olivLaw · European equity research
Evli Oyj EVLI.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Evli Oyj is a Finnish financial services house active in wealth management, alternative investment funds and corporate advisory. Its annual report for 2025 shows a difficult year for the Group Operations segment, with net revenue of EUR 6.5 million, and management expects the operating environment to stay uncertain in 2026.
At the close of 05 Nov 2026, Evli Oyj (EVLI.HE) stock was 21.00 EUR (−3.67% on the day), with market capitalisation 555.4 m EUR, P/E 15.8 on diluted EPS of 1.33 EUR over the last 12 months, beta 0.44, 52-week range 20.20–26.50 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)
- 22.0
- oversold (≤ 30)
- Bollinger (20, 2)
- 21.34 – 24.96
- below the lower band · %B -0.09 · band width 15.7%
- SMA 50 / 200
- 23.86 / 23.90
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.65 / -0.43
- 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 | −11.0% | +0.4% | −11.4 pp | — |
| 3 months | −16.0% | −3.3% | −12.7 pp | — |
| 6 months | −9.9% | +4.0% | −13.8 pp | — |
| Year to date | −7.1% | +8.1% | −15.2 pp | — |
| 1 year | −3.2% | +10.7% | −13.9 pp | −1.9% |
| 3 years | +11.4% | +50.1% | −38.7 pp | +5.4% |
| 5 years | unavailable | +43.6% | unavailable | — |
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 50 percentile of its own 2-quarter history (min 10.7, median 13.9, max 17.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 44.6 m | 36.5 m |
| Net income YoY | unavailable | −18.2% |
| Diluted EPS | 1.63 | 1.33 |
| Diluted EPS YoY | unavailable | −18.4% |
| net % | unavailable | unavailable |
| Free cash flow | 44.3 m | 63.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 159.7 m EUR
- Total assets
- 366.2 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 23.3%
- ROA
- 10.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating income | 58.2 m | 56.1 m | esef· 04 Mar 2026verified |
| Depreciation & amortisation | 3.8 m | 3.5 m | esef· 04 Mar 2026verified |
| EBITDA | 62.0 m ≈ | 59.6 m ≈ | esef· 04 Mar 2026derived |
| Income tax | 8.2 m | 11.7 m | esef· 04 Mar 2026verified |
| Net income | 44.6 m | 36.5 m | esef· 04 Mar 2026verified |
| Diluted EPS | 1.63 | 1.33 | esef· 04 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Property, plant & equipment, net | 1.1 m | 1.0 m | esef· 04 Mar 2026verified |
| Total assets | 361.6 m | 366.2 m | esef· 04 Mar 2026verified |
| Total liabilities | 208.1 m | 206.5 m | esef· 04 Mar 2026verified |
| Equity | 153.5 m | 159.7 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 26.4 m | 26.4 m | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 44.4 m | 63.2 m | esef· 04 Mar 2026verified |
| Capex | 100.0 k | 100.0 k | esef· 04 Mar 2026verified |
| Free cash flow | 44.3 m ≈ | 63.1 m ≈ | esef· 04 Mar 2026derived |
| Investing cash flow | -4.1 m | -200.0 k | esef· 04 Mar 2026verified |
| Financing cash flow | -34.8 m | -41.4 m | 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
- indicators available: 3 of at least 6
- score weight coverage: 25.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 555.4 m EUR
Key indicators
Coverage and freshness
Score by group
25% · 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: 11.06 – 24.48 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/E11.06 – 24.48 (Mid 15.11)24 companies used · median multiple 11.4x · quartiles 8.3x – 18.4xALMA.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, KEMIRA.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: indicators available: 3 of at least 6; score weight coverage: 25.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 172.9% | 100 (on a fixed band) | 25% |
| 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 | 15.8x | 48 (vs peers) | 42% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 11.4% | 100 (on a fixed band) | 33% |
| 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· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation71/100 · 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
Evli Oyj (EVLI.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 23.3%.
The estimated value range is 11.06–24.48 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 15.11 EUR, the price of 21.00 EUR leaves a potential of -28.1% (value / price − 1) and a margin of safety of -39.0% (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: 25.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 172.9%
- FCF yield: 11.4%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 40 companies
Multiples and returns vs the median
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% |
| KEMIRA.HEKemira Oyj | 2.5 bn | 13.6 | 10.5% | 6.6% | −6.6% | −17% / +4% |
| 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% |
1- and 3-year price returns: for EVLI.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
Scenarios are not available. input data missing
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
Evli Oyj is a Finnish financial services house active in wealth management, alternative investment funds and corporate advisory. Its annual report for 2025 shows a difficult year for the Group Operations segment, with net revenue of EUR 6.5 million 1, and management expects the operating environment to stay uncertain in 2026 1.
SWOT
Strengths
Weaknesses
- Net revenue of the Group Operations segment fell sharply in 2025, mainly because of the effect of a transaction in the previous year 1.
- The result of associated company Allshares was negative in 2025 because of growth investments 1.
- Performance fee income is volatile and hard to predict from one period to the next 1.
Opportunities
Risks
- Dependence on capital market developmenthigh
Revenue from asset management and advisory depends on market development, and a fall in investor confidence could weigh on results 1.
- Own investment portfolio risksmedium
Own investments carry liquidity, market and interest rate risks that can cause significant quarterly swings in returns 1.
- Performance fee irregularitymedium
Performance fees are irregular and could fall sharply if funds fail to reach their targets 1.
- Allshares investment burdenmedium
Allshares' growth investments weighed on the result and could continue to affect group profit 1.
- Geopolitical and economic risklow
Geopolitical tensions and doubts about economic growth could add to market uncertainty 1.
Investment thesis
What would need to be true (bull case)
- If alternative funds keep attracting subscriptions and Allshares reaches its growth targets, Evli's recurring revenue could become more stable 1.
- A strong capital structure leaves room to expand the business, with own funds well above the minimum requirement 1.
- Management considers its market position and growth prospects to support a clearly positive operating profit in 2026, which could confirm a recovery 1.
What would break the thesis
- If markets weaken and investor confidence falls, commission income and the return on the own portfolio could decline and weigh on results 1.
- Net revenue of the Group Operations segment fell sharply in 2025, and a rebound could remain limited if effects of earlier transactions persist 1.
- Allshares' growth investments could keep weighing on results in the short term without a clear gain in efficiency 1.
What to watch
- Operating result of Group Operations and the contribution of Allshares2026
- Assets under management at Northern Horizon and the success of the Nordic Age Care fund expansion2026
- Approval of the proposed dividend and the profit distribution policy2026
- Development of the operating environment and commission income compared with the outlook in the annual reportQ1 2027
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
Evli is organized around two client segments: Wealth Management and Investor Clients, and Advisory and Corporate Clients 1. Wealth management is the most significant business area, while alternative funds, through the subsidiary Northern Horizon, provide income that is relatively steady because it rests on long-term agreements 1. The company also holds stakes in associated companies, including Allshares, which specializes in compensation solutions, and Northern Horizon 1.
At the end of 2025 the Group's equity stood at EUR 159.7 million, and its own funds were 250.7 percent of the required minimum capital 1. Together with equity, the structured notes issued by the parent form the basis of the Group's long-term financing 1.
Series B shares are listed on Nasdaq Helsinki under the ticker EVLI, and the shareholder base is dominated by Finnish companies and private individuals 1. The proposed dividend for the 2025 financial year is up to EUR 1.23 per share 1.
Segments
Wealth Management and Investor Clients
This is the most important segment, covering asset management, investment funds and trading services for investors 1. Revenue depends on the development of assets under management, which is shaped by capital markets and demand for investment products 1. Performance fees can vary widely from quarter to quarter 1.
Advisory and Corporate Clients
This segment covers advisory, brokerage and corporate finance services 1. Projects could be delayed or interrupted if investor and corporate confidence weakens 1.
Group Operations
This segment includes the company's own investment activities, its stakes in associated companies and the supervisory functions 1. Its net revenue fell in 2025 because of a fair value change recognized the year before on Allshares, although own balance sheet investment activities developed favorably 1.
Market context
The company operates in capital markets in Finland and the Nordic region, with emphasis on wealth management and alternative funds 1. The annual report describes 2025 as a turbulent year in investment markets, with geopolitical risks and doubts about economic growth adding uncertainty 1.
For 2026, management expects the operating environment to remain uncertain and difficult to predict, but considers its market position and growth prospects to support a clearly positive operating profit 1. This view depends on how investor confidence develops 1.
Trends
- Growth in alternative fundstailwind
Northern Horizon gathered a record number of subscriptions for its Healthcare fund, and the focus is now on scaling the product range, especially the Nordic Age Care fund 1. If this continues, it could support recurring revenue.
- Geopolitical uncertaintyheadwind
Rising geopolitical risks and doubts about economic growth could reduce investor confidence, with a negative effect on commission income and the own investment portfolio 1.
- Allshares investment phasemixed
Allshares, under its new ownership, is investing heavily in internationalization, which weighed on Evli's 2025 result 1. The effect could turn positive if these investments produce durable growth.
- Volatile performance feesmixed
Performance fees linked to successful management of client assets can vary widely from quarter to quarter and year to year, making profit harder to forecast 1.
Competitive position
Evli competes with other financial services and wealth management houses in Finland and northern Europe, and the annual report points to its broad product range and diversified client base as its market position 1. The report does not name direct competitors, so the assessment of relative position remains limited to the information available.
Competition in asset management and alternative funds depends on the ability to attract subscriptions and sustain fund performance 1. The recent success of Northern Horizon suggests a competitive position in this segment 1.
- Other Nordic financial services houses
Regional competitors in wealth management and advisory, not named in the source reviewed.
- Alternative fund management houses
Competitors in alternative and real estate funds, not named in the source reviewed.
- Regional investment banks
Competition in corporate finance and advisory, not named in the source.
- Digital investment platforms
Competition for retail investors, not named in the source reviewed.
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
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Evli 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.