olivLaw · European equity research
Luotea Oyj LUOTEA.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Luotea Oyj is a Finnish environmental services and property maintenance company that was created in December 2025 by separating the circular economy businesses from Lassila & Tikanoja Oyj. The company aims to focus on its own strategies, and its adjusted EBITA from continuing operations in 2025 was 7.0 million EUR.
At the close of 05 Nov 2026, Luotea Oyj (LUOTEA.HE) stock was 1.98 EUR (+0.71% on the day), with market capitalisation 75.8 m EUR, P/E 0.5 on diluted EPS of 4.23 EUR over the last 12 months, dividend yield 25.20%, beta 0.42, 52-week range 1.72–10.58 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)
- 66.9
- strong (55–70)
- Bollinger (20, 2)
- 1.63 – 2.01
- in the upper half of the band · %B 0.93 · band width 21.1%
- SMA 50 / 200
- 1.86 / 2.15
- mixed trend
- MACD (12, 26, 9)
- 0.04 / 0.01
- 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 | +14.9% | −0.6% | +15.6 pp | — |
| 3 months | +1.3% | −4.2% | +5.5 pp | — |
| 6 months | −11.6% | +4.3% | −16.0 pp | — |
| Year to date | −18.0% | +7.5% | −25.5 pp | — |
| 1 year | −79.9% | +9.9% | −89.8 pp | −1.2% |
| 3 years | −79.0% | +49.8% | −128.9 pp | +6.8% |
| 5 years | −85.8% | +42.8% | −128.7 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 0.6, median 6.8, max 12.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 802.1 m | 349.5 m | 346.0 m |
| Revenue YoY | unavailable | −56.4% | −1.0% |
| Net income | 29.2 m | -1.7 m | 161.7 m |
| Net income YoY | unavailable | −105.8% | unavailable |
| Diluted EPS | 0.76 | -0.05 | 4.23 |
| Diluted EPS YoY | unavailable | −106.6% | unavailable |
| net % | 3.6% | -0.5% | 46.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 15.7 m EUR
- Financial debt
- 5.0 m EUR
- Net debt
- -10.7 m EUR
- Equity
- 41.1 m EUR
- Total assets
- 142.0 m EUR
- Debt / equity
- 0.12x
- Current ratio
- 0.92x
- ROE
- 129.2%
- ROA
- 43.1%
- 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 | 802.1 m | 349.5 m | 346.0 m | esef· 02 Sept 2026verified |
| Operating income | 37.3 m | -31.8 m | 3.0 m | esef· 02 Sept 2026verified |
| Interest expense | 8.7 m | 1.5 m | 1.1 m | esef· 02 Sept 2026verified |
| Pre-tax income | 34.6 m | -32.6 m | 2.3 m | esef· 02 Sept 2026verified |
| Income tax | 5.4 m | -1.1 m | 1.1 m | esef· 02 Sept 2026verified |
| Net income | 29.2 m | -1.7 m | 161.7 m | esef· 02 Sept 2026verified |
| Diluted EPS | 0.76 | -0.05 | 4.23 | esef· 02 Sept 2026verified |
| Dividend per share | 0.47 | 0.49 | 0.50 | esef· 02 Sept 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 32.9 m | 33.9 m | 15.7 m | esef· 02 Sept 2026verified |
| Inventories | 7.8 m | 9.2 m | 0 | esef· 02 Sept 2026verified |
| Current assets | 166.5 m | 153.2 m | 74.9 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 164.9 m | 164.3 m | 6.3 m | esef· 02 Sept 2026verified |
| Goodwill | 180.8 m | 157.0 m | 38.8 m | esef· 02 Sept 2026verified |
| Intangibles (excl. goodwill) | 38.2 m | 42.2 m | 4.8 m | esef· 02 Sept 2026verified |
| Total assets | 648.8 m | 607.9 m | 142.0 m | esef· 02 Sept 2026verified |
| Accounts payable | 172.8 m | 158.8 m | 73.7 m | esef· 02 Sept 2026verified |
| Short-term debt | 600.0 k | 500.0 k | 0 | esef· 02 Sept 2026verified |
| Long-term debt | 115.5 m | 115.1 m | 5.0 m | esef· 02 Sept 2026verified |
| Current liabilities | 196.1 m | 180.3 m | 81.6 m | esef· 02 Sept 2026verified |
| Total liabilities | 417.5 m | 398.7 m | 100.9 m | esef· 02 Sept 2026verified |
| Equity | 231.3 m | 209.2 m | 41.1 m | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 37.9 m | 34.0 m | 38.2 m | esef· 02 Sept 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 93.6 m | 81.4 m | 75.6 m | esef· 02 Sept 2026verified |
| Investing cash flow | -42.7 m | -40.5 m | -31.4 m | esef· 02 Sept 2026verified |
| Financing cash flow | -67.5 m | -39.7 m | -25.2 m | esef· 02 Sept 2026verified |
| Dividends paid | 17.9 m | 18.7 m | 19.1 m | esef· 02 Sept 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: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 75.8 m EUR
Key indicators
Coverage and freshness
Score by group
44% · 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: 34.83 – 78.25 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/E34.83 – 78.25 (Mid 46.94)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)outside the aggregate6.80 – 9.27 (Mid 7.85)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.0% | 20 (vs peers) | 24% |
| Net margin · Quality | 46.7% | 97 (vs peers) | 14% |
| 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 | 2.7x | 19 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.9x | 10 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 0.5x | 89 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 25.2% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet15/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality49/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial89/100 · 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
Luotea Oyj (LUOTEA.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 346.0 m EUR in 2025; YoY growth -1.0%; net margin 46.7%; ROE 129.2%.
The estimated value range is 34.83–78.25 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 46.94 EUR, the price of 1.98 EUR leaves a potential of 2,266.0% (value / price − 1) and a margin of safety of 95.8% (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: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 46.7%
- P/E (TTM): 0.5x
- Shareholder yield (distributions): 25.2%
- The price is below the estimated value range
What contradicts it
- ROIC: 1.0%
- Interest coverage: 2.7x
- 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, 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% |
| 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% |
| LUOTEA.HELuotea Oyj | 75.8 m | 0.5 | 129.2% | 46.7% | −1.0% | −80% / −79% |
| 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 LUOTEA.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 | 1.11 Total return -25% · Per year -25% | 1.96 Total return 24% · Per year 24% | 2.97 Total return 80% · Per year 80% |
| 3 years | 0.96 Total return 1% · Per year 0% | 1.92 Total return 71% · Per year 20% | 3.21 Total return 156% · Per year 37% |
| 5 years | 0.83 Total return 24% · Per year 4% | 1.89 Total return 117% · Per year 17% | 3.47 Total return 238% · Per year 28% |
- Exit P/E± 0.48
- Net margin± 0.34
- Annual revenue growth± 0.29
- Annual dilution± 0.03
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
Luotea Oyj is a Finnish environmental services and property maintenance company that was created in December 2025 by separating the circular economy businesses from Lassila & Tikanoja Oyj. The company aims to focus on its own strategies, and its adjusted EBITA from continuing operations in 2025 was 7.0 million EUR 1.
SWOT
Strengths
Weaknesses
- The separation reduced the parent's capital and equity, which may limit short-term financial flexibility 1.
- The Swedish business still requires efficiency measures, pointing to profitability issues in that country 1.
- The transition period after the separation may generate extra costs and difficulties integrating new structures 1.
Opportunities
- Growing demand for circular economy services could support the company's separate development strategy 1.
- The 2026 adjusted EBITA growth goal indicates potential for better profitability if the measures succeed 1.
- Sustainability reporting requirements could strengthen the company's position in environment-oriented public and private procurement 1.
Threats
- Geopolitical tensions and regulatory pressures could affect the company's costs and demand for its services 1.
- Competition in environmental services in Finland and Sweden could limit price increases and margins 1.
- Risks in implementing a complex separation could delay the company's strategic objectives 1.
Risks
- Separation execution riskmedium
The separation reduced share capital and changed the capital structure, which may create operational and financial uncertainty in the coming period 1.
- Profitability in Swedenmedium
Efficiency measures focused on Sweden point to the need to improve that business's performance, with risk if results are delayed 1.
- Regulatory pressuremedium
Sustainability reporting requirements and environmental rules increase compliance costs and may change operating requirements 1.
- Geopolitical uncertaintylow
Geopolitical tensions, monitored by the board, could affect supply chains and service demand 1.
- Governance transitionlow
The full board change on 31 December 2025 may create an adjustment period for management and strategy 1.
Investment thesis
What would need to be true (bull case)
- If Luotea reaches its adjusted EBITA growth goal for 2026 and results in Sweden improve, the company could show a growth profile independent of its parent 1.
- The governance structure and ISO certifications could support customer and investor confidence in the company's ability to execute its separate strategy 1.
- Growing sustainability requirements could favour an operator with circular economy experience and integrated reporting 1.
What would break the thesis
- If the separation faces operational difficulties or transition costs rise, profitability could stay below expectations 1.
- Persistent profitability problems in Sweden could show that efficiency measures are not sufficient 1.
- Geopolitical tensions and regulatory pressures could reduce demand or raise costs, limiting growth 1.
What to watch
- Delivery of adjusted EBITA from continuing operations against the 2026 outlook2026
- Progress of the efficiency programme, especially in Sweden2026
- Results of Luotea's first quarterly reports as an independent companyQ1 2026
- Decision at the annual general meeting on the board and sustainability 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
Luotea was created by a demerger that separated the circular economy businesses, meaning environmental and industrial services, from the property services business that the parent Lassila & Tikanoja Oyj kept. The company was renamed Luotea Oyj on 31 December 2025, and its shares trade on Nasdaq Helsinki 1. Management aims for each business to pursue its own strategy and growth opportunities 1.
The separation reduced the parent company's share capital by 18 million EUR, and the invested unrestricted equity fund fell by 19 million EUR, giving a total effect of -26 million EUR on the parent's equity 1. The company operates a management system certified to ISO 9001, ISO 14001 and ISO 45001 1.
For 2026, management expects adjusted EBITA from continuing operations to grow or grow significantly compared with 2025 1. The efficiency programme launched at the start of 2025 reduced comparable costs, and the 2026 measures focus mainly on the Swedish business 1.
Segments
Circular economy (environmental and industrial services)
The segment taken over by Luotea includes the environmental and industrial services that form the core of the company after the separation, with a focus on its own strategy and growth opportunities 1.
Property services
The property services business remained in Lassila & Tikanoja Oyj after the demerger and is not part of Luotea's perimeter, though it shaped the structure of the company and board before the separation 1.
Market context
Luotea operates in environmental services and the circular economy, with operations in Finland and Sweden, and management names the Finnish and Swedish markets as areas of expertise 1. The company notes that the regulatory environment and stakeholder support are monitored regularly by the sustainability committee 1.
The environmental services market is affected by geopolitical pressures and the evolution of sustainability regulation, factors that management follows within the board 1.
Trends
- Sustainability reporting (CSRD)mixed
Growing sustainability reporting requirements have led the company to integrate its double materiality analysis and compliance controls into its governance, which can add administrative costs but also more transparency 1.
- Environmental regulation and circular economymixed
Changes in environmental regulation could open opportunities for circular economy services, but may also create compliance pressure for operators 1.
- Cost efficiencytailwind
The efficiency programme reduced comparable costs in 2025, and the Swedish measures could support margins if they reach their targets 1.
- Geopolitical tensionsheadwind
Geopolitical pressures and risks to business activity are monitored by the board, which points to uncertainty that could affect demand and costs 1.
Competitive position
The analysed sources do not explicitly name Luotea's competitors, so the list is limited to what can be inferred from the company's activity in environmental and circular economy services in Finland and Sweden 1.
Competitive position depends on the company's ability to develop its separate strategy and execute the efficiency programme, especially in Sweden 1.
- Lassila & Tikanoja Oyj
The parent company that kept the property services business after the separation and remains a competitor or partner in environmental services 1.
- Local environmental services operators in Finland
Finnish waste collection and treatment operators, not named in the source.
- Local operators in Sweden
Swedish environmental and industrial services operators, not named in the source, relevant to the efficiency programme.
- Property services providers
Facility management companies that may compete in similar segments, not named in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202502 Sept 2026
- Annual report 202406 Mar 2025
- Annual report 202306 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Luotea 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.