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olivLaw · European equity research

Endomines Finland Oyj PAMPALO.HE

Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland

7.90EUR−0.88% · 1 dayClose 05 Nov 2026

Endomines Finland Oyj is a Finnish gold mining and exploration company that operates the Pampalo mine and develops exploration projects in Karjalan kultalinja. The company moved its registered seat from Sweden to Finland and listed on Nasdaq Helsinki in December 2022, while gold production at Pampalo could rise in 2023 by 35–55 % compared with 2022.

At the close of 05 Nov 2026, Endomines Finland Oyj (PAMPALO.HE) stock was 7.90 EUR (−0.88% on the day), with market capitalisation 51.2 m EUR, beta 0.70, 52-week range 7.26–11.78 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
51.2 m EUR
shares as of 31 Dec 2022
P/E (TTM)
unavailable
Diluted EPS TTM -2.70 · TTM to 31 Dec 2022
E/P (TTM)
-34.18%
TTM to 31 Dec 2022
Dividend yield
unavailable
Beta (2y)
0.70
Volatility (1y) 48%
52-week range
7.2611.78

Price history

Loading chart…

Technical reading

RSI (14)
35.8
weak (30–45)
Bollinger (20, 2)
7.08 – 9.80
in the lower half of the band · %B 0.30 · band width 32.2%
SMA 50 / 200
9.21 / 9.25
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.45 / -0.42
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−17.5%−0.6%−16.9 pp—
3 months−4.2%−4.2%−0.1 pp—
6 months−23.3%+4.3%−27.6 pp—
Year to date−15.5%+7.5%−23.0 pp—
1 year−9.5%+9.9%−19.5 pp−1.2%
3 years+601.0%+49.8%+551.1 pp+6.8%
5 yearsunavailable+42.8%unavailable—
Max drawdown (1y)
−38.4%
28 Jan 2026 → 28 Jul 2026
Max drawdown (5y)
−52.1%
11 Jan 2023 → 26 Oct 2023
Compound annual growth (5y)
unavailable
EURO STOXX 50 +7.4%

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 year20212022
Revenue013.5 m
Revenue YoYunavailableunavailable
Net income-25.7 m-17.5 m
Net income YoYunavailableunavailable
Diluted EPS-0.12-2.70
Diluted EPS YoYunavailableunavailable
net %unavailable-129.6%
Free cash flow-15.5 m-7.3 m

Balance sheet & financial health

Fiscal year 2022 · 31 Dec 2022

Cash
3.7 m EUR
Financial debt
10.6 m EUR
Net debt
6.9 m EUR
Equity
36.3 m EUR
Total assets
55.0 m EUR
Debt / equity
0.29x
Current ratio
0.88x
ROE
-52.6%
ROA
-31.7%
FCF margin
-54.1%

Financial statements (source on every figure)

Revenue and net income (EUR)

Income statement · EUR

Revenue
2021
0
2022
13.5 m

esef· 02 May 2023verified

Cost of revenue
2021
1.6 m
2022
11.3 m

esef· 02 May 2023verified

Gross profit
2021
-1.6 m ≈
2022
2.2 m ≈

esef· 02 May 2023derived

Operating income
2021
-25.1 m
2022
-14.7 m

esef· 02 May 2023verified

Interest expense
2021
1.5 m
2022
3.0 m

esef· 02 May 2023verified

Pre-tax income
2021
-25.7 m
2022
-17.5 m

esef· 02 May 2023verified

Income tax
2021
0
2022
0

esef· 02 May 2023verified

Net income
2021
-25.7 m
2022
-17.5 m

esef· 02 May 2023verified

Diluted EPS
2021
-0.12
2022
-2.70

esef· 02 May 2023verified

Balance sheet · EUR

Cash
2021
1.2 m
2022
3.7 m

esef· 02 May 2023verified

Inventories
2021
800.0 k
2022
400.0 k

esef· 02 May 2023verified

Current assets
2021
3.8 m
2022
6.1 m

esef· 02 May 2023verified

Total assets
2021
55.3 m
2022
55.0 m

esef· 02 May 2023verified

Short-term debt
2021
5.8 m
2022
100.0 k

esef· 02 May 2023verified

Long-term debt
2021
11.6 m
2022
10.5 m

esef· 02 May 2023verified

Current liabilities
2021
11.8 m
2022
6.9 m

esef· 02 May 2023verified

Total liabilities
2021
25.0 m
2022
18.7 m

esef· 02 May 2023verified

Equity
2021
30.3 m
2022
36.3 m

esef· 02 May 2023verified

Shares outstanding at year end
2021
214.2 m
2022
6.5 m

esef· 02 May 2023derived

Cash flow · EUR

Operating cash flow
2021
-10.7 m
2022
-4.8 m

esef· 02 May 2023verified

Capex
2021
4.8 m
2022
2.5 m

esef· 02 May 2023verified

Free cash flow
2021
-15.5 m ≈
2022
-7.3 m ≈

esef· 02 May 2023derived

Investing cash flow
2021
-4.9 m
2022
-3.2 m

esef· 02 May 2023verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
the base of the ratio is not positive
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
16.3%
computed by olivLawFY 2022
EBITDA margin
unavailable
input data missing
EBIT margin
-108.9%
computed by olivLawFY 2022
Net margin
-129.6%
computed by olivLawFY 2022
FCF margin
-54.1%
computed by olivLawFY 2022

Returns

ROE
-52.6%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
ROA
-31.7%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
ROIC
-27.5%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
ROCE
-30.6%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
6.9 m EUR
computed by olivLawbalance sheet at 31 Dec 2022
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.3x
computed by olivLawbalance sheet at 31 Dec 2022
Interest coverage
-4.9x
computed by olivLawFY 2022

Liquidity

Current ratio
0.9x
computed by olivLawbalance sheet at 31 Dec 2022
Quick ratio
0.8x
computed by olivLawbalance sheet at 31 Dec 2022
Cash ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2022

Cash

Operating cash flow
-4.8 m EUR
computed by olivLawFY 2022
Capital expenditure
2.5 m EUR
computed by olivLawFY 2022
Free cash flow
-7.3 m EUR
computed by olivLawFY 2022
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
19 days
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
51.2 m EUR
computed by olivLawbalance sheet at 31 Dec 2022
Enterprise value
58.1 m EUR
computed by olivLawbalance sheet at 31 Dec 2022
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-34.2%
computed by olivLawFY 2022
P/B
1.4x
computed by olivLawbalance sheet at 31 Dec 2022
P/S
3.8x
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
insufficient data
EV/Sales
4.3x
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-14.3%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 35.4% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

7.90 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 51.2 m EUR

Key indicators

Market capitalisation
51.2 m EUR
computed by olivLawbalance sheet at 31 Dec 2022
P/E (TTM)
unavailable
insufficient data
P/B
1.4x
computed by olivLawbalance sheet at 31 Dec 2022
EV/EBITDA
unavailable
input data missing
ROE
-52.6%
computed by olivLawFY 2022 · balance sheet at 31 Dec 2022
Net margin
-129.6%
computed by olivLawFY 2022
Revenue growth (YoY)
unavailable
the base of the ratio is not positive
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

23/37 reporting lines present
Latest full fiscal year: 2022
Latest reported period: 31 Dec 2022
Latest balance sheet date: 31 Dec 2022
Share count (cover of the latest filing), as of: 31 Dec 2022
Source: esefpublished 02 May 2023
verified 56derived 2

The data is older than the freshness threshold.

Score by group

35% · 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 · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • 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: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-27.5%4 (vs peers)29%
Net margin · Quality-129.6%3 (vs peers)18%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-4.9x0 (on a fixed band)18%
Current ratio · Balance sheet0.9x7 (on a fixed band)12%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-14.3%0 (on a fixed band)24%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet3/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality3/100 · 2/3 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

Endomines Finland Oyj (PAMPALO.HE). Latest full fiscal year: 2022; data up to 2022-12-31.

Figures computed from the financial statements: revenue 13.5 m EUR in 2022; net margin -129.6%; ROE -52.6%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% 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

  • ROIC: -27.5%
  • Net margin: -129.6%
  • Interest coverage: -4.9x
  • Current ratio: 0.9x
  • FCF yield: -14.3%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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

P/E
—
vertical median 15.5x
EV/EBITDA
—
vertical median 6.3x
P/S
3.8x
vertical median 0.5x
above median (+687.4%)
P/B
1.4x
vertical median 1.4x
at median
ROE
-52.6%
vertical median 7.5%
below median (−799.5%)
Net margin
-129.6%
vertical median 2.9%
below median (−4,531.1%)
EBIT margin
-108.9%
vertical median 4.9%
below median (−2,302.7%)
Revenue YoY
—
vertical median 1.2%
Net debt/EBITDA
—
vertical median -0.1x
Dividend yield
—
vertical median 4.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
FORTUM.HEFortum Oyj20.8 bn27.28.7%15.3%−14.0%+32% / +81%
ELISA.HEElisa Oyj5.6 bn16.327.0%15.2%+3.0%−8% / −15%
KALMAR.HEKalmar Oyj2.4 bn14.724.1%9.4%+1.2%+0% / unavailable
KCR.HEKonecranes Oyj2.2 bn5.620.3%9.5%−0.9%−4% / +134%
EXEL.HEExel Composites Oyj1.8 bn—-18.5%-5.3%+3.6%+163% / +74%
BITTI.HEBittium Oyj1.2 bn55.817.5%17.9%+40.1%+73% / +603%
ALMA.HEAlma Media Oyj1.2 bn21.223.0%16.9%+4.6%+9% / +57%
FIA1S.HEFinnair Oyj927.4 m50.42.9%0.6%+1.9%+54% / +22%
GRK.HEGRK Infra Oyj788.5 m18.327.8%4.9%+19.7%+52% / unavailable
HARVIA.HEHarvia Oyj768.7 m29.321.0%13.3%+13.5%−1% / +64%
ATRAV.HEAtria Oyj451.7 m11.19.8%2.2%+3.3%+13% / +57%
ANORA.HEAnora Group Oyj317.6 m57.81.4%0.8%−4.9%+26% / +11%
CAPMAN.HECapMan Oyj300.2 m23.16.8%20.9%+9.4%−8% / −20%
ICP1V.HEIncap Oyj261.0 m18.710.4%6.5%−6.7%−3% / +37%
FSECURE.HEF-Secure Oyj243.7 m10.943.4%15.3%−0.4%−17% / −23%
ASPO.HEAspo Oyj219.4 m9.315.4%5.0%+2.1%+2% / +9%
ETTE.HEEtteplan Oyj173.7 m16.48.8%2.9%+0.1%−27% / −51%
DIGIA.HEDigia Oyj131.6 m10.514.5%5.9%+5.5%−16% / −12%
ILKKA.HEIlkka Oyj93.8 m8.16.2%30.8%+22.6%+0% / +21%
CONSTI.HEConsti Oyj77.4 m11.615.3%2.0%+2.9%−8% / −6%
APETIT.HEApetit Oyj75.6 m8.48.2%5.4%+3.1%−14% / −3%
ESENSE.HEEnersense International Oyj74.9 m74.73.1%0.4%−27.7%+12% / +9%
CTH1V.HEComponenta Oyj66.1 m324.00.8%0.2%−4.6%+49% / +182%
PAMPALO.HEEndomines Finland Oyj51.2 m—-52.6%-129.6%unavailable−7% / +456%
KAMUX.HEKamux Oyj47.4 m10.34.2%0.5%+0.8%−40% / −77%

1- and 3-year price returns: for PAMPALO.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

Scenarios are not available. input data missing

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

Endomines Finland Oyj is a Finnish gold mining and exploration company that operates the Pampalo mine and develops exploration projects in Karjalan kultalinja. The company moved its registered seat from Sweden to Finland and listed on Nasdaq Helsinki in December 2022, while gold production at Pampalo could rise in 2023 by 1 35–55 % compared with 2022.

SWOT

Strengths

  • The company has active production at the Pampalo mine, which gives it an operating base compared with projects still in exploration only.
  • Equity improved significantly in 2022, and interest-bearing debt fell compared with the prior year.
  • The Nasdaq Helsinki listing and access to several funding sources could support the development of exploration projects.

Weaknesses

  • The company reports net and operating losses, and its result still depends on the performance of a single producing mine.
  • Receipts are in USD while much of the cost base is in euro, which exposes the result to currency movements.
  • Funding through convertible bonds and LDA-type agreements can lead to dilution of existing shareholders.

Opportunities

  • If Pampalo production grows as estimated, the financial result could improve visibly.
  • Reprocessing old data and drilling in Karjalan kultalinja could identify new resources.
  • A partnership for the US properties could bring funding without increasing the group's debt.

Threats

  • A fall in the gold price would quickly reduce revenue and could affect funding capacity.
  • High energy prices and other input costs could keep pushing up production costs.
  • A proposed mining tax, mentioned in the report, could reduce the company's profitability.

Risks

  • Exploration riskhigh

    Mineral exploration is uncertain, and resource and reserve estimates can prove wrong, which could affect development plans.

  • Currency riskmedium

    Revenue is in USD while costs are mostly in euro. An unfavourable change in the exchange rate could reduce the result.

  • Funding riskhigh

    The company depends on external funding. If it cannot obtain capital on acceptable terms, development of projects could slow.

  • Dilution riskmedium

    Conversions of convertible bonds and LDA agreements can create new shares, which could reduce the stake of existing shareholders.

  • Operational and environmental riskmedium

    Mining involves disruptions, accidents and environmental requirements. Any incident could delay production and increase costs.

Investment thesis

What would need to be true (bull case)

  • If Pampalo production grows as estimated and unit costs fall, the result could better reflect the mine's potential.
  • A larger equity base and lower debt could give the company more stability to develop its projects.
  • Exploration in Karjalan kultalinja and any partnerships for US properties could expand the resource base.

What would break the thesis

  • The company is not yet profitable and depends on a single producing mine, which increases risk for the financial result.
  • Funding through convertible bonds and LDA-type agreements could dilute existing shareholders and limit earnings per share.
  • If the gold price falls or energy costs stay high, margins could be hit quickly.

What to watch

  • Delivery of the gold production increase at Pampalo against the 2023 estimates2023
  • Trend in unit costs and energy costs in the second half of the year2023
  • Results of exploration campaigns in Karjalan kultalinja2023
  • Conclusion of negotiations for the US partnership and its termsnext 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

Endomines Finland Oyj is the parent company of the Endomines group, which works in gold mining and exploration. Its main activity is the Pampalo mine, where production started during the period analysed and generated revenue of 1 13.5 MEUR in fiscal 2022. The group was formed as Endomines AB and moved its legal seat to Finland through a cross-border merger completed in December 2022.

Besides Pampalo, the group holds the Friday project, from which no production is expected in 2023, and carries out exploration in Karjalan kultalinja, where it plans to reprocess old data, take moraine samples and drill. The company also mentions a new partnership model for its US properties, for which negotiations could be concluded in 2023.

The financial position improved through share issues, the December 2022 listing and the conversion of convertible bonds into shares. Interest-bearing debt fell to 1 10.6 MEUR, and equity reached 1 36.3 MEUR at the end of 2022.

Segments

Pampalo mine

The Pampalo mine is the group's main source of production. Management estimates that gold production at Pampalo could rise in 2023 by 1 35–55 % compared with 2022, supported by lower production costs in the second half of the year. Revenues are denominated in USD, but production costs are for now mostly in euro.

Friday project and Karjalan kultalinja exploration

The Friday project has no production expected in 2023, and exploration activity focuses on Karjalan kultalinja. In this area the company intends to reprocess old data, process moraine samples and drill, activities that depend on results and funding.

Market context

Group revenue is directly linked to the gold price and the US dollar exchange rate, because gold receipts are denominated in USD while costs are mostly in euro. The annual report shows that both trends were favourable in 2022, but sensitivity to the gold price and to the currency rate remains high.

The company's funding market is an important factor, because exploration and mine development require constant capital. The group obtained funding through convertible bonds, LDA Capital agreements and a listing, and revenue of 1 13.5 MEUR shows growth over the prior year while the net loss remains significant.

Trends

  • Gold price and the dollarmixed

    Group revenue is denominated in USD, and the gold price developed favourably in 2022. If these conditions hold, they could support margins, but a fall in the gold price would quickly reduce receipts.

  • Energy and production costsheadwind

    The war in Ukraine raised production costs, especially the electricity price, which significantly increased costs in 2022. If energy prices stay high, unit costs could limit the effect of higher production.

  • Pampalo production growthtailwind

    Management estimates that gold production at Pampalo could rise by 1 35–55 % in 2023. If this is achieved, it could improve unit costs and the financial result.

  • Equity and convertible bond fundingmixed

    The company has been financed largely through share issues, convertible bonds and LDA Capital agreements. This dependence can bring capital quickly, but conversions can dilute existing shareholders.

Competitive position

The annual report does not name any competitors. The company operates in gold mining and exploration, where competition is mainly for exploration properties, financing and qualified staff, and its position depends on the results of the Pampalo and Karjalan kultalinja projects.

The company builds its advantage through production at Pampalo and exploration projects in Finland. The report offers no comparison with other producers, so its competitive position should be judged on operational and financial data in future reports.

  • Other gold producers in Finland and the Nordic region

    The annual report does not name competitors. Companies in the same region and sector could compete for land, funding and staff.

  • Gold exploration companies in Europe

    Competition for exploration properties and investment funds is likely, but the source does not identify specific firms.

  • Gold producers in North America

    The group's US properties place it in indirect competition with local producers and developers.

  • Financiers and mining exploration investors

    Funding through share issues and convertible bonds depends on the availability of capital, creating indirect competition for funds.

News & filings

In the press

No news in our archive over the last 180 days.

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Endomines Finland Oyj · 31 Dec 2022

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Endomines Finland Oyj (PAMPALO.HE): stock, results, valuation and forecast · olivLaw