olivLaw · European equity research
Wetteri Oyj WETTERI.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Wetteri Oyj is a Finnish group selling new and used passenger cars, heavy vehicles, spare parts, service and repair. In 2025 revenue fell, the company changed its management, renegotiated its financing terms and reorganised its activities, which makes the question of recovery relevant. Revenue was 434057 thousand euros and net debt 83600 thousand euros.
At the close of 05 Nov 2026, Wetteri Oyj (WETTERI.HE) stock was 0.15 EUR (−4.46% on the day), with market capitalisation 32.0 m EUR, P/E 7.5 on diluted EPS of 0.02 EUR over the last 12 months, beta 0.21, 52-week range 0.15–0.20 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)
- 32.3
- weak (30–45)
- Bollinger (20, 2)
- 0.15 – 0.18
- below the lower band · %B -0.07 · band width 17.7%
- SMA 50 / 200
- 0.17 / 0.18
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | −14.3% | −0.6% | −13.6 pp | — |
| 3 months | −21.1% | −4.2% | −16.9 pp | — |
| 6 months | −15.3% | +4.3% | −19.6 pp | — |
| Year to date | −13.8% | +7.5% | −21.3 pp | — |
| 1 year | −20.6% | +9.9% | −30.6 pp | −1.2% |
| 3 years | −68.2% | +49.8% | −118.0 pp | +6.8% |
| 5 years | −63.1% | +42.8% | −106.0 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 0 percentile of its own 1-quarter history (min 8.7, median 8.7, max 8.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 364.7 m | 447.3 m | 434.1 m |
| Revenue YoY | unavailable | +22.7% | −3.0% |
| Net income | -4.0 m | -7.1 m | 4.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.03 | -0.05 | 0.02 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -1.1% | -1.6% | 1.0% |
| Free cash flow | 8.7 m | 18.2 m | 13.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.2 m EUR
- Financial debt
- 17.8 m EUR
- Net debt
- 16.6 m EUR
- Equity
- 36.8 m EUR
- Total assets
- 173.4 m EUR
- Debt / equity
- 0.48x
- Current ratio
- unavailable
- ROE
- 12.3%
- ROA
- 2.2%
- FCF margin
- 3.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 364.7 m | 447.3 m | 434.1 m | esef· 29 Apr 2026verified |
| Operating income | 535.0 k | -5.9 m | -4.5 m | esef· 29 Apr 2026verified |
| Interest expense | 8.8 m | 11.5 m | 9.5 m | esef· 29 Apr 2026verified |
| Pre-tax income | -8.2 m | -17.2 m | -13.8 m | esef· 29 Apr 2026verified |
| Income tax | 219.0 k | -2.2 m | -3.3 m | esef· 29 Apr 2026verified |
| Net income | -4.0 m | -7.1 m | 4.3 m | esef· 29 Apr 2026verified |
| Diluted EPS | -0.03 | -0.05 | 0.02 | esef· 29 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 856.0 k | 1.2 m | 1.2 m | esef· 29 Apr 2026verified |
| Receivables | 28.2 m | 20.3 m | 19.0 m | esef· 29 Apr 2026verified |
| Inventories | 77.8 m | 77.9 m | 55.8 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 64.3 m | 60.3 m | 58.5 m | esef· 29 Apr 2026verified |
| Goodwill | 32.9 m | 25.8 m | 22.0 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 7.8 m | 4.9 m | 2.9 m | esef· 29 Apr 2026verified |
| Total assets | 214.3 m | 223.1 m | 173.4 m | esef· 29 Apr 2026verified |
| Short-term debt | 36.3 m | 34.3 m | 16.0 m | esef· 29 Apr 2026verified |
| Long-term debt | 6.8 m | 293.0 k | 1.7 m | esef· 29 Apr 2026verified |
| Total liabilities | 180.4 m | 176.3 m | 136.7 m | esef· 29 Apr 2026verified |
| Equity | 33.9 m | 32.5 m | 36.8 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 135.0 m | 142.8 m | 213.4 m | esef· 29 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 11.0 m | 20.7 m | 14.9 m | esef· 29 Apr 2026verified |
| Capex | 2.4 m | 2.6 m | 1.9 m | esef· 29 Apr 2026verified |
| Free cash flow | 8.7 m ≈ | 18.2 m ≈ | 13.0 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | -16.9 m | 8.1 m | 23.8 m | esef· 29 Apr 2026verified |
| Financing cash flow | 5.6 m | -28.2 m | -39.0 m | esef· 29 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: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 32.0 m EUR
Key indicators
Coverage and freshness
Score by group
48% · 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: 0.16 – 2.44 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)1.33 – 2.44 (Mid 1.72)WACC 7.0% · starting FCFF 21.0 m EUR · terminal value share of EV 78%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/EBITDAunavailable · input data missing
- Peers: P/E0.16 – 0.37 (Mid 0.22)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)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -6.4% | 8 (vs peers) | 22% |
| Net margin · Quality | 1.0% | 44 (vs peers) | 13% |
| FCF conversion · Quality | 304.4% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.5x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 7.5x | 82 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 40.6% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| 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
- Quality43/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation90/100 · 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
Wetteri Oyj (WETTERI.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 434.1 m EUR in 2025; YoY growth -3.0%; net margin 1.0%; ROE 12.9%.
The estimated value range is 0.74–1.41 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 0.97 EUR, the price of 0.15 EUR leaves a potential of 545.9% (value / price − 1) and a margin of safety of 84.5% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 304.4%
- P/E (TTM): 7.5x
- FCF yield: 40.6%
- The price is below the estimated value range
What contradicts it
- ROIC: -6.4%
- Interest coverage: -0.5x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, EV/EBITDA, Shareholder yield (distributions), 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 WETTERI.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 | 0.08 Total return -45% · Per year -45% | 0.15 Total return -3% · Per year -3% | 0.22 Total return 47% · Per year 47% |
| 3 years | 0.07 Total return -55% · Per year -23% | 0.14 Total return -9% · Per year -3% | 0.23 Total return 53% · Per year 15% |
| 5 years | 0.06 Total return -62% · Per year -18% | 0.13 Total return -14% · Per year -3% | 0.24 Total return 59% · Per year 10% |
- Exit P/E± 0.03
- Net margin± 0.02
- Annual revenue growth± 0.02
- Annual dilution± 0.00
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
Wetteri Oyj is a Finnish group selling new and used passenger cars, heavy vehicles, spare parts, service and repair. In 2025 revenue fell, the company changed its management, renegotiated its financing terms and reorganised its activities, which makes the question of recovery relevant. Revenue was 434057 thousand euros and net debt 83600 thousand euros.
SWOT
Strengths
- The group has a network of sales and service locations in several Finnish localities and a diversified portfolio of automotive activities.
- The company managed to sell a large volume of used passenger cars, which shows a core commercial capability.
- Management was reorganised and the new team has been tasked with implementing an updated strategy.
Weaknesses
- The operating result was negative in 2025 and core profitability declined.
- Gearing remains high and net debt is large relative to equity.
- The company previously breached its financing covenants, which shows the vulnerability of its financial structure.
Opportunities
- If demand for new passenger cars recovers, the existing order book could support revenue growth.
- New used vehicle and service operations could broaden the customer base.
- Cost reduction could improve operating margins if the measures take effect.
Threats
- Market uncertainty may reduce demand for new vehicles and delay recovery.
- If financing becomes more expensive, financial costs could rise.
- Competition in the car market may pressure margins and sales volumes.
Risks
- High indebtednesshigh
High net debt and high gearing could limit the company's financial flexibility.
- Covenant breachhigh
Financial covenants were not met at the end of 2024, and renegotiating them is a condition for stability.
- Market uncertaintymedium
The withdrawal of 2025 guidance shows that demand is hard to estimate, which makes planning difficult.
- Management changesmedium
Several changes in top management and in the finance director role within a short period could affect the continuity of strategy.
- Reorganisation and execution riskmedium
Cost reduction and reorganisation may face implementation difficulties and could affect ongoing operations.
Investment thesis
What would need to be true (bull case)
- If demand for new passenger cars recovers, the existing order book and sales network could support revenue growth.
- Cost reduction and reorganisation measures could improve operating results in the coming period.
- The renegotiated covenants give the company more time to repair its balance sheet.
What would break the thesis
- If market uncertainty persists, revenue could remain below earlier levels.
- High indebtedness could limit investment and raise financial costs.
- The negative operating result shows that core profitability has not yet stabilised.
What to watch
- Delivery of cost reduction measures and operating result2026
- Development of net debt and compliance with financing covenants2026
- Updated financial guidance and comparison with actual results2026
- Integration of the acquired service business and used vehicle sales2026
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
Wetteri Oyj, together with its subsidiaries, forms the Wetteri group, whose business covers sales of new passenger cars and commercial vehicles, sales of heavy vehicles, spare parts, service and damage repair, and the trade in used passenger cars 1. In 2025 the group invoiced a large number of used and new passenger cars, and the order backlog for passenger cars stood at 44318 units at year end 1. In 2025 the company sold its subsidiary Wetteri Power Oy and sold its heavy vehicle service operations in Kajaani and Joensuu to Raskone Oy 1.
For 2025 the company reported an operating result of -4538 thousand euros and a profit for the period of 4267 thousand euros, largely influenced by the sale of the divested business 1. The report also shows significant comparability adjustments, including a gain from the sale of the divested business and restructuring costs 1.
The source indicates that Wetteri stopped importing and reselling SANY construction machinery and concentrated on selling used trucks and their upfitting 1. This points to a narrower product portfolio, alongside a regrouping of activities around core segments.
Segments
Passenger cars and commercial vehicles
The passenger car segment includes sales of new and used passenger cars, with 3837 new and 8950 used passenger cars invoiced in 2025 1. New passenger car orders rose compared with the prior year, which points to renewed demand for new vehicles 1.
Heavy vehicles and service
The heavy vehicle segment includes sales of used trucks and their upfitting, while service and repair covers the sale of workshop hours 1. In 2025 the company divested its heavy vehicle service operations in Kajaani and Joensuu 1.
Spare parts, service and repair
Spare parts, service and damage repair is a component of the group's business model and represents a source of recurring revenue linked to the vehicles sold 1.
Market context
Wetteri operates in the market for new and used passenger cars and commercial vehicles and related car services in Finland 1. The source notes that the market was difficult in 2025, and the company withdrew its 2025 guidance because of heightened market uncertainty 1.
Guidance for 2026 was published in November 2025, and if market conditions improve, a recovery in demand could support revenue 1.
Trends
- Market uncertaintyheadwind
The company cited heightened market uncertainty, which led to the withdrawal of its 2025 guidance 1. If the uncertainty persists, demand for new passenger cars could remain under pressure.
- Reorganisation and cost reductionmixed
The company started change negotiations to reduce costs and adapt the organisation to its financial situation 1. If the measures take effect, operating margins could gradually recover.
- Refinancingmixed
The company renegotiated financial covenants after they were not met at 31.12.2024 1. The agreement with the lenders excludes calling in receivables for that breach, which gives some breathing room.
- Asset sales and portfolio changesmixed
The sale of Wetteri Power Oy and of heavy vehicle service operations brought one-off proceeds but reduced the recurring revenue base 1. The effect on future revenue depends on the new portfolio.
Competitive position
Wetteri operates in a competitive car trade market in which competitors include car dealers and commercial vehicle distributors. The source does not name competitors, so this information cannot be verified from the document provided.
- Local car distributors in Finland
Competitors in car and commercial vehicle trade, not named in the source.
- Used car dealers
Competitors in used vehicle sales, not named in the source.
- Independent car workshops
Competitors in service and repair, not named in the source.
- Heavy vehicle distributors
Competitors in the heavy vehicle segment, not named in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Wetteri 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.