olivLaw · European equity research
Teleste Oyj TLT1V.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Teleste Oyj is a Finnish supplier of network solutions for cable and fiber broadband, and of passenger information and security systems for public transport and critical infrastructure. In fiscal 2025 it returned to modest growth, with revenue of 138.6 million euros, as demand for DOCSIS 4.0 in North America rises.
At the close of 05 Nov 2026, Teleste Oyj (TLT1V.HE) stock was 3.30 EUR (+1.54% on the day), with market capitalisation 61.2 m EUR, P/E 22.0 on diluted EPS of 0.15 EUR over the last 12 months, dividend yield 0.91%, beta 0.29, 52-week range 3.25–3.92 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)
- 40.8
- weak (30–45)
- Bollinger (20, 2)
- 3.25 – 3.49
- in the lower half of the band · %B 0.21 · band width 7.2%
- SMA 50 / 200
- 3.39 / 3.53
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.02
- 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 | −4.3% | −0.6% | −3.7 pp | — |
| 3 months | −8.3% | −4.2% | −4.2 pp | — |
| 6 months | −7.0% | +4.3% | −11.4 pp | — |
| Year to date | −12.2% | +7.5% | −19.7 pp | — |
| 1 year | −18.3% | +9.9% | −28.2 pp | −1.2% |
| 3 years | +17.9% | +49.8% | −32.0 pp | +6.8% |
| 5 years | −37.0% | +42.8% | −79.8 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 1-quarter history (min 25.1, median 25.1, max 25.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 151.3 m | 132.5 m | 138.6 m |
| Revenue YoY | unavailable | −12.4% | +4.6% |
| Net income | -82.0 k | -5.9 m | 2.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | 0.00 | -0.32 | 0.15 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -0.1% | -4.4% | 2.0% |
| Free cash flow | 8.9 m | 12.1 m | 12.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.1 m EUR
- Financial debt
- 20.9 m EUR
- Net debt
- 11.8 m EUR
- Equity
- 57.9 m EUR
- Total assets
- 122.7 m EUR
- Debt / equity
- 0.36x
- Current ratio
- 1.58x
- ROE
- 4.9%
- ROA
- 2.3%
- FCF margin
- 9.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 151.3 m | 132.5 m | 138.6 m | esef· 07 Apr 2026verified |
| Operating income | -481.0 k | -5.4 m | 6.8 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 6.1 m | 5.2 m | 5.0 m | esef· 07 Apr 2026verified |
| EBITDA | 5.6 m ≈ | -218.0 k ≈ | 11.8 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 2.9 m | 2.7 m | 4.7 m | esef· 07 Apr 2026verified |
| Pre-tax income | -2.4 m | -7.1 m | 3.0 m | esef· 07 Apr 2026verified |
| Income tax | -1.9 m | -1.0 m | 438.0 k | esef· 07 Apr 2026verified |
| Net income | -82.0 k | -5.9 m | 2.8 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.00 | -0.32 | 0.15 | esef· 07 Apr 2026verified |
| Dividend per share | — | 0.00 | 0.03 | esef· 07 Apr 2026verified |
≈ 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 | 6.2 m | 8.8 m | 9.1 m | esef· 07 Apr 2026verified |
| Receivables | 31.5 m | 32.7 m | 30.9 m | esef· 07 Apr 2026verified |
| Inventories | 35.6 m | 24.9 m | 26.9 m | esef· 07 Apr 2026verified |
| Current assets | 73.8 m | 67.4 m | 68.0 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 12.5 m | 11.5 m | 10.1 m | esef· 07 Apr 2026verified |
| Goodwill | 30.1 m | 30.1 m | 30.1 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 13.5 m | 8.8 m | 11.3 m | esef· 07 Apr 2026verified |
| Total assets | 132.2 m | 121.2 m | 122.7 m | esef· 07 Apr 2026verified |
| Accounts payable | 32.1 m | 29.9 m | 33.6 m | esef· 07 Apr 2026verified |
| Long-term debt | 30.5 m | 24.7 m | 20.9 m | esef· 07 Apr 2026verified |
| Current liabilities | 40.4 m | 41.1 m | 43.0 m | esef· 07 Apr 2026verified |
| Total liabilities | 71.3 m | 66.4 m | 64.8 m | esef· 07 Apr 2026verified |
| Equity | 60.9 m | 54.8 m | 57.9 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | — | 18.3 m | 18.5 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 10.8 m | 12.4 m | 12.9 m | esef· 07 Apr 2026verified |
| Capex | 1.9 m | 314.0 k | 330.0 k | esef· 07 Apr 2026verified |
| Free cash flow | 8.9 m ≈ | 12.1 m ≈ | 12.5 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -4.4 m | -4.6 m | -4.3 m | esef· 07 Apr 2026verified |
| Financing cash flow | -13.6 m | -5.4 m | -8.2 m | esef· 07 Apr 2026verified |
| Dividends paid | 0 | 0 | 549.0 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: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 61.2 m EUR
Key indicators
Coverage and freshness
Score by group
- Quality65
- Returns48
- Balance sheet32
- Valuation58
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: 1.24 – 23.61 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)13.57 – 23.61 (Mid 17.21)WACC 7.4% · starting FCFF 16.6 m EUR · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA3.20 – 3.37 (Mid 3.25)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/E1.24 – 2.77 (Mid 1.66)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 aggregate0.41 – 0.56 (Mid 0.47)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 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.3% | 56 (vs peers) | 13% |
| Net margin · Quality | 2.0% | 44 (vs peers) | 8% |
| FCF conversion · Quality | 451.3% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.0x | 38 (vs peers) | 13% |
| Interest coverage · Balance sheet | 1.4x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.6x | 65 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 22.0x | 32 (vs peers) | 13% |
| EV/EBITDA · Valuation | 6.2x | 50 (vs peers) | 13% |
| FCF yield · Valuation | 20.5% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 0.9% | 13 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 4.4% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet32/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality65/100 · 3/3 factors with a value
- Returns48/100 · 2/2 factors with a value
- Valuation58/100 · 3/3 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
Teleste Oyj (TLT1V.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 138.6 m EUR in 2025; YoY growth 4.6%; net margin 2.0%; ROE 4.9%; net debt/EBITDA 1.0x.
The estimated value range is 3.20–3.37 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 3.25 EUR, the price of 3.30 EUR leaves a potential of -1.6% (value / price − 1) and a margin of safety of -1.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, 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. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 451.3%
- FCF yield: 20.5%
- Payout ratio (FCF): 4.4%
What contradicts it
- Interest coverage: 1.4x
- Shareholder yield (distributions): 0.9%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
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% |
| TLT1V.HETeleste Oyj | 61.2 m | 22.0 | 4.9% | 2.0% | +4.6% | −13% / +26% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for TLT1V.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 | 1.95 Total return -40% · Per year -40% | 3.45 Total return 6% · Per year 6% | 5.20 Total return 59% · Per year 59% |
| 3 years | 1.90 Total return -40% · Per year -16% | 3.78 Total return 17% · Per year 6% | 6.25 Total return 93% · Per year 25% |
| 5 years | 1.85 Total return -41% · Per year -10% | 4.14 Total return 31% · Per year 5% | 7.51 Total return 134% · Per year 19% |
- Exit P/E± 0.94
- Net margin± 0.66
- Annual revenue growth± 0.54
- Annual dilution± 0.06
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
Teleste Oyj is a Finnish supplier of network solutions for cable and fiber broadband, and of passenger information and security systems for public transport and critical infrastructure. In fiscal 2025 it returned to modest growth, with revenue of 138.6 million euros, as demand for DOCSIS 4.0 in North America rises 1.
SWOT
Strengths
- The company earns a large share of revenue from exports and has a solid presence in North America, with several important operator customers.
- Its portfolio includes DOCSIS 4.0 technologies and public transport software, placing it in technical segments with rising demand.
- Maintenance and service revenue offers a relatively stable flow alongside new projects.
Weaknesses
- Profitability was weak in prior years, and operating result remains small relative to revenue.
- Dependence on a few large projects and on customer timing can produce significant variation from quarter to quarter.
- Product development costs are high relative to revenue, which limits margins.
Opportunities
- Extending DOCSIS 4.0 in Europe and starting production in Mexico could open new contracts.
- Demand for sustainable public transport and integrated security systems could grow over the longer term.
- Recent framework agreements with railways in Belgium and France could expand activity in Europe.
Threats
- A merger among large US cable operators could temporarily reduce customer investments.
- US tariffs and shifts in trade policy could disrupt supply chains and demand.
- Dollar and euro exchange rate swings could affect reported revenue and margins.
Risks
- Customer concentrationhigh
A small number of large operators may account for a significant part of orders, and their delays could affect results.
- US operator mergerhigh
Completion of the cable operator merger could change investment plans and order timing.
- Tariffs and trade policymedium
US trade measures could raise production costs and slow customer decisions.
- Currency exposuremedium
Revenue in dollars and costs in euros can create exchange differences that affect the result.
- Project executionmedium
Complex projects and new production in Mexico could face delays or cost overruns.
Investment thesis
What would need to be true (bull case)
- If DOCSIS 4.0 demand extends across Europe and North America, revenue could grow faster than current estimates.
- If margins improve as volumes rise, operating result could return to a sustainable level.
- Framework agreements with European railways could bring recurring revenue over several years.
What would break the thesis
- If the US operator merger leads to investment cuts, demand for equipment could fall.
- If profit stays small relative to development spending, the company could remain vulnerable to shocks.
- If tariffs and currency movements worsen, margins could come under further pressure.
What to watch
- Delivery against the 2026 revenue and adjusted operating result guidance2026
- Completion of the Charter and Cox merger and its effect on customer investments2026
- Start of production at the Mexico plant and first product deliveriesQ1 2026
- Payment of the proposed dividend and development of European orders2027
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
Teleste develops and delivers equipment and software for broadband networks and passenger information systems in public transport. Its business is organized as complete projects covering development, delivery and maintenance, and part of its revenue comes from recurring maintenance and service business 1. The company has a large export share, above 92% of revenue in 2025 1.
Revenue in fiscal 2025 grew 4.6% from the previous year, and adjusted operating result reached 7.1 million euros after losses in 2024 1. The company reported orders received of 138.2 million euros and an order backlog of 115 million euros at year end 1.
For 2026 management estimates revenue of 140–160 million euros and adjusted operating result of 7–10 million euros, with results expected to weight toward the second half of the year 1. These estimates depend on US tariff policy and the dollar exchange rate, which create uncertainty 1.
Segments
Broadband Networks
The broadband networks segment delivers DOCSIS 4.0 technologies that combine fiber and cable in one architecture. Delivery volumes of the new generation smart networks grew during 2025, and the company had more than 20 network operator customers in North America 1.
Public Safety and Mobility
The public safety and mobility segment provides passenger information for public transport, video surveillance and situational awareness systems for critical infrastructure. The company expanded its customer base to train manufacturers and public transport operators 1.
Market context
The broadband market recovered in 2025, driven by competition between network operators for fast connections. The North American cable market is much larger than the European one, and DOCSIS 4.0 investments began there in 2024 1.
The public transport and critical infrastructure market is growing over the longer term, supported by cities expanding sustainable transport and digital security. Demand for integrated solutions and real-time software is rising 1.
Trends
- DOCSIS 4.0 standardtailwind
DOCSIS 4.0 investments began in North America in 2024 and partly in Europe in 2025, which could lift volumes for equipment suppliers 1.
- Charter and Cox mergermixed
The merger of Charter Communications and Cox Communications, expected to close by mid 2026, has temporarily delayed one customer's network investments. If the merger closes, the result could be a larger operator with reorganized investment plans 1.
- US tariffs and trade policyheadwind
Shifting US tariffs and trade policy create disruption, but the company does not expect a major long term effect on customer investments 1.
- Software and cybersecuritytailwind
Software, artificial intelligence and cybersecurity are becoming more important for transport and infrastructure systems. Investments in these areas grew in 2025 and could continue into 2026 1.
Competitive position
Competition depends on the segment: in cable networks Teleste faces large equipment suppliers, and in passenger information for public transport it faces specialized companies. The sources consulted do not name competitors explicitly, so this analysis stays general 1.
The company's advantage appears to lie in its technical niches and its ties with public transport and broadband operators. In export markets its position depends on delivering long term projects and keeping existing customers 1.
- DOCSIS equipment suppliers
Competitors in the cable network segment, referred to by category in the source without precise names.
- Public transport passenger information firms
Suppliers of passenger information systems and displays for transport, active in the same European markets.
- Video surveillance suppliers
Producers of surveillance and situational awareness solutions for critical infrastructure, competing in the safety segment.
- Transport software integrators
Firms delivering operations and maintenance software that compete for integrated projects.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Teleste 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.