olivLaw · European equity research
Reka Industrial Oyj REKA.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Reka Industrial Oyj is a Finnish industrial group focused mainly on technical rubber products through its Reka Kumi subsidiary. In fiscal 2025 the group reported revenue of 31.57 million EUR and a net profit of 1.22 million EUR, and management expects a better operating margin in 2026.
At the close of 05 Nov 2026, Reka Industrial Oyj (REKA.HE) stock was 3.89 EUR (+2.10% on the day), with market capitalisation 23.7 m EUR, P/E 19.5 on diluted EPS of 0.20 EUR over the last 12 months, dividend yield 1.80%, beta 0.32, 52-week range 3.81–4.80 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)
- 46.3
- neutral
- Bollinger (20, 2)
- 3.81 – 4.04
- in the lower half of the band · %B 0.35 · band width 6.1%
- SMA 50 / 200
- 4.00 / 4.18
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.04
- 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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.2% | −0.6% | −2.6 pp | — |
| 3 months | −4.9% | −4.2% | −0.7 pp | — |
| 6 months | −5.4% | +4.3% | −9.7 pp | — |
| Year to date | −10.4% | +7.5% | −17.9 pp | — |
| 1 year | −11.6% | +9.9% | −21.5 pp | −1.2% |
| 3 years | −36.2% | +49.8% | −86.1 pp | +6.8% |
| 5 years | +0.8% | +42.8% | −42.0 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 33 percentile of its own 3-quarter history (min 1.1, median 21.7, max 61.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 91.6 m | 27.2 m | 31.6 m |
| Revenue YoY | unavailable | −70.3% | +16.2% |
| Net income | 34.5 m | 418.0 k | 1.2 m |
| Net income YoY | unavailable | −98.8% | +191.4% |
| Diluted EPS | 5.76 | 0.07 | 0.20 |
| Diluted EPS YoY | unavailable | −98.8% | +185.7% |
| net % | 37.6% | 1.5% | 3.9% |
| Free cash flow | -650.0 k | -1.3 m | -522.0 k |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 30.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 44.7 m EUR
- Total assets
- 65.2 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 2.8%
- ROA
- 2.0%
- FCF margin
- -1.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 91.6 m | 27.2 m | 31.6 m | esef· 07 Apr 2026verified |
| Operating income | 36.3 m | -882.0 k | 1.2 m | esef· 07 Apr 2026verified |
| Interest expense | 3.0 m | 846.0 k | 811.0 k | esef· 07 Apr 2026verified |
| Pre-tax income | 35.1 m | 519.0 k | 1.5 m | esef· 07 Apr 2026verified |
| Income tax | 612.0 k | 101.0 k | 330.0 k | esef· 07 Apr 2026verified |
| Net income | 34.5 m | 418.0 k | 1.2 m | esef· 07 Apr 2026verified |
| Diluted EPS | 5.76 | 0.07 | 0.20 | esef· 07 Apr 2026verified |
| Dividend per share | 0.40 | 2.00 | 0.07 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 38.4 m | 26.4 m | 30.0 m | esef· 07 Apr 2026verified |
| Receivables | 3.0 m | 3.5 m | 4.8 m | esef· 07 Apr 2026verified |
| Inventories | 3.8 m | 3.8 m | 4.0 m | esef· 07 Apr 2026verified |
| Current assets | 45.5 m | 33.9 m | 38.9 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 3.6 m | 3.9 m | 5.7 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 2.6 m | 2.2 m | 1.9 m | esef· 07 Apr 2026verified |
| Total assets | 71.6 m | 59.3 m | 65.2 m | esef· 07 Apr 2026verified |
| Accounts payable | 3.7 m | 3.5 m | 4.0 m | esef· 07 Apr 2026verified |
| Total liabilities | 16.3 m | 16.3 m | 20.5 m | esef· 07 Apr 2026verified |
| Equity | 55.2 m | 43.0 m | 44.7 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 6.0 m | 6.0 m | 6.1 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 791.0 k | -467.0 k | 1.7 m | esef· 07 Apr 2026verified |
| Capex | 1.4 m | 866.0 k | 2.2 m | esef· 07 Apr 2026verified |
| Free cash flow | -650.0 k ≈ | -1.3 m ≈ | -522.0 k ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | 51.6 m | -842.0 k | -1.5 m | esef· 07 Apr 2026verified |
| Financing cash flow | -17.5 m | -12.1 m | 2.5 m | esef· 07 Apr 2026verified |
| Dividends paid | 2.4 m | 12.0 m | 419.0 k | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 23.7 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: 0.95 – 3.70 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E1.65 – 3.70 (Mid 2.22)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)0.95 – 1.30 (Mid 1.10)
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 | unavailable | unavailable | — |
| Net margin · Quality | 3.9% | 51 (vs peers) | 14% |
| FCF conversion · Quality | -42.9% | 0 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.4x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 19.5x | 36 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.2% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | 1.8% | 25 (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 sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality26/100 · 2/3 factors with a value
- Returns· partial25/100 · 1/2 factors with a value
- Valuation20/100 · 2/3 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
Reka Industrial Oyj (REKA.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 31.6 m EUR in 2025; YoY growth 16.2%; net margin 3.9%; ROE 2.8%.
The estimated value range is 1.30–2.50 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.66 EUR, the price of 3.89 EUR leaves a potential of -57.4% (value / price − 1) and a margin of safety of -134.5% (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
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
- FCF conversion: -42.9%
- Interest coverage: 1.4x
- FCF yield: -2.2%
- Shareholder yield (distributions): 1.8%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, EV/EBITDA, 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% |
| 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% |
| GLA1V.HEGlaston Oyj Abp | 42.1 m | 35.4 | 1.8% | 0.6% | −4.2% | −12% / −32% |
1- and 3-year price returns: for REKA.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 | 2.54 Total return -33% · Per year -33% | 4.47 Total return 17% · Per year 17% | 6.71 Total return 75% · Per year 75% |
| 3 years | 3.02 Total return -17% · Per year -6% | 5.92 Total return 59% · Per year 17% | 9.66 Total return 157% · Per year 37% |
| 5 years | 3.58 Total return 1% · Per year 0% | 7.82 Total return 115% · Per year 17% | 13.91 Total return 276% · Per year 30% |
- Exit P/E± 1.48
- Net margin± 1.04
- Annual revenue growth± 0.77
- Annual dilution± 0.09
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
Reka Industrial Oyj is a Finnish industrial group focused mainly on technical rubber products through its Reka Kumi subsidiary. In fiscal 2025 the group reported revenue of 31.57 million EUR and a net profit of 1.22 million EUR, and management expects a better operating margin in 2026.
SWOT
Strengths
- The group has a solid capital structure, with high equity relative to assets and stable cash position.
- The rubber subgroup shows productivity gains, and management expects a better operating margin in 2026.
- The controlling shareholder provides continuity in the group's strategic direction.
Weaknesses
- Share liquidity is low, and trading is concentrated in time.
- Net profit is modest relative to assets, leaving little margin for shocks.
- The group depends on a pension fund with too few members to meet the statutory threshold.
Opportunities
- Expanding production capacity in Ukraine could open new markets for technical rubber products.
- Investment in lower-emission technology could attract customers asking for more sustainable processes.
- Reviewing business reorganisation could lead to a more efficient group structure.
Threats
- Dissolution of the pension fund could generate losses on guarantee capital.
- Personnel and material costs could stay high and limit margins.
- Instability in the region where the Ukraine project is located could affect the investment.
Risks
- Reka Eläkekassa pension fundhigh
If the number of active members does not rise above the statutory threshold, the fund could be dissolved, causing losses on guarantee capital and removal of IAS 19 assets.
- Guarantee capitalmedium
If the fund is dissolved and guarantee capital is not fully recovered, the rubber subgroup would record a loss.
- Share liquiditymedium
Thin trading could make it hard to sell or buy a large volume of shares without affecting the price.
- Ukraine investmentmedium
Buying property and setting up a subsidiary in an area affected by conflict may carry operational and execution risks.
- Dependence on majority shareholderlow
Reka Oy controls most votes, which could limit the influence of minority shareholders over decisions.
Investment thesis
What would need to be true (bull case)
- If productivity in the rubber subgroup keeps rising, margins could recover and profit could exceed the 2025 level.
- If the Ukraine expansion succeeds, the group could gain capacity and new revenue over the medium term.
- A solid capital structure could give flexibility for investment without major funding pressure.
What would break the thesis
- If the pension fund is dissolved, losses on guarantees and IAS 19 assets could seriously affect results.
- If costs stay high, margins could remain weak even with higher volumes.
- Low share liquidity could make the investment harder to manage for minority shareholders.
What to watch
- Number of active members in Reka Eläkekassa and any decision to dissolve it2026
- Margin development in the rubber subgroup against expectations of a better operating margin2026
- Completion of the choice of Ukraine property and project costs2026
- Outcome of the Annual General Meeting on the proposed dividend24.4.2026
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
Reka Industrial Oyj is the holding company of an industrial group listed on Nasdaq Helsinki, with class B shares traded under the ticker REKA. The group has two main activities: production of technical rubber products by the Reka Kumi subgroup, and investment activities. Revenue rose from 27.17 million EUR in 2024, and the group had on average 275 employees in 2025 1.
The shareholding is concentrated: Reka Oy holds 50.16% of shares and 65.36% of votes at 31 December 2025 1. The group also has a financial commitment linked to Reka Eläkekassa, where the Reka Kumi subgroup invested 8.0 million EUR as guarantee capital 1.
In January 2026 Reka Kumi announced it would set up a subsidiary in Ukraine to buy an industrial property for producing technical rubber products, as part of a strategy to expand production capacity 1.
Segments
Industrial rubber (Reka Kumi)
The main segment produces technical rubber articles. Management says it continues to focus on productivity and profitability, with investments aimed at lower-emission production technology and lower use of natural resources 1.
Investments and other activities
The group also holds financial assets, including short-term investments and a guarantee capital placement in Reka Eläkekassa. Management is also reviewing business reorganisation and group structure, with no final decision announced 1.
Market context
The relevant market is that of technical rubber products for industry. The source does not describe market size, so the analysis relies mainly on the report figures: revenue of 31.57 million EUR in 2025 against 27.17 million EUR in 2024 1. External sources are needed for a market comparison.
Share liquidity was low: 19.6% of shares were traded in 2025, compared with 45.3% in 2024 1. The closing price on 31 December 2025 was 4.34 EUR 1.
Trends
- Productivity improvementtailwind
Management states that the rubber subgroup keeps raising productivity and profitability, which could support margins if volumes hold.
- Capacity and technology investmentmixed
Investments in lower-emission technology and capacity expansion, including the Ukraine subsidiary, may support long-term growth but also raise funding needs.
- Pension fund riskheadwind
Reka Eläkekassa is below the statutory threshold of active members, which could lead to its dissolution in 2028 and losses on guarantee capital or IAS 19 assets.
- Personnel costsheadwind
Wage costs rose compared with the previous year, which, if not offset by revenue, could pressure group margins.
Competitive position
The source does not describe competitors or the group's market position. The competitive analysis remains open and would need external sector data.
The group is small, and competition in rubber products includes larger producers with greater scale and access to finance. This could limit its ability to gain market share without sustained investment.
- European technical rubber producers
The source does not name competitors; the category is mentioned only in general analysis.
- Global rubber article manufacturers
Larger companies with global scale could compete in similar segments; the source does not name them.
- Regional industrial product suppliers
Local competition in markets where the group sells technical rubber products.
- Ukrainian producers
Relevant to the new Ukraine subsidiary project; the source gives no details about them.
News & filings
In the press
- Frumoasele unguroaice ale filmului românesc. Julieta și Anca Szony, Ana Szeles, Eniko Szilagyi și Reka Nagy - Cotidianul ROSurge — Google News · 24 Oct 2026 · RO
- Reka Releases Rho-1: A 19B Omni-Reasoning Model That Understands, Generates Video and Outputs Robot Actions in OneMarkTechPost (Asia AI) · 06 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202424 Sept 2025
- Annual report 202324 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Reka Industrial 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.