olivLaw · European equity research
Boreo Oyj BOREO.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Boreo Oyj is a Nordic group that acquires and holds for the long term profitable companies in technical trade and electronics, with a focus on growing profit over time. In 2024 it reorganised its business segments and sharpened its strategic targets, in an economic setting that remains uncertain for its cyclical customers.
At the close of 06 Nov 2026, Boreo Oyj (BOREO.HE) stock was 25.50 EUR (+2.00% on the day), with beta 0.44, 52-week range 13.20–27.80 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)
- 49.8
- neutral
- Bollinger (20, 2)
- 23.07 – 27.76
- in the upper half of the band · %B 0.52 · band width 18.5%
- SMA 50 / 200
- 24.88 / 20.47
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.36 / 0.43
- 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 | +1.2% | −0.6% | +1.8 pp | — |
| 3 months | +3.7% | −4.2% | +7.8 pp | — |
| 6 months | +25.6% | +4.3% | +21.3 pp | — |
| Year to date | +82.1% | +7.5% | +74.6 pp | — |
| 1 year | +68.3% | +9.9% | +58.4 pp | −1.7% |
| 3 years | −2.7% | +49.8% | −52.5 pp | +4.4% |
| 5 years | −65.7% | +42.8% | −108.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 122.0 m | 160.4 m | 161.3 m | 134.0 m |
| Revenue YoY | unavailable | +31.5% | +0.6% | −16.9% |
| Net income | 5.2 m | 0 | 2.6 m | 1.1 m |
| Net income YoY | unavailable | −100.0% | unavailable | −57.7% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | 4.3% | 0.0% | 1.6% | 0.8% |
| Free cash flow | unavailable | unavailable | 9.3 m | 10.2 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 9.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 44.5 m EUR
- Total assets
- 115.7 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 2.5%
- ROA
- 0.9%
- FCF margin
- 7.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 122.0 m | 160.4 m | 161.3 m | 134.0 m | esef· 18 Mar 2025verified |
| Operating income | 5.8 m | 6.5 m | 6.3 m | 4.1 m | esef· 18 Mar 2025verified |
| Depreciation & amortisation | 2.9 m | 4.0 m | 5.4 m | 5.6 m | esef· 18 Mar 2025verified |
| EBITDA | 8.7 m ≈ | 10.5 m ≈ | 11.7 m ≈ | 9.7 m ≈ | esef· 18 Mar 2025derived |
| Interest expense | — | — | 3.0 m | 3.1 m | esef· 18 Mar 2025verified |
| Pre-tax income | 4.6 m | 5.5 m | 3.5 m | 1.3 m | esef· 18 Mar 2025verified |
| Income tax | 700.0 k | 1.1 m | -700.0 k | -100.0 k | esef· 18 Mar 2025verified |
| Net income | 5.2 m | 0 | 2.6 m | 1.1 m | esef· 18 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 2.7 m | 13.2 m | 6.5 m | 9.7 m | esef· 18 Mar 2025verified |
| Receivables | — | — | 16.4 m | 16.6 m | esef· 18 Mar 2025verified |
| Inventories | 24.5 m | 32.0 m | 31.0 m | 25.1 m | esef· 18 Mar 2025verified |
| Current assets | 47.1 m | 68.3 m | — | — | esef· 14 Mar 2023verified |
| Property, plant & equipment, net | 6.3 m | 9.2 m | 10.7 m | 10.7 m | esef· 18 Mar 2025verified |
| Goodwill | 29.0 m | 35.5 m | 42.4 m | 42.3 m | esef· 18 Mar 2025verified |
| Intangibles (excl. goodwill) | 3.2 m | 7.0 m | 10.0 m | 7.9 m | esef· 18 Mar 2025verified |
| Total assets | 97.4 m | 121.4 m | 119.6 m | 115.7 m | esef· 18 Mar 2025verified |
| Current liabilities | 36.1 m | 42.0 m | 38.4 m | 35.2 m | esef· 18 Mar 2025verified |
| Equity | 22.4 m | 41.8 m | 42.6 m | 44.5 m | esef· 18 Mar 2025verified |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 2.0 m | 4.1 m | 11.6 m | 12.0 m | esef· 18 Mar 2025verified |
| Capex | — | — | 2.3 m | 1.8 m | esef· 18 Mar 2025verified |
| Free cash flow | — | — | 9.3 m ≈ | 10.2 m ≈ | esef· 18 Mar 2025derived |
| Investing cash flow | -11.9 m | -13.0 m | -10.7 m | -4.8 m | esef· 18 Mar 2025verified |
| Financing cash flow | 7.3 m | 15.8 m | -7.6 m | -3.9 m | esef· 18 Mar 2025verified |
| Dividends paid | 1.2 m | 1.5 m | 1.4 m | 200.0 k | esef· 18 Mar 2025verified |
≈ 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: 5 of at least 6
- score weight coverage: 31.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
31% · 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 · 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/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
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: 5 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.8% | 38 (vs peers) | 20% |
| FCF conversion · Quality | 927.3% | 100 (on a fixed band) | 20% |
| Revenue CAGR 3Y · Growth | 3.2% | 26 (on a fixed band) | 27% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.3x | 0 (on a fixed band) | 20% |
| 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 | 2.0% | 100 (on a fixed band) | 13% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partial26/100 · 1/2 factors with a value
- Quality69/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 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
Boreo Oyj (BOREO.HE). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 134.0 m EUR in 2024; YoY growth -16.9%; net margin 0.8%; ROE 2.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% 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
- FCF conversion: 927.3%
- Payout ratio (FCF): 2.0%
What contradicts it
- Revenue CAGR 3Y: 3.2%
- Interest coverage: 1.3x
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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 | 20.7 bn | 27.1 | 8.7% | 15.3% | −14.0% | +31% / +80% |
| ELISA.HEElisa Oyj | 5.5 bn | 16.0 | 27.0% | 15.2% | +3.0% | −10% / −17% |
| KEMIRA.HEKemira Oyj | 2.4 bn | 13.5 | 10.5% | 6.6% | −6.6% | −18% / +3% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.6 | 24.1% | 9.4% | +1.2% | −0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −5% / +132% |
| EXEL.HEExel Composites Oyj | 1.7 bn | — | -18.5% | -5.3% | +3.6% | +157% / +71% |
| BITTI.HEBittium Oyj | 1.2 bn | 54.7 | 17.5% | 17.9% | +40.1% | +69% / +589% |
| ALMA.HEAlma Media Oyj | 1.1 bn | 20.8 | 23.0% | 16.9% | +4.6% | +7% / +54% |
| FIA1S.HEFinnair Oyj | 1.0 bn | 55.3 | 2.9% | 0.6% | +1.9% | +69% / +34% |
| HARVIA.HEHarvia Oyj | 767.8 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| GRK.HEGRK Infra Oyj | 758.7 m | 17.6 | 27.8% | 4.9% | +19.7% | +46% / unavailable |
| ATRAV.HEAtria Oyj | 453.9 m | 11.2 | 9.8% | 2.2% | +3.3% | +13% / +58% |
| ANORA.HEAnora Group Oyj | 316.3 m | 57.5 | 1.4% | 0.8% | −4.9% | +25% / +10% |
| CAPMAN.HECapMan Oyj | 283.3 m | 21.8 | 6.8% | 20.9% | +9.4% | −13% / −24% |
| ICP1V.HEIncap Oyj | 266.0 m | 19.0 | 10.4% | 6.5% | −6.7% | −1% / +40% |
| FSECURE.HEF-Secure Oyj | 239.5 m | 10.7 | 43.4% | 15.3% | −0.4% | −19% / −24% |
| ASPO.HEAspo Oyj | 216.1 m | 9.2 | 15.4% | 5.0% | +2.1% | 0% / +7% |
| ETTE.HEEtteplan Oyj | 180.2 m | 17.0 | 8.8% | 2.9% | +0.1% | −25% / −49% |
| DIGIA.HEDigia Oyj | 131.1 m | 10.4 | 14.5% | 5.9% | +5.5% | −17% / −12% |
| ILKKA.HEIlkka Oyj | 93.0 m | 8.0 | 6.2% | 30.8% | +22.6% | −1% / +20% |
| CONSTI.HEConsti Oyj | 77.5 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 | 71.5 m | 71.3 | 3.1% | 0.4% | −27.7% | +7% / +4% |
| CTH1V.HEComponenta Oyj | 65.7 m | 322.0 | 0.8% | 0.2% | −4.6% | +48% / +180% |
| KAMUX.HEKamux Oyj | 49.4 m | 10.8 | 4.2% | 0.5% | +0.8% | −37% / −76% |
1- and 3-year price returns: for BOREO.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
Boreo Oyj is a Nordic group that acquires and holds for the long term profitable companies in technical trade and electronics, with a focus on growing profit over time. In 2024 it reorganised its business segments and sharpened its strategic targets, in an economic setting that remains uncertain for its cyclical customers.
SWOT
Strengths
- A business model oriented toward acquiring profitable entrepreneurial companies and holding them for the long term.
- A decentralised structure with local responsibility and decisions taken close to customers.
- Presence in several countries and a broad range of industries, which reduces dependence on a single sector.
Weaknesses
- Industrial customer segments are cyclical, and order backlogs are often short.
- Dependence on relationships with the leading principals represented, which could be lost or weakened.
- Headcount fell in the Electronics segment, and dependence on key competencies remains high.
Opportunities
- Acquisitions of new profitable companies, which could accelerate profit growth.
- A revival in industrial investment, which could support demand for the group's services.
- The reorganised segment structure could make it easier to track the performance of companies.
Threats
- Geopolitical and economic uncertainty in Europe can affect demand and supply chains.
- Inflationary pressure on personnel and logistics costs could reduce margins.
- Changes to trade agreements between regions could raise costs and disrupt operations.
Risks
- Customer cyclicalityhigh
Customers in manufacturing, construction and process industries are sensitive to the investment cycle, and orders are often short, which makes revenue volatile.
- Dependence on principalshigh
The group's competitiveness depends on the portfolio of principals it represents. Losing an important principal could weaken revenue and profitability.
- Acquisition risksmedium
Growth through acquisitions depends on the availability of suitable targets, pricing and effective integration of acquired companies.
- Currency exposuremedium
The group operates in several countries, and its most significant currency positions are in US dollars and Swedish kronor, which exposes results to exchange rate movements.
- Dependence on key personnellow
Employee skills and experience are essential. Replacing them is difficult, costly and slow, and recruiting key people can be challenging.
Investment thesis
What would need to be true (bull case)
- The model of acquiring and holding profitable companies for the long term could support steady profit growth if suitable targets are identified.
- Clear strategic targets for profit growth and return on capital give a measurable benchmark for the group's progress.
- Presence in several countries and industries could reduce the impact of a slowdown in a single sector or region.
What would break the thesis
- The group's revenue is tied to the investment of cyclical customers, and an economic slowdown could quickly reduce demand for its services.
- Dependence on leading principals means that losing a single important partner could have a significant effect on results.
- Growth through acquisitions could slow if suitable targets are lacking or if integration of acquired companies does not succeed.
What to watch
- Development of operating profit against the target of at least 15% average annual growth2025
- Demand trends in the Technical Trade segment and customer order intake from industrial clientsQ1 2026
- New company acquisitions and their pricing terms2025
- Net debt to EBITDA level compared with the strategic range of 2-3xnext annual report
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
Boreo Oyj is a Finnish group with operations in eight countries at the end of 2024, including Finland, Sweden, Estonia, Latvia, Lithuania, Poland, the United Kingdom and the United States. Its business model consists of acquiring profitable entrepreneurial companies with high returns on capital and holding them for the long term, within a decentralised organisational structure. Company cash flows are reinvested within the group or into new acquisitions, and at the end of 2024 the group had 336 employees 1.
Boreo's strategy, called 'Sustainable long-term profit growth', emphasises local responsibility and an entrepreneurial culture in each group company. Central management focuses on capital allocation, supporting the companies and developing personnel rather than day-to-day operational management. The group states that it relies on this structure to maintain growth in operating profit and high returns on invested capital 1.
In 2024 the group published its new segment structure and reorganised the former Technical and Heavy equipment areas into a single Technical Trade segment. During the year Machinery Oy split into two independent companies, Machinery Oy and Machinery MT Oy. The changes were made so that companies could focus on core competencies and speed up the implementation of strategies 1.
Segments
Technical Trade
The Technical Trade segment brings together companies that distribute technical products for leading principals and provide industrial services in Finland, Sweden and Estonia. Customers come from the manufacturing, construction, process, forest and concrete industries. The segment includes companies such as Machinery, Machinery MT, Pronius, J-Matic, Filterit, Tornokone, HM Nordic and Vesterbacka Transport, and at the end of 2024 it had 199 employees 1.
Electronics
The Electronics segment includes companies such as YE International, Noretron Komponentit, Milcon, Infradex, Signal Solutions Nordic and Delfin Technologies, which operate in electronic components and solutions. At the end of 2024 the segment had 132 employees, down from 137 the previous year 1.
Market context
The group operates mainly in the Nordics and Eastern Europe, where its customers in manufacturing, construction and process industries depend on investment cycles. The source notes that a significant part of revenue comes from cyclical, project-based and investment-driven customers, and that order backlogs are often short. Market demand is also influenced by uncertainty stemming from the war in Ukraine and by overall economic conditions in Finland 1.
The market for acquiring small and medium-sized companies in the Nordics and Europe forms the basis of the group's external growth strategy. Boreo relies on the availability of suitable targets and reasonable prices, and the source notes that these factors can influence the pace of acquisitions. Without suitable targets, growth through acquisitions could be slower than proposed 1.
Trends
- Economic uncertainty in Europeheadwind
The war in Ukraine and elevated inflation have created general uncertainty in European markets. This is reflected in demand for products and services, in supply chains and in prices, which could affect the group's customers.
- Cost pressuresheadwind
Elevated inflation puts pressure on personnel costs and fuel prices, which feed directly into logistics costs. The group could find it difficult to protect its sales margins if selling prices fall or purchase prices rise.
- Cyclicality of customer investmentmixed
The group's customers in manufacturing, construction and process industries are sensitive to the investment cycle. If investment slows, demand for the group's services could fall, while a revival in investment could support revenue growth.
- Acquisitions as a growth enginetailwind
Growth through acquiring profitable companies remains a central objective of the group. If Boreo finds suitable targets and integrates them effectively, this could accelerate profit growth, but it also exposes the group to integration risks.
Competitive position
The source does not explicitly identify competitors. The group operates, however, in technical distribution and electronic components, where there are numerous regional distributors and industrial service providers in the Nordics and Eastern Europe. The group's competitive position depends on its relationships with the leading principals it represents.
The group's competitiveness depends largely on the portfolio of principals it represents, because its overall earnings model is tied to these relationships. Losing an important principal could weaken revenue and profit levels. The source provides no data on market shares or named rivals.
- Regional technical equipment distributors
The source names no direct competitors; at market level the group faces regional distributors selling similar technical products in the Nordics and Eastern Europe.
- Local industrial service providers
Local companies offering logistics, processing and maintenance services can compete with the Technical Trade segment companies in the same regions.
- Electronic component distributors
Component distributors active in the same industrial niches as the Electronics segment, mainly in the Nordic countries.
- Small company acquisition groups
Other investors and holding companies acquiring small and medium-sized businesses can compete with Boreo for the same acquisition targets.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202418 Mar 2025
- Annual report 202214 Mar 2023
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Boreo Oyj · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.