olivLaw · European equity research
United Bankers Oyj UNITED.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
United Bankers Oyj is a Finnish asset manager focused on real-asset funds such as forestry, property and infrastructure, plus wealth management and structured products. In 2025 its fund business faced headwinds and fee income declined, but sales of structured products rose sharply, which shows the diversification of its model.
At the close of 05 Nov 2026, United Bankers Oyj (UNITED.HE) stock was 21.50 EUR (−0.92% on the day), with market capitalisation 235.6 m EUR, P/E 18.2 on diluted EPS of 1.18 EUR over the last 12 months, dividend yield 5.10%, beta 0.09, 52-week range 17.85–26.60 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)
- 43.3
- weak (30–45)
- Bollinger (20, 2)
- 21.16 – 22.86
- in the lower half of the band · %B 0.20 · band width 7.7%
- SMA 50 / 200
- 22.97 / 21.15
- mixed trend
- MACD (12, 26, 9)
- -0.31 / -0.33
- 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 | −1.8% | −0.6% | −1.2 pp | — |
| 3 months | −13.0% | −4.2% | −8.8 pp | — |
| 6 months | +13.2% | +4.3% | +8.8 pp | — |
| Year to date | +12.9% | +7.5% | +5.4 pp | — |
| 1 year | +16.2% | +9.9% | +6.3 pp | −1.2% |
| 3 years | +60.4% | +49.8% | +10.6 pp | +6.8% |
| 5 years | +57.5% | +42.8% | +14.7 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 100 percentile of its own 3-quarter history (min 10.9, median 11.7, max 16.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 52.1 m | 62.1 m | 57.1 m |
| Revenue YoY | unavailable | +19.1% | −8.0% |
| Net income | 13.3 m | 18.0 m | 12.9 m |
| Net income YoY | unavailable | +35.8% | −28.3% |
| Diluted EPS | 1.23 | 1.64 | 1.18 |
| Diluted EPS YoY | unavailable | +33.3% | −28.0% |
| net % | 25.5% | 29.0% | 22.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 61.7 m EUR
- Total assets
- 98.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 21.0%
- ROA
- 13.8%
- 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 | 52.1 m | 62.1 m | 57.1 m | esef· 04 Mar 2026verified |
| Depreciation & amortisation | 2.2 m | 2.7 m | 3.1 m | esef· 04 Mar 2026verified |
| Interest expense | 1.3 m | 1.4 m | 572.0 k | esef· 04 Mar 2026verified |
| Pre-tax income | 17.0 m | 23.4 m | 16.6 m | esef· 04 Mar 2026verified |
| Income tax | 3.1 m | 4.9 m | 3.5 m | esef· 04 Mar 2026verified |
| Net income | 13.3 m | 18.0 m | 12.9 m | esef· 04 Mar 2026verified |
| Diluted EPS | 1.23 | 1.64 | 1.18 | esef· 04 Mar 2026verified |
| Dividend per share | 0.90 | 1.00 | 1.10 | esef· 04 Mar 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 9.4 m | 13.3 m | 6.4 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 2.9 m | 2.1 m | 3.7 m | esef· 04 Mar 2026verified |
| Goodwill | 15.6 m | 15.6 m | 15.6 m | esef· 04 Mar 2026verified |
| Total assets | 76.1 m | 88.5 m | 98.6 m | esef· 04 Mar 2026verified |
| Total liabilities | 24.5 m | 27.0 m | 36.9 m | esef· 04 Mar 2026verified |
| Equity | 51.6 m | 61.5 m | 61.7 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 10.7 m | 10.9 m | 11.0 m | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 13.0 m | 31.1 m | 7.3 m | esef· 04 Mar 2026verified |
| Investing cash flow | -2.1 m | -17.5 m | -380.0 k | esef· 04 Mar 2026verified |
| Financing cash flow | -11.0 m | -9.6 m | -13.9 m | esef· 04 Mar 2026verified |
| Dividends paid | 9.7 m | 10.9 m | 12.0 m | esef· 04 Mar 2026verified |
| Share repurchases | 295.0 k | 576.0 k | 1.0 m | esef· 04 Mar 2026verified |
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
- indicators available: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 235.6 m EUR
Key indicators
Coverage and freshness
Score by group
23% · 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: 9.72 – 21.83 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 · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E9.72 – 21.83 (Mid 13.09)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)14.91 – 20.33 (Mid 17.20)
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: 3 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 22.6% | 95 (vs peers) | 27% |
| FCF conversion · Quality | unavailable | unavailable | — |
| 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 | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 18.2x | 43 (vs peers) | 45% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.5% | 79 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial95/100 · 1/3 factors with a value
- Returns· partial79/100 · 1/2 factors with a value
- Valuation· partial43/100 · 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
United Bankers Oyj (UNITED.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 57.1 m EUR in 2025; YoY growth -8.0%; net margin 22.6%; ROE 21.0%.
The estimated value range is 12.31–21.08 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 15.15 EUR, the price of 21.50 EUR leaves a potential of -29.6% (value / price − 1) and a margin of safety of -41.9% (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 (indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 22.6%
- Shareholder yield (distributions): 5.5%
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, 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% |
| UNITED.HEUnited Bankers Oyj | 235.6 m | 18.2 | 21.0% | 22.6% | −8.0% | +16% / +50% |
| 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% |
1- and 3-year price returns: for UNITED.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 | 11.50 Total return -43% · Per year -43% | 20.42 Total return -0% · Per year -0% | 30.91 Total return 50% · Per year 50% |
| 3 years | 9.13 Total return -48% · Per year -19% | 18.43 Total return -0% · Per year -0% | 30.91 Total return 61% · Per year 17% |
| 5 years | 7.25 Total return -52% · Per year -14% | 16.64 Total return -1% · Per year -0% | 30.91 Total return 73% · Per year 12% |
- Exit P/E± 4.61
- Net margin± 3.23
- Annual revenue growth± 2.91
- Annual dilution± 0.27
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
United Bankers Oyj is a Finnish asset manager focused on real-asset funds such as forestry, property and infrastructure, plus wealth management and structured products. In 2025 its fund business faced headwinds and fee income declined, but sales of structured products rose sharply, which shows the diversification of its model 1.
SWOT
Strengths
- A pioneering position in real-asset investing across Nordic markets, with a portfolio covering forests, property and infrastructure.
- Diversification across wealth management, funds and structured products, which partly offset the decline in fees.
- Recognised forestry expertise in a field with long-term institutional demand.
Weaknesses
- Reliance on performance fees, which are volatile and fell significantly in 2025.
- Exposure to illiquid funds, which attracted less capital in the current economic environment.
- Personnel and development costs rose, and progress in international sales has been slow.
Opportunities
- Growing international sales of forest investments to European institutional investors.
- Renewable energy projects linked to data centres could open new revenue streams.
- Reopening property funds and easing rates could revive demand for existing products.
Threats
- Uncertainty over trade policy and tariffs may slow investment in funds with illiquid assets.
- Lower timber prices and pressure on paper and board could reduce the value of forest assets.
- If financial markets become volatile, demand for structured products could fall sharply.
Risks
- Dependence on performance feeshigh
Performance fee income can vary sharply from year to year, which can make results harder to forecast.
- Redemption restrictionshigh
Property funds and other illiquid funds have had to limit redemptions, which can weaken investor confidence.
- Global trade uncertaintymedium
Unpredictable trade policy can affect the economy and demand for investments, and the effects are hard to estimate.
- Timber market riskmedium
Normalising timber prices and pressure on pulp and paper could affect the valuation of forest assets.
- Energy project timinglow
Wind, solar and storage projects may face permitting or construction delays, which could postpone revenue.
Investment thesis
What would need to be true (bull case)
- If demand for real assets strengthens, the company's pioneering position could drive growth in assets under management.
- Rising structured product sales show the business model can adapt quickly to market conditions.
- Energy and data centre projects could open new long-term revenue sources.
What would break the thesis
- Lower wealth management fees and reliance on performance fees could make profit hard to sustain.
- Redemption restrictions in property funds may weaken client confidence and slow new capital inflows.
- If international expansion meets long decision processes, overseas revenue could stay modest.
What to watch
- Trend in performance fees and management fees2026
- Pace of reopening property funds and redemption levels2026
- Progress of international forestry investment salesnext annual report
- Launch of the UB Megatrendit and UB Private Equity funds2026
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
The asset management segment covers funds, wealth management and structured investment products, and presents itself as a pioneer of real-asset investing in the Nordic markets 1. Full-mandate wealth management sales stayed at 214 million euros, while structured product sales reached 78.0 million euros 1. The company also launched the UB Asuntorahasto I fund in 2024, which began investing in residential property in the Helsinki area in 2025 1.
Segments
Funds and real assets
The funds include forestry, property and infrastructure funds, as well as equity, bond and multi-strategy funds 1. Net subscriptions were 110 million euros, with demand concentrated in bond funds 1.
Forestry and renewable energy
Beyond forestry, the UB Uusiutuva Energia fund develops wind and solar projects, including a data centre hub where renewable power could supply digital infrastructure 1.
Market context
In 2025 new capital into Finnish investment funds was 5.6 billion euros, well below the prior year, while total fund capital reached about 202 billion euros 1. Finnish property transaction volumes nearly doubled, but the comparison base was very low, which reduces the significance of that growth 1.
The forest market remained active, but timber prices normalised after a peak and trade and geopolitical pressures weighed on European paper and board prices 1. European institutional investors remain an important target group, though their decision processes are long 1.
Trends
- Trade uncertainty and tariffsheadwind
US tariff announcements dominated the news and created uncertainty that slowed demand for funds with illiquid assets 1.
- Easing interest ratestailwind
The European Central Bank cut its policy rate four times in 2025, which supported bond returns and demand for bond funds 1.
- Reopening of property fundsmixed
Many managers kept closed property funds shut or restricted redemptions for a long period and only began reopening them near the end of the year 1.
- Lighter regulationtailwind
The European Union intends to simplify sustainability reporting requirements, which could reduce compliance costs for smaller companies 1.
Competitive position
The company presents itself as one of Europe's leading forest asset managers, but it competes with other managers of property and infrastructure funds in the region 1. In wealth management, competition comes from banks and asset managers that offer full-mandate services 1.
The company's differentiation rests on its real-asset investing expertise and structured products, which let it benefit from market volatility in spring 2025 1. Performance fees nevertheless proved volatile, showing dependence on market timing 1.
- European forest asset managers
Competitors in forestry investment for institutional investors, referred to through the company's positioning among leading European managers.
- Private banks and Nordic wealth managers
Competition in full-mandate wealth management for private and institutional clients.
- Nordic property fund managers
Competition in property and infrastructure funds whose liquidity was restricted in 2025.
- Renewable energy and data centre developers
Players the company could meet when competing for energy projects in which the UB Uusiutuva Energia fund invests.
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 / United Bankers 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.