olivLaw · European equity research
Kesla Oyj KELAS.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Kesla Oyj is a Finnish maker of equipment and machinery for forestry, construction and defence, with plants in Joensuu, Kesälahti and Ilomantsi. In 2025 the company posted a sharp fall in sales and a loss, and its turnover of 34.4 million euros reflects pressure on the business. The company has launched a recovery programme, and its financial position depends on new financing and on meeting its covenants.
At the close of 05 Nov 2026, Kesla Oyj (KELAS.HE) stock was 3.66 EUR (+0.27% on the day), with market capitalisation 12.4 m EUR, dividend yield 0.00%, beta 0.50, 52-week range 2.30–6.96 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)
- 39.7
- weak (30–45)
- Bollinger (20, 2)
- 3.54 – 4.17
- in the lower half of the band · %B 0.19 · band width 16.4%
- SMA 50 / 200
- 4.00 / 4.14
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.10 / -0.08
- 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 | −3.7% | +0.4% | −4.1 pp | — |
| 3 months | −13.7% | −3.3% | −10.4 pp | — |
| 6 months | −25.2% | +4.0% | −29.1 pp | — |
| Year to date | +59.1% | +8.1% | +51.0 pp | — |
| 1 year | +38.6% | +10.7% | +27.9 pp | −2.6% |
| 3 years | −10.7% | +50.1% | −60.8 pp | +6.8% |
| 5 years | −38.6% | +43.6% | −82.2 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 55.4 m | 44.3 m | 34.4 m |
| Revenue YoY | unavailable | −20.0% | −22.4% |
| Net income | 510.0 k | -520.0 k | -4.5 m |
| Net income YoY | unavailable | −202.0% | unavailable |
| Diluted EPS | 0.15 | -0.15 | -1.32 |
| Diluted EPS YoY | unavailable | −200.0% | unavailable |
| net % | 0.9% | -1.2% | -13.0% |
| Free cash flow | 3.7 m | 2.1 m | 1.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 109.0 k EUR
- Financial debt
- 10.7 m EUR
- Net debt
- 10.6 m EUR
- Equity
- 7.5 m EUR
- Total assets
- 24.6 m EUR
- Debt / equity
- 1.43x
- Current ratio
- unavailable
- ROE
- -45.9%
- ROA
- -15.8%
- FCF margin
- 3.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 55.4 m | 44.3 m | 34.4 m | esef· 29 Apr 2026verified |
| Operating income | 1.4 m | 38.0 k | -4.9 m | esef· 29 Apr 2026verified |
| Depreciation & amortisation | 1.6 m | 1.6 m | 1.5 m | esef· 29 Apr 2026verified |
| EBITDA | 3.0 m ≈ | 1.6 m ≈ | -3.4 m ≈ | esef· 29 Apr 2026derived |
| Interest expense | 732.0 k | 733.0 k | 653.0 k | esef· 29 Apr 2026verified |
| Pre-tax income | 665.0 k | -673.0 k | -5.6 m | esef· 29 Apr 2026verified |
| Income tax | 155.0 k | -153.0 k | -1.1 m | esef· 29 Apr 2026verified |
| Net income | 510.0 k | -520.0 k | -4.5 m | esef· 29 Apr 2026verified |
| Diluted EPS | 0.15 | -0.15 | -1.32 | esef· 29 Apr 2026verified |
| Dividend per share | 0.00 | 0.10 | 0.00 | esef· 29 Apr 2026derived |
≈ 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 | 423.0 k | 334.0 k | 109.0 k | esef· 29 Apr 2026verified |
| Receivables | 7.4 m | 7.2 m | 3.7 m | esef· 29 Apr 2026verified |
| Inventories | 17.9 m | 14.8 m | 12.1 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 9.0 m | 8.6 m | 7.4 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 768.0 k | 703.0 k | 518.0 k | esef· 29 Apr 2026verified |
| Total assets | 36.2 m | 31.7 m | 24.6 m | esef· 29 Apr 2026verified |
| Accounts payable | 8.7 m | 7.2 m | 6.1 m | esef· 29 Apr 2026verified |
| Short-term debt | 4.4 m | 6.0 m | 10.2 m | esef· 29 Apr 2026verified |
| Long-term debt | 9.1 m | 6.0 m | 546.0 k | esef· 29 Apr 2026verified |
| Total liabilities | 23.4 m | 19.8 m | 17.1 m | esef· 29 Apr 2026verified |
| Equity | 12.8 m | 11.9 m | 7.5 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 3.4 m | 3.5 m | 3.4 m | esef· 29 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 4.1 m | 2.8 m | 1.1 m | esef· 29 Apr 2026verified |
| Capex | 434.0 k | 761.0 k | 40.0 k | esef· 29 Apr 2026verified |
| Free cash flow | 3.7 m ≈ | 2.1 m ≈ | 1.1 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | -634.0 k | -985.0 k | -45.0 k | esef· 29 Apr 2026verified |
| Financing cash flow | -2.9 m | -3.4 m | -2.6 m | esef· 29 Apr 2026verified |
| Dividends paid | 0 | 337.0 k | 0 | 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: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 12.4 m EUR
Key indicators
Coverage and freshness
Score by group
42% · 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: 3.91 – 10.40 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)3.91 – 10.40 (Mid 6.08)WACC 6.5% · starting FCFF 1.6 m EUR · terminal value share of EV 80%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -16.7%
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
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: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -19.8% | 4 (vs peers) | 25% |
| Net margin · Quality | -13.0% | 5 (vs peers) | 15% |
| 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 | -7.5x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.7% | 100 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 10% |
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
- Quality5/100 · 2/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation· partial100/100 · 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
Kesla Oyj (KELAS.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 34.4 m EUR in 2025; YoY growth -22.4%; net margin -13.0%; ROE -45.9%.
The estimated value range is 3.91–10.40 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 6.08 EUR, the price of 3.66 EUR leaves a potential of 66.0% (value / price − 1) and a margin of safety of 39.8% (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: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 8.7%
- Payout ratio (FCF): 0.0%
- The price is below the estimated value range
What contradicts it
- ROIC: -19.8%
- Net margin: -13.0%
- Interest coverage: -7.5x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), 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% |
| 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 KELAS.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Kesla Oyj is a Finnish maker of equipment and machinery for forestry, construction and defence, with plants in Joensuu, Kesälahti and Ilomantsi. In 2025 the company posted a sharp fall in sales and a loss, and its turnover of 34.4 million euros reflects pressure on the business. The company has launched a recovery programme, and its financial position depends on new financing and on meeting its covenants.
SWOT
Strengths
- The company has a specialised product base and a history of technical development, with steady research and development spending.
- A stable shareholder base, in which board members and founding families hold a significant share, can offer continuity.
- A presence in the defence market, with a recent significant order, can support revenue diversification.
Weaknesses
- Turnover and operating result fell sharply in 2025, showing dependence on cyclical markets.
- The company did not meet its financial covenants at the end of 2025 and depends on agreements reached with banks.
- Liquidity is limited, and the funds available at year end are small relative to operating needs.
Opportunities
- Higher defence spending in Europe could open new contracts for the KESLA Defence group.
- The recovery programme could reduce costs and improve productivity if implemented effectively.
- Spare parts and service markets could generate steadier revenue if the installed base grows.
Threats
- Weak demand in traditional markets could persist and limit any recovery in revenue.
- If banks do not maintain their agreement, the company could face serious financing problems.
- Competition from larger producers with stronger financial resources could reduce market share.
Risks
- Covenant breachhigh
The company did not meet its financial conditions at the end of 2025, and debts were reclassified as short-term. Continuity depends on the agreement obtained from lenders.
- Limited liquidityhigh
Cash reserves and available credit lines are low, which could affect current payments if new financing is delayed.
- Execution of the recovery programmemedium
The results of the cost reduction and reorganisation plan are uncertain and could be delayed.
- Dependence on defence contractsmedium
Defence revenue depends on government orders with long timelines and political decisions that are difficult to anticipate.
- Reputational and safety risklow
Problems with product quality, cyber security or responsibility could affect customer confidence.
Investment thesis
What would need to be true (bull case)
- If defence orders turn into stable revenue, the company could return to a more balanced business.
- The recovery programme could improve margins if cost reduction proves effective.
- A portfolio of parts and services could provide more predictable recurring revenue.
What would break the thesis
- If demand for traditional machinery remains weak, losses could continue.
- A covenant breach could lead to harsher financing terms or liquidity problems.
- If new orders are delayed, the company could be left with idle capacity and high fixed costs.
What to watch
- First-quarter results and delivery against the turnover guidanceQ1 2027
- Final agreement with banks and completion of the bridge financing2026
- Outcome of the recovery plan and structural review2026
- Deliveries for the trailer order for a NATO-country armed force2027
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
Kesla designs and manufactures machinery and equipment, including truck-mounted cranes and industrial equipment, as well as spare parts and after-sales services. The group had 224 employees at the end of 2025, mainly across three locations in Finland. Activities are organised by product group, and in 2025 the company created the KESLA Defence group for the defence market.
The board approved a recovery plan in December 2025 and started a structural review covering the financial position, cost structure, production processes and product groups. The stated aim is to secure continuity, profitability and long-term competitiveness 1.
Segments
Forestry and industrial equipment
The core segment includes machinery and equipment for forestry and industry, including cranes and multipurpose trailers. The company states its products are designed for low lifecycle costs and energy efficiency.
KESLA Defence
The product group created in 2025 targets the defence market, focusing on equipment for armed forces. After the year end, the company announced a significant order for Kesla Kerberos trailers for a NATO-country armed force, with deliveries running into spring 2027 1.
Market context
Kesla operates in markets for forestry, construction, industrial and defence equipment, with a small number of customers from producers to end users. Annual turnover fell in both 2025 and 2024, indicating weak demand in traditional segments.
The European defence market has growth prospects, and Kesla is trying to use its new product group, but exposure to this market depends on orders from government customers with long delivery times.
Trends
- Defence demandtailwind
Investment in defence equipment in Europe could support the company's orders if projects turn into new contracts.
- Weak forestry and construction demandheadwind
The fall in sales over recent years suggests demand for traditional machinery remains weak, which could prolong pressure on revenue.
- Green transitionmixed
Products that support the use of renewable materials and recycling could become more attractive to customers if environmental requirements tighten.
- Cost and financing pressureheadwind
Financing costs and credit restrictions may limit the company's ability to invest and meet its covenants if results do not improve.
Competitive position
Kesla competes with makers of forestry, construction and specialist equipment, both Finnish and international. Competition is based on reliability, lifecycle costs and service networks.
In defence, the company faces established European suppliers with long-standing government relationships. Kesla's edge could lie in tailored solutions and competitive costs, if these are proven in contracts.
- European forestry machinery makers
Direct competitors in forestry equipment in Scandinavia and central Europe.
- Truck crane and vehicle equipment makers
Competitors in vehicle-mounted cranes and industrial accessories.
- European defence equipment suppliers
Competitors in trailers and military equipment, with established ties to European armed forces.
- Independent distributors and service providers
Partners and competitors in spare parts and after-sales services.
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 202418 Mar 2025
- Annual report 202418 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Kesla 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.