olivLaw · European equity research
Digia Oyj DIGIA.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Digia Oyj is a Finnish provider of digital solutions and IT services to private and public sector clients, with a strong base of project work and maintenance. The company enters the period with an IT market under pressure, where hourly rates have fallen, while the Savangard acquisition brought Poland in as a new market area. The proposed dividend for fiscal 2025 is EUR 0.19 per share.
At the close of 05 Nov 2026, Digia Oyj (DIGIA.HE) stock was 5.02 EUR (−1.57% on the day), with market capitalisation 131.6 m EUR, P/E 10.5 on diluted EPS of 0.48 EUR over the last 12 months, dividend yield 3.59%, beta 0.44, 52-week range 4.87–6.76 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)
- 45.5
- neutral
- Bollinger (20, 2)
- 4.80 – 5.20
- in the upper half of the band · %B 0.55 · band width 8.1%
- SMA 50 / 200
- 5.25 / 5.77
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.07
- 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 | +0.4% | +0.4% | +0.0 pp | — |
| 3 months | −11.9% | −3.3% | −8.7 pp | — |
| 6 months | −14.0% | +4.0% | −18.0 pp | — |
| Year to date | −24.4% | +8.1% | −32.5 pp | — |
| 1 year | −17.2% | +10.7% | −27.9 pp | −1.2% |
| 3 years | −3.1% | +50.1% | −53.2 pp | +6.8% |
| 5 years | −28.8% | +43.6% | −72.4 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 0 percentile of its own 2-quarter history (min 13.3, median 13.6, max 13.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 205.7 m | 217.0 m |
| Revenue YoY | unavailable | +5.5% |
| Net income | 13.3 m | 12.8 m |
| Net income YoY | unavailable | −3.4% |
| Diluted EPS | 0.50 | 0.48 |
| Diluted EPS YoY | unavailable | −4.0% |
| net % | 6.5% | 5.9% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 24.2 m EUR
- Financial debt
- 32.5 m EUR
- Net debt
- 8.3 m EUR
- Equity
- 93.5 m EUR
- Total assets
- 197.0 m EUR
- Debt / equity
- 0.35x
- Current ratio
- unavailable
- ROE
- 14.5%
- ROA
- 7.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 205.7 m | 217.0 m | esef· 10 Mar 2026verified |
| Operating income | 18.2 m | 18.1 m | esef· 10 Mar 2026verified |
| Interest expense | 1.8 m | 2.0 m | esef· 10 Mar 2026verified |
| Pre-tax income | 16.9 m | 16.4 m | esef· 10 Mar 2026verified |
| Income tax | 3.6 m | 3.5 m | esef· 10 Mar 2026verified |
| Net income | 13.3 m | 12.8 m | esef· 10 Mar 2026verified |
| Diluted EPS | 0.50 | 0.48 | esef· 10 Mar 2026verified |
| Dividend per share | 0.17 | 0.18 | esef· 10 Mar 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 18.2 m | 24.2 m | esef· 10 Mar 2026verified |
| Receivables | 38.0 m | 49.1 m | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 466.0 k | 831.0 k | esef· 10 Mar 2026verified |
| Goodwill | 92.8 m | 105.5 m | esef· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 9.6 m | 9.9 m | esef· 10 Mar 2026verified |
| Total assets | 163.5 m | 197.0 m | esef· 10 Mar 2026verified |
| Long-term debt | 14.0 m | 32.5 m | esef· 10 Mar 2026verified |
| Current liabilities | 62.7 m | 61.3 m | esef· 10 Mar 2026verified |
| Total liabilities | 79.8 m | 103.5 m | esef· 10 Mar 2026verified |
| Equity | 83.7 m | 93.5 m | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 26.6 m | 26.2 m | esef· 10 Mar 2026derived |
Cash flow · EUR
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: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 131.6 m EUR
Key indicators
Coverage and freshness
Score by group
40% · 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: 2.45 – 8.88 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E3.95 – 8.88 (Mid 5.58)23 companies used · median multiple 11.6x · quartiles 8.2x – 18.5xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.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)2.45 – 3.34 (Mid 2.82)
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: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.7% | 75 (vs peers) | 26% |
| Net margin · Quality | 5.9% | 59 (vs peers) | 16% |
| 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 | 9.2x | 100 (on a fixed band) | 16% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 10.5x | 68 (vs peers) | 26% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.6% | 52 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality69/100 · 2/3 factors with a value
- Returns· partial52/100 · 1/2 factors with a value
- Valuation· partial68/100 · 1/3 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
Digia Oyj (DIGIA.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 217.0 m EUR in 2025; YoY growth 5.5%; net margin 5.9%; ROE 14.5%.
The estimated value range is 3.20–6.11 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 4.20 EUR, the price of 5.02 EUR leaves a potential of -16.3% (value / price − 1) and a margin of safety of -19.5% (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 (indicators available: 5 of at least 6; score weight coverage: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.7%
- Interest coverage: 9.2x
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
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 DIGIA.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 | 3.06 Total return -36% · Per year -36% | 5.41 Total return 12% · Per year 12% | 8.14 Total return 67% · Per year 67% |
| 3 years | 3.03 Total return -31% · Per year -12% | 6.02 Total return 32% · Per year 10% | 9.95 Total return 114% · Per year 29% |
| 5 years | 3.00 Total return -26% · Per year -6% | 6.70 Total return 55% · Per year 9% | 12.15 Total return 171% · Per year 22% |
- Exit P/E± 1.51
- Net margin± 1.05
- Annual revenue growth± 0.86
- Annual dilution± 0.09
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
Digia Oyj is a Finnish provider of digital solutions and IT services to private and public sector clients, with a strong base of project work and maintenance. The company enters the period with an IT market under pressure, where hourly rates have fallen, while the Savangard acquisition brought Poland in as a new market area. The proposed dividend for fiscal 2025 is EUR 0.19 per share.
SWOT
Strengths
- The company has long-standing relationships with private and public sector clients, supported by maintenance work. Its reputation as a reliable partner is described in the report as a competitive advantage 1.
- A network of subcontractors and technology partners allows projects to scale without an equally large internal structure 1.
- Expertise in data security, ISO 27001 certified processes and accessibility of solutions are stated areas of differentiation 1.
Weaknesses
- Reliance on projects, especially fixed-price ones, can pressure profitability when costs rise 1.
- Difficulty recruiting and retaining people with the right competences could slow the growth strategy 1.
- Exposure to swings in IT demand can quickly affect revenue, and pricing models do not always fully offset this 1.
Opportunities
Threats
- Competitive pressure on prices and contract terms could compress margins 1.
- Data security threats and geopolitical risks could carry serious financial and reputational consequences 1.
- Disruptions in global supply chains for IT equipment, caused by geopolitical or climate pressures, could affect deliveries 1.
Risks
- Pressure on hourly rateshigh
The fall in hourly rates in the market could directly affect the company's financial results 1.
- Data securityhigh
Data security and protection threats could lead to financial penalties and reputational damage 1.
- Fixed-price projectsmedium
Large projects and fixed-price contracts can increase profitability risk and delivery-related sanctions 1.
- Recruiting competencesmedium
Difficulty recruiting and keeping staff with the right skills could delay implementation of the growth strategy 1.
- Acquisitionsmedium
The growth-through-acquisition strategy carries the risk of not finding suitable companies or integrating them successfully 1.
Investment thesis
What would need to be true (bull case)
- If maintenance relationships and public sector projects continue, recurring revenue could provide stability against IT market cycles 1.
- If the Savangard acquisition and the Polish market prove effective, the company could diversify its client base geographically 1.
- If its reputation as a reliable partner and its security expertise translate into new contracts, the company could differentiate itself from competitors 1.
What would break the thesis
What to watch
- Trend in hourly rates and margins in the IT market2026
- Payment of the proposed dividend of EUR 0.19 per share2 April 2026
- Contribution of the Savangard acquisition and the Polish market area2026
- Development of security risks and sanctions in projectsnext 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
Digia provides digital solutions and IT services to private and public sector customers, acting as a provider of solutions and services in its value chain. Its business model combines service and maintenance work with project business and specialized service areas, supported by a network of subcontractors and technology partners. According to the annual report, the company plays an important role as a social operator through the digital solutions it provides.
Segments
Service and maintenance
Service and maintenance work provides ongoing relationships with customers after initial delivery. The annual report notes that cooperation continues during maintenance and development, which supports revenue stability over time 1.
Project business
Customer projects range from standard deliveries to large projects, some on a fixed-price basis. The report notes that larger projects bring opportunities but also raise risks related to profitability and contract management 1.
Market context
Digia operates in the IT services market, where private and public sector clients can postpone or cancel IT investments during periods of economic uncertainty. The annual report flags that hourly rates have fallen as a result of market conditions, which could affect financial performance 1. Entering Poland through the Savangard acquisition opens a new geographic market area 1.
Trends
- Falling hourly ratesheadwind
Hourly rates in the IT market have fallen, and this could affect the company's financial performance unless offset by volume or better pricing 1.
- Artificial intelligencemixed
The introduction of AI is changing how work is organized and requires careful change management, but it could raise efficiency and profitability if adopted with the right skills 1.
- Demand for public digital servicestailwind
Digitalization of public services and the accessibility of solutions could support demand for Digia's expertise in usability and security 1.
- Regulation and security risksmixed
Increasing regulation and data security threats could add compliance costs, but they could also favor providers with proven expertise 1.
Competitive position
The annual report indicates increasing competition, particularly through prices and contractual terms, which pressures margins and contracting conditions 1. The company aims to differentiate itself through reliability, data security and accessibility expertise 1. The source texts do not name specific competitors.
- IT services firms in Europe
The source texts do not name competitors; competition is described only generically in terms of pricing and contract terms 1.
- Cloud and datacenter providers
Digia depends on major cloud service providers and telecommunication connections, which are operational dependencies rather than named competitors 1.
- Other systems integrators in the region
Competition in the region is described in general terms around pricing and contracts in the annual report 1.
- ESG data and software solution providers
The report mentions ESG data solutions as an area of opportunity, where other providers may also be active 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202510 Mar 2026
- Annual report 202410 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Digia 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.