olivLaw · European equity research
Ilkka Oyj ILKKA.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Ilkka is a Finnish group of marketing, data and technology companies that offers clients a unified experience from first contact to purchase. After selling its media business in 2025, the group concentrated on marketing, data and technology, while continuing personnel stood at 349 people.
At the close of 05 Nov 2026, Ilkka Oyj (ILKKA.HE) stock was 3.71 EUR (+1.64% on the day), with market capitalisation 93.8 m EUR, P/E 8.1 on diluted EPS of 0.46 EUR over the last 12 months, dividend yield 5.93%, beta 0.31, 52-week range 3.51–4.63 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)
- 58.5
- strong (55–70)
- Bollinger (20, 2)
- 3.46 – 3.69
- above the upper band · %B 1.10 · band width 6.4%
- SMA 50 / 200
- 3.67 / 3.99
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.03
- 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 | +3.6% | −0.6% | +4.3 pp | — |
| 3 months | −5.6% | −4.2% | −1.4 pp | — |
| 6 months | −8.6% | +4.3% | −13.0 pp | — |
| Year to date | −3.4% | +7.5% | −10.9 pp | — |
| 1 year | −10.8% | +9.9% | −20.7 pp | −2.6% |
| 3 years | +19.3% | +49.8% | −30.6 pp | +4.1% |
| 5 years | −21.2% | +42.8% | −64.1 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 3-quarter history (min 8.3, median 13.3, max 16.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 56.1 m | 30.8 m | 37.8 m |
| Revenue YoY | unavailable | −45.0% | +22.6% |
| Net income | 4.8 m | 6.2 m | 11.6 m |
| Net income YoY | unavailable | +30.1% | +87.8% |
| Diluted EPS | 0.19 | 0.24 | 0.46 |
| Diluted EPS YoY | unavailable | +26.3% | +91.7% |
| net % | 8.5% | 20.1% | 30.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.9 m EUR
- Financial debt
- 9.5 m EUR
- Net debt
- -360.0 k EUR
- Equity
- 206.0 m EUR
- Total assets
- 231.9 m EUR
- Debt / equity
- 0.05x
- Current ratio
- 2.41x
- ROE
- 6.2%
- ROA
- 5.4%
- 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 | 56.1 m | 30.8 m | 37.8 m | esef· 07 Apr 2026verified |
| Operating income | -1.3 m | -2.9 m | -1.1 m | esef· 07 Apr 2026verified |
| Pre-tax income | 5.4 m | 4.3 m | 4.1 m | esef· 07 Apr 2026verified |
| Income tax | 604.0 k | -273.0 k | 186.0 k | esef· 07 Apr 2026verified |
| Net income | 4.8 m | 6.2 m | 11.6 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.19 | 0.24 | 0.46 | esef· 07 Apr 2026verified |
| Weighted average diluted shares | — | 25.4 m | 25.4 m | esef· 07 Apr 2026verified |
| Dividend per share | 0.20 | 0.20 | 0.22 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 16.6 m | 8.9 m | 9.9 m | esef· 07 Apr 2026verified |
| Receivables | 6.4 m | 5.8 m | 4.9 m | esef· 07 Apr 2026verified |
| Current assets | 46.4 m | 28.3 m | 29.7 m | esef· 07 Apr 2026verified |
| Goodwill | 22.4 m | 34.5 m | 33.7 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 15.9 m | 23.0 m | 19.8 m | esef· 07 Apr 2026verified |
| Total assets | 185.1 m | 200.1 m | 231.9 m | esef· 07 Apr 2026verified |
| Accounts payable | 18.1 m | 10.0 m | 8.2 m | esef· 07 Apr 2026verified |
| Short-term debt | 7.0 k | 10.0 m | 1.0 m | esef· 07 Apr 2026verified |
| Long-term debt | 0 | 72.0 k | 8.5 m | esef· 07 Apr 2026verified |
| Current liabilities | 24.7 m | 25.5 m | 12.3 m | esef· 07 Apr 2026verified |
| Equity | 156.2 m | 169.7 m | 206.0 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 25.1 m | 25.8 m | 25.3 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 5.2 m | 3.8 m | 7.7 m | esef· 07 Apr 2026verified |
| Investing cash flow | 7.8 m | -14.5 m | -226.0 k | esef· 07 Apr 2026verified |
| Financing cash flow | -5.9 m | 3.0 m | -6.5 m | esef· 07 Apr 2026verified |
| Dividends paid | 5.1 m | 5.1 m | 5.6 m | esef· 07 Apr 2026verified |
| Share repurchases | 270.0 k | 0 | 0 | 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
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 93.8 m EUR
Key indicators
Coverage and freshness
Score by group
38% · 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: 2.99 – 8.51 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/E4.08 – 8.51 (Mid 5.34)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, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE, KEMIRA.HE
- Dividend discount (DDM)2.99 – 4.08 (Mid 3.45)
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: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.5% | 13 (vs peers) | 28% |
| Net margin · Quality | 30.8% | 97 (vs peers) | 17% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 8.1x | 82 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.9% | 85 (on a fixed band) | 17% |
| 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
- Quality44/100 · 2/3 factors with a value
- Returns· partial85/100 · 1/2 factors with a value
- Valuation· partial82/100 · 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
Ilkka Oyj (ILKKA.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 37.8 m EUR in 2025; YoY growth 22.6%; net margin 30.8%; ROE 6.2%.
The estimated value range is 3.54–6.29 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 4.40 EUR, the price of 3.71 EUR leaves a potential of 18.6% (value / price − 1) and a margin of safety of 15.7% (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: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 30.8%
- Current ratio: 2.4x
- P/E (TTM): 8.1x
- Shareholder yield (distributions): 5.9%
What contradicts it
- ROIC: -0.5%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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 ILKKA.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 | 2.42 Total return -29% · Per year -29% | 4.27 Total return 22% · Per year 22% | 6.40 Total return 81% · Per year 81% |
| 3 years | 2.88 Total return -6% · Per year -2% | 5.64 Total return 76% · Per year 21% | 9.22 Total return 178% · Per year 41% |
| 5 years | 3.41 Total return 23% · Per year 4% | 7.46 Total return 147% · Per year 20% | 13.27 Total return 319% · Per year 33% |
- Exit P/E± 1.41
- Net margin± 0.99
- Annual revenue growth± 0.74
- Annual dilution± 0.08
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
Ilkka is a Finnish group of marketing, data and technology companies that offers clients a unified experience from first contact to purchase. After selling its media business in 2025, the group concentrated on marketing, data and technology, while continuing personnel stood at 349 people 1.
SWOT
Strengths
- The group brings together several companies specialised in marketing, data and technology under one framework, enabling an integrated offer to clients 1.
- Ilkka has centres of expertise that transfer common practices between companies, supporting learning and efficiency 1.
- ISO/IEC 27001:2022 certification held by certain group companies shows a formal level of maturity in information security 1.
Weaknesses
- Reshaping the structure through the sale of the media business reduced the group's size and changed its personnel profile, which may complicate the transition 1.
- Dependence on the Finnish market exposes the group to local economic shifts and to budget decisions of clients in the region 1.
- Attracting and retaining highly qualified specialists remains a challenge that may limit execution capacity 1.
Opportunities
- Artificial intelligence can raise process productivity and open new client services if integrated effectively 1.
- Growth through acquisitions could extend the expertise portfolio and strengthen positions in existing segments 1.
- Demand for integrated, data-driven marketing could support growth at Profinder and Liana 1.
Risks
- Cybersecurityhigh
Management considers cybersecurity the most important IT risk, and an incident could affect clients and reputation 1.
- Rapid technological competitionhigh
The technology environment changes quickly, and delays in adopting new solutions could reduce competitiveness 1.
- Data protection and copyrightmedium
Use of data and content in marketing and artificial intelligence projects carries compliance risks 1.
- Finnish marketmedium
General market developments, especially in Finland, may influence demand for the group's services 1.
- Specialised personnelmedium
The availability and turnover of skilled staff may affect project delivery and service quality 1.
Investment thesis
What would need to be true (bull case)
- If integrating artificial intelligence into the group's processes and products raises productivity, operating margins could benefit 1.
- The integrated offer model, with several specialised companies under one group, could attract clients seeking a single partner 1.
- If acquisitions are well integrated, they could extend expertise and open new markets for group companies 1.
What would break the thesis
What to watch
- Performance of the expert services companies after the sale of the media business2026
- Impact of artificial intelligence integration on productivity and margins2026
- Progress of the Green Office certification of the Helsinki office and of VSME reporting2026
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
Ilkka Oyj presents itself as a marketing and technology company that turns complexity into clarity and action, with effectiveness built into each project 1. The group is organised into two business areas: expert services, including Evermade, MySome and Myynninmaailma, and data and technology, which comprises the Profinder operations in Finland and Sweden and all of Liana and its foreign subsidiaries 1. The parent company provides shared services, group strategy, governance and the allocation of investments, while centres of expertise for AI and technology, growth, people and culture, and financial management work across all companies 1.
In 2025 Ilkka refocused its portfolio, and the media business was sold in April 2025, after which personnel and the group structure concentrated on marketing, data, technology and expert services 1. The group aims for both organic growth and growth through acquisitions, and artificial intelligence is used to raise process productivity 1. Stated values include responsibility in delivering results, courage to innovate and clarity in client relationships 1.
Ilkka reports that it no longer falls under the CSRD for 2025 and is exploring voluntary reporting based on the VSME standard, and the company has joined the WWF Green Office programme 1. Management also cites ISO/IEC 27001:2022 certification for Liana and Evermade, indicating heightened attention to information security 1.
Segments
Expert services
This segment brings together Evermade, a Finnish WordPress agency, MySome, a social media marketing agency, and Myynninmaailma, specialised in B2B marketing 1. The companies offer clients content, digital and sales services within the same group 1.
Data and technology
This segment includes Profinder, which provides data-driven sales and marketing services in Finland and Sweden, and Liana, described as the largest marketing and communication technology company in Finland 1. Liana also has foreign subsidiaries, and the segment supports the group's data and technology projects 1.
Market context
Ilkka operates in marketing, B2B sales, data and technology for clients in Finland and in other countries where it has subsidiaries, and is described as a leader in certain niches such as WordPress or social media marketing 1. Management notes that the general market, especially in Finland, and the pace of technological change influence group results 1.
The marketing services market is shaped by artificial intelligence, which could reduce production costs and change client collaboration models 1. Competition moves quickly in the technology environment, and if Ilkka integrates these technologies effectively, it could strengthen its market position 1.
Trends
- Artificial intelligencemixed
The group integrates artificial intelligence into product development and internal processes, which could accelerate growth and productivity 1. At the same time, rapid technological change can create pressure on prices and on existing business models 1.
- Demand for data-driven marketingtailwind
Clients increasingly seek integrated marketing, sales and data solutions, which Ilkka offers through its group structure 1. If demand for this integration continues, the expertise of Profinder and Liana could support growth 1.
- Economic uncertainty in Finlandheadwind
Management identifies the general market, especially in Finland, as a risk factor, and clients' marketing spending decisions may be postponed in periods of uncertainty 1. This factor can affect project volumes in the service segments 1.
- Demand for specialised talentmixed
Attracting and retaining marketing, data and technology specialists remains essential, and staff turnover is a declared risk 1. Trainee programmes and cooperation with educational institutions are used to address this need 1.
Competitive position
Ilkka competes with marketing agencies, digital service companies and providers of marketing and data technology, in an environment that changes rapidly 1. The sources do not name competitors explicitly, but management highlights competitive pressure as a strategic risk 1.
The group's stated advantage is bringing several marketing, data and technology specialisms into one ecosystem, which can offer clients a more coherent experience 1. If this integration remains differentiating, the company could retain clients looking for a single partner relationship 1.
- Finnish digital marketing agencies
Direct competition in content, WordPress and social media marketing, not named in the source 1.
- B2B marketing agencies
Competition for B2B marketing and sales projects, regionally and internationally 1.
- Sales data providers
Competition in sales data and data-driven marketing, where Profinder is active 1.
- Marketing technology providers
Competition for the platforms and technology solutions used by clients, an area where Liana is active 1.
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
- Annual report 202315 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Ilkka 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.