and developing AI-enabled features 1.
In recruitment and property, competition comes from regional and international platforms, and competitiveness depends on brand scale and access to data, which the group highlights as strengths 1. The sources do not name US-listed competitors, so tickers are left null.
- International advertising and digital service platforms
Referred to generically in the source as players that could alter competitive dynamics; not named individually.
- Regional recruitment platforms in Eastern Central Europe
Local competitors in markets where the group leads, though not named in the source.
- Housing and automotive marketplaces in Finland and Sweden
Competition in housing and mobility markets, without named companies in the sources.
- Media content providers and new business models
New models that challenge existing operations, identified generically in the sources.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202524 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Alma Media 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.