olivLaw · European equity research
Tecnotree Oyj TEM1V.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Tecnotree Oyj supplies software and platform services to telecommunications operators worldwide, and its revenue still rests mainly on maintenance and managed services. In 2025 revenue grew slightly while the order backlog advanced significantly, which draws attention to the company's direction. The company runs with a lean headcount, and its results depend on the timing of large projects.
At the close of 05 Nov 2026, Tecnotree Oyj (TEM1V.HE) stock was 5.98 EUR (−0.83% on the day), with market capitalisation 101.7 m EUR, P/E 13.3 on diluted EPS of 0.45 EUR over the last 12 months, dividend yield 0.16%, beta 0.55, 52-week range 3.96–7.10 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)
- 43.8
- weak (30–45)
- Bollinger (20, 2)
- 5.75 – 6.64
- in the lower half of the band · %B 0.26 · band width 14.5%
- SMA 50 / 200
- 6.34 / 5.90
- mixed trend
- MACD (12, 26, 9)
- -0.10 / -0.08
- 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 | −2.8% | −0.6% | −2.1 pp | — |
| 3 months | −3.7% | −4.2% | +0.5 pp | — |
| 6 months | +6.4% | +4.3% | +2.1 pp | — |
| Year to date | +38.7% | +7.5% | +31.2 pp | — |
| 1 year | +26.4% | +9.9% | +16.5 pp | −1.2% |
| 3 years | −19.4% | +49.8% | −69.3 pp | +6.8% |
| 5 years | −78.2% | +42.8% | −121.0 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 67 percentile of its own 3-quarter history (min 6.9, median 9.6, max 169.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 78.4 m | 71.6 m | 72.4 m |
| Revenue YoY | unavailable | −8.7% | +1.2% |
| Net income | 11.2 m | 8.3 m | 10.2 m |
| Net income YoY | unavailable | −25.4% | +22.7% |
| Diluted EPS | 0.04 | 0.38 | 0.45 |
| Diluted EPS YoY | unavailable | +850.0% | +18.4% |
| net % | 14.2% | 11.6% | 14.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 18.9 m EUR
- Financial debt
- 1.9 m EUR
- Net debt
- -17.0 m EUR
- Equity
- 101.5 m EUR
- Total assets
- 150.6 m EUR
- Debt / equity
- 0.02x
- Current ratio
- 4.99x
- ROE
- 10.5%
- ROA
- 7.0%
- 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 | 78.4 m | 71.6 m | 72.4 m | esef· 18 Mar 2026verified |
| Operating income | 23.8 m | 23.8 m | 25.6 m | esef· 18 Mar 2026verified |
| Depreciation & amortisation | 3.9 m | 6.9 m | 6.2 m | esef· 18 Mar 2026verified |
| EBITDA | 27.7 m ≈ | 30.7 m ≈ | 31.8 m ≈ | esef· 18 Mar 2026derived |
| Interest expense | 16.0 m | 15.2 m | 13.7 m | esef· 18 Mar 2026verified |
| Pre-tax income | 13.9 m | 12.8 m | 15.4 m | esef· 18 Mar 2026verified |
| Income tax | 2.8 m | 4.5 m | 5.2 m | esef· 18 Mar 2026verified |
| Net income | 11.2 m | 8.3 m | 10.2 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.04 | 0.38 | 0.45 | esef· 18 Mar 2026verified |
| Dividend per share | — | 0.01 | 0.01 | esef· 18 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 20.8 m | 16.8 m | 18.9 m | esef· 18 Mar 2026verified |
| Receivables | 69.2 m | 75.3 m | 79.8 m | esef· 18 Mar 2026verified |
| Current assets | 91.9 m | 93.4 m | 99.9 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 389.0 k | 107.0 k | 0 | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 33.5 m | 43.1 m | 49.4 m | esef· 18 Mar 2026verified |
| Total assets | 128.2 m | 138.9 m | 150.6 m | esef· 18 Mar 2026verified |
| Accounts payable | 11.3 m | 15.1 m | 16.5 m | esef· 18 Mar 2026verified |
| Long-term debt | — | 0 | 1.9 m | esef· 18 Mar 2026verified |
| Current liabilities | 16.9 m | 19.0 m | 20.0 m | esef· 18 Mar 2026verified |
| Equity | 86.5 m | 92.6 m | 101.5 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 278.8 m | 16.6 m | 17.0 m | esef· 18 Mar 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
Score: 64 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 101.7 m EUR
Key indicators
Coverage and freshness
Score by group
- Quality84
- Returns2
- Balance sheet53
- Valuation77
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: 3.71 – 12.82 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/EBITDA12.32 – 12.82 (Mid 12.44)6 companies used · median multiple 6.1x · quartiles 6.1x – 6.3xANORA.HE, ETTE.HE, HARVIA.HE, HONBS.HE, ICP1V.HE, KAMUX.HE
- Peers: P/E3.71 – 8.32 (Mid 4.99)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 aggregate0.13 – 0.17 (Mid 0.15)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
Neutral profile · Score 64/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 21.1% | 88 (vs peers) | 16% |
| Net margin · Quality | 14.1% | 77 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.5x | 63 (vs peers) | 16% |
| Interest coverage · Balance sheet | 1.9x | 6 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 5.0x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 13.3x | 54 (vs peers) | 16% |
| EV/EBITDA · Valuation | 2.7x | 100 (vs peers) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.2% | 2 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet53/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality84/100 · 2/3 factors with a value
- Returns· partial2/100 · 1/2 factors with a value
- Valuation77/100 · 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
Tecnotree Oyj (TEM1V.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 72.4 m EUR in 2025; YoY growth 1.2%; net margin 14.1%; ROE 10.5%; net debt/EBITDA -0.5x.
The estimated value range is 8.01–10.57 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 8.72 EUR, the price of 5.98 EUR leaves a potential of 45.8% (value / price − 1) and a margin of safety of 31.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 64/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 21.1%
- Net margin: 14.1%
- Current ratio: 5.0x
- EV/EBITDA: 2.7x
- The price is below the estimated value range
What contradicts it
- Interest coverage: 1.9x
- Shareholder yield (distributions): 0.2%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, 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% |
| TEM1V.HETecnotree Oyj | 101.7 m | 13.3 | 10.5% | 14.1% | +1.2% | +36% / +1% |
| 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 TEM1V.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 | 4.55 Total return -24% · Per year -24% | 8.07 Total return 35% · Per year 35% | 12.17 Total return 104% · Per year 104% |
| 3 years | 4.13 Total return -31% · Per year -11% | 8.25 Total return 39% · Per year 12% | 13.71 Total return 130% · Per year 32% |
| 5 years | 3.74 Total return -37% · Per year -9% | 8.45 Total return 42% · Per year 7% | 15.45 Total return 160% · Per year 21% |
- Exit P/E± 2.06
- Net margin± 1.44
- Annual revenue growth± 1.22
- Annual dilution± 0.12
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
Tecnotree Oyj supplies software and platform services to telecommunications operators worldwide, and its revenue still rests mainly on maintenance and managed services. In 2025 revenue grew slightly while the order backlog advanced significantly, which draws attention to the company's direction. The company runs with a lean headcount, and its results depend on the timing of large projects.
SWOT
Strengths
- Recurring maintenance and managed services revenue provides a relatively stable base.
- A rising order backlog at year end gives visibility on future activity.
- International presence with experience in projects for telecommunications operators.
Weaknesses
- Dependence on the timing of large projects, which can shift revenue between periods.
- Sensitivity of the result to currency differences, which had a negative impact in 2025.
- Non-recurring items reduced reported profit and make year-on-year comparison harder.
Opportunities
- Growing demand in the MEA and APAC regions, where the order backlog advanced significantly.
- Expansion of recurring services to existing clients, which could stabilise revenue.
- Digitalisation of operators, which may create new software and services projects.
Threats
- Competitive pressure from global software providers and systems integrators.
- Information security and data privacy risks specific to the sector.
- Currency fluctuations and economic instability in the emerging markets where the company operates.
Risks
- Currency riskhigh
Exchange rate differences produced significant losses in 2025, and the company listed them among its most important risks. An unfavourable rate could again reduce the net result.
- Project timingmedium
Revenue depends on when projects are delivered, and delays can move revenue between periods. This risk could affect the predictability of results.
- Trade receivablesmedium
Write-downs of receivables affected the 2025 result. If customer payments are delayed, further losses could arise.
- Information securitymedium
The company operates in a field exposed to cyber security and privacy risks. An incident could affect its reputation and contracts.
- Dependence on stafflow
Headcount fell in 2025, and losing skills could slow product development and project delivery.
Investment thesis
What would need to be true (bull case)
- The order backlog rose significantly, which gives visibility on future revenue if it converts into sales.
- Recurring maintenance and managed services could stabilise the revenue mix and reduce year-to-year variability.
- If adjusted results stay above the prior year level, the company could show a real improvement in efficiency.
What would break the thesis
- Currency differences reduced net profit, and an unfavourable exchange rate could repeat this effect in coming periods.
- Licence revenue declined, which may signal pressure on sales of new products.
- Dependence on large projects and their timing can make results hard to predict from one quarter to the next.
What to watch
- Development of the order backlog and its conversion into revenue2026
- Impact of currency differences on net profitQ1 2026
- Pace of revenue growth in MEA and APAC2026
- Development of headcount and personnel costsnext annual report
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
Tecnotree reports three revenue streams: own licences, delivery and maintenance and managed services, the last being the largest component. According to the annual report for 2025, revenue was 72,4 million EUR and the share of maintenance and managed services was 45,8 %. The company sells its products and services to a broad customer base, emphasising quality and customer satisfaction 1.
Profitability was affected by non-recurring items and currency differences. Operating profit was 25,6 million EUR and adjusted operating profit 16,4 million EUR, while net result was 10,2 million EUR after the one-off items 1. Currency differences had a negative impact, which is why the report asks readers to look at results without the effect of exchange rates 1.
The business is organised by geographic region: Europe and Americas, and MEA and APAC. In 2025 the MEA and APAC segment generated most of the revenue, and its order backlog reached 82,6 million EUR at year end 1.
Segments
MEA and APAC
The Middle East, Africa and Asia-Pacific segment had revenue of 54,7 million EUR in 2025, practically flat on the prior year. The order backlog rose to 82,6 million EUR at year end, which suggests a solid base for future revenue 1.
Europe and Americas
The Europe and Americas segment had revenue of 17,7 million EUR in 2025, up on the prior year. Its order backlog almost doubled to 24,8 million EUR at year end, indicating positive momentum in this region 1.
Market context
Tecnotree operates in the software and services market for telecommunications operators, a segment where contracts tend to be long-term and project delivery schedules can be demanding. The annual report states that the sector carries considerable information security and data protection risks 1. The company has an international footprint, with staff in India and the United Arab Emirates.
Demand in the regions where the company is present appears to support order growth, particularly in MEA and APAC, where the order backlog rose by 24,4 % 1. If this trend holds, future revenue could better reflect the volume of accumulated orders.
Trends
- Growing order backlogtailwind
The order backlog rose significantly at the end of 2025, giving visibility on future revenue. If these orders convert into revenue, the impact could be positive for the results of coming periods.
- Currency differencesheadwind
Exchange rate losses weighed on financial results in 2025, and the company identified them as a major risk factor. Currency movements could keep influencing net profit.
- Maintenance and managed servicesmixed
Recurring maintenance and managed services make up a growing share of revenue. This structure can bring stability, but it depends on keeping existing contracts in place.
- Non-recurring itemsheadwind
The 2025 result was affected by one-off items linked to the sale of assets and write-downs of receivables. If such items recur, they could reduce the comparability of results.
Competitive position
Tecnotree competes with telecommunications software providers and systems integrators offering similar solutions to operators. The annual report does not name competitors, so this analysis is based on the nature of the business described in the document.
The company's advantage lies in its experience with operator projects and its broad customer base. If the sector consolidates its suppliers, Tecnotree could need to differentiate its offer more clearly.
- Global telecommunications software providers
Competitors offering similar platforms to operators, not detailed in the annual report.
- IT systems integrators
Companies delivering implementation and maintenance projects for operators, competing for the same contracts.
- Regional telecom service providers
Local players in the MEA and APAC regions that can compete for mid-sized projects.
- Cloud service companies for telecom
Infrastructure and platform providers that could partly replace traditional software solutions.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202518 Mar 2026
- Annual report 202418 Mar 2025
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Tecnotree 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.