olivLaw · European equity research
Consti Oyj CONSTI.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Consti Oyj is a Finnish company focused on building renovation and technical installation services for housing companies, businesses, investors and the public sector. For 2026 the company estimates operating profit between 8 and 11 million EUR, in a context where the construction market remains under pressure and recovery depends on economic conditions and demand.
At the close of 04 Nov 2026, Consti Oyj (CONSTI.HE) stock was 9.74 EUR (−1.42% on the day), with market capitalisation 77.2 m EUR, P/E 11.6 on diluted EPS of 0.84 EUR over the last 12 months, dividend yield 7.19%, beta 0.32, 52-week range 9.74–12.30 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)
- 23.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 9.43 – 11.32
- in the lower half of the band · %B 0.17 · band width 18.2%
- SMA 50 / 200
- 10.83 / 11.16
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.33 / -0.28
- 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 | −12.3% | +0.4% | −12.6 pp | — |
| 3 months | −11.5% | −3.3% | −8.2 pp | — |
| 6 months | −12.6% | +4.0% | −16.6 pp | — |
| Year to date | −8.5% | +8.1% | −16.6 pp | — |
| 1 year | −7.2% | +10.7% | −17.9 pp | −1.4% |
| 3 years | −3.6% | +50.1% | −53.7 pp | +7.0% |
| 5 years | −23.9% | +43.6% | −67.5 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 2-quarter history (min 11.6, median 12.2, max 12.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 320.6 m | 326.7 m | 336.2 m |
| Revenue YoY | unavailable | +1.9% | +2.9% |
| Net income | 9.0 m | 7.1 m | 6.8 m |
| Net income YoY | unavailable | −20.8% | −4.5% |
| Diluted EPS | unavailable | 0.88 | 0.84 |
| Diluted EPS YoY | unavailable | unavailable | −4.5% |
| net % | 2.8% | 2.2% | 2.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 19.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 45.2 m EUR
- Total assets
- 116.9 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.97x
- ROE
- 15.3%
- ROA
- 5.8%
- 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 | 320.6 m | 326.7 m | 336.2 m | esef· 18 Mar 2026verified |
| Operating income | 12.3 m | 10.2 m | 9.4 m | esef· 18 Mar 2026verified |
| Depreciation & amortisation | 3.6 m | 4.1 m | 3.6 m | esef· 18 Mar 2026verified |
| EBITDA | 15.9 m ≈ | 14.3 m ≈ | 13.0 m ≈ | esef· 18 Mar 2026derived |
| Interest expense | 1.3 m | 1.4 m | 1.0 m | esef· 18 Mar 2026verified |
| Pre-tax income | 11.4 m | 9.1 m | 8.6 m | esef· 18 Mar 2026verified |
| Income tax | 2.4 m | 2.0 m | 1.8 m | esef· 18 Mar 2026verified |
| Net income | 9.0 m | 7.1 m | 6.8 m | esef· 18 Mar 2026verified |
| Diluted EPS | — | 0.88 | 0.84 | esef· 18 Mar 2026verified |
| Dividend per share | — | 0.70 | 0.70 | esef· 18 Mar 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 | 21.0 m | 14.2 m | 19.0 m | esef· 18 Mar 2026verified |
| Receivables | 40.6 m | 44.7 m | 40.7 m | esef· 18 Mar 2026verified |
| Inventories | 719.0 k | 681.0 k | 526.0 k | esef· 18 Mar 2026verified |
| Current assets | 62.4 m | 59.5 m | 60.3 m | esef· 18 Mar 2026verified |
| Goodwill | 49.4 m | 49.4 m | 49.4 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 538.0 k | 149.0 k | 122.0 k | esef· 18 Mar 2026verified |
| Total assets | 121.3 m | 117.2 m | 116.9 m | esef· 18 Mar 2026verified |
| Current liabilities | 65.4 m | 61.8 m | 62.2 m | esef· 18 Mar 2026verified |
| Total liabilities | 80.2 m | 73.5 m | 71.7 m | esef· 18 Mar 2026verified |
| Equity | 41.1 m | 43.7 m | 45.2 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | — | 7.8 m | 7.9 m | esef· 18 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 12.4 m | 4.6 m | 15.9 m | esef· 18 Mar 2026verified |
| Investing cash flow | 233.0 k | -796.0 k | -1.2 m | esef· 18 Mar 2026verified |
| Financing cash flow | -12.5 m | -10.7 m | -9.8 m | esef· 18 Mar 2026verified |
| Dividends paid | 4.6 m | 5.5 m | 5.5 m | esef· 18 Mar 2026verified |
| Share repurchases | 240.0 k | 563.0 k | 486.0 k | esef· 18 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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 77.2 m EUR
Key indicators
Coverage and freshness
Score by group
33% · 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: 6.77 – 16.03 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/E6.77 – 16.03 (Mid 9.42)23 companies used · median multiple 11.2x · quartiles 8.1x – 19.1xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.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, KEMIRA.HE
- Dividend discount (DDM)9.52 – 12.98 (Mid 10.98)
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: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.0% | 44 (vs peers) | 19% |
| 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 | 9.4x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.0x | 14 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 11.6x | 57 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 7.8% | 100 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet66/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial44/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial57/100 · 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
Consti Oyj (CONSTI.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 336.2 m EUR in 2025; YoY growth 2.9%; net margin 2.0%; ROE 15.3%.
The estimated value range is 8.15–14.51 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 10.20 EUR, the price of 9.74 EUR leaves a potential of 4.8% (value / price − 1) and a margin of safety of 4.5% (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 (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 9.4x
- Shareholder yield (distributions): 7.8%
What contradicts it
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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 | 20.6 bn | 27.0 | 8.7% | 15.3% | −14.0% | +30% / +79% |
| ELISA.HEElisa Oyj | 5.5 bn | 16.0 | 27.0% | 15.2% | +3.0% | −9% / −17% |
| KEMIRA.HEKemira Oyj | 2.4 bn | 13.4 | 10.5% | 6.6% | −6.6% | −18% / +2% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.8 | 24.1% | 9.4% | +1.2% | +1% / 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% | +171% / +80% |
| BITTI.HEBittium Oyj | 1.2 bn | 58.1 | 17.5% | 17.9% | +40.1% | +80% / +632% |
| ALMA.HEAlma Media Oyj | 1.1 bn | 21.1 | 23.0% | 16.9% | +4.6% | +8% / +55% |
| FIA1S.HEFinnair Oyj | 942.9 m | 51.2 | 2.9% | 0.6% | +1.9% | +57% / +24% |
| GRK.HEGRK Infra Oyj | 810.6 m | 18.8 | 27.8% | 4.9% | +19.7% | +56% / unavailable |
| HARVIA.HEHarvia Oyj | 762.2 m | 29.0 | 21.0% | 13.3% | +13.5% | −2% / +63% |
| ATRAV.HEAtria Oyj | 452.2 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 316.3 m | 57.5 | 1.4% | 0.8% | −4.9% | +25% / +10% |
| CAPMAN.HECapMan Oyj | 311.1 m | 23.9 | 6.8% | 20.9% | +9.4% | −5% / −17% |
| ICP1V.HEIncap Oyj | 270.2 m | 19.3 | 10.4% | 6.5% | −6.7% | +1% / +42% |
| FSECURE.HEF-Secure Oyj | 250.9 m | 11.2 | 43.4% | 15.3% | −0.4% | −15% / −20% |
| ASPO.HEAspo Oyj | 217.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +1% / +8% |
| ETTE.HEEtteplan Oyj | 177.7 m | 16.8 | 8.8% | 2.9% | +0.1% | −26% / −49% |
| DIGIA.HEDigia Oyj | 133.7 m | 10.6 | 14.5% | 5.9% | +5.5% | −15% / −10% |
| ILKKA.HEIlkka Oyj | 92.3 m | 7.9 | 6.2% | 30.8% | +22.6% | −1% / +19% |
| ESENSE.HEEnersense International Oyj | 84.9 m | 84.7 | 3.1% | 0.4% | −27.7% | +27% / +24% |
| CONSTI.HEConsti Oyj | 77.2 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 73.8 m | 8.2 | 8.2% | 5.4% | +3.1% | −17% / −6% |
| CTH1V.HEComponenta Oyj | 67.5 m | 331.0 | 0.8% | 0.2% | −4.6% | +52% / +188% |
| KAMUX.HEKamux Oyj | 48.8 m | 10.6 | 4.2% | 0.5% | +0.8% | −38% / −77% |
1- and 3-year price returns: for CONSTI.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 | 5.80 Total return -35% · Per year -35% | 10.26 Total return 13% · Per year 13% | 15.47 Total return 68% · Per year 68% |
| 3 years | 5.45 Total return -27% · Per year -10% | 10.87 Total return 35% · Per year 11% | 18.02 Total return 115% · Per year 29% |
| 5 years | 5.12 Total return -21% · Per year -4% | 11.51 Total return 58% · Per year 10% | 20.98 Total return 169% · Per year 22% |
- Exit P/E± 2.72
- Net margin± 1.90
- Annual revenue growth± 1.59
- Annual dilution± 0.16
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
Consti Oyj is a Finnish company focused on building renovation and technical installation services for housing companies, businesses, investors and the public sector. For 2026 the company estimates operating profit between 8 and 11 million EUR 1, in a context where the construction market remains under pressure and recovery depends on economic conditions and demand.
SWOT
Strengths
- The company has a consolidated position in renovation and technical installations, with a broad client base across residential, corporate and public sectors.
- The focus on renovation, a segment less sensitive to the economic cycle, supports demand stability.
- There is a clearly stated dividend policy with a target of distributing at least half of annual profit.
Weaknesses
- Activity depends heavily on projects, which makes results sensitive to bidding and calculation errors.
- Expected operating profit for 2026 is modest, leaving limited margin for deviations.
- The company relies on alliances and subcontractors for some work, which brings quality and timing risks.
Opportunities
- Ageing buildings and energy efficiency requirements could generate sustained demand for renovation.
- Large public projects, such as the government quarter project, could bring a longer-term order backlog.
- A recovery in new construction demand could complement the renovation business.
Threats
- Labour and energy costs could rise, which could squeeze margins on fixed-price projects.
- More cautious banks or higher capital costs could limit access to financing.
- If clients postpone investments, demand for renovation could decline.
Risks
- Bidding and calculation riskhigh
Errors in cost calculation or contract preparation can lead to unexpected liabilities and wrong pricing, affecting project profitability 1.
- Project revenue recognition riskmedium
Revenue recognised over periods may not reflect an even distribution of the final result, and changes in estimates are reflected in the period they become known 1.
- Subcontracting riskmedium
Quality, delivery or schedule deviations by subcontractors can increase risks for the main contractor and create additional costs 1.
- Financing and interest rate riskmedium
Variable-rate debt exposes the company to interest rate changes, and financing terms depend on compliance with covenants 1.
- Cybersecurity riskmedium
Cyberattacks and invoice fraud can disrupt systems and compromise critical data 1.
Investment thesis
What would need to be true (bull case)
- If the construction recovery is confirmed and large projects such as the government quarter progress as planned, the order backlog and profitability could develop favourably.
- Focus on renovation may offer steadier demand than new construction, especially if the property stock ages and efficiency requirements increase.
- A dividend policy anchored in a minimum distribution target could support shareholder returns under normal economic conditions.
What would break the thesis
- Expected operating profit for 2026 is modest, and a deviation on projects or a rise in costs could quickly reduce results.
- The business depends on individual projects, and bidding errors or delays could materially affect profitability.
- If economic uncertainty persists, clients could postpone renovation investments, which would limit growth.
What to watch
- Delivery against the 2026 operating profit guidance2026
- Entry of the renovation part of the government quarter project into the order backlogQ1 2026
- Payment of the proposed dividend and the decision at the annual general meeting2026
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
Consti Oyj, headquartered in Helsinki, is one of Finland's companies specialised in building renovation and technical installation services. The company offers comprehensive renovation and installation services for housing companies, businesses, investors and the public sector, and selectively new construction 1. Operations are organised into four segments: Housing companies (Taloyhtiöt), Businesses (Yritykset), Public (Julkiset) and Technical installations (Talotekniikka). Activities are run through wholly owned subsidiaries of the parent company, with offices in several Finnish cities. The business is mainly project-based, so accuracy in bidding and contract execution is essential to profitability 1.
Segments
Renovation and technical installations
Most activity relates to renovation and technical installation projects. Consti says it focuses on renovation, a segment less cyclical than new construction, but where rising costs and weak economic conditions can postpone client investments 1.
Public and large projects
Consti signed a lead-partner alliance agreement for the renovation and extension of the Government Palace block in Helsinki, with an estimated total cost of 195 million EUR, of which Consti's share is 171 million EUR 1. The renovation part, 112 million EUR, is to be booked in the first quarter 2026 order backlog, while the extension depends on meeting construction conditions 1.
Market context
Euroconstruct's renovation growth forecast for 2026 is 0.0%, and the RT forecast is 0.5%, with housing renovation estimated to grow 0.8% and other renovation to fall 1.3% 1. Building construction growth is forecast at 5.7% in 2026 1. The company sees grounds for a recovery, but uncertainty in the operating environment keeps forecasts cautious and it does not assume a significant improvement in construction demand during the first half of 2026 1.
Trends
- Construction recoverytailwind
Slowing inflation, stabilising interest rates and higher purchasing power could support a construction recovery if uncertainty eases 1.
- Ageing building stocktailwind
Renovation demand is supported by an ageing property stock and energy efficiency requirements, which create a need for modernisation work 1.
- Economic uncertaintyheadwind
Weak economic growth and rising costs can postpone client investments, including in renovation 1.
- Shortage of skilled labourmixed
Competition for skilled staff and wage pressure can affect margins and the ability to execute projects 1.
Competitive position
Consti operates in the Finnish renovation and technical installation market, where competition for projects and skilled personnel is intense. The supplied sources do not name specific direct competitors, so detailed comparisons cannot be drawn from this material 1.
- Other Finnish builders and installation providers
The analysed sources do not name specific competitors; competition is described only in general terms for projects and personnel.
- Renovation and construction service providers
Competition in the renovation market is mentioned in general, without naming companies.
- Firms competing for talent
The sources show competition for skilled staff as a pressure, without naming companies.
- Specialist subcontractors
Subcontractors are used for specialised work, and their availability affects quality and timing risk.
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 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Consti 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.