olivLaw · European equity research
Lassila & Tikanoja Plc LASTIK.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Lassila & Tikanoja Plc is a company offering circular economy services in Finland and Sweden, separated as an independent listed entity on 31 December 2025 from Luotea Plc. For 2026 the company estimates net sales of 420–450 million euros, which makes its separate profile a matter of interest for investors.
At the close of 05 Nov 2026, Lassila & Tikanoja Plc (LASTIK.HE) stock was 6.35 EUR (−1.55% on the day), with market capitalisation 243.6 m EUR, P/E 9.5 on diluted EPS of 0.67 EUR over the last 12 months, beta 0.34, 52-week range 6.03–8.20 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)
- 50.8
- neutral
- Bollinger (20, 2)
- 5.94 – 6.45
- in the upper half of the band · %B 0.80 · band width 8.4%
- SMA 50 / 200
- 6.56 / 7.04
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.09
- 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 | −2.0% | −0.6% | −1.4 pp | — |
| 3 months | −8.6% | −4.2% | −4.5 pp | — |
| 6 months | −6.1% | +4.3% | −10.4 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | unavailable | +9.9% | unavailable | −1.2% |
| 3 years | unavailable | +49.8% | unavailable | +6.8% |
| 5 years | unavailable | +42.8% | unavailable | — |
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 | 2024 | 2025 |
|---|---|---|
| Revenue | 423.9 m | 426.6 m |
| Revenue YoY | unavailable | +0.6% |
| Net income | 31.5 m | 25.7 m |
| Net income YoY | unavailable | −18.4% |
| Diluted EPS | 0.82 | 0.67 |
| Diluted EPS YoY | unavailable | −18.3% |
| net % | 7.4% | 6.0% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 37.4 m EUR
- Financial debt
- 125.2 m EUR
- Net debt
- 87.8 m EUR
- Equity
- 172.8 m EUR
- Total assets
- 509.7 m EUR
- Debt / equity
- 0.72x
- Current ratio
- 0.90x
- ROE
- 12.1%
- ROA
- 5.3%
- 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 | 423.9 m | 426.6 m | esef· 07 Apr 2026verified |
| Operating income | 40.5 m | 34.2 m | esef· 07 Apr 2026verified |
| Interest expense | 4.9 m | 4.9 m | esef· 07 Apr 2026verified |
| Pre-tax income | 38.9 m | 31.6 m | esef· 07 Apr 2026verified |
| Income tax | 7.4 m | 5.8 m | esef· 07 Apr 2026verified |
| Net income | 31.5 m | 25.7 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.82 | 0.67 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 1.9 m | 37.4 m | esef· 07 Apr 2026verified |
| Inventories | 9.2 m | 9.9 m | esef· 07 Apr 2026verified |
| Current assets | 69.6 m | 115.2 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 155.3 m | 150.9 m | esef· 07 Apr 2026verified |
| Goodwill | 118.8 m | 125.7 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 35.1 m | 38.2 m | esef· 07 Apr 2026verified |
| Total assets | 453.0 m | 509.7 m | esef· 07 Apr 2026verified |
| Accounts payable | 89.4 m | 108.0 m | esef· 07 Apr 2026verified |
| Short-term debt | 500.0 k | 200.0 k | esef· 07 Apr 2026verified |
| Long-term debt | 300.0 k | 125.0 m | esef· 07 Apr 2026verified |
| Current liabilities | 113.9 m | 127.4 m | esef· 07 Apr 2026verified |
| Total liabilities | 200.9 m | 336.9 m | esef· 07 Apr 2026verified |
| Equity | 252.1 m | 172.8 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 38.0 m | 38.4 m | esef· 07 Apr 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: 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: 243.6 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: 5.52 – 12.39 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/E5.52 – 12.39 (Mid 7.44)23 companies used · median multiple 11.1x · quartiles 8.2x – 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, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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 | 10.9% | 60 (vs peers) | 28% |
| Net margin · Quality | 6.0% | 62 (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 | 7.0x | 84 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 0.9x | 9 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 9.5x | 71 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet54/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality61/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial71/100 · 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
Lassila & Tikanoja Oyj (LASTIK.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 426.6 m EUR in 2025; YoY growth 0.6%; net margin 6.0%; ROE 12.1%.
The estimated value range is 5.52–12.39 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 7.44 EUR, the price of 6.35 EUR leaves a potential of 17.1% (value / price − 1) and a margin of safety of 14.6% (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
- Interest coverage: 7.0x
- P/E (TTM): 9.5x
What contradicts it
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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 | 20.8 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% |
| 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% |
| LASTIK.HELassila & Tikanoja Oyj | 243.6 m | 9.5 | 12.1% | 6.0% | +0.6% | unavailable / unavailable |
| 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 LASTIK.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 | 3.61 Total return -43% · Per year -43% | 6.39 Total return 1% · Per year 1% | 9.64 Total return 52% · Per year 52% |
| 3 years | 3.23 Total return -49% · Per year -20% | 6.47 Total return 2% · Per year 1% | 10.76 Total return 69% · Per year 19% |
| 5 years | 2.90 Total return -54% · Per year -15% | 6.55 Total return 3% · Per year 1% | 12.01 Total return 89% · Per year 14% |
- Exit P/E± 1.62
- Net margin± 1.13
- Annual revenue growth± 0.97
- Annual dilution± 0.10
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
Lassila & Tikanoja Plc is a company offering circular economy services in Finland and Sweden, separated as an independent listed entity on 31 December 2025 from Luotea Plc. For 2026 the company estimates net sales of 420–450 million euros, which makes its separate profile a matter of interest for investors 1.
SWOT
Strengths
- Company with experience in circular economy services and a presence in two countries, Finland and Sweden.
- A sizeable workforce and a long-term commitment to employing people with reduced work ability.
- Own risk and safety management systems, certified and audited by a third party.
Weaknesses
- A newly listed company with recently created governance and reporting structures, which can bring transition costs.
- Dependence on public contracts and on the economic cycle of industrial customers can make revenue volatile.
- Rolling out several ERP stages consumes resources and working capital, which can weigh on short-term profitability.
Opportunities
- Municipalisation of waste collection opens the possibility of bidding for large public contracts.
- The green transition and circular economy requirements could create demand for waste treatment and recycling.
- Service digitalisation and use of data could improve operational efficiency if the new systems are implemented successfully.
Threats
- Intense competition can lead to loss of market share if the company does not respond quickly.
- Rising fuel and energy prices could compress margins if they cannot be passed on to customers.
- Environmental regulation and liability for ecological damage could generate significant costs.
Risks
- Municipalisation of contractshigh
The Waste Act reform may limit the company's ability to provide services directly to customers, which could affect revenue and profitability 1.
- Economic and industrial demandmedium
General economic uncertainty may reduce customers' activity and demand for the company's services 1.
- Procurement and energy costsmedium
Rising costs for fuel, energy and other procurement could reduce profitability if they cannot be offset 1.
- Personnel and skillsmedium
Recruitment difficulties or loss of key personnel may affect operations in a people-intensive sector 1.
- Liability for environmental damagelow
The company may be held liable for environmental damage, which could generate large costs and affect its reputation 1.
Investment thesis
What would need to be true (bull case)
- If the 2026 guidance is delivered, the company could show that the separated business can pursue its own growth strategy, as the demerger justification intends 1.
- A position in municipal tenders and rising circular economy requirements could support longer-term growth.
- If the ERP systems are implemented successfully, operational efficiency could rise and support margins.
What would break the thesis
- If municipalisation narrows the open market, the company's revenue could be harder to sustain over the medium term.
- Pressure from energy and fuel costs could limit margins, especially if prices cannot be passed on to customers.
- As a newly listed company, transition costs and possible implementation problems could slow progress against the guidance.
What to watch
- Delivery of the 2026 guidance for net sales and adjusted EBITA2026
- Development of municipal contracts after the Waste Act reform2027
- Progress of ERP implementation and its effect on working capitalnext 10-K
- Departure of the executive responsible for legal, HR and EHSQ, announced for August 2026, and the successionQ3 2026
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
Lassila & Tikanoja Plc (L&T) offers circular economy services in Finland and Sweden. The company was established on 31 December 2025 in the partial demerger of Luotea Plc, formerly Lassila & Tikanoja plc, in which the circular economy businesses were separated into an independent listed company 1. Shares began trading on Nasdaq Helsinki on 2 January 2026 under the code LASTIK 1. Most staff work at customer sites, and at the end of 2025 the company had 2,236 employees 1.
The outlook for 2026 includes net sales estimated at 420–450 million euros and adjusted EBITA of 38–44 million euros 1. These figures indicate the size of the separated business, which has operated as a standalone entity since early 2026.
The company's aim with the separation was to let the circular economy business pursue its own strategy and growth opportunities more effectively, according to the justification for the demerger 1. A governance structure with a five-member board of directors was set in December 2025 1.
Segments
Environmental Services
The environmental services division collects and treats waste, and part of its activity depends on municipal contracts, which are subject to public tender. Finland's Waste Act reform from 2022 moved the collection contracts for packaging and biowaste from housing properties to municipalities 1.
Industrial Services
The industrial services division provides process cleaning and related services at customers' industrial sites. Staff often work directly at the customer's site, and risk assessments are carried out together with the customer 1.
Facility Services
Facility services businesses were removed from the company's perimeter through the demerger completed in December 2025, as part of the original plan to separate the circular economy businesses from facility services 1.
Market context
The Finnish environmental services market is increasingly regulated, and municipalities play a larger role in organising waste collection. According to the sources, part of the Finnish waste management market will be moved out of free competition between 2024 and 2028 1.
The company's activity is tied to the economic cycle and to Finnish industry, and customer demand can be influenced by general economic uncertainty and energy prices 1.
Trends
- Municipalisation of waste collectionmixed
The Waste Act reform moves contracts from private customers to municipalities, which award them by tender. For the company this may limit access to some services, but it also opens opportunities in municipal tenders 1.
- Green transition and circular economymixed
Regulation on energy, emissions and the circular economy may change pricing and financing of the business, and failure to meet climate targets could affect loan conditions 1.
- Procurement cost pressureheadwind
Rising prices of fuel, electricity and other procurement could weigh on profitability, according to the company's own risk assessment 1.
- Digitalisation and ERP systemsmixed
Several stages of ERP deployment are in progress; digitalisation of services can bring efficiency if the rollout succeeds, while temporary costs and tied-up working capital can weaken profit 1.
Competitive position
The company's operating areas are highly competitive, and increased competition or a slow response to it may result in losing market share, according to the company's assessment 1. Municipal tenders play an important role in awarding contracts, which makes price and offer quality decisive.
No direct competitors are named in the supplied sources. A review of market position would need information from other sources, since the annual report does not explicitly identify the company's rivals 1.
- Local waste management operators in Finland and Sweden
The sources describe competition in environmental services in general terms but name no specific competitor, so no verifiable rival data is available.
- Municipal and regional waste collection providers
Municipalities may organise collection themselves or award contracts by tender, creating competition from non-private entities, as described in the report.
- Facility services companies
The facility services businesses were separated, but the sources do not indicate specific rivals for this activity.
- Industrial cleaning companies
Competition in the industrial divisions is not detailed in the report, so no concrete rivals can be named from the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Lassila & Tikanoja Plc · 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.