olivLaw · European equity research
Trainers' House Oyj TRH1V.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Trainers' House Oyj is a Finnish management consultancy and coaching company listed on Nasdaq Helsinki that aims to deliver verifiable results for clients through digitalised leadership and transformation programmes. In fiscal 2025 it reported revenue of 8432254,46 EUR and a net profit of 368038,06 EUR after a loss the year before, and proposed a dividend of 0,12 EUR per share.
At the close of 05 Nov 2026, Trainers' House Oyj (TRH1V.HE) stock was 2.16 EUR (+0.93% on the day), with market capitalisation 4.7 m EUR, P/E 12.7 on diluted EPS of 0.17 EUR over the last 12 months, dividend yield 2.30%, beta 0.34, 52-week range 2.00–3.08 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)
- 52.9
- neutral
- Bollinger (20, 2)
- 1.99 – 2.25
- in the upper half of the band · %B 0.65 · band width 12.5%
- SMA 50 / 200
- 2.15 / 2.39
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.02
- 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 | +0.9% | −0.6% | +1.6 pp | — |
| 3 months | −6.1% | −4.2% | −1.9 pp | — |
| 6 months | −8.5% | +4.3% | −12.8 pp | — |
| Year to date | −10.7% | +7.5% | −18.3 pp | — |
| 1 year | −0.9% | +9.9% | −10.8 pp | −1.2% |
| 3 years | −48.4% | +49.8% | −98.3 pp | +6.8% |
| 5 years | −74.9% | +42.8% | −117.7 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 1-quarter history (min 14.2, median 14.2, max 14.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 8.4 m | 8.0 m | 8.4 m |
| Revenue YoY | unavailable | −4.6% | +4.8% |
| Net income | -90.7 k | -109.2 k | 368.0 k |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.04 | -0.05 | 0.17 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -1.1% | -1.4% | 4.4% |
| Free cash flow | 193.9 k | 569.9 k | 791.0 k |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 4.1 m EUR
- Total assets
- 6.2 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.37x
- ROE
- 9.3%
- ROA
- 6.0%
- FCF margin
- 9.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 8.4 m | 8.0 m | 8.4 m | esef· 04 Mar 2026verified |
| Depreciation & amortisation | 531.3 k | 348.6 k | 320.6 k | esef· 04 Mar 2026verified |
| Interest expense | 26.6 k | 34.2 k | 52.7 k | esef· 04 Mar 2026verified |
| Pre-tax income | -95.2 k | 19.7 k | 438.7 k | esef· 04 Mar 2026verified |
| Income tax | -4.5 k | 128.9 k | 70.7 k | esef· 04 Mar 2026verified |
| Net income | -90.7 k | -109.2 k | 368.0 k | esef· 04 Mar 2026verified |
| Diluted EPS | -0.04 | -0.05 | 0.17 | esef· 04 Mar 2026verified |
| Dividend per share | 0.43 | 0.04 | 0.05 | esef· 04 Mar 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.2 m | 1.5 m | 1.9 m | esef· 04 Mar 2026verified |
| Current assets | 2.0 m | 2.1 m | 2.5 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 960.7 k | 614.8 k | 435.6 k | esef· 04 Mar 2026verified |
| Goodwill | 2.1 m | 2.1 m | 2.1 m | esef· 04 Mar 2026verified |
| Total assets | 6.4 m | 6.1 m | 6.2 m | esef· 04 Mar 2026verified |
| Current liabilities | 1.6 m | 1.7 m | 1.8 m | esef· 04 Mar 2026verified |
| Total liabilities | 2.5 m | 2.3 m | 2.1 m | esef· 04 Mar 2026verified |
| Equity | 3.9 m | 3.8 m | 4.1 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 2.3 m | 2.2 m | 2.2 m | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 205.9 k | 572.5 k | 834.1 k | esef· 04 Mar 2026verified |
| Capex | 12.0 k | 2.7 k | 43.1 k | esef· 04 Mar 2026verified |
| Free cash flow | 193.9 k ≈ | 569.9 k ≈ | 791.0 k ≈ | esef· 04 Mar 2026derived |
| Investing cash flow | 51.1 k | 38.1 k | -39.6 k | esef· 04 Mar 2026verified |
| Financing cash flow | -1.3 m | -279.1 k | -418.1 k | esef· 04 Mar 2026verified |
| Dividends paid | 965.9 k | 81.8 k | 107.4 k | esef· 04 Mar 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: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.7 m EUR
Key indicators
Coverage and freshness
Score by group
46% · 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: 0.67 – 3.14 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/E1.40 – 3.14 (Mid 1.89)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)0.67 – 0.92 (Mid 0.78)
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: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.4% | 51 (vs peers) | 14% |
| FCF conversion · Quality | 214.9% | 100 (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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 47 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 12.7x | 54 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 16.9% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 2.3% | 33 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 13.6% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial47/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality76/100 · 2/3 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation74/100 · 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
Trainers' House Oyj (TRH1V.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 8.4 m EUR in 2025; YoY growth 4.8%; net margin 4.4%; ROE 9.3%.
The estimated value range is 1.04–2.03 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.33 EUR, the price of 2.16 EUR leaves a potential of -38.3% (value / price − 1) and a margin of safety of -62.1% (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: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 214.9%
- FCF yield: 16.9%
- Payout ratio (FCF): 13.6%
What contradicts it
- 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, Interest coverage, EV/EBITDA.
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 TRH1V.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 | 1.28 Total return -39% · Per year -39% | 2.26 Total return 7% · Per year 7% | 3.41 Total return 61% · Per year 61% |
| 3 years | 1.25 Total return -37% · Per year -14% | 2.48 Total return 23% · Per year 7% | 4.11 Total return 100% · Per year 26% |
| 5 years | 1.22 Total return -35% · Per year -8% | 2.73 Total return 40% · Per year 7% | 4.95 Total return 147% · Per year 20% |
- Exit P/E± 0.62
- Net margin± 0.43
- Annual revenue growth± 0.36
- Annual dilution± 0.04
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
Trainers' House Oyj is a Finnish management consultancy and coaching company listed on Nasdaq Helsinki that aims to deliver verifiable results for clients through digitalised leadership and transformation programmes. In fiscal 2025 it reported revenue of 8432254,46 EUR and a net profit of 368038,06 EUR after a loss the year before, and proposed a dividend of 0,12 EUR per share.
SWOT
Strengths
Weaknesses
- The small size of the company and its modest revenue limit investment and expansion capacity 1.
- The company depends on the talent of its staff and on retaining them, which makes personnel costs significant 1.
- The proposed dividend is small relative to available reserves, and distributable equity at parent level is limited 1.
Opportunities
Risks
- Liquidity riskmedium
The company identifies liquidity as a central risk, with mitigation based on cash reserves and efficient collection of receivables 1.
- Personnel riskhigh
Success depends on attracting and retaining qualified staff, and the company relies on competitive pay and training 1.
- Interest rate risklow
Interest rate risk is mentioned together with liquidity risk and mitigated through cash reserves 1.
- Currency risklow
Currency exposure is considered limited because activity is predominantly in euro 1.
- Credit riskmedium
Credit risk is tracked separately and relates to collecting receivables from clients 1.
Investment thesis
What would need to be true (bull case)
- The company returned to profit in 2025 and has growing cash reserves, which could provide room for investment if the trend holds 1.
- The digitalisation strategy for coaching could open new revenue sources in the period ahead 1.
- Activity predominantly in euro reduces currency exposure, which could make results more predictable 1.
What would break the thesis
- Revenue grew only modestly and profit remains small, which could leave the company vulnerable to changes in client budgets 1.
- Personnel costs make up a large part of expenses, and wage pressure could reduce margins 1.
- Guidance for 2026 points to an operating result between zero and 0,5 million EUR, indicating limited near-term growth potential 1.
What to watch
- Delivery of the estimated 2026 operating result2026
- Payment of the proposed dividend and evolution of cash reserves2026
- Evolution of revenue and headcountnext annual report
- Adoption of IFRS 18 for presentation of financial statements2027
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
Trainers' House Oyj is a consultancy focused on developing people and organisations, headquartered in Helsinki with shares traded on Nasdaq Helsinki under the symbol TRH1V 1. Its stated mission is to help people advance on paths meaningful to them, and its strategy rests on growing clients through verifiable results measured by cash flow and confirmed client outcomes 1. The company develops growth-catalysing concepts and new earning models, with key investments in digitalising leadership, mediatising change challenges and digital coaching programmes 1.
The business is small in headcount, with 97 employees at the end of 2025 1. Revenue in fiscal 2025 was 8432254,46 EUR, up from 8047414,64 EUR in 2024 1. Cash reserves stood at 1,9 million EUR at the end of 2025 1.
Operational management consists of a chief executive and a finance and business director, and the board has five members 1. The company operates mainly in the euro market, which keeps currency exposure limited according to the annual report 1.
Segments
Management consultancy and coaching
The core segment is consultancy for management and organisational development, with emphasis on transformation and coaching programmes 1. The digital component is treated as a strategic priority in the annual report 1.
Market context
The company is active in the management consultancy and leadership development market in Finland and the euro area, where clients are organisations seeking support for growth and transformation 1. Revenue of 8432254,46 EUR in 2025 places it at a small scale among Nasdaq Helsinki listings 1. The precise market size and market share are not quantified in the source 1.
Clients are described as organisations needing support for growth and transformation challenges, with services tied to measurable outcomes 1. Total market size is not presented in the source 1.
Trends
- Digitalisation of coaching and leadershiptailwind
The company emphasises digitalised leadership and digital coaching programmes, which could support demand for its services if clients adopt such formats 1.
- Personnel costsheadwind
Salary and benefit costs rose slightly to 5487883,78 EUR in 2025, given that staff are the company's main resource 1. If revenue does not grow at the same pace, operating margin could come under pressure 1.
- Demand for organisational transformationmixed
Organisations' need to adapt leadership and culture to change could support demand for consultancy, although the source does not quantify this demand 1.
- Liquidity exposuremixed
The company names liquidity risk as a central theme, and improving cash flow remains a priority 1. Currency risk is considered low because activity is predominantly in euro 1.
Competitive position
The source received does not explicitly identify the company's competitors 1. The Finnish management consultancy and coaching market is fragmented, and competitors are generally local and international consultancy firms 1.
The company's declared advantage rests on its ability to attract and retain competent staff and on verifiable client results 1. Competition on price and reputation could weigh on margins, but the source gives no comparative data 1.
- Finnish management consultancy firms
Local competitors not named in the source, active in management consultancy and coaching.
- International consultancy firms
Global consultancies that may compete for the same corporate clients, without detail in the source.
- Digital coaching providers
Platforms and providers of digital coaching that could partly substitute the company's services.
- Change communication agencies
Providers offering similar internal communication services for transformation projects.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202504 Mar 2026
- Annual report 202404 Mar 2025
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Trainers' House 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.