olivLaw · European equity research
Elecster Oyj ELEAV.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Elecster Oyj is a Finnish maker of industrial equipment for milk processing and packaging, with a smaller consumer products division. In 2025 the company kept investing in development and kept its order book at a good level, but it remains exposed to risks in Russia. R&D spending was 3.8% of revenue.
At the close of 05 Nov 2026, Elecster Oyj (ELEAV.HE) stock was 2.20 EUR (+1.85% on the day), with market capitalisation 8.2 m EUR, P/E 0.1 on diluted EPS of 21.00 EUR over the last 12 months, dividend yield 6.64%, beta 0.27, 52-week range 2.06–2.90 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)
- 48.1
- neutral
- Bollinger (20, 2)
- 1.99 – 2.43
- in the lower half of the band · %B 0.48 · band width 20.1%
- SMA 50 / 200
- 2.34 / 2.60
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.06 / -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 | −5.2% | +0.4% | −5.6 pp | — |
| 3 months | −22.5% | −3.3% | −19.3 pp | — |
| 6 months | −18.5% | +4.0% | −22.5 pp | — |
| Year to date | −13.4% | +8.1% | −21.5 pp | — |
| 1 year | −19.1% | +10.7% | −29.8 pp | −1.2% |
| 3 years | −52.6% | +50.1% | −102.7 pp | +6.8% |
| 5 years | −72.8% | +43.6% | −116.4 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 0.1, median 9.9, max 19.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 42.7 m | 34.1 m | 33.9 m | 32.7 m |
| Revenue YoY | unavailable | −20.0% | −0.6% | −3.6% |
| Net income | 1.2 m | -1.1 m | 258.0 k | -279.0 k |
| Net income YoY | unavailable | −195.2% | unavailable | −208.1% |
| Diluted EPS | 0.31 | -0.30 | unavailable | 21.00 |
| Diluted EPS YoY | unavailable | −196.8% | unavailable | unavailable |
| net % | 2.8% | -3.3% | 0.8% | -0.9% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 23.5 m EUR
- Total assets
- 38.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- 3.05x
- ROE
- -1.2%
- ROA
- -0.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 42.7 m | 34.1 m | 33.9 m | 32.7 m | esef· 07 Apr 2026verified |
| Operating income | 3.1 m | 2.0 m | 1.6 m | 979.0 k | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 1.6 m | 1.5 m | 1.2 m | 1.0 m | esef· 07 Apr 2026verified |
| EBITDA | 4.8 m ≈ | 3.5 m ≈ | 2.8 m ≈ | 2.0 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 2.3 m | 2.7 m | 2.9 m | 1.9 m | esef· 07 Apr 2026verified |
| Pre-tax income | 2.0 m | -39.0 k | 888.0 k | -319.0 k | esef· 07 Apr 2026verified |
| Income tax | 830.0 k | 1.1 m | 630.0 k | -40.0 k | esef· 07 Apr 2026verified |
| Net income | 1.2 m | -1.1 m | 258.0 k | -279.0 k | esef· 07 Apr 2026verified |
| Diluted EPS | 0.31 | -0.30 | — | 21.00 | esef· 07 Apr 2026verified |
| Dividend per share | 0.27 | 0.15 | — | — | esef· 02 Apr 2024derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 11.4 m | 10.8 m | 5.5 m | 7.2 m | esef· 07 Apr 2026verified |
| Receivables | 7.1 m | 6.9 m | 8.2 m | 6.3 m | esef· 07 Apr 2026verified |
| Inventories | 20.3 m | 19.0 m | 18.0 m | 14.9 m | esef· 07 Apr 2026verified |
| Current assets | 38.9 m | 37.3 m | 31.8 m | 28.6 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 11.3 m | 9.4 m | 8.2 m | 8.0 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 141.0 k | 323.0 k | 337.0 k | 289.0 k | esef· 07 Apr 2026verified |
| Total assets | 52.6 m | 48.0 m | 41.6 m | 38.6 m | esef· 07 Apr 2026verified |
| Accounts payable | 5.1 m | 4.9 m | 5.5 m | 4.0 m | esef· 07 Apr 2026verified |
| Current liabilities | 13.7 m | 13.2 m | 12.5 m | 9.4 m | esef· 07 Apr 2026verified |
| Equity | 27.5 m | 22.7 m | 22.7 m | 23.5 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 3.8 m | 3.7 m | — | — | esef· 02 Apr 2024derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 1.4 m | 2.5 m | 1.0 m | 2.6 m | esef· 07 Apr 2026verified |
| Investing cash flow | -744.0 k | -219.0 k | -147.0 k | -345.0 k | esef· 07 Apr 2026verified |
| Financing cash flow | 377.0 k | -1.9 m | -6.0 m | -2.3 m | esef· 07 Apr 2026verified |
| Dividends paid | 1.0 m | 545.0 k | 0 | 1.0 k | esef· 07 Apr 2026verified |
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: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.2 m EUR
Key indicators
Coverage and freshness
Score by group
50% · 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: 1.99 – 388.49 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E186.23 – 388.49 (Mid 244.00)23 companies used · median multiple 11.6x · quartiles 8.9x – 18.5xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.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)1.99 – 2.71 (Mid 2.29)
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: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -0.9% | 18 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -8.5% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | 307.6% | 100 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.5x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 0.1x | 100 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality· partial18/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial100/100 · 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
Elecster Oyj (ELEAV.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 32.7 m EUR in 2025; YoY growth -3.6%; net margin -0.9%; ROE -1.2%.
The estimated value range is 94.11–195.60 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 123.15 EUR, the price of 2.20 EUR leaves a potential of 5,497.5% (value / price − 1) and a margin of safety of 98.2% (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: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 307.6%
- Current ratio: 3.1x
- P/E (TTM): 0.1x
- The price is below the estimated value range
What contradicts it
- Net margin: -0.9%
- Revenue CAGR 3Y: -8.5%
- Interest coverage: 0.5x
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, 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 ELEAV.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
Elecster Oyj is a Finnish maker of industrial equipment for milk processing and packaging, with a smaller consumer products division. In 2025 the company kept investing in development and kept its order book at a good level, but it remains exposed to risks in Russia. R&D spending was 3.8% of revenue 1.
SWOT
Strengths
- Solid in-house development and a range of integrated solutions for dairy and packaging customers.
- Geographically diversified customer base and no critical dependence on a single customer.
- Orders agreed at the end of 2025 and early 2026 keep the order book at a good level.
Weaknesses
- Operations in Russia carry major risks, and withdrawal from that country is slow and complicated.
- Modest company size and no in-house internal audit function.
- Loss of funds at the Chinese subsidiary, linked to suspected embezzlement, points to control vulnerabilities.
Opportunities
- A recovery in demand for milk processing equipment could bring new projects.
- Demand for recyclable and eco-friendly packaging could open new contracts.
- Expansion into new markets such as Kazakhstan could diversify revenue sources.
Threats
- An unstable geopolitical environment could disrupt supply chains and customer investment.
- Price swings in stainless steel and plastic raw materials could affect results.
- Retaliatory measures in Russia could force the group to reduce or lose assets there.
Risks
- Russia exposurehigh
Russian authorities may adopt laws or measures that make operations harder for Western companies, and withdrawal from this market is slow and costly 1.
- Raw material pricesmedium
Stainless steel and plastic materials are key inputs, and swings in their prices can affect results 1.
- Supply interruptionsmedium
Long delivery delays for main raw materials could halt production, although the group works with several international suppliers 1.
- Internal control riskmedium
Suspected misappropriation of funds at the China subsidiary led to a write-down of about 1 million euro, and full recovery is not expected 1.
- Cyclicality and reliance on industrial customerslow
Part of the business is subject to economic cycles, which can affect short-term results 1.
Investment thesis
What would need to be true (bull case)
- If demand for dairy equipment recovers and existing orders convert into revenue, results could benefit from a solid order base.
- Guidance for 2026 anticipates higher revenue and improved earnings per share, which could confirm the recovery.
- Demand for recyclable packaging could support the packaging business, which has shown moderate growth.
What would break the thesis
- Exposure to Russia remains a major risk, and retaliatory measures could affect assets and revenue there.
- Internal control problems at the Chinese subsidiary suggest oversight systems could need improvement.
- If raw material prices rise sharply or supply stalls, margins could be squeezed.
What to watch
- Trend in demand for milk processing equipment and the start of postponed projects2026
- Delivery against guidance for revenue growth and earnings per share2026
- Developments in Russia and any measures taken by its authorities2026
- Outcome of the civil recovery proceedings in Chinanext 10-K
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
Elecster Oyj is the parent of a Finnish industrial group whose A-shares are listed on the Helsinki stock exchange. The group operates in two segments, industrial products and consumer products, and applies the principles of ISO 9001:2015 to its quality management 1. Most activity takes place outside Finland, and a new subsidiary was set up in Kazakhstan in the third quarter of 2025 1. At the end of 2025 the group had 213 employees 1.
Segments
Industrial products
The industrial segment had 187 of the average employees in 2025 and includes UHT milk processing lines and packaging machines 1. Development focused on the availability and reliability of these machines and on greener packaging materials 1. Management expects demand for dairy machinery to recover and new projects to start 1.
Market context
The market Elecster serves is shaped by general economic confidence, access to financing and the stability of markets in the group's main regions 1. The European Central Bank notes that the international environment remains unstable and that trade tensions can disrupt supply chains 1. The IMF, however, expects moderate growth in the world economy in the coming years 1.
Competitive position
The group says it faces competition in all markets where it sells its products, whether global or local 1. The advantages it cites are in-house development, integrated solutions and customer-focused service 1. The source does not name direct competitors.
- Global processing equipment makers
The annual report mentions global competition without naming firms.
- Local packaging equipment suppliers
Local competition is mentioned in the report without identifying companies.
- Dairy industry equipment producers
The industrial segment faces competitors, which the sources do not name.
- Packaging material suppliers
The source does not name competitors in this area.
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 202302 Apr 2024
- Annual report 202302 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Elecster 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.