olivLaw · European equity research
Digitalist Group Oyj DIGIGR.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Digitalist Group Oyj is a Finnish digital services and software company active mainly in Finland and Sweden. In 2025 it recorded revenue of 16.5 million EUR but continued losses, and its debt and funding remain largely supported by shareholders and related parties.
At the close of 06 Nov 2026, Digitalist Group Oyj (DIGIGR.HE) stock was 1.70 EUR (−3.95% on the day), with market capitalisation 4.7 m EUR, beta 0.04, 52-week range 1.24–4.47 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)
- 50.7
- neutral
- Bollinger (20, 2)
- 1.29 – 2.26
- in the lower half of the band · %B 0.43 · band width 54.7%
- SMA 50 / 200
- 1.63 / 1.99
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.03
- 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 | +37.7% | −0.6% | +38.3 pp | — |
| 3 months | −11.2% | −4.2% | −7.1 pp | — |
| 6 months | −26.7% | +4.3% | −31.1 pp | — |
| Year to date | −24.4% | +7.5% | −32.0 pp | — |
| 1 year | −49.3% | +9.9% | −59.2 pp | −1.3% |
| 3 years | −60.9% | +49.8% | −110.8 pp | +4.4% |
| 5 years | −81.4% | +42.8% | −124.2 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 | 16.7 m | 16.2 m | 16.5 m |
| Revenue YoY | unavailable | −3.1% | +2.3% |
| Net income | -4.0 m | -4.7 m | unavailable |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.01 | -1.72 | -1.67 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -24.2% | -29.1% | unavailable |
| Free cash flow | -2.9 m | -1.4 m | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 632.0 k EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- unavailable EUR
- Total assets
- 10.3 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 16.7 m | 16.2 m | 16.5 m | esef· 07 Apr 2026verified |
| Operating income | -1.7 m | -2.0 m | — | esef· 15 Apr 2025verified |
| Depreciation & amortisation | 834.0 k | 470.0 k | 529.0 k | esef· 07 Apr 2026verified |
| EBITDA | -862.0 k ≈ | -1.5 m ≈ | — | esef· 15 Apr 2025derived |
| Interest expense | 3.0 m | 3.1 m | — | esef· 15 Apr 2025verified |
| Pre-tax income | -4.0 m | -4.9 m | — | esef· 15 Apr 2025verified |
| Income tax | 115.0 k | 87.0 k | 30.0 k | esef· 07 Apr 2026verified |
| Net income | -4.0 m | -4.7 m | — | esef· 15 Apr 2025verified |
| Diluted EPS | -0.01 | -1.72 | -1.67 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 893.0 k | 944.0 k | 632.0 k | esef· 07 Apr 2026verified |
| Receivables | 3.7 m | 2.9 m | 3.0 m | esef· 07 Apr 2026verified |
| Current assets | 4.6 m | 3.9 m | 3.6 m | esef· 07 Apr 2026verified |
| Goodwill | 5.4 m | 5.2 m | 5.6 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 422.0 k | 314.0 k | 223.0 k | esef· 07 Apr 2026verified |
| Total assets | 11.4 m | 10.1 m | 10.3 m | esef· 07 Apr 2026verified |
| Current liabilities | 40.4 m | 22.3 m | — | esef· 15 Apr 2025verified |
| Equity | -32.7 m | -37.7 m | — | esef· 15 Apr 2025verified |
| Shares outstanding at year end | — | 2.7 m | — | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -2.9 m | -1.4 m | — | esef· 15 Apr 2025verified |
| Capex | 22.0 k | 15.0 k | 31.0 k | esef· 07 Apr 2026verified |
| Free cash flow | -2.9 m ≈ | -1.4 m ≈ | — | esef· 15 Apr 2025derived |
| Investing cash flow | 2.4 m | -15.0 k | -24.0 k | esef· 07 Apr 2026verified |
| Financing cash flow | 424.0 k | 1.5 m | — | esef· 15 Apr 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: 3 of at least 6
- score weight coverage: 20.8% 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: 4.7 m EUR
Key indicators
Coverage and freshness
Score by group
21% · 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 · 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: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -28.5% | 3 (vs peers) | 30% |
| 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 | -0.6x | 0 (on a fixed band) | 30% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -30.7% | 0 (on a fixed band) | 40% |
| 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· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial3/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
Digitalist Group Oyj (DIGIGR.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 16.5 m EUR in 2025; YoY growth 2.3%; net margin -28.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% 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
- Net margin: -28.5%
- Interest coverage: -0.6x
- FCF yield: -30.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), 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 | 20.7 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 DIGIGR.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Digitalist Group Oyj is a Finnish digital services and software company active mainly in Finland and Sweden. In 2025 it recorded revenue of 16.5 million EUR but continued losses, and its debt and funding remain largely supported by shareholders and related parties 1.
SWOT
Strengths
- The company has long-standing client relationships and an operating structure that has been consolidated through efficiency measures.
- Revenue grew in 2025 compared with the previous year, indicating that demand for the company's services is holding up.
- A large part of debt carries fixed interest, which limits exposure to rising interest rates.
Weaknesses
- The company has reported repeated losses and negative equity, making it dependent on external funding.
- Debt is largely held by related parties, and part of the loans have short maturities.
- Operating cash flow was negative and weaker than in the previous year, due to working capital.
Opportunities
- If existing projects consolidate, revenue and operating result could improve in 2026.
- Shortening receivable collection through factoring could release cash for operations.
- Simplifying the group structure by dissolving inactive subsidiaries could reduce administrative costs.
Threats
- If a major client shifted purchases to competitors, the company would have limited options for quick replacement.
- Dependence on shareholder and bank funding exposes the company to refinancing risk on acceptable terms.
- Swings in the Swedish krona could affect reported revenue, since a significant part of billing is in SEK.
Risks
- Liquidity and fundinghigh
The company depends on external funding, largely from related parties; there is no guarantee that this will remain available in future.
- Negative equityhigh
Group equity is negative, and management considers working capital sufficient for the next 12 months only with shareholder support if needed.
- Loss of key clientsmedium
If an important client reduced activity or moved to competitors, revenue could fall quickly and the company could struggle to replace the volume.
- Currency riskmedium
Billing in Swedish kronor exposes reported revenue to exchange rate changes, with no hedging instruments in place in 2025.
- Goodwill impairmentlow
Goodwill on the balance sheet could be impaired if expected cash flows decline, although the 2025 test did not require such a write-down.
Investment thesis
What would need to be true (bull case)
- If revenue and EBITDA grow in 2026, the company could gradually reduce losses and its dependence on shareholder funding.
- Long-standing client relationships and shareholder support may provide stability during the restructuring period.
- Simplifying the group structure and reducing working capital could improve cash flow over time.
What would break the thesis
- Negative equity and large debt mean any delay in funding could put serious pressure on the company.
- The market is competitive and price dominates client decisions, which may keep margins low.
- Operating cash flow remains negative and profitability has not improved in recent years.
What to watch
- Development of revenue and EBITDA against the 2026 outlook2026
- Access to additional funding from shareholders and banks2026
- Operating cash flow and the level of working capitalnext 10-K
- Swedish krona exchange rate trends and their effect on revenue2026
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
Digitalist Group Oyj is listed on Nasdaq Helsinki and provides digital services and software solutions to corporate clients. According to the 2025 annual report, the group operates in Finland, Sweden and other countries, and revenue comes mainly from individual client contracts that are often short in duration 1. The company ended 2025 with an average staff of 120 employees 1.
The group structure was simplified in 2025: Digitalist Canada Ltd was formally dissolved on 31.12.2025, and Digitalist Group Oyj acquired Digitalist Open Tech Oy internally from Digitalist Open Tech AB 1. Operations are managed by the parent company, which charges administrative services to subsidiaries 1.
Funding relies on loans from related parties and financial institutions; in 2025 interest and related-party loans were converted into subordinated loans to strengthen the balance sheet 1.
Segments
Digital services in Finland
Part of the group's activity is carried out through Finnish entities, where a share of staff is employed; at the end of 2025 there were 42 employees in the Finnish companies 1.
Digital services in Sweden and abroad
The group also operates in Sweden, where a significant part of billing is in Swedish kronor, and 76 employees worked in foreign companies at the end of 2025 1.
Market context
The annual report describes a market with cautious client demand and price pressure, where projects are often short and hard to predict, and costs are largely fixed 1. Management noted that general economic uncertainty and low growth forecasts in key markets affected operations 1.
For 2026 management expects revenue and EBITDA to improve compared with 2025, although the outlook depends on client demand and the company's ability to sustain its funding 1.
Trends
- Price pressureheadwind
Cautious client demand has made price a more decisive factor in competition, which weakens margins across the industry, including at Digitalist 1.
- Cost inflationheadwind
Cost inflation has eased compared with the previous year but may still create wage pressure, making cost monitoring more important 1.
- Revenue recoverytailwind
Management expects that, if projects consolidate, revenue and EBITDA could recover in 2026 compared with 2025 1.
- Geopolitical and currency uncertaintymixed
Geopolitical uncertainty may affect clients active in certain regions, and since part of billing is in Swedish kronor, currency movements expose the company; no hedging was in place in 2025 1.
Competitive position
The annual report notes that the market is competitive and that price has become a decisive factor in winning clients, eroding margins for Digitalist and the sector as a whole 1. The company also faces the risk that specialist staff may move to competitors 1.
Digitalist competes mainly through existing client relationships and the ability to deliver short-term projects; the sources do not name direct competitors, so comparative analysis remains limited 1.
- Regional digital services firms
The annual report mentions general competition in the sector but does not name competing companies.
- Nordic IT services providers
Competition in Finland and Sweden focuses especially on price and short-term projects, as described in the report.
- Digital consulting firms
The source describes recruitment pressure from competitors on specialist staff, without naming them.
- Systems integrators
Large clients could migrate to competitors, per the risks described by management, without their identification.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Digitalist Group 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.